Spot Market Update: Wheat Trades Around Last Close

Not much buying was seen in wheat market as prices hovers around last close. 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.