The International Grains Council (IGC) has cut its 2026-27 world corn production forecast on the heels of damaging heatwaves across parts of Europe.
The IGC on Thursday estimated global corn output at 1.306 billion tonnes, down 4 million tonnes from its June forecast and 37 million tonnes below estimated 2025-26 production.
Global corn consumption is forecast at 1.323 billion tonnes, exceeding production and reducing carryover stocks to 293 million tonnes. That's down 5 million tonnes from the June estimate and below 311 million the previous year.
The deterioration in Europe also contributed to a 4-million tonne reduction in the IGC’s total world grains forecast, now pegged at 2.422 billion tonnes. Grain consumption was trimmed 1 million tonnes to a record 2.447 billion, while carryover stocks were reduced 8 million tonnes to 610 million, versus 636 million in 2025-26.
European corn has faced repeated periods of excessive heat and dryness during important stages of crop development.
The USDA also sharply reduced its European Union corn outlook in its July supply-demand update. EU production was forecast at 53.78 million tonnes, down 3.72 million from June’s 57.5-million tonne estimate. EU corn imports were raised by 3 million tonnes to 22.5 million to compensate for the smaller domestic harvest. USDA attributed the reduction mainly to a steep decline in France, where record heat has lowered yield prospects.
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