The International Grains Council raised its global corn production forecast for the 2026/27 season in its monthly update, mainly driven by improved crop prospects in the United States.
The global corn production forecast was raised to about 13.07 hundred million tonnes, an increase of about 600 ten thousand tonnes from the previous estimate.
The U.S. corn production estimate was raised to about 4.07 hundred million tonnes, compared with the previous month's estimate of about 4.01 hundred million tonnes, reflecting the upward revision by the U.S. Department of Agriculture last week.
The annual global wheat production forecast for 2026/27 remains unchanged at around 8.2 hundred million tonnes.
The global soybean production forecast was slightly lowered to around 4.39 hundred million tonnes, compared with the previous month's estimate of around 4.4 hundred million tonnes.
An improved corn supply outlook may put some pressure on prices. The market is watching how subsequent weather conditions and harvest progress in major producing regions will affect the balance sheet.