IGC cut global wheat production forecast in 2018/19

The International Grains Council (IGC) in its August report reduced the forecast for global wheat production in MY2018/19 to 716 million tons. This volume is 5 million tons below the July forecast and 42 million tons less than the record harvest of MY2017/18, Zerno On-Line reports.

The forecast for global wheat trade is reduced to 174 million tons, which is 2 million tons less than expected in July and also 2 million tons less than the previous season.

The IGC experts also reduced the forecast for global wheat consumption to 734 million tons, which is 5 million tons less than the calculations for July and 2 million tons less than in MY2017/18.

Compared to July, the forecast of the global wheat end stocks is increased by 1 million tons to 248 million tons. This is 18 million tons less than at the end of the 2017/18 season, but still remains the second highest indicator of reserves in history.

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