Global wheat 2018 Production down to 723 MMT

FAO raised its forecast of global wheat production in 2018 to 727.9 MMT from 722.4 MMT projected in Oct (760.4 MMT in 2017), on reported bigger harvests in China along with a number of other countries more than offsetting a further downgrading of crop prospects in Australia. Stocks (ending in 2019) revised upwards by 8.9 MMT to 264.4 MMT, primarily on higher projected build-ups in China, but still below their record high opening levels of 276.8 MMT