The Food and Agricultural Organization has scaled up its estimate for global wheat production in 2017-18 to 743.2 million tonne from 740.4 million tonne projected earlier. While output is likely to rise in the European Union and North Africa, it is expected to fall in North America, Russia and Australia. The estimate for overall supplies was raised to 990.6 million tonne from 980.0 million tonne a month ago due to an increase in global stocks. Global wheat stocks in 2017-18 are estimated at a record high of 257.4 million tonne, up from 247.6 million tonne projected in May. The highest share in global stocks would be China at 108.5 million tonne. The FAO has cut its estimate for global wheat trade in 2017-18 to 171.0 million tonne from 170.0 million tonne due to lower imports from Asia and Africa.
Govt open market wheat sale to start Jun 15 in non-procuring states.
Government start selling wheat under open market sale scheme in non-procuring states from Jun 15 and in procuring states from July. The base price for the open market sale been set at 1,790 rupees per 100 kg for procuring state, adding that in non-procuring states, the reserve price will rise by an amount equal to ex-Ludhiana railway freight. The government is likely to offer 5.0 million tonne wheat for sale under open market sale scheme during 2017-18 (Apr-Mar).