Global wheat prices are likely to see an upside in the near term due to unfavourable weather conditions in key growing areas. Thus, prices will soften in the long term in 2017-18, with a higher forecast for global carryover stocks in 2016-17, at 255 mln tn. USDA expects total global wheat production to be higher from the previous year at 739.5 mln tn, on the back of a rise in output in Russia and Turkey. USDA has forecast India’s wheat production for 2017-18 (Oct-Sep) at a record high of 96.0 mln tn. Prices of corn are expected to remain strong in the short term due to persistent hot and dry conditions across the northern US plains.