Shipping costs for corn and soybeans from Minneapolis to Japan increased 33% year-over-year in the second quarter of 2026, primarily driven by a 49% jump in ocean freight rates, which more than offset lower commodity prices and reduced export volumes to Japan.
- Gulf route transportation costs rose 33% year-over-year for both corn and soybeans in Q2 2026
- Ocean freight rates jumped 49%, barge rates rose 28%, and truck rates increased 4%
- Corn transportation now represents 46% of total landed costs, up 9 percentage points from a year earlier
- U.S. corn exports to Japan fell 15% year-over-year to 3.6 million metric tons in Q2 2026
- USDA projects total U.S. corn exports will decrease 4% in marketing year 2026/27 while soybean exports increase 9%
Shipping corn and soybeans from Minneapolis to Japan got more expensive in the second quarter of 2026, with transportation costs climbing for both major export routes, according to USDA’s Agricultural Marketing Service.
Year over year, Gulf route transportation costs rose 33% for both corn and soybeans. The increase came from a 49% jump in ocean freight rates, a 28% rise in barge rates, and a 4% increase in truck rates. Quarter to quarter, Gulf route costs were up 2% for corn and 1% for soybeans.
The Pacific Northwest route saw smaller but still significant increases. Transportation costs rose 14% for corn and 13% for soybeans year over year, driven by higher truck, rail, and ocean freight rates. From first quarter to second quarter 2026, costs increased 10% for both commodities.
For corn shipped through the Gulf, transportation now represents 46% of total landed costs, up 9 percentage points from a year earlier. The total landed cost reached $294.57 per metric ton in second quarter 2026, up nearly 7% year over year despite an 8.64% drop in farm values. The higher transportation expenses more than offset the lower commodity prices.
Soybeans followed a different pattern. Total landed costs for Gulf route soybeans climbed to $536.73 per metric ton, up nearly 15% year over year. Both higher transportation costs and rising farm values contributed to the increase. Farm values for soybeans rose nearly 10% year over year, reaching $401.73 per metric ton. Transportation accounted for 25% of total landed costs for soybeans.
The Pacific Northwest route showed mixed results for corn. Total landed costs dropped slightly year over year, down 0.45%, as lower farm values offset higher transportation expenses. Quarter to quarter, however, costs rose 6.27% as both farm values and transportation costs increased.
For PNW route soybeans, total landed costs reached $524.23 per metric ton in second quarter 2026, up more than 10% year over year. Transportation costs made up 23% of total landed costs.
The cost increases come as U.S. export volumes to Japan declined. Second quarter 2026 exports to Japan totaled 3.6 million metric tons of corn, down 11% from first quarter, and 0.5 million metric tons of soybeans, down 14% quarter to quarter. Year over year, corn exports to Japan fell 15% while soybean exports rose 4%.
Looking ahead, USDA’s August World Agricultural Supply and Demand Estimates report projects total U.S. corn exports will decrease 4% in marketing year 2026/27, reaching 83.19 million metric tons. Soybean exports are expected to increase 9%, hitting 45.18 million metric tons.
The quarter-to-quarter increase in barge rates reflected rising demand as the Upper Mississippi River reopened after its winter closure, allowing barge trips from Minnesota to the Gulf.
