The revision was primarily due to improved grain harvest prospects in Argentina and India. For example, corn production in Argentina during the 2026/27 season could increase to 63 million metric tons. However, the potential Argentine corn harvest still remains significantly lower than the actual harvest in 2025/26 (70 million metric tons).
The forecast for India’s grain corn harvest has also been revised upward—to 52 million metric tons (from 46.8 million metric tons forecast a month ago). But the potential harvest in that country is also lower than last year’s (55.1 million metric tons).
At the same time, IGC experts warned of weather risks, such as El Niño, that could affect corn production in the coming months.
“The El Niño phenomenon is currently ongoing and is forecast to intensify during the second half of the year. Although there is an increased likelihood of yield variability, particularly for the upcoming harvest in the Southern Hemisphere, the phenomenon’s impact remains uncertain at this stage, ” the IGC said in a statement quoted by the APK-Inform news agency.
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