The International Grains Council raised its forecast for 2026/27 world corn production to 1.307 billion tonnes in its October Grain Market Report, up from 1.301 billion in September, though output would still be 3 percent below last year’s 1.347 billion tonnes. Total grain production, covering wheat and coarse grains, is projected at 2.427 billion tonnes, down from 2.495 billion the previous season.
Wheat production was left unchanged at 820 million tonnes, also 3 percent lower year on year, and the Council cut expected world wheat trade to 199 million tonnes, a 7 percent decline, citing the escalating Russia and Ukraine conflict and Black Sea logistics restrictions among the reasons. Total grain ending stocks are projected to decline 3 percent to 619 million tonnes, and the ING summary of the report has corn ending stocks revised up to 297 million tonnes from 289 million, a crop specific loosening inside a tightening total.
Soybeans point the other way on supply and tighter on stocks. The IGC expects a record world soybean crop of 439 million tonnes, helped by an anticipated record US outturn and a sizable South American crop, with trade reaching an all time high of 190 million tonnes on firmer Asian buying. Carryover is still predicted to tighten, with exporter reserves falling and total soybean ending stocks down from 78 million tonnes to 74 million.