Argentina captures global market share as record harvests and competitive pricing fill the void left by Ukrainian supply bottlenecks and European drought-related yield losses.
Argentina's corn exports are surging to a record 10 million metric tons for August and September, fueled by a massive 71.7 million ton harvest and increased demand from North African nations seeking alternatives to disrupted Ukrainian supplies. The asset is further supported by a decline in Brazilian export availability, as Brazil redirects more of its domestic production to its growing ethanol industry, leaving a supply gap in the global market.
North African countries are seeking reliable alternatives to Ukrainian grain, which has been severely constrained by port blockades and infrastructure damage in the Black Sea region.
Brazil's booming ethanol industry is consuming a larger share of its domestic corn harvest, which reduces the volume of corn available for export and allows competitors like Argentina to capture more market share.
Argentina is set to export a record 10 million metric tons of corn between August and September, capitalizing on supply disruptions in Ukraine and heat-damaged European harvests. North African demand has surged, with shipments to the region rising 45% as buyers pivot away from constrained Black Sea routes.
North African buyers are seeking alternatives to Ukrainian grain due to ongoing Black Sea port disruptions and reduced supply capacity caused by drought-impacted logistics on the Danube River.