According to the International Grains Council’s (IGC) October Grain Market report, Global grain output in 2024/25 is forecast to reach a record 2,315 million tons, while stocks of key crops like wheat and maize are expected to tighten due to decreased production in certain regions.

Global grain production is set to reach a record 2,315 million tons in the 2024/25 season, according to the International Grains Council (IGC) October Grain Market report. However, tighter stocks of wheat and maize, along with reduced trade volumes, may challenge markets as drought conditions impact harvests in Australia and Argentina.

Despite the record production outlook, the IGC warns of tightening stocks in wheat and maize. Regions like the European Union and Russia have downgraded crop forecasts, though increases in Kazakhstan (wheat) and Turkey (barley) have stabilized overall grain estimates on a month-on-month basis. Global consumption is forecast to rise to 2,328 million tons, primarily driven by growing demand for animal feed.

In addition to grain, soybean and rice production are both projected to hit new records. Soybean output is forecasted to grow by 7% year-on-year, driven by favorable conditions in South America, and global trade in soybeans is expected to rise due to stronger demand in Africa and Asia. Rice production is set to reach 531 million tons, with eased export restrictions in India likely to stimulate further imports, especially in Africa.

As for carryover stocks, they are projected to hit a 10-season low despite modest rises in some grains. The IGC noted that maize stocks could decline by 7 million tons and wheat by 6 million tons, while a slight increase in dry pea production is expected to continue but with tighter stocks, particularly as India’s demand falls.