Commodities
IGC Trims Global Grain Production Forecast Amid European Heatwave
The International Grains Council (IGC) has cut its forecast for global grain production in 2026/27 by 6 million tons to 2.415 billion tons due to deteriorating prospects for wheat and corn crops.
Prolonged hot weather in Europe has been a key factor, prompting the IGC to lower its EU production outlook for a second consecutive month.
The global wheat production forecast was cut by 4 million tons to 817 million tons, while corn output was lowered by 1 million tons to 1.305 billion tons.
Despite the downward revisions, total grain production is still expected to be the second largest on record, although 3% below last season's record crop.