Global wheat production at its lowest in 5 years
International Grains Council (IGC) has warned that dry and unseasonably hot weather in several key grain-producing countries has cut wheat production by 16 million tons.
The IGC reports that the world output for wheat was at 721 million tons this year, while the world produced 758 million tons in 2017: This is the second year in a row that the world consumes more grain than it produces. This year's output is the lowest amount of grain produced to date since 2013.
The inter-governmental body has also cautioned that there is potential for further reduction in grain output in the future if similar weather conditions continue. Further uncertainties regarding China's grain purchases could downgrade the outlook in future years.
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