The International Grains Council has cut sharply its forecast for the world maize crop in 2012-13, citing the worst U.S. drought since 1956, and saw stocks of the commodity falling to a six-year low by the end of the season.

World maize production in 2012-13 was put at 864 million tonnes, down from a previous forecast of 917 million and now below the prior season’s 870 million.

The IGC, in a monthly report, cut its forecast for the U.S. maize crop by 50 million tonnes to 300 million tonnes.
World wheat production in 2012-13 was forecast at 665 million tonnes, unchanged from its previous estimate but below the prior season’s 696 million.