IGC ups 2018-19 global wheat output view by 3.3 MMT to 742.3 MMT.

Wheat production in 2018-19 to 742.3 MMT from 739.0 mln seen a month earlier. The estimate is, however, down from record 758.2 MMT produced in 2017-18. The forecast was raised is mainly due to a higher output in Argentina and European Union. Following a higher crop, global wheat inventories in 2018-19 are also seen expanding to 258.4 mln tn from 256.8 mln tn a month ago. The agency has reduced its estimate for global wheat imports in 2018-19 to 176.8 mln tn from 179.2 mln tn seen a month ago.