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World Wheat Forecast Cut on Drought, Grains Council Says

World wheat production in the year through June 2012 will be less than forecast a month ago as dry weather in Europe and the U.S. hurts crops, the International Grains Council forecast. The U.S. corn outlook was also cut.

Farmers around the world will reap 667.3 million metric tons of wheat in 2011-12, 4.9 million tons below the April outlook and compared with output of 649.1 million tons in 2010-11, the London-based council said in an e-mailed report today.