MANKATO, Minn. — Farmers entering 2026 face a familiar but tightening equation: strong production colliding with slower global demand, even as biofuels and select export markets offer potential growth. Noah Fish / AgweekGlobal import demand has slowed as economic growth moderates and population growth declines in many regions, particularly China. At the same time global demand has slowed, global grain production has surged. Soybean demand has been weaker, with slower exports. “If we blend 2% more ethanol, that equates to another 1 billion bushels of corn demand,” he said.