LONDON — At a Dec. 6 meeting, the International Grains Council noted the global supply and demand balance for wheat had tightened significantly in 2012-13, and that near-record production would be needed in 2013-14 to maintain the global stocks-to-use ratio. The I.G.C. in late November forecast a 4% increase in 2013-14 global wheat production from 2012-13.

In addition to wheat, the I.G.C. noted global grain and oilseed supplies were tight overall, “as dry conditions had a significant impact on grains and harvests in the Northern Hemisphere.”

The I.G.C.’s daily Grains and Oilseeds Index rose to an all-time high in September, boosted by high corn and soybean prices that resulted from the U.S. summer drought. The index has since retreated but still was up 19% since the first of the year, the I.G.C. said.

Global corn consumption was forecast to decline in 2012-13 for the first time since 1993-94 due to lower supplies, the I.G.C. said, with carryover stocks forecast at a 16-year low.

Forecast record large 2012-13 soybean crops in South America “would merely return the aggregate level of stocks in major exporters to average levels,” the I.G.C. said, with “significant vulnerability to any further supply-side difficulties.”

In the longer term, the I.G.C. forecast strong grain and oilseed prices would result in increased planted area over the next five years.