IGC raises 2025/26 world wheat, corn crop forecasts

London | Reuters — Global stocks of grain are set to increase during the 2025/26 season for the first time in four years, the International Grains Council said on Thursday as it raised its forecasts for both wheat and corn crops.

“The larger global harvest will more than compensate for the tightest opening stocks in ten seasons, boosting overall supply by three per cent, to an all-time peak,” the IGC said.

The inter-governmental body raised its forecast for global grains production in 2025/26 by 5 million metric tons to 2.43 billion tons, outstripping consumption, which was projected at 2.40 billion.

Global stocks of grain at the end of the 2025/26 season were seen at a three-year high of 619 million tons, up from 589 million a year earlier.

The IGC raised its forecast for 2025/26 global wheat production by 3 million tons to 830 million, partly driven by improved crop outlooks in Kazakhstan and Argentina.

Kazakhstan’s wheat crop was revised higher to 19.1 million tons, up from a previous projection of 17.6 million.

Earlier this month, Kazakhstan’s Agriculture Minister Aidarbek Saparov said the country had harvested a record-high grain crop which included 20.3 million tons of wheat.

Argentina’s wheat crop was seen at 23.5 million tons, up from a previous projection of 22.2 million and well above the prior season’s 18.5 million.

The IGC also increased its 2025/26 world corn (maize) crop outlook by a marginal 1 million tons to 1.298 billion tons.

Global soybean production in 2025/26 was trimmed to 426 million tons, down from a previous forecast of 428 million and the prior season’s 429 million.

The IGC noted that soybean production was still expected to be the second largest on record.

“With (soybean) consumption seen at a new peak on gains in Asia and the Americas in particular, inventories could tighten,” the IGC said.

— Reporting by Nigel Hunt