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Arrivals fell in Kota due to rains and concerns over damage to the stored crop, while farmers from other parts of north India could not transport their crops to Delhi due to rains. The key market of Indore remained shut due to prevailing unrest as protests by farmers.

Egypt state grain buyer GASC bought 0.36 million tonnes of wheat in a purchase tender. GASC had bought 0.24 million tonnes of Russian wheat and 0.12 million tonnes of Romanian wheat, continuing the dominance of Black Sea-origin wheat, which made up the lion share of purchases in last year state tenders.

First 35,000 tonne shipment of wheat in the new Iranian year has been deployed to Oman. The country capacity to export two million tons of wheat in the current year (began March 21) and has no need for imports of the product; with careful planning, Islamic Republic of Iran can turn into a giant exporter of wheat and flour.

Russia Ag Ministry, grain exports totaled 33.3 MMT by May 31, 2017 that is up 1.7% year-on-year. 32.7 MMT was exported at the same time last season.

Projected U.S. wheat supplies for 2017/18 are higher this month on increased beginning stocks, production, and imports. Projected 2017/18 U.S. wheat production is slightly increased by 3.8 million bushels to 1,824 million. The NASS June Crop Production report indicates higher Hard Red Winter and Soft Red Winter wheat production forecasts, which more than offset a reduced White Winter wheat crop. All of the wheat use categories are unchanged this month. The net supply increase raises projected 2017/18 ending stocks by 10.8 million bushels to 924.3 million. Carryout remains 20 percent below last year. The 2017/18 season-average farm price is projected at $3.90 to $4.70 per bushel, up 5 cents on both ends of the range. The mid-point of this range is up $0.40 from 2016/17. High-protein wheat supplies are expected to remain constrained in 2017/18, resulting in relatively higher prices for this wheat. Global wheat supplies for 2017/18 are raised 2.8 million tons, primarily on higher forecast wheat production for Russia, which is up 2.0 million tons to 69.0 million. Conditions continue to be favorable for winter wheat in most areas since the crop emerged from dormancy. Turkey’s wheat production is also forecast higher, up 0.5 million tons to 18.0 million on improved crop conditions this spring. India’s wheat production forecast is reduced 1.0 million tons to 96.0 million but is still record large and 9.0 million tons above 2016/17. European Union wheat production is forecast modestly lower at 150.8 million tons on a smaller expected crop in Germany but still 4 percent above last year. Foreign exports for 2017/18 are fractionally higher this month with increases in Argentina and Iran more than offsetting a reduction for the EU. Imports are projected higher for Brazil, Chile, and South Africa but down for Iran. Total world consumption is marginally lower, as a 1.0-million-ton reduction in India is only partially offset by increases in Russia, Brazil, and Chile. Global ending stocks are projected at a record 261.2 million tons, up 2.9 million from last month.