The US Department of Agriculture (USDA) has raised its forecast for global corn exports in the 2025-2026 marketing year by 1.63 million tons to 205.10 million tons, despite the expected reduction in Ukrainian supplies.
According to the December report, with global exports growing, the estimate of global corn carryover stocks, on the contrary, has been reduced by 2.19 million tons to 279.15 million tons, reflecting more active use of grain and the maintenance of a fairly tight supply and demand balance.
For Ukraine, the USDA has lowered its corn harvest forecast from 32 million tons to 29 million tons due to a reduction in acreage and yields, as well as difficult weather conditions during harvesting. The export forecast has been lowered from 24.5 million tons to 23 million tons, domestic consumption from 7 million tons to 6 million tons, and carryover stocks from 1.55 million tons to 0.85 million tons. This means that additional growth in global corn exports will be provided by other major market players.
