India Making 2 Million Tons of Wheat Available for Export

A bumper crop of wheat in India is making 2 million tons of wheat available to export to some of its close neighbors. This could put downward pressure on wheat around the world, as exports in the U.S. have dropped by 40 percent over the week before.

This is quite a turn around for India, as in 2006 and 2007 the country had to import wheat because of domestic needs and poor crop results which drove up prices.

India's wheat crop could grow above 78.5 million tons to attain a new record.

Wheat production around the world is projected to grow by 12 percent by June 30 to a record 683 million metric tons, or 25.1 billion bushels.