November 30, 2012

Global wheat crop forecast in 2012-13 drops by one million tonnes

The forecast for the global wheat crop in 2012-13 was lowered by the International Grains Council (IGC) on Thursday (Nov 29) by one million tonnes to 654 million, reflecting minor downward revisions for Australia and the EU.

The IGC, in a monthly report, also maintained its forecast for the 2012-13 global corn crop at 830 million tonnes.

Global corn ending stocks for 2012-13 were cut by one million tonnes of 116 million, reflecting an upward revision to projected consumption, while the forecast for global wheat stocks was raised by one million tonnes to 173 million.