Global Maize Market Weekly Summary

• The global maize market is broadly well supplied this week, with favourable crop development in the United States and an advancing Brazilian safrinha harvest underpinning stable price conditions, though tight domestic stocks in key regions warrant continued attention.
• In the United States, the USDA reports that 94% of the maize crop had emerged by mid-June, ahead of the five-year average. National crop ratings stand at 68% good to excellent, with condition improvements recorded in Ohio, South Dakota, Indiana, and Minnesota, partially offset by quality declines in Nebraska and Iowa. Ample rainfall across much of the Western Corn Belt has reduced the weather risk premium that typically supports prices during early summer. Ethanol demand is steady but not robust, with the sector producing 16.4 billion gallons at 88% of capacity, consuming approximately 5.6 billion bushels of maize. Ethanol exports of 2.2 billion gallons are helping to absorb supply ahead of an anticipated 17 billion bushel harvest. California's approval of E15 fuel represents a regulatory development that could provide incremental support to domestic maize consumption in the period ahead.
• In Brazil, the 2025/26 safrinha harvest is underway with early focus on Parana and Mato Grosso. Parana is targeting 17.5 million tons from 2.9 million hectares, but operates against a tight stocks-to-use ratio of just 13%, reflecting strong domestic ethanol demand under the E30 blending mandate. Mato Grosso, the leading producing state, has completed 11.3% of its harvest and projects a total of 53.35 million tons from 7.39 million hectares. Logistical disruptions from rainfall delays have added some friction to the harvest pace, and the nationally compressed stocks-to-use position remains a factor of importance for global trade flows.
• Elsewhere, Russia's primary maize growing region has increased planted area by 24%, with an export-oriented focus, though the scale remains limited relative to major producing nations. A small trial of 32 seed varieties in Mongolia's Bulgan province carries no material market implications at this stage.