Highest exports since 2020-2021 marketing year, U.S. Wheat says
United States recorded its highest wheat exports since 2020-21, with shipments reaching 23.7 million tonnes in 2025-26, up nearly 15% year-on-year. Despite global competition and freight volatility, U.S. wheat reached over 55 countries, while 2026-27 trade flows remain uncertain.
The 2025-2026 wheat marketing year ended May 31 with the highest exports since the 2020-2021 marketing year, U.S. Wheat Associates said.
Final export inspections hit 23.7 million metric tons, or 871 million bushels, representing a nearly 15% increase year-over-year, according to U.S. Wheat’s Wheat Letter, citing export increases in both core and swing markets.
“U.S. wheat continued to move steadily into global markets despite a year marked by geopolitical uncertainty, volatile freight costs and intense competition from other exporting origins,” stated Brian Liedl, vice president of overseas operations, in the newsletter. “In a year where there were record or near-record crops in almost every major wheat exporting country, U.S. wheat found its place in the market.”
More than 55 countries purchased U.S. wheat over the marketing year, according to U.S. Wheat.
In the last two weeks, prices for U.S. wheat classes have declined, and are getting closer to historical price spreads to begin the new marketing year, said Luke Muller, U.S. Wheat market analyst.
“This came as a reversal after we were building a premium relative to other origins for the previous couple of months,” Muller told Capital Press.
Freight rates have increased mainly due to ongoing conflict in the Middle East, changing logistical routing and affecting fuel prices.
“These changes in ocean freight are not happening in a vacuum to just the U.S., but also our competitors,” Muller said. “With rates increasing the world over, it can make it more difficult for competitor wheat to find its way into some of our core markets close to home, like those in Latin America.”
‘Major swings’ in 2026-2027
USDA has already reported more than 3 million metric tons, or 110 million bushels, of sales for the 2026-2027 marketing year, according to the U.S. Wheat newsletter.
Last year, the world saw its largest wheat harvest on record, with many major exporters contributing, Muller said.
“Looking into this next year, there are projections for major importers and exporters alike to have major swings in productions relative to last year’s,” he said. “Where and to what degree these harvest numbers fluctuate could result in a very different look at trade flows for the 2026/2027 marketing year – but we will know when the wheat is in the bins!”
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Source : Capital Press
