Wheat prices inch higher after UN cuts forecasts for global wheat production

Wheat futures titled higher in American trade as the dollar index rose according to their inverse relation, after the Food and Agriculture Organization of the United Nations downgraded its forecasts for global wheat production in the agriculture year of 2017/2018 by 4.6 million tonnes to about 739.9 million tonnes. 

As of 06:31 GMT, wheat futures rose 0.06% to $423.50 a bushel from the opening of $423.25, with an intraday high at $425.25, and a low at $419.50, while the dollar index rose 0.47% to 101.14 from the opening of 100.73. 

On the same note, the Indian government reported that private sector businesses imported 44.1 million tonnes of wheat in the first eleven months of the financial year ending March, before raising the import taxes on wheat by 10% in the 28th of last month. 

India's production of wheat in 2016/2017 is estimated at 96.64 million tonnes, up from 92.29 million in 2015/2016, according to India's agriculture ministry's data.