The International Grain Council this week raised its forecast for global grain production to 2.002 billion metric tons, from its November forecast of 1.99 billion.
Global Hotspots, Feb. 5, 2015: Egypt may again buy U.S. wheat
Most of the increase was related to corn, where the IGC expects a global crop of 992 million metric tons, up from November's forecast of 982 million. Global wheat production was unchanged from the previous forecast at 717 million metric tons.
Soybean production was raised 4 million tons to a record 312 million.
Forecasters dial down chances for El Nino
Forecasters have lowered expectations for an El Nino this year.
The Australian Bureau of Meteorology this week said there was a low chance for El Nino, while the National Weather Service has said if it does not occur in the next two months, the chances decline of one occurring at all.
El Nino is the warming of the Pacific Ocean's surface, which can cause droughts in some areas and excess rain in others.
Fear of Islamic State may cut Iraq wheat production
Iraq and United Nations officials expect a smaller Iraq wheat crop this year because farmers could not plant all of their fields in areas controlled by Islamic State, a situation that could leave many thousands of Iraqis hungry, according to a Reuters report.
Farmers said they could not get the necessary fertilizer or fuel to plant and could not be assured the Islamic State would buy the crop when it is harvested.