Corn: the US grain that feeds Mexico's mills and farms

← Mexico Trade Corridor

Mexico Trade Corridor · Product brief · HS 1005

Mexico is the largest market for US corn, and almost all the corn it imports comes from the United States. This brief sets out the numbers from both sides, the rules in force, and where importers need cash to pay for each cargo.

Published October 23, 2026 · Facts as of October 23, 2026 · 10 min read · Trade data: UN Comtrade, 2020 to 2025 · Rules as of October 23, 2026

Facts as of October 23, 2026. This page states the facts as they stood on that date. Tariffs, rules and figures may have changed since publication. Tariffs and trade policy change often, so we review these pages every month and update them.

#4

Mexico's No. 4 import from the US in 2025, ranked by value as reported by Mexico (UN Comtrade, 4-digit HS codes). The US figure is shown beside it because the two countries count the same trade differently.

US$5.7bnMexico's imports from the US, 2025, as reported by Mexico

US$6.0bnThe same flow, 2025, as reported by the US

+98.3%Change 2020 to 2025, Mexico data

US$0.0bnMexico's exports to the US in the same code, 2025, Mexico data

What is it?

HS 1005 covers corn (maize) as a grain, both seed corn and corn for feed, food and industry. Mexico reported US$5.7 billion of corn imports from the US in 2025, and US data shows US$6.0 billion ¹.

Why does it matter?

Corn is Mexico's fourth-largest import from the US ¹. Mexico grows less corn than it uses, and USDA expects the US to supply over 99% of its imports in the 2026-27 season ³. Feed mills, starch makers and tortilla firms depend on this flow.

How does it work?

US exporters and trading houses ship corn by rail to border crossings such as Laredo, Eagle Pass and El Paso, or by barge and ocean vessel to Veracruz ⁵. The Mexican buyer pays in dollars and sells feed, starch or tortillas in pesos.

In this brief

1. How big is the corn trade between Mexico and the US?
2. Which kinds of corn cross the border?
3. Who buys the corn, and why does Mexico import so much?
4. How does the corn get from the US to the mill?
5. Which rules apply to US corn entering Mexico?
6. Where do importers need cash, and how is it financed?
7. What should corn traders watch next?

01How big is the corn trade between Mexico and the US?

Mexico reported US$5.7 billion of corn imports from the US in 2025. That is up 98.3% from US$2.9 billion in 2020, and up 5.8% from 2024 ¹. Corn was 2.3% of Mexico's US$249.9 billion of reported imports from the US ¹.

US data shows a little more. For 2025, the US reported US$6.0 billion of corn exports to Mexico, up 5.6% from 2024 ¹. Our data gap explainer sets out why the two sides differ. USDA counts Mexico as the largest market for US corn: it took US$5.92 billion of US$18.46 billion of US corn exports in 2025, or 32.1% ¹¹.

Volumes grew faster than values in some years. US data shows 14.6 million tonnes shipped to Mexico in 2020 and 25.3 million tonnes in 2024, when the average value was about US$225 per tonne ¹.

Trade in the other direction is very small. Mexico reported US$4.1 million of corn exports to the US in 2025 ¹.

Chart

Corn trade, both directions, both sides of the data

• Mexico to US, Mexico data
• Mexico to US, US data
• US to Mexico, Mexico data
• US to Mexico, US data

US$ billion. Solid lines: as reported by Mexico. Dashed lines: as reported by the US. Source: UN Comtrade, 2020 to 2025.

02Which kinds of corn cross the border?

Almost all of the trade is corn for feed, food and industry. In Mexico's 2025 data, the line for corn other than seed was 41.1% of the 4-digit total and seed corn was 0.4%. Mexico's 6-digit lines add up to much less than its 4-digit total, so the chart shows shares of that total ¹. US data, where the lines do add up, puts corn other than seed at 98.8% of exports to Mexico and seed corn at 1.2% ¹.

The trade data does not split yellow corn from white corn. USDA reports that import growth comes mainly from demand for yellow corn for animal feed. Mexican tortillas are made with about 82% white corn flour and 18% yellow ².

