We wish Pro Farmer members a glorious and festive Fourth of July as America celebrates its 250th birthday!
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The National Corn Growers Association on Wednesday released a report it billed as setting out a demand strategy for corn over the next 250 years.
The report highlighted three high-growth sectors, with the goal of capturing 10% market share in each. According to NCGA:
- Maritime Fuels: Securing 10% of the global maritime fuel market fueled by corn-based ethanol would equate to 3 billion bushels of annual new demand.
- Sustainable Aviation Fuel: Securing 10% of the global SAF market fueled by ethanol-to-jet technologies would represent 1.7 billion bushels of annual demand.
- Biobased Products and Biomanufacturing: Securing 10% of the global biochemical and biobased product market, with corn-based feedstocks capable of replacing the petroleum in 10% of the world’s plastics would total 6.6 billion bushels of potential demand.
“U.S. corn farmers are the most productive and innovative farmers in the world, and the crop they grow deserves markets that match their potential,” said Jed Bower, president of the National Corn Growers Association. “This report is about building the next chapter for corn – not just defending what we have but opening doors to industries that can fuel our energy security, reduce carbon emissions and create lasting demand for America’s crop.”
The report also reiterated the group’s call for year-round sales of E15, which it said remains the top near-term legislative priority. On trade, NCGA is pushing for renewal of the U.S.-Mexico-Canada Agreement and a renewed focus on negotiations for new market access.
“With the right opportunities, corn farmers have much more to give their country and the world – and their crop can be a powerhouse in new and unexpected ways for the next 250 years,” the report said.
Out with the flow: It’s no secret that hedge funds and other speculators turned rushed for the grain-market exits in June after building historically long positions following the start of the Iran war and a jump in fears of a sustained surge in inflation.
Data compiled by RBC Capital Markets showed that assets under management in commodity-linked index funds plummeted to just $312 billion in June, the lowest level of the year, as energy prices tanked following the signing of the U.S.-Iran memorandum of understanding. In a note, RBC analyst Christopher Louney noted that energy prices dragged notional assets under management down by $19.2 billion on their own, but that precious metals prices also dropped, while underlying outflows added to the pressure.
Assets under management in exchange-trade products tied to commodities also fell to a 2026 low at $550.9 billion, a drop of 9.9% and the biggest decline since July 2022.
“A $50.9bln price headwind (largely on precious metals) hammered holdings, while outflows of $8.8bln also weighed on AUM. Energy inflows gave slight relief, but precious, base metals, agriculture, and broad based all saw outflows,” Louney observed.
While energy and metals were the biggest contributors, agriculture also saw outflows. Ag index funds and ETPs saw outflows of $2.7 billion in June. Flows are still positive for the year to date to the tune of $24 billion, compared with net outflows in 2025 of $4.6 billion, according to RBC. Ag assets under management fell to $107.1 billion from $109.8 billion in May.
Bayer consolidates Roundup business: Bayer on Thursday announced it plans to consolidate its U.S. Roundup weedkiller business in a new unit called Ruveon – a move that’s fueling investor hopes the German company is closer to undertaking structural changes, including spinoffs or divestments, Reuters reported.
June jobs data disappoints: U.S. nonfarm payrolls rose by 57,000 in June, the government said Thursday, coming in below the average pre-report estimate of 115,000 seen in a Wall Street Journal survey of economists. The unemployment rate, which was expected to hold steady, dipped to 4.2% from 4.3% but appeared to reflect a sharp drop in labor force participation. After revisions, payroll gains in April and May were 74,000 lower than previously reported. The data disappointed but still pointed to a solid labor market, while also serving to ease market expectations for a rate hike by the Federal Reserve. The U.S. dollar weakened after the data. Analysts told Reuters the decision could prompt speculation of a separation of Bayer’s agricultural assets.
- Bayer last week won a Supreme Court victory that blocked thousands of state-court lawsuits over alleged cancer risks tied to glyphosate, the active ingredient in Roundup. Bayer earlier this week urged the U.S. government to impose import duties on imports of the chemical from China, a move that angered farm groups.