(Dow Jones) -- The International Grains Council has increased its forecast for total grains production in 2016-17 by 11 million metric tons to 2.026 billion tons after plentiful rain raised harvest prospects in Europe and North America.
The harvest is set to be the second largest on record after the 2.046-billion-ton crop of 2014-15.
The IGC increased its wheat production forecast by 7 million tons to 729 million tons. Forecasts for corn and soybeans were unchanged at 1.003 billion tons and 320 million tons respectively.
The forecast for 2016-17 grains' consumption was little changed at 2.01 billion tons, compared with 2.009 billion tons in last month's forecast.
As a result, the IGC expects global grain stocks to climb by 15 million tons year-over-year to 482 million tons.
The forecast for global trade was increased by 1 million tons to 319 million tons.