Chart

The corn lines Mexico buys from the US

US$ billion and share of the 4-digit total, 2025, as reported by Mexico. Source: UN Comtrade. In Mexico's data the 6-digit lines add up to US$2.4 billion, less than the 4-digit total of US$5.7 billion, so shares are of the 4-digit total.

03Who buys the corn, and why does Mexico import so much?

The buyers are poultry, pork and cattle feed mills, starch and sweetener makers, and the masa and tortilla industry ². US exporters and trading houses sell to them. Cargill, for example, has traded grain in Mexico since 1965 and runs 20 facilities in 11 states, including a grain and oilseeds site at the port of Veracruz ⁸.

Mexico grows less corn than it uses. USDA forecasts Mexican production of 24.5 million tonnes in 2026-27, down 3%, and consumption of 52.5 million tonnes, up 2%, led by feed demand ³. It forecasts imports of 26.8 million tonnes, with the US share over 99% ³.

USDA reported in March 2025 that Mexican production ran about 10% below its 10-year average. It named farmer debt, limited financing and insecurity as causes ².

04How does the corn get from the US to the mill?

Corn moves by rail or truck to border crossings at El Paso, Laredo and Eagle Pass. It also moves by barge down the Mississippi and then by ocean vessel to Veracruz ⁵. US exports to Mexico in the third quarter of 2025 were 7.12 million tonnes, up 4% from a year earlier ⁵. Our guide to border crossings covers each port.

Buying follows the US marketing year, which starts on September 1 ⁴. Mexican buyers were active early in the 2025/26 year: in the week ending September 18, 2025, they took about half of all US corn sales ⁴.

The sale contract sets who pays for each leg and who clears customs, usually through an Incoterms rule. Duties, import VAT and broker fees are covered in our guide to landed cost.

1. US farm and elevatorCorn is harvested in the US Corn Belt and stored at country elevators.
2. ContractA Mexican feed mill, starch maker or tortilla firm buys from a US exporter or trading house, priced in US dollars.
3. Rail or bargeRail cars run to El Paso, Laredo or Eagle Pass. Barges run down the Mississippi to the Gulf for loading onto ships.
4. Border or portA Mexican customs broker clears the corn at the border crossing or at the port of Veracruz.
5. MillThe corn becomes animal feed, starch, sweeteners or masa. The buyer repays its finance from these sales.

US corn reaches Mexico by rail at crossings such as Laredo, Eagle Pass and El Paso, or by barge and ship to Veracruz.

05Which rules apply to US corn entering Mexico?

The main rules concern genetically modified (GM) corn. The US requested USMCA consultations on Mexico's GM corn measures on June 2, 2023, and Canada joined on June 9 ⁷. On December 20, 2024, a USMCA panel ruled that Mexico's restrictions were inconsistent with the agreement, mainly because they lacked a basis in international standards ⁶.

Mexico revoked the relevant parts of its 2023 decree on February 5, 2025 ⁶. A constitutional decree of March 17, 2025 requires corn grown in Mexico to be free of GM traits. It does not directly address imports of GM grain ⁶. As of March 2025, imports of GM corn grain remained allowed, and Mexico requires biosafety approvals for GM events ⁶.

The import duty on US corn should be confirmed with a customs broker before each contract. Mexico announced tariffs on white corn imports in June 2023, but the rate and legal instrument are not confirmed in our sources ⁷. All rules here are as of October 23, 2026. The live list is on our corridor watch page.

Rules in force

As of October 23, 2026. Live list: corridor watch.

Measure	What it does	Since	Status
USMCA panel on Mexico's GM corn measures	Found Mexico's 2023 restrictions inconsistent with USMCA, mainly for lacking a basis in international standards 6	Dec 20, 2024	Ruling issued
Mexico revokes parts of the 2023 GM corn decree	Removes the provisions at issue in the USMCA dispute 6	Feb 5, 2025	In force
Constitutional amendment, Articles 4 and 27	Corn grown in Mexico must be free of GM traits. Does not directly address imports of GM grain 6	Mar 17, 2025	Confirm DOF date
Biosafety approvals for GM events	Required for GM events. Imports of GM corn grain remained allowed as of March 2025 6	Mar 2025	Check for new rules
Mexican import duty on corn	Tariffs on white corn were announced in June 2023; rate and legal instrument not confirmed. Confirm the current rate on US corn with a customs broker 7	Jun 2023	To be confirmed
USMCA annual joint reviews	Agreement stays in force; annual reviews until 2036 unless the three countries confirm an extension 10	Jul 1, 2026	In force

06Where do importers need cash, and how is it financed?

