The International Grains Council left its 2026-27 global grains outlook broadly unchanged from April in its latest monthly Grain Market Report released Thursday.
At 2.414 billion tonnes, estimated total world grains production (wheat and coarse grains) was steady from last month, with expected consumption and ending stocks also static at 2.437 billion and 615 million, respectively. The only change was in the 2026-27 world trade forecast, which was trimmed 2 million tonnes from May to 446 million, “mainly owing to smaller imports by North Africa and Near East Asia,” the IGC said.
If accurate, world grains trade in 2026-27 would be down from 454 million in 2025-26 but still above 425 million in 2024-25.
The IGC’s production forecast for the 2026-27 marketing year represents a 3% decline from the previous year’s record high of 2.477 billion tonnes and potentially the first decline in four years. Ending stocks would be down from the 638 million a year earlier, but still above the 2024-25 ending stocks level of 586 million.
World wheat production for 2026-27 is seen by the IGC at 820 million tonnes this month, down 1 million from May and below 845 million the previous year. At 282 million tonnes, global wheat ending stocks were revised 2 million lower from last month and 6 million below 2025-26.
World corn output was left unchanged from May at 1.3 billion tonnes, but ending stocks were dropped 1 million to 291 million, compared to 307 million in 2025-26.
Meanwhile, world soybean production for 2026-27 was raised 1 million tonnes from last month to 442 million tonnes, 3% higher than a year earlier amid expectations for bigger harvests in the major producing countries. Global soybean ending stocks were also revised 1 million tonnes higher from May to 76 million, although that remains below the 78 million forecast for 2025-26.
