Corn Supply Challenges and Emerging Maritime Ethanol Market

Record corn production in Argentina faces harvest delays due to wet weather, with only about 53% of the crop harvested by early July 2026, slowing near‑term export flows. Despite the slowdown, global demand for corn remains strong, supported by high soybean‑meal needs and stable export prices near US$200 per tonne.

At the same time, the National Corn Growers Association is promoting corn‑based ethanol for use as maritime fuel. Maersk has demonstrated large‑scale ethanol‑powered engine tests, positioning corn ethanol as a potential alternative to fossil fuels in the shipping sector, which accounts for roughly 3% of global greenhouse‑gas emissions. If the maritime industry captures just 10% of the fuel market, it could create demand for an additional 3 billion bushels of corn, roughly matching current U.S. export levels.

Both developments highlight how shifts in corn demand—from traditional food and feed uses to new energy applications—are influencing global agricultural markets and could reshape export dynamics in the coming years.