Spot Market Update: Wheat Plummets At Local Mandies

Strapping new supplies have added selling in wheat market today. 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.