NEW YORK (Commodity Online): Due to reduced use of wheat in India food, the global consumption is reduced by 1 million tons, according to the latest USDA WASDE report.
India's wheat consumption almost reduced by 1.6 million tons. This dip in consumption by India to partly offfset the small increase in food use for Australia, Chile, Ethiopia and Kazakhstan.
The global wheat production is for 2011-12 is estimated to be higher by 2.1 million tons due to the larger beginning stocks in Kazakhstan and increased production for India, Kazakhstan, and Morocco.
According to various India government agencies, India's production for 2011/12 is estimated to cross 84 million tons.
Global ending stocks for 2011-12 is raised to 3.1 million tons to a record 213.1 million tons.
In Inter- Continental Exchange (ICE), wheat for March delivery traded at 641 4/8 cents per lb and In India's National Commodity and Derivative Exchange (NCDEX), the commodity traded at Rs 1241per ton on 9th February.
