LONDON (Dow Jones)–World corn production is expected to fall by 10 million metric tons to 849 million tons in 2011-12 due to sharp cuts in the U.S. crop forecast, the International Grains Council said Thursday.
"But production prospects in the southern hemisphere have improved and the 2011-12 corn crop is still projected to be the largest on record at 849 million tons," the London-based body said.
World wheat output is now forecast to hit 677 million tons, up by 3 millions tons on the previous estimate due to improving prospects in Europe, Russia and China.
World grain production is expected to hit a record 1.81 billion metric tons in 2011-12, but will still lag increasing global consumption.
"The substantial recovery in Black Sea region supplies will result in a major shift back to this origin, especially for wheat, with the downturn in U.S. corn exports also partly offset by expected record Ukraine shipments of this grain," it said.
http://www.agriculture.com/markets/analysis/corn/wld-cn-output-lowered-igc-says_9-ar18710
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