LONDON, ENGLAND — The International Grain Council (IGC) in its latest Grain Market Report revised global maize (corn) production higher from its previous monthly forecast but said output will still be 3% lower than last year’s total.

The IGC pegged maize production for the 2026-27 marketing year at 1.307 billion tonnes, up from 1.301 billion in September but down from 1.347 billion in 2025-26.

Total 2026-27 global grain production, which includes wheat and coarse grains, is projected to reach 2.427 billion tonnes, down from the previous year’s 2.495 billion tonnes.

The Council’s projected wheat output remained unchanged from September at 820 million tonnes. If realized, it would represent a 3% decline year on year.

While global wheat and corn consumption is seen remaining relatively flat month to month and year to year, total grains ending stocks are expected to decline by 3% from 2025-26 to 619 million tonnes, the Council said.

Notably, wheat trade was revised lower, with an anticipated year-on-year reduction of 7% to 199 million tonnes, due in part to the escalating conflict between Russia and Ukraine, two of the world largest wheat producers and exporters.

Chiefly due to an anticipated record US outturn and an expected sizable crop in South America, world soybean production is forecast to increase by 2% year on year to a record 439 million tonnes, the IGC said.

“With growing demand for soya derivatives set to underpin further gains in consumption, aggregate carryovers are predicted to tighten, including a reduction in exporters’ reserves,” the Council said.

The IGC sees soybean carryover stocks falling from 78 million tonnes in 2025-26 to 74 million this year.

Soybean trade is anticipated to reach an all-time high of 190 million tonnes in 2026-27, “led by firmer Asian buying interests.”

Projections for global rice production, consumption and trade were essentially unchanged from the previous monthly report. The IGC forecasts a 2% decrease in rice production year on year, falling to 536 million tonnes.

The IGC Grains and Oilseeds Price Index (GOI) declined by 3.5% since the September report, with prices falling in all commodities except for rice, which increased by 1.6%.

The GOI is still nearly 20% higher than it was in October 2025, with soybean prices rising 23% year on year, and 20% increases recorded for rice and wheat.