Global supplies of grain should remain at a record high level in the upcoming season, which begins in July 2016/17 announced by the international grains Council on Friday.

IGC in its monthly crop forecast for 2016-2017, reports about the increase in world corn production to 993 million tonnes from the previous 972 million tonnes. But the projected harvest will be down from the record 1.02 billion tons, harvested in the season of 2014 - 2015.

World wheat production will decrease to 713 million tons. Estimated IGC in the 2015/16 harvest amounted to 734 million tons.

Preliminary forecasts for the stocks of grain at the end of the season 2016-2017 years will reach 466 million tons and will not change compared with a year earlier.

However, large beginning stocks will keep overall supply at record high levels and consumption will remain high. Ending stocks may correspond to a 29-year high of 2015/16.

The forecast of world soybean production will decline slightly in 2016/17 to 320 million tons with a record 323 million in the previous season, while consumption is expected to rise to 327 million tonnes to 321 million tonnes , leading to a drawdown in stocks.