Global wheat production is expected to reach 736 mmt for marketing year 2015/2016, or 7% higher than the 5-year average, said Matt Weimar, Regional Vice President of US Wheat Associates. The record crop has been supported by good weather conditions in wheat growing countries and improved yields, he said.
However, wheat consumption in China and the US is expected to decrease 4% and 2% respectively in 2015/2016. “In China you have corn and other feed ingredients that are cheaper, the same with the US,” Mr Weimar said at the USSEC Grains Transportation Conference in Phuket, Thailand on March 7.
(Source – http://www.blackseagrain.net/novosti/global-wheat-production-7-higher-but-consumption-declines)