Corn Demand is STRONG - Why Can't the Market Rally?!

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🌽 Grain Export Demand Still 🔥

USDA reported multiple flash corn sales on Thursday:

• 100,800mt to Colombia

• 392,500mt to Mexico

➡️ Both for 2025/26 MY

Corn demand remains fantastic — 🚢 exports + ⚗️ ethanol running near record pace — yet futures just can’t seem to catch a bid.

📦 “Catch-Up” Export Sales Report

Week ending Oct 30:

• Corn: 2mmt — down 📉 11% WoW (Mexico biggest buyer)

• Soybeans: 1.2mmt — down 📉 14% WoW (Unknown biggest buyer; China finally showed with 232kmt)

• Wheat: 505kmt — down slightly (Mexico biggest buyer)

📊 See charts below

🐖 China’s Pork Prices Keep Sinking

• Pork values now the lowest since 2022

• Prices -18% YTD, expected to fall further

• Weak consumer spending + slow economy

• China’s sow herd only -2.1% YoY so far

➡️ If cuts deepen → less feed demand → soybean implications

📊 See sow herd + pork charts below

⛽ API Flips Again on E15

American Petroleum Institute now supports year-round E15 🤯

✔ Joined biofuel groups urging legislation

✔ Also pushing for limits on EPA refinery exemptions

🔊 Pete Meyer:

“Positive step but not mandatory. Stations need blender pumps + storage — not feasible in big cities.”

🌾 Canada’s Record Wheat Crop

StatsCan final crop report:

• ~40mmt wheat, 🔺11.2% YoY — new all-time record

• Beats 38.5mmt estimates

• Spring wheat the driver: 29.3mmt (+10.3% YoY)

➡️ More pressure on a wheat market already struggling — especially spring wheat vs winter wheat

📊 Wheat performance chart below

🌦 Drought Monitor Update

Corn Belt: mostly steady

✔ Improvements: N. Illinois & SE Wisconsin

❌ Slight worsening: Michigan

High Plains: little change

✔ Only modest improvement in NE Kansas

US Areas in Drought:

• Corn — 30%

• Soybeans — 30%

• Winter Wheat — 35%

• Spring Wheat — 16%

• Cattle — 25%