London-based International Grains Council lowers its corn output prediction for the 2013-14 season.
Bloomberg reports that, while corn output may reach 942.4 million metric tons from 859.1 million tons in 2012-13, this figure is 3.6 million tons smaller than originally estimated. Clement weather this year is primarily the cause in the production growth between seasons.
Corn prices, too, have dropped, falling 32 percent on the Chicago Board of Trade this year. So while farmers may have high corn yields this harvest, they may not see very high prices at the market.
Worldwide wheat forecasts, however, have increased to 686.9 million tons expected this year. According to Bloomberg, this figure is up from 653.6 million tons from the 2012-13 season.