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IGC cuts 2026-27 wheat and corn output forecasts on extreme heat
The IGC expects total grains trade to fall 3.5% year on year to 451 million tonnes, driven mainly by a 13 million tonne reduction in wheat shipments.
The International Grains Council revised down its global grains production outlook for the 2026-27 marketing year, cutting wheat and corn forecasts as sustained heat weighs on yields, according to the IGC Grain Market Report released Aug. 20.
World Grain reports the IGC lowered projected global wheat production by 4 million tonnes from its July estimate to 817 million tonnes, and reduced its corn outlook by 1 million tonnes to 1.305 billion tonnes.
Despite the reductions, total grains production is still expected to come in at 2.415 billion tonnes, the second-largest on record, but 3% lower than last year’s record crop. Total grains trade is forecast to decline by 3.5% year on year to 451 million tonnes, including a 13 million tonne drop in wheat shipments, which the report links in part to the war between Russia and Ukraine.
With consumption anticipated to hold steady, the IGC projects global ending stocks to fall 4.5% to 606 million tonnes. World Grain also notes that the IGC Grains and Oilseeds Price Index rose 3% since the July report and is nearly 14% higher than in August 2025, with wheat and soybeans up 16% year on year.
Latest closeWheat $689.00 ▲5.5%|Corn $483.75 ▲8.0%|Soybeans $1,191.25 ▲2.0%