Prices of Australian wheat have declined by $5-$6 per tn as global sentiment turned bearish due to expectations of higher supplies. The current freight-on-board cost of Australian wheat is around $265-$270 a tn while it was at $280 per tn a week ago. Although wheat output in Australia is likely to fall this year, market has now factored in the concerns and the recent revision in global output estimate is weighing on prices. Global wheat production in 2017-18 is likely to be at 743.2 mln tn, up 5.4 mln tn from last month’s projection