The International Grains Council (IGC) lowered its 2012-13 global wheat crop estimate by 6 million metric tons (MMT) to 665 MMT due mostly to a 6-MMT reduction to the Russian crop forecast. That's now 30 MMT lower than 2011-12. For 2012-13, IGC now sees global wheat ending stocks slipping to a four-year low of 182 MMT -- down 17 MMT from 2011-12.
IGC upwardly revised its 2012-13 global corn crop estimate by 4 MMT to a record 917 MMT. The group says problems in the U.S. have been more than offset by improved crop prospects in China and India. Despite the increased production estimate, IGC cut its 2012-13 global corn ending stocks forecast by 4 MMT to 137 MMT, although that's still above 129 MMT for 2011-12.