LONDON, ENGLAND — Grains and oilseeds prices continued to decline in the International Grains Council’s (IGC) latest Grain Market Report, released on June 27.

The IGC’s Grains and Oilseeds Prices Index, which tracks prices for wheat, corn, barley, rice and soybeans, fell by 7% from the previous month and now stands at 229. The index is 16% lower than in June 2023.

The biggest month-on-month decline was for wheat, which saw prices drop by nearly 12% compared to May. Barley prices also saw a big month-on-month decline, falling 9%. For the year, prices for those commodities are down 19% and 7%, respectively.

Corn and soybeans are forecast to see the biggest year-on-year price decline in the 2024-25 marketing year at 22%, with both falling by 6% from the previous month.

Bucking that trend is rice, which has seen prices increase by 22% year-on-year and only a 1% decline from the IGC’s May forecast.

Other items of note from the report were:

  • Rice production for 2024-25 was revised higher by 7 million tonnes to a record 528 million tonnes.
  • Corn and wheat production for 2024-25 are seen as essentially unchanged from the previous year.
  • Soybean output and consumption in the upcoming marketing year are projected to shatter previous highs at 415 million and 404 million tonnes, respectively.
  • Although total grains carryover stocks were revised slightly higher from the previous month, they are still projected to decline by 9 million tonnes year-on-year to 528 million, the lowest total in a decade.