After 12 years of sponsoring the IndyCar race at the Iowa Speedway in Newton, Iowa Corn has announced they are not renewing the deal.

The organization announce on Monday that 2018 was the last year they would be the title sponsor of the Verizon IndyCar Series Iowa Corn 300 race at Iowa Speedway. They say the will be looking at "new corn demand opportunities" in 2019.

“Nationally, we’ve had the 2nd longest run as a sponsor with INDYCAR and it’s been a great way to promote the power and performance of ethanol,” said Iowa Corn Promotion Board President Duane Aistrope, a farmer from Randolph, in a written statement. “Iowa Speedway has been a tremendous partner over the years. The commitment of the staff and management team went above and beyond to provide us a platform to share our story as farmers and showcase ethanol and agriculture. It’s been great to see the race grow in notoriety throughout the years and we thank Iowa Speedway for a great run.”

Thee group says the sponsorship, which began in 2007, helped address a number of topics on the "local, national and international stage".

“Iowa Corn has been a great partner for Iowa Speedway from the beginning. INDYCAR was the first sanctioning body to use ethanol and to promote a major race at Iowa Speedway in 2007 and Iowa Corn immediately saw the mutual benefits and became a part of our family,” said Iowa Speedway President David Hyatt in a written statement. “The success of our Verizon IndyCar Series race is a testament to our 12-year relationship with Iowa Corn and our loyal race fans in Iowa."

“It was a tough decision made by both the Iowa Corn Promotion Board and the Iowa Corn Growers Association farmer-leaders who felt it was time to explore new avenues to build new demand and uses for our corn crop,” explained Aistrope.