LONDON: The International Grains Council (IGC) kept its global 2026/27 grains output forecast unchanged on Thursday at 2.414 billion metric tons, down 3percent from a year earlier and the first decline in four seasons.
The intergovernmental body, in a monthly update, also kept its 2026/27 consumption forecast unchanged at 2.437 billion tons, though the figure is above expected production levels and means global stocks are set to tighten 4percent by season-end.
At 615 million tons, however, global stocks would remain within the five-year average, the IGC said.
The IGC sees grains production falling next year due to a smaller harvested area and poorer average yields. Global yield prospects have dimmed in recent months partly because the US-Israel war against Iran has severely disrupted fertiliser trade, driving up prices and lowering crop application rates across the world.
The grains body lowered its 2026/27 world wheat production forecast by 1 million tons to 820 million, while keeping its corn (maize) production forecast unchanged at 1.3 billion.
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