Browse Data and Analysis

As a result of the increase in the 2025/26 production estimate, the 2025/26 wheat import forecast is reduced to 1 million tons.

The 2024 U.S. Agricultural Export Yearbook provides a statistical summary of U.S. agricultural commodity exports to the world during the 2024 calendar year.

Wheat production is projected to fall to 27.5 million tons in 2025/26 due to a decrease in cultivated area and extremely dry weather. This shortfall in domestic production is expected to lead to increased imports, forecast at 1.7 million tons.

While per capita grain consumption in Korea remains steady, or declining in the case of rice, increased manufacturing of K-food for exports drives total consumption, offsetting decreases in other sectors.

There are no significant changes to the 2024/25 wheat production, supply and demand outlook. Due to slight reductions in both area and yield, the 2024/25 rice production estimate is revised down to 9.5 million tons.

Market share of U.S. corn in South Korea is expected to remain strong in MY 2024/25 after rebounding to 20 percent in MY 2023/24. Domestic rice production continues its slow decline as the government incentivizes farmers to switch to planting alternate crops.

No significant changes were made to the 2024/25 wheat supply and demand forecasts. Wheat imports and exports remain banned. The 2024/25 rice production forecast is unchanged at a record 10 million tons.

Reflecting recently released government of Pakistan official data, the 2024/25 wheat production estimate is increased to a record 31.4 million tons.

The 2023 U.S. Agricultural Export Yearbook provides a statistical summary of U.S. agricultural commodity exports to the world during the 2023 calendar year.

The Korean government’s policy incentivizing farmers to replace rice acreage with other crops is the driving force behind record low rice planting and production projected in marketing year (MY) 2024/25.

Given record area and prospects for good yields, wheat production in 2024/25 is forecast to be a record 28.8 million tons. Due to an anticipated increase in area, 2024/25 rice production is also forecast to set a record.

No significant changes are made to 2023/24 rice and wheat supply and demand forecasts. Private sector wheat import commitments of about 1.4 million tons underpin the 2 million ton 2023/24 wheat import forecast.