FAO raised estimate for global wheat production in 2017-18 to 752.8 mln tn, up from 750.1 mln tn projected in October. The increase is mainly due to expectations of higher production in Russia. Even at latest estimate, wheat output would be lower than last year due to a likely fall in production in the US and Australia. Global carryover stocks of wheat were pegged at 258.2 MMT, down from 261.2 MMT estimated earlier. Despite the downward revision carryover stock of wheat is likely to be at a record level. Wheat consumption in 2017-18 is seen 3.9 MMT higher from the last estimate at 738.2 MMT.