The ProFarmer Crop Tour reported Illinois corn yields well below last year's levels and the three-year average, with western Iowa districts also coming in under tour averages. The below-trend yields are tightening supply expectations and supporting corn futures, with December contracts reaching a spring high. Export sales data showed solid old-crop demand from Japan and Spain, while new-crop business slowed as the price rally tempered buyer interest.
Pro Farmer Crop Tour reported below-average corn yields in key growing states, with South Dakota yields significantly down from last year and the three-year average. U.S. corn condition ratings declined to 60% good to excellent, below the five-year average. Export inspections surged compared to the prior year, supporting strong demand. The combination of tightening supply expectations and robust export demand is pushing prices higher.
Bio-based PET prices in Asia moved upward during Q1’26, primarily driven by rising feedstock costs and tightening supply fundamentals. The market remained relatively balanced during the early part of the quarter before accelerating sharply in March as crude oil volatility intensified following disruptions affecting Strait of Hormuz trade flows. Higher PX, PTA, and MEG costs significantly increased production expenses throughout the polyester chain, while some producers reduced operating rates to around 69-70%, limiting material availability. Inventory levels remained low at only 7-8 days, further supporting the upward trend. Downstream demand from beverage packaging and consumer goods improved during the traditional peak season, while export activity provided additional support. By the end of the quarter, market momentum strengthened further as weekly gains in the PET chain approached ~30%, although buying activity moderated toward the end of the quarter as consumers adjusted purchasing volumes in response to rapid increases.
Analyst Insight
According to Procurement Resource, Bio-based PET prices in Asia are expected to remain firm in the near term, supported by feedstock uncertainty and relatively tight inventories.
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Bio-Based PET is a polyester polymer partially or fully derived from renewable biological feedstocks such as sugarcane, corn, or other biomass resources. Most commercial Bio-PET contains bio-based monoethylene glycol (Bio-MEG) combined with terephthalic acid. It offers the same mechanical strength, transparency, recyclability, and processing characteristics as conventional PET while reducing dependence on fossil resources and lowering the product’s carbon footprint.
(C10H8O4)n
Braskem, Indorama Ventures, Toray Industries, Teijin Limited M&G Chemicals, FarEastern New Century
Bio-PET, Bio-Based Polyethylene Terephthalate , Biomass PET , Plant-Based PET, Renewable PET
CurrencyUS$ (Data can also be provided in local currency)
Supplier Database AvailabilityYes
Customization ScopeThe report can be customized as per the requirements of the customer
Post-Sale Analyst Support360-degree analyst support after report delivery
Note: Our supplier search experts can assist your procurement teams in compiling and validating a list of suppliers indicating they have products, services, and capabilities that meet your company's needs.
Bio-Based PET is produced by : converting renewable biomass feedstocks such as sugarcane into bioethanol, which is subsequently dehydrated to bioethylene and oxidized to bio-based monoethylene glycol (Bio-MEG). Bio-MEG is then reacted with purified terephthalic acid (PTA) or dimethyl terephthalate (DMT) through esterification and polycondensation processes to form Bio-PET resin. The resulting polymer possesses properties nearly identical to conventional PET.
Bio-Based PET is extensively used in beverage bottles, food packaging containers, thermoformed trays, films, textile fibers, automotive components, and consumer goods packaging. The material is favored by food and beverage, personal care, textile, and consumer product industries due to its durability, barrier properties, recyclability, and reduced environmental impact compared with petroleum-derived PET. It can be processed using existing PET manufacturing and recycling infrastructure.
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