IGC Predicts Global Grain Decline Amid Record Soybean Output

The International Grains Council (IGC) has released its latest Grain Market Report, forecasting a decline in global production, trade, and consumption of total grains in the 2026-27 marketing year. Despite raising its production forecast by 4 million tonnes to 2.42 billion, the IGC predicts that it will still be 3% below the record output of 2.49 million tonnes achieved in 2025-26.

The decline is expected to be smaller in Oceania, Europe, and the Americas, but larger harvests in North Africa and Near East Asia may crimp import demand. Projected wheat and corn production, trade, and consumption totals remain virtually unchanged from the previous month but will fall below last year's records.

The IGC also trimmed its forecast for global soybean production by a small margin, but it would still reach a record 440 million tonnes if realized. All-time peaks are expected for soybean trade (191 million tonnes) and consumption (445 million tonnes).

However, world rice output is projected to decline 2% year on year to 536 million tonnes, with the reduced figure for India's kharif crop being a significant contributor. Nevertheless, rice trade is expected to reach a peak of 62 million tonnes in 2026-27.