Crop outlook for the global wheat markets revised by IGC

The IGC forecasts global wheat production of 710 million tons in 2015/16, which is 1 million tons less than it had predicted in June. 

The marginal downward revision was prompted by slightly poorer crop prospects in Canada (-2 million tons) and the EU (-0.3 million tons). Here too, the increased crop prospects for China and the US were able to counter their impact. 

The IGC expects a nearly balanced global wheat market in the 2015/16 crop year, with a deficit of only 1 million tons. 

The US wheat price shed nearly 1.6% following publication of the market report, though it was likewise able to recoup its losses in the later course of trading and closed at 497 US cents per bushel, says Commerzbank.