Sept. 26 (Bloomberg) -- World wheat production will be higher than predicted a month ago on bigger-than-expected crops in Europe and Morocco, while the outlook for corn was cut on China and Europe, the International Grains Council said.
The wheat harvest will climb to 692.6 million metric tons in the 2013-14 season begun July 1, up 2 million tons from an Aug. 30 forecast, the London-based council wrote in a report today. That compares with 654.9 million tons a year earlier.
Wheat for delivery in December climbed 3.4 percent this month in Chicago trading amid concern adverse weather might curb production in Russia and Argentina. Corn fell 6 percent on expectations for a record global crop.
“A generally bearish supply outlook weighed on U.S. and South American maize export prices,” the IGC wrote, using another name for corn. “The prospect of adequate supplies has weighed on sentiment.”
Global corn production is seen climbing to 943.2 million tons in 2013-14, 2.2 million tons below the prior estimate, according to the IGC. That will still be a record crop, it said. Output was 862.9 million tons in the previous period. The U.S. harvest will increase to 350 million tons, unchanged from the prior estimate, from 273.8 million tons a year earlier.
China’s corn-crop outlook was cut by 4 million tons to 210 million tons, while the wheat forecast was left at 118 million tons. The council kept a forecast for Chinese corn imports of 7 million tons and wheat purchases of 7.2 million tons.
Farmers in Ukraine are predicted to gather 28 million tons of corn, 4 million tons more than forecast previously and up from 20.9 million tons in 2012-13. The European Union corn-crop outlook was cut by 1.5 million tons to 64.2 million tons.
The EU wheat harvest was forecast at 143.3 million tons, 1.3 million tons more than the previous outlook and rising from last year’s 131.6 million tons. The estimate of Morocco’s harvest was raised by 2 million tons to 7 million tons, compared with 2012-13 production of 3.9 million tons.
Argentina’s wheat crop may climb to 11 million tons, against an Aug. 30 outlook for 12 million tons, from 8.5 million tons, the IGC said. That exceeds the 9.5 million-ton projection from the United Nations’ Food & Agriculture Organization.
The outlook for Russia’s wheat crop was trimmed to 51 million tons from 51.5 million tons, climbing from 37.7 million tons in 2012. The IGC held its estimate for U.S. production at 57.5 million tons.
The council also kept global rice and soybean harvest estimates unchanged from the previous outlook at 474 million tons and 280 million tons, respectively.
--Editors: Dan Weeks, John Deane.