The U.S. Department of Agriculture’s Foreign Agricultural Service December 2025 Grain: World Markets and Trade report reveals a banner year for U.S. corn exports in the 2024/25 marketing year, with further growth expected in 2025/26 amid shifting global grain markets.
U.S. corn shipments reached 72.6 million metric tons in 2024/25, driven by abundant supplies and strong global demand. Exports to established markets such as Mexico, Japan, Colombia, and South Korea surged by 10 million tons compared to the previous year. Meanwhile, U.S. corn made significant inroads into non-traditional markets, with exports to Southeast Asia rising 1.3 million tons and the European Union growing by 2.5 million tons. Notably, Vietnam emerged as a top 10 destination for U.S. corn, jumping from just 5,000 tons in 2023/24 to 1.1 million tons in 2024/25.
Looking ahead, U.S. corn exports for 2025/26 are forecast at 81.3 million tons, supported by record domestic supplies and sustained foreign demand. Early export inspections for the first quarter of the marketing year are at record highs, signaling continued momentum. U.S. shipments benefit from strong global demand and slower shipments from competitors like Ukraine and Argentina.
Record global wheat production boosts supplies
The report also projects record global wheat production for 2025/26, with increases in Canada, Argentina, the European Union, Australia, and Russia. Canada’s wheat crop is forecast at a record 40 million tons, while Argentina and the EU also raised production estimates on favorable growing conditions and updated statistics. Global wheat consumption is up, primarily due to increased feed and residual use in several countries. Despite higher production, global wheat prices remain competitive, with U.S. farm prices steady at $5.00 per bushel.
Rice and coarse grain markets show mixed trends
Global rice production is slightly down due to reductions in Madagascar and the Philippines, but trade and ending stocks are forecast higher, driven by increased exports from Burma and China. U.S. rice supplies are lower on reduced imports and exports, with prices falling amid sluggish sales.
Coarse grain production globally is forecast lower, with declines in Ukraine, Canada, Nigeria, and Senegal offsetting gains in the EU, Russia, and Zimbabwe. U.S. corn exports are raised, but global trade is down due to reduced exports from Argentina and Ukraine. The U.S. season-average corn price remains steady at $4.00 per bushel.
