Global Maize Market Weekly Summary

• The global maize market is navigating a broadly bearish supply environment, with elevated stock levels in the United States, tightening domestic availability in Brazil, and adaptive export strategies from Ukraine and South Africa each contributing to a complex and shifting trade picture.
• In the United States, corn planting intentions for 2026 fell to 95,338,000 acres, with rising fertilizer and fuel costs driven by geopolitical tensions cited as the primary deterrent. Stocks stood at 9,024,000,000 bushels as of March 1, raising concerns about excess supply. Export demand from Mexico, Japan, and South Korea provided some support, and domestic ethanol consumption showed modest growth, but neither was sufficient to meaningfully offset the surplus or shift prevailing bearish market sentiment.
• Brazil's 2025/26 safrinha corn crop is projected at 135,700,000 metric tons, with both reduced planted area and weather-related risks weighing on the outlook. Strong domestic ethanol demand is competing directly with export availability, with anticipated export volumes set at 42,000,000 metric tons. Despite improved first-crop forecasts, overall national supply remains tight given the scale of internal consumption.
• Ukraine posted maize exports of 2,590,000 metric tons in March 2026, a 14% year-on-year increase. With European Union import caps constraining traditional trade routes, Ukraine has diversified its export destinations toward the Middle East and North Africa, demonstrating an effective capacity to adapt to logistical and regulatory barriers while sustaining its global market presence.
• South Africa is projecting maize production of 16,100,000 metric tons for the 2026/27 season, with reduced export volumes anticipated as a result of expected production declines and steady local demand. Rising input costs, particularly for nitrogen-based fertilizers, alongside potential diesel supply constraints, present risks to future planting and harvesting cycles. Adequate storage capacity and a relatively light regulatory environment offer some degree of domestic market resilience in the near term.