“Although forecasts remain tentative at this time, the initial global wheat supply and demand outlook appears slightly tighter in 2026/27, with expectations for a reduced harvest and further consumption gains,” the IGC said in a monthly update.
The IGC did not issue detailed supply and demand data for the upcoming season with its release normally included in the March report.
Rising global wheat stocks in the 2025/26 season contributed to a fall in prices, with Chicago futures dipping to a five-year low last October.
The IGC maintained its forecast for 2025/26 global wheat production at 842 million metric tons, outstripping consumption which was projected at 823 million tons.
The intergovernmental body also kept its 2025/26 world corn (maize) crop outlook at 1.313 billion tons, also above projected consumption of 1.298 billion.
“Given initial planted area assumptions and, assuming trend yields, next season’s maize crop may also dip year on year,” the IGC said.
