Marketing year 2024/25 (September–August) marked a banner year for U.S. corn export volumes, reaching 72.6 million metric tons (tons) due to abundant supplies and robust global demand. Corn exports to established trade partners hit new highs, while volumes to non-traditional markets also rose.
There were 16 additional destinations compared to the previous year, broadening U.S. corn’s global footprint. Shipments to established markets recorded strong growth in 2024/25, with exports to key destinations such as Mexico, Japan, Colombia, and South Korea up by 10 million tons from 2023/24. In Central America, a reliable source of demand for U.S. corn, volumes rose more than 2 million tons, up most sharply to Guatemala, Costa Rica, and Panama.
Exports to less traditional destinations for U.S. corn also grew during 2024/25. Exports to Southeast Asia rose 1.3 million tons, while the European Union grew 2.5 million tons. U.S. gains in Southeast Asia were led by Vietnam, which soared from just 5,000 tons in 2023/24 to 1.1 million tons, putting Vietnam in the top 10 destinations for U.S. corn for the first time. Growth in U.S. exports to the EU was dominated by shipments to Spain, where U.S. corn reached 1.9 million tons, the highest volume since the 1980s.
In North Africa, U.S. corn exports to Morocco surged year over year alongside rebounds in Tunisia and Egypt, netting 1.5 million tons. Looking ahead, U.S. exports in 2025/26 are forecast at 81.3 million tons this month as sustained foreign demand for imports is being met by record U.S. corn supplies. At well over 19 million tons, corn volumes inspected for export by USDA’s Federal Grain Inspection Service in the first quarter (Sep-Nov) of 2025/26 are record high. U.S. shipments are getting support from strong global demand and slow shipments out of competitors such as Ukraine and Argentina. Inspections for U.S. corn exports to Mexico, Japan, South Korea, and Colombia have already reached over 13 million tons, signaling stable growth in these markets. Shipments to Vietnam – typically a South American market – have already surpassed 500,000 tons, well above average for recent years. Markets where the United States made inroads in 2024/25, including Israel, Algeria, Egypt, and Saudi Arabia, are also seeing significant volumes compared to recent years.
WHEAT OVERVIEW FOR 2025/26
Global production is forecast higher this month to a new record, with increases to Canada, Argentina, the EU, Australia, and Russia. Global consumption is raised mainly on increased feed and residual use in Canada, the EU, Argentina, Indonesia, and Ukraine. Stocks are boosted by larger production in Russia, Canada, the EU, and Argentina, partially offset by lower ending stocks in Australia and Indonesia. Global trade is up on higher imports for Indonesia, Algeria, Libya, and the Philippines. Exports are raised for Canada, Argentina, and Australia, partly offset by reductions to Turkey and Ukraine. The U.S. season-average farm price is forecast unchanged at $5.00 per bushel. WHEAT PRICES Domestic: Since November, U.S. wheat prices edged higher on support from export sales. Hard Red Spring jumped $8/ton to $272 while Soft White Winter gained $5/ton to $244. Hard Red Winter ticked up $2/ton to $250, while Soft Red Winter was unchanged at $241.
CORN OVERVIEW FOR 2025/26
Global corn production is forecast down this month as cuts to Ukraine, Canada, Nigeria, and Senegal more than offset higher production in the European Union, Russia, and Zimbabwe. Global trade is down with cuts to Argentina and Ukraine more than offsetting larger exports from the United States. Global imports are also forecast down as lower imports in the European Union offset increases for Colombia, Kenya, and Nigeria. The U.S. season-average farm price is unchanged at $4.00 per bushel.
Argentina Soybean Exports to Rise while Products Slip
Argentina soybean exports in 2025/26 (October – September) are forecast at 8.3 million tons, the highest in 6 years, driven in part by several adjustments to export taxes in the past year (see Post report1 ). The most impactful was September’s temporary elimination of export taxes on several agricultural products, removing the 26 percent soy and 24.5 percent soybean meal and soybean oil taxes until the end of October, or until export sales declarations for all affected products reached a $7 billion cap. This cap was reached in only 3 days and resulted in over 3.0 million additional tons of soybean export sales registered for Argentina’s 2024/25 local year (April 2025 – March 2026). Most of these sales were registered for delivery between October and December 2025.
Argentina soybean meal exports in 2025/26 are forecast at 29.0 million tons, while soybean oil exports are forecast at 6.2 million tons. Export volumes for both products are expected to be higher than most years on record but less than 2024/25. This is a consequence of lower expected soybean production, down 2.6 million tons year over year to 48.5 million, but also fewer soybeans available for domestic crushing from October to March before supplies are replenished by the 2025/26 harvest. October 1 soybean stocks are estimated at 23.1 million tons, the second lowest at this point in over 10 years behind drought-impacted 2023. Domestic soybean availability through March is further limited by the unseasonably strong soybean exports expected due to the export tax elimination. October exports were a robust 1.7 million tons, and an additional 2.8 million are expected through March. Imports will provide an important supply boost, with 3.5 million tons expected from October to March and 7.7 million total in 2025/26. Argentina generally imports its largest volumes from Paraguay and Brazil after their harvests, starting in February. Given this, crush is expected to slow in the coming months.
