Last Updated: July 24, 2014

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Grain & Hay

Global wheat production to rise, USDA says

wheat

Rise: The USDA report forecasts world wheat production for this year would increase 5 million tonnes. Picture: Zoe Phillips Source: Weekly Times Now

WHEAT futures fell early this morning after the US Department of Agriculture predicted a rise in global grain production.

The USDA report forecast world wheat production for this year would increase 5 million tonnes or 8 per cent or to 711 million tonnes.

Most of this increase is from Canada which is expecting a record crop of 37.5 million tonnes, and last Australia’s production was also raised 1 million tonnes to 26.5 million tonnes.

The UDSA said the near record world wheat supplies and increase export competition would reduce price prospects for US wheat.

And overnight US wheat futures prices fell sharply as a result of the report.

Commonwealth Bank agricultural commodity strategist Luke Matthews said Chicago Board of Trade futures broke through key support levels last night and settled at fresh contract lows.

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