A Mexican mill pays for a cargo before it sells the feed, starch or tortillas made from it. Mills also hold stock through crop cycles. The contract is priced in US dollars, while the mill earns pesos, so a weaker peso raises the cost of an unhedged cargo. This is foreign exchange risk, and a forward contract can fix the rate. Our guide to paying in dollars and earning in pesos goes further.

We found no public source on standard payment terms for US corn sales to Mexican mills. In general practice, exporters use cash against documents, letters of credit for new buyers, and open account with credit insurance for repeat buyers. Our guide to financing grain imports compares these options.

USDA's GSM-102 program guarantees bank credit for US farm exports. Its FAS page, checked on October 23, 2026, shows an application deadline of September 30, 2026, which has passed. The page names no eligible countries and does not mention Mexico ⁹. Whether a new cycle has opened is not confirmed. See US export credit for buyers in Mexico.

Where the cash goes

From contract to the mill's customers

1. Contract
   Price fixed in dollarsThe mill agrees a price, volume and delivery period with a US exporter. Its currency exposure starts here.
2. Loading
   Payment or guaranteeThe buyer pays against documents, opens a letter of credit, or uses a credit line from the seller.
3. Transit
   Freight and customsRail, barge or ocean freight, the customs broker and any duties and taxes are paid. See landed cost.
4. Storage
   Stock at the millCorn sits in silos until it is milled. Cash is tied up while the mill holds stock between cargoes.
5. Sales
   Cash returns in pesosFeed, starch and tortilla customers pay in pesos on their own terms.

The order of cash needs is general practice for a grain importer. No public source sets standard terms for US corn sales to Mexican mills; actual days depend on each contract.

New buyerLetters of credit

A bank undertakes to pay the US exporter when the shipping documents comply.

Repeat buyerDocumentary collections

Banks exchange the shipping documents for payment, at lower cost than a letter of credit. Some sellers move to open account with trade credit insurance.

Grain in storageWarehouse finance

A lender funds stored grain, often against a warehouse receipt.

Trader with many cargoesStructured commodity finance

Short-term funding repaid from the sale of the grain, with security and controls built into the deal.

07What should corn traders watch next?

USMCA stays in force. On July 1, 2026 the US did not agree to renew it in its current form, so the agreement now goes through annual joint reviews until 2036 unless the three countries confirm an extension ¹⁰. For grain buyers, the next USDA forecasts and any new Mexican biosafety rules matter most. The live list of measures is on our corridor watch page.

• PendingWhether USDA opens a new GSM-102 cycle after the September 30, 2026 deadline shown on its program page ⁹.
• PendingAny new Mexican biosafety rules on GM grain imports ⁶.
• 2026-27USDA forecasts Mexican corn imports of 26.8 million tonnes, with the US share over 99% ³.
• Jul 1, 2036USMCA ends on this date unless the three countries confirm an extension. Annual reviews run until then ¹⁰.

Questions traders ask

How much corn does Mexico import from the US?

Mexico reported US$5.7 billion of corn imports from the US in 2025 under HS 1005. US data shows US$6.0 billion of corn exports to Mexico. USDA counts Mexico as the largest market for US corn.

Why does Mexico import so much US corn?

Mexico uses more corn than it grows. USDA forecasts 2026-27 production of 24.5 million tonnes and consumption of 52.5 million tonnes, led by animal feed. Most imports are yellow corn for feed mills.

Can GM corn from the US still enter Mexico?

