Global Corn (Maize) Market: Production, Exports and Prices

USDA estimates world corn production in 2025/26 at 1,330.8 million tons, up from 1,235.0 million tons in 2024/25 [1]. The 2026/27 forecast is 1,291.0 million tons, about 3.0 percent lower (FREEE.REPORT calculation) [1]. The September cut reflects smaller crops in the United States, India, Kenya and Russia [1]. World ending stocks are forecast at 272.1 million tons in 2026/27 [1].

The United States produced 432.3 million tons in 2025/26, China 301.2 million and Brazil 141.0 million [1]. These are about 32.5 percent, 22.6 percent and 10.6 percent of world output (FREEE.REPORT calculation). For 2026/27, U.S. output is forecast at 401.3 million tons, China at 307.0 million and Brazil at 139.0 million [1]. Argentina (55.0 million), the EU (50.6 million) and India (50.0 million) follow [1].

World corn exports are forecast at 211.6 million tons in trade year 2026/27, about level with 211.1 million in 2025/26 [1]. The United States is forecast to export 83.0 million tons, after 85.0 million in 2025/26 [1]. Brazil (42.0 million), Argentina (40.0 million) and Ukraine (22.0 million) follow [1].

Mexico is forecast to be the largest importer at 27.2 million tons in 2026/27, followed by the EU (23.5 million), Vietnam (15.9 million) and Japan (15.5 million) [1].

U.S. Gulf corn export bids rose USD 30 to USD 252 per ton between early August and 8 September 2026, 23 percent above a year earlier [1]. Argentine bids rose to USD 219 and Brazilian bids to USD 238 per ton [1]. No Ukrainian bids have been reported since 1 September 2026, after attacks on export infrastructure [1]. The U.S. season-average farm price is forecast at USD 4.80 per bushel for 2026/27, up from USD 4.15 for 2025/26 [1].

FAO reported that international maize prices rose 2.5 percent in August 2026, supported by U.S. Corn Belt yield concerns, heat and dryness in the EU, and strong demand from the ethanol and feed sectors [2].

Production, trade, stocks and prices come from USDA FAS Grain: World Markets and Trade, September 2026 [1]. Production uses local marketing years. Trade uses an October/September trade year. Units are metric tons. 2026/27 values are forecasts. FAO commentary on maize prices is from the FAO Food Price Index release [2].

FREEE.REPORT calculations: country shares = 2025/26 country output / world output of 1,330.8 million tons; 2026/27 change = 1,291.0 / 1,330.8 - 1. This report does not yet include USDA ERS data on corn used for ethanol.