Total grains forecast falls on lower global corn production.

• Due to a downgraded corn production outlook in the United States and Argentina, the International Grains Council (IGC) has lowered its world total grains (wheat and coarse grains) production forecast to 2.248 billion tonnes, down by 8 million tonnes.

About International Grains Council (IGC)

• IGC is an intergovernmental organisation which came into existence in 1995 as a result of International Grains Agreement.
  • It is a successor of International Wheat Council (IWC), 1949.
• Headquarters– London, UK.
• Objectives: Promote expansion, openness and fairness in grains sector, contribute to grain market stability and enhance world food security.
• Members: Countries who are party to Grains Trade Convention (GTC), 1995 are members of IGC.
  • At present there are 30 members including India.
• GTC is the only international treaty covering trade in grains.