IGC cuts forecasts for global wheat crop, stocks

LONDON Aug 26 (Reuters) - The International Grains Council on Thursday cut its forecast for world wheat production in 2010/11 by seven million tonnes to 644 million tonnes.

"Adverse weather conditions continued to affect yield prospects in parts of the EU, Kazakhstan, Russia, Ukraine and Australia," the IGC said in a monthly market report.

The global wheat crop is down from the prior season's 677 million but still the third highest on record, the IGC noted.

The IGC also cut its forecast for wheat stocks at the end of the 2010/11 season by 8 million tonnes to 184 million, now down 13 million tonnes from a year earlier.

Global maize production was put at 829 million tonnes for 2010/11, up from a previous forecast of 823 million and well above the prior season's 809 million. (Reporting by Nigel Hunt; editing by Keiron Henderson)