There are several differences between WPI's wheat production estimates by country and USDA's 12 July numbers. The net result, though, is a significant shift from last year that will have implications going forward.Following the previous discussion here regarding the likelihood of smaller supplies among the world’s major wheat exporters in MY 2017/18 (see Ag Perspectives, 22 May 2017), the table below shows our thoughts about the change in their production levels as of today:Note that WPI’s production estimates by country don’t match up with USDA numbers of 12 July. Following are the differences:

WPI thinks USDA’s U.S. spring wheat estimate is too high by at least 1.5 MMT. There was no change in harvested acres, and significant acreage in...