Argentina Corn Exports Surge as Ukraine Falters

Argentina is on track for record corn exports of up to 10 million metric tons in August and September, far above its typical two-month volume of about 3 million tons, following a 71.7-million-ton 2025/26 harvest. Shipments to Morocco, Egypt and Algeria rose roughly 42% to 45% year over year in the first seven months of 2026, reaching about 6.4 million to 6.5 million tons. North African buyers are turning to Argentina as Russian attacks disrupt Ukraine’s Black Sea export infrastructure, while drought and heat have constrained alternative Danube River routes. Morocco recorded the sharpest increase, while Egypt and Algeria each purchased about 2.4 million tons. Argentina is also benefiting from reduced Brazilian export competition as more of Brazil’s corn is being directed to domestic ethanol production, though it remains unclear whether the North African shift will become a lasting trade pattern.