The total amount of wheat grown worldwide was predicted to reach 730.8 million tonnes this season the United States Department of Agriculture said in its World Agricultural Supply and Demand Estimates report.
If these production levels were reached it would be the third record wheat crop in a row after last year’s 727m tonnes and 726m tonnes the year before.
The USDA upgraded US wheat production by 4% on last month’s report to 56.5m tonnes and the Russian crop was also tipped to rise to 64m tonnes.
The lift in stocks and production was expected by the market, however the recent rain in Europe would mean a lot of it would be downgraded to feed grain.
The USDA said a 3.4m tonne jump in global consumption would partially offset the bigger wheat crop, partly driven by the lower wheat price.
