(NAFB.com) – USDA raised its outlook for global wheat production by 1.1 percent in its December WASDE report. The increase was thanks in part to gains in several major growing countries like Canada, Australia, and Russia. World production is projected at 837.81 million metric tons, up from the prior forecast of 828.89 million tons. The agency said Canadian wheat output is now projected at 40 million metric tons, up from the previous outlook for 37 million. Australian production is now expected to be 37 million metric tons, up from 36 million the previous month, while Russian output is seen at 87.5 million tons versus 86.5 million in November. Several other countries will likely see production that’s higher than previously forecast. For example, Argentina will produce a record 24 million metric tons of wheat this year, a nine percent jump above the previous forecast.
