Global wheat prices are forecast to rise next year, as consumption outstrips demand for the first time in six years. While global stocks of agri commodities are at historical highs, balance sheets will tighten next year, according to Rabobank.

The Dutch lender, which this week released its outlook for global agri commodity markets in 2018, said there is a 70% chance of a La Nina weather event (unusually cold ocean temperatures in the Equatorial Pacific) next year which could cause a supply shock in some major grain producing regions.