Data from USDA’s Wheat Outlook Report shows global production is set to break records.
ERS data forecasts more than 800 million metric tons, which is up nearly 10.5 million metric tons from last month.
The European Union is set to be the top wheat producer at 140.5 million metric tons, which is up 1.5 million from last month.
Production in war-torn Ukraine is up 1 million metric tons from the May forecast coming in at 17.5 million. Analysts say the increase in global production supports more consumption, trade, and larger ending stocks.
