India Shakes Up Global Corn Market with Ethanol Push, Turning Net Importer for First Time in Decades

India’s recent shift towards corn-based ethanol production has upended the global corn market, transforming the country from a major exporter to a net importer for the first time in decades. The government’s drive to reduce carbon emissions and promote ethanol blending in gasoline has led to a spike in demand for corn, primarily sourced from Myanmar and Ukraine. This push has left local industries, including poultry and starch producers, grappling with soaring feed costs. Corn imports are expected to hit a record 1 million tons in 2024, while exports are forecast to drop sharply, disrupting global supply chains and putting upward pressure on global prices.