World Wheat Production Outlook Raised by IGC on Canada and China

World wheat production will rise 7.9 percent this season, more than expected a month ago on bigger crops in Canada, China and Australia, the International Grains Council said.

Farmers across the world will reap 707 million metric tons of wheat in 2013-14 from 655.2 million tons last season, the London-based IGC said in an e-mailed report today, lifting its outlook by 8.6 million tons from November.

Wheat futures in Chicago, the global benchmark, fell 22 percent last year, the most since 2008, on an outlook for bigger crops in Russia and the European Union following dry conditions in 2012.

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