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U.S. wheat exports are forecast to rebound by more than a million tons in the 2024/25 marketing year (June – May), after dipping to the lowest volume in more than 50 years in 2023/24.
U.S. agricultural exports are a critical source of farm income. The USDA Economic Research Service estimates that on average 23 percent of the output of nonmanufactured agricultural products were exported between 2013 and 2022.
India, the world’s largest rice exporter, disrupted global rice markets by banning white rice exports in July 2023, before placing an export tax on parboiled rice exports in August 2023.