Gold Silver Reports — The latest release from United States Department of Agriculture (USDA) stated that India will still import close to 4 million tonnes of wheat from other nations despite of record production in current season.
USDA has kept Indias wheat production at record levels of 96 million tonnes for MY 2017/18. On the other side, USDA has reduced wheat production forecast by 2 million tonnes to 737.5 million tonnes for MY 2017/18. The global production is lower this month as smaller projected crops for Australia, China, the EU, Ukraine, and the United States more than offset larger forecasts for Russia and Turkey.
Global trade is down slightly this month. Exports are lowered for the EU, Ukraine and the United States, more than offsetting increases for Russia and Turkey. U.S. imports are projected higher based on shortages of high-protein milling wheat. — Neal Bhai Reports
