Spot Market Update: Wheat Extends Losses At Delhi Mandi

Fresh arrivals of wheat in major producing states have maintained selling in wheat market. The latest report of United States Department of Agriculture (USDA), the world 2017/18 wheat supplies increased this month by nearly 3.0 million tons as production is raised to a new record of 759.8 million, mainly on Moroccos higher production estimate as it recovered from a severe drought in 2016/17. Global supplies also increased with a multi-year reduction in Irans food, seed, and industrial use, which raised carry-in stocks by nearly 2.0 million tons.