Yes, as of March 2025 imports of GM corn grain remained allowed. A USMCA panel ruled against Mexico's GM corn restrictions in December 2024, and Mexico revoked the relevant parts of its 2023 decree in February 2025. A March 2025 constitutional change covers corn grown in Mexico.

How does US corn reach Mexico?

By rail or truck to border crossings such as El Paso, Laredo and Eagle Pass, or by barge down the Mississippi and then by ocean vessel to the port of Veracruz.

How do Mexican importers pay for US corn?

Common options are cash against documents, letters of credit for new buyers and open account with credit insurance for repeat buyers. USDA's GSM-102 program showed an application deadline of September 30, 2026, which has passed; check whether a new cycle has opened.

Read next

• Corridor hubCorridor watch: tariffs and rules in force
• Corridor guideFinancing grain imports
• Corridor guidePaying in dollars, earning in pesos
• Corridor guideLanded cost: import VAT, duties and fees
• Corridor guideUS export credit for buyers in Mexico
• Product briefBeer, fruit and tomatoes: Mexico's farm and food exports to the US
• Ossiano Trade Finance GuideHow each trade finance instrument works
• GlossaryTrade finance terms in plain English

Trading corn between Mexico and the US? Ossiano Capital works on trade finance in this corridor.

Start the Conversation

Sources and notes

1. UN Comtrade, annual trade data 2020 to 2025, HS 1005, Mexico and the US as reporters. Downloaded October 2026; 2025 figures may be revised. https://comtradeplus.un.org/
2. World Grain, Mexico's grain consumption continues to rise (USDA FAS), March 27, 2025. https://www.world-grain.com/articles/21204-mexicos-grain-consumption-continues-to-rise
3. World Grain, Mexico's corn production seen slipping in 2026-27 (USDA FAS report of March 13, 2026), March 17, 2026. https://www.world-grain.com/articles/22533-mexicos-corn-production-seen-slipping-in-2026-27
4. Brownfield Ag News, Corn exports soar as Mexico buys big, September 2025. https://www.brownfieldagnews.com/news/corn-exports-soar-as-mexico-buys-big/
5. USDA Agricultural Marketing Service, Mexico Indicators Report, third quarter 2025, February 2026. https://www.ams.usda.gov/sites/default/files/media/MexicoIndicatorsReport3rdQuarter2025.pdf
6. Beveridge & Diamond, Mexico bans the cultivation of genetically modified corn, March 2025. https://www.bdlaw.com/publications/mexico-bans-the-cultivation-of-genetically-modified-corn-opening-door-for-other-restrictions-in-the-future/
7. The Logistics World, Mexico announces tariffs on white corn imports and defends GM grain ban, June 20, 2023. https://thelogisticsworld.com/actualidad-logistica/mexico-anuncia-aranceles-a-la-importacion-de-maiz-blanco-y-defiende-prohibicion-de-grano-transgenico
8. Cargill, Cargill in Mexico, accessed October 2026. https://www.cargill.com/worldwide/mexico-en
9. USDA Foreign Agricultural Service, Export Credit Guarantee Program (GSM-102), accessed October 23, 2026. https://www.fas.usda.gov/programs/export-credit-guarantee-program-gsm-102
10. White & Case, USMCA 2026 joint review: United States declines to extend agreement, July 2, 2026. https://www.whitecase.com/insight-alert/usmca-2026-joint-review-united-states-declines-extend-agreement-triggering-annual
11. USDA Foreign Agricultural Service, Corn: US corn exports in 2025, calendar year 2025. https://www.fas.usda.gov/data/commodities/corn

Trade values are US dollars from UN Comtrade at the 4-digit HS level unless a 6-digit line is named. Mexico and the US record the same shipments under different rules for value, country of origin and timing, so their figures differ. Percent changes compare 2025 with 2020. All facts on this page are as of October 23, 2026, the date of publication, and may have changed since. Rules and tariffs are as of October 23, 2026 and change often: check the corridor watch before you act.

About this brief. Prepared for Ossiano Capital. People planned, researched, wrote and checked this brief, using AI tools to help with research and checking. You are welcome to quote or reuse it: please credit Ossiano Capital and link to this page.