World Wheat-Supply Estimate Raised on Australia Gains

World wheat inventories will be 2.4 percent larger than forecast a month ago, as output increased from Australia and Canada, the U.S. Department of Agriculture said.

Global stockpiles will total 176.72 million metric tons at the end of the marketing year on May 31, up from 172.51 million forecast last month, the USDA said today in a report. Seventeen analysts in a Bloomberg News survey estimated that inventories would drop to 171.3 million, on average.