The United States Department of Agriculture (USDA) published its December World Agricultural Supply and Demand Estimates (WASDE) report on Thursday, presenting a bearish set of wheat data. World production is seen 2.61 million tonnes higher than last month at 777.89 million tonnes. Overall, wheat supplies are seen up 4.3 million tonnes with increased carry in from last season. Production volumes reflect recent official revised estimates which have seen many increases since figures were previously released. The estimate for Australia is up to 34 million tonnes from 31.5 million tonnes, for Canada it is up to 21.65 from 21 million tonnes and for Russia it is up to 75.5 million tonnes from 74.5 million tonnes. Increases in world consumption are just short of two million tonnes higher at 789.35 million tonnes, leaving stocks ahead of the trade expectation of 278.18 million tonnes and 2.38 million tonnes up on last month. 

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