Global grain production projections for this season (2020/2021) were adjusted downward by the International Grain Council, due to the drought affecting Brazil, which will especially impact corn production. The IGC projection puts production at 2.22 billion tons for the season. Given the growth in consumption and the increase in grain imports by China -largely to feed its pig farms that are recovering from an epidemic- the GCR forecasts a further decline in global grain inventories, which would stand at 599 tons. This is the fifth consecutive season of declining inventories. The evolution of the grain market is reflected in the Food and Agriculture Organization of the United Nations (FAO) price index. The general index shows an increase of 39.7% in May 2021 compared to the same month in 2020 while that of cereals rose 36.6% in the same period.