The International Grains Council (IGC) has raised its 2026-27 global grains production estimate from last month, mainly due to an upward revision in expected corn output.
In its monthly Grain Market report released Thursday, the IGC pegged world production of total grains (wheat and coarse grains) at 2.427 billion tonnes, up 7 million from September's estimate of 2.42 billion. However, production is still expected to decline by 68 million tonnes from last year's 2.495 billion.
The upward revision primarily reflects a larger corn crop forecast, although the outlook for barley production has also improved, the report said.
Global corn production is now projected at 1.307 billion tonnes, up 6 million from September but down 40 million from last year's 1.347 billion. Wheat production is unchanged from September at 820 million tonnes, representing a 25-million tonne decline from 2025-26.
The IGC also raised its global grains consumption forecast by 2 million tonnes from September to a record 2.446 billion, marginally above last year's 2.444 billion.
Higher production and increased carry-in supplies pushed the projected 2026-27 global grains ending stocks figure 11 million tonnes higher from September to 619 million. However, that would still be down 19 million tonnes from last year's 638 million.
Global grain trade is forecast at 450 million tonnes, down 1 million from September and 17 million below last year. Wheat trade is expected to decline 15 million tonnes year-over-year, while corn trade is projected to increase 6 million.
For soybeans, the IGC trimmed its 2026-27 global production forecast by 1 million tonnes from September to 439 million, still up 8 million from last year's 431 million.
Global soybean ending stocks were raised 1 million tonnes from September to 74 million, compared to 78 million last year. Soybean consumption is forecast at 443 million tonnes, down 3 million from last month but up 9 million year-over-year.
