IGC Cuts World 2012-2013 Wheat Output

LONDON (Dow Jones) — The International Grains Council Thursday downwardly revised its estimate for world wheat output in 2012-13 by 5 million metric tons to 671 million tons, as adverse conditions slash harvest expectations in the European Union, Russia and Morocco.

The London-based body however revised upwards its global corn production estimate by 13 million tons to 913 million tons, with world supplies perhaps topping one billion tons for the first time, as early seeding reinforced the expectation of a huge U.S. harvest.

Source:  Dow Jones

Posted by Haylie Shipp