Agency Cuts Global Grain Forecast

Global grain production next season will be lower than expected, according to revised estimates released last week by the International Grains Council.

The intergovernmental agency said expected global output of wheat and coarse grains from July 1997 to June 1998, would be 1.461 billion metric tons, compared with 1.481 billion tons forecast a month ago.

The agency said setbacks in Chinese and U.S. corns crops were responsible for the revision.

The council raised by 1 million tons to 586 million tons its forecast of 1997-98 world wheat production, but cut by 21 million tons to 875 million tons its figure for coarse grains, principally corn.