IGC raises 2026/27 corn outlook on improved Argentina and India prospects

The International Grains Council (IGC) on Thursday revised upward its forecast for global corn production in the MY 2026/27, citing stronger crop prospects in Argentina and India.

In its latest monthly update, the intergovernmental body lifted its world corn production estimate by 10 million tonnes to 1.310 billion tonnes. Despite the upgrade, the figure remains below the projected 2025/26 output of 1.339 billion tonnes.

The revision reflects improved supply expectations in key producing countries. Argentina’s 2026/27 corn crop was increased to 63 million tonnes from a previous estimate of 59 million tonnes, although it still trails the prior season’s 70 million tonnes. India’s output forecast was also raised significantly, to 52 million tonnes from 46.8 million tonnes, but remains below the 2025/26 harvest of 55.1 million tonnes.

The IGC noted that weather risks remain a key uncertainty for global grain markets. It highlighted the development of El Niño conditions, which are expected to strengthen in the second half of the year and could increase yield volatility, particularly across southern hemisphere producers.

Global wheat production for 2026/27 was also revised slightly higher by 1 million tonnes to 821 million tonnes, supported by an improved outlook for Russia, where output is now projected at 89 million tonnes compared with a previous estimate of 87.9 million tonnes.