Corn Production Forecast Cut to 838 Million Tons by IGC

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.