IGC ups 2018-19 global wheat output view by 12 mln tn to 728.8 mln.

International Grains Council has hiked its estimate for global wheat production for 2018-19 to 728.8 mln tn from 716.7 mln tn seen earlier. A record 767.1 mln tn wheat was produced globally in 2017-18. The forecast has been raised mainly because of higher output projection for the US, China, Russia, and the European Union. However, unfavourable weather conditions led to a cut in output estimate for Australia to 16.6 mln tn from 19.1 mln tn seen earlier. Following an increase in output projection, global wheat inventory in 2018-19 is also seen higher at 262.0 mln tn from 249.8 mln tn forecast earlier. The agency has slashed its estimate for global wheat imports in 2018-19 to 172.0 mln tn from 173.1 mln tn seen earlier. India’s wheat imports in 2018-19 are seen at 900,000 tn, unchanged from the earlier projection. It also maintained the country’s wheat output estimate for 2018-19 at 95.5 mln tn. The agency had estimated the country’s wheat production in 2017-18 at 98.5 mln tn.