World corn production is forecast to increase by 4.5 percent in the 2012–2013 crop year, up from April predictions, on a significant U.S. corn harvest, according to the International Grains Council.

Global farmers will harvest 913 million metric tons of corn in the year through June 2013, up from 866.1 million metric tons a year earlier and 12.7 million metric tons over the International Grains Council's April 26 estimate. “Early seeding has reinforced expectations for a huge U.S. harvest,” said the council. “World stocks are projected to increase to their highest in three years, almost entirely attributable to the U.S.” World corn stocks at the end of June 2013 may increase by 12 million metric tons year-on-year to 141 million metric tons.

“Compared to 2011–2012, world availabilities are expected to be more comfortable and maize could replace some wheat in livestock feed rations,” said the council. World wheat production is expected to drop 3.5 percent in the 2012–2013 crop year as poor conditions weigh on prospects in Russia, Morocco and the European Union. Farmers will harvest 670.5 million metric tons of wheat in the year through June 2013, down from a record 694.8 million metric tons a year earlier.