"Lower". The word of note in USDA's outlook of global wheat supply and demand for June. World Agricultural Outlook Board Chair Mark Jekanowski says the primary factor behind a 1.4 billion ton decrease in worldwide production was a lower forecast for India.


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"Prior to this year, India had five consecutive record production years.  Year over year, it's a reduction of about 3.6 million tons and for the month we've pulled a production forecast back by 2 and a 1/2 billion tons."

India also factors into lower wheat exports in the global balance sheet.

"Ending stocks down this month, down fairly substantially year over year, down 12.6 million tons and that would put stocks at a 6 year low."

A slight forecasted rise in U.S. production from the previous month led to increase ending stocks for the current market a year. The season ending average price for wheat remains unchanged for May, at $10.75 per bushel.

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