USDA – Grain: World Markets and Trade, Feb 2026

This report focuses on global grain markets and trade, highlighting U.

S. rice exports to Japan. Key findings include record U.S. rice export volumes to Japan in marketing year 2024/25, driven by low domestic supplies and high prices in Japan, supported by the United States-Japan Framework Agreement. Japan is the second largest market for U.S. rice, with imports managed through state-traded mechanisms and minimum access quotas. Domestic rice prices in Japan have more than doubled since July 2024, making U.S. rice more price competitive. Out-of-quota imports increased significantly, with over 125,000 tons exported during the current U.S. marketing year and total commitments exceeding 340,000 tons as of January 2026.