LONDON, U.K. (Reuters) – The International Grains Council has cut its forecast for world wheat production in 2010-11 by seven million tonnes to 644 million tonnes.
“Adverse weather conditions continued to affect yield prospects in parts of the (European Union), Kazakhstan, Russia, Ukraine and Australia,” the IGC said in a monthly market report.
The global wheat crop is down from last season’s 677 million tonnes but still the third highest on record, IGC noted. It also cut its forecast for wheat stocks at the end of the 2010-11 season by eight million tonnes to 184 million, now down 13 million tonnes from a year earlier.
Global corn production was put at 829 million tonnes for 2010-11, up from a previous forecast of 823 million and above last year’s 809 million.
