- Record exports: Global corn shipments from major suppliers reached 96.7 million tonnes in Sep–Feb 2025/26, up 7.3 million tonnes year-on-year.
- US gains share: US exports jumped 34% to 41.5 million tonnes, capturing demand from Asia, Mexico, and the EU amid weaker Ukrainian and Argentine supply.
- Brazil rebounds: Brazilian exports recovered to 31 million tonnes, with strong growth to Iran, China, South Africa, Saudi Arabia, and the EU.
- Asian demand: Asia accounted for 45% of total shipments and 73% of global export growth, led by Iran, China, Japan, the Philippines, Saudi Arabia, and Turkey.
- Pressure on Black Sea: Strong US and Brazilian flows are eroding Ukrainian market share in both Asia and the EU, weighing on Black Sea corn competitiveness.
Global Corn Export Overview
Total corn exports from the major suppliers—United States, Brazil, Argentina, Paraguay, Canada, South Africa, and Ukraine—reached a record 96.7 million tonnes during September–February of the 2025/26 marketing year, a 7.3 million tonne increase from the previous season.
Asian buyers were the primary growth engine, importing 43.2 million tonnes and accounting for 73% of the global export increase. Demand expansion was particularly notable from Iran, China, Japan, the Philippines, Saudi Arabia, and Turkey, underscoring Asia’s central role in corn trade dynamics.
Major Exporter Performance
| Exporter | Exports Sep–Feb 2025/26 (Mt) | Year-on-Year Change (Mt) | Key Destination Gains |
|---|---|---|---|
| United States | 41.5 | +10.6 | South Korea (+2.2), Japan (+2.1), Taiwan (+1.3), EU (+1.3), Mexico (+1.0) |
| Brazil | 31.0 | +4.2 from prior 26.8 | Iran (+1.8), South Africa (+1.5), China (+1.0), Saudi Arabia (+0.8), EU (+0.5) |
| All Major Suppliers (Total) | 96.7 | +7.3 | Asian markets drove 73% of the global export increase |
US Corn: Market Share Expansion
US corn exports surged by 10.6 million tonnes (34%) to a record 41.5 million tonnes in September–February 2025/26. American exporters capitalized on reduced competition from Ukraine and Argentina, redirecting flows into both traditional and emerging markets.
The largest US shipment gains were registered in South Korea (+2.2 million tonnes), Japan (+2.1 million tonnes), Taiwan (+1.3 million tonnes), the European Union (+1.3 million tonnes), and Mexico (+1 million tonnes). This diversification highlights robust US positioning across Asia, North America, and Europe.
Brazilian Corn: Strong Rebound
Brazilian corn exports rebounded to 31 million tonnes from the previous season’s three-year low of 26.8 million tonnes. Improved availability and competitive pricing allowed Brazil to rebuild its export program.
Brazil’s largest shipment increases were directed to Iran (+1.8 million tonnes), South Africa (+1.5 million tonnes), China (+1 million tonnes), Saudi Arabia (+0.8 million tonnes), and the European Union (+0.5 million tonnes). These gains underscore Brazil’s growing influence not only in Asia but also in the Middle East, Africa, and Europe.
Impact on Black Sea Corn
The sharp expansion in US and Brazilian exports is weighing on Black Sea corn, particularly Ukrainian competitiveness. With US volumes up 34% and displacing traditional Black Sea suppliers in the EU and key Asian destinations, Ukraine faces sustained pressure amid limited supply availability.
The erosion of Ukrainian market share in both Asia and the EU signals a challenging environment for Black Sea exporters seeking to rebuild trade flows. Logistics and trading teams should monitor whether Ukraine can reclaim volumes later in the season or if the current pattern marks a more structural shift in global corn trade.
Source: Market Data
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