Ethanol futures climbed above $2.0 per gallon, near their highest level since October 2023, as global demand for biofuels continues to strengthen. Governments are increasingly promoting crop based fuels to support agriculture, reduce reliance on fossil fuels and address climate concerns. The energy shock linked to the closure of the Strait of Hormuz has added urgency, with biofuels seen as a way to stretch fuel supplies by blending with gasoline and diesel. Since the Iran conflict began, major producers including Indonesia, Malaysia, Thailand, Vietnam and Brazil have moved to increase biofuel blending mandates to reduce import dependence. Brazil, the world’s second largest ethanol producer, plans to raise its gasoline ethanol blend to 32% from 30% to curb domestic fuel prices and inflation, potentially eliminating gasoline imports. Meanwhile, Brazil’s corn ethanol has gained regulatory approval for marine use, strengthening its position in global biofuel markets.

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