[Bloomberg]
World corn production will be smaller than estimated a month ago after dry weather damaged crops in the U.S., the International Grains Council forecast.
World corn production will be smaller than estimated a month ago after dry weather damaged crops in the U.S., the International Grains Council forecast.
Farmers across the world will harvest 838 million metric tons of corn in the 2012-13 crop year, down 3 percent from 864 million tons forecast on July 26 and below last year’s output of 875 million tons, the London-based council wrote in an e-mailed report today. Corn prices surged 64 percent since mid-June on the Chicago Board of Trade, touching a record $8.49 a bushel on Aug. 10, as the worst U.S. drought in a half century cut yields.
“Drought has further stressed crops across the Northern Hemisphere,” the IGC said. “Exportable supplies in the U.S. and Ukraine have tightened and while the next crops in Brazil,Argentina and South Africa may be large, harvests are still several months away.”
