LONDON, ENGLAND — Total grains production is expected to reach an all-time high in the 2023-24 marketing year, according to the latest monthly forecast by the International Grains Council (IGC).

In its May Grain Market Report, the IGC revised its total grains (wheat and coarse grains) outlook upward by 3 million tonnes to what would be a record 2.294 billion tonnes.

Despite the larger supply outlook, the IGC projects ending stocks to tighten to 580 million tonnes due to a comparatively sharper gain in consumption, which is forecast to reach 2.302 billion tonnes.

Global soybean output is forecast to rise by 9% in 2023-24 to 403 million tonnes, according to the IGC.

Buoyed by an increase in Brazilian corn production, the IGC forecasts total grain production in the 2022-23 marketing year, which ends June 30, up 2 million tonnes over its April estimate at 2.254 billion tonnes.

The May report projected an increase in ending stocks of 5 million tonnes to 589 million.

Predominantly because of much softer rowcrop export prices, but with wheat and barley also lower, the IGC Grains and Oilseeds Index (GOI) dropped a further 7% to a 23-month low. Similar to the month before, the rice market was again an outlier, with average fob prices firmer overall.