london / reuters / The International Grains Council (IGC) cut its forecast for global wheat production in 2012-13 April 25, citing diminished crop prospects in the European Union.
“The EU crop forecast is reduced sharply due to reports of worse-than-expected winter damage and recent dry conditions,” the IGC said in a monthly update.
The IGC cut its forecast for the 2012-13 global wheat crop by five million tonnes to 676 million, well below the prior season’s 695 million.
Global wheat consumption in 2012-13 was seen at 680 million tonnes, down from the prior season’s 684 million, with stocks seen dipping to 206 million from 210 million at the end of the 2011-12 season.
The IGC also forecast global maize production in 2012-13 at a record 900 million tonnes, unchanged from its previous forecast and up from 865 million in 2011-12.
“An increase in 2012 plantings is forecast to lift world maize production by four per cent,” the IGC said.