Corn futures are trading with 4 to 6 cent losses across most contracts on Tuesday, off the lows at midday. Longs continue to exit the market with Mexico’s retaliatory action still unknown. There were another 59 deliveries issued against March corn futures overnight. CmdtyView’s national average Cash Corn price is down 4 1/2 cents at $4.11 3/4.
President Trump has followed through with the 25% tariffs on Mexico and Canada. Mexico has given a Sunday deadline on how they will respond, with the Mexican President stating both tariff and non-tariff measures. Canada has issued 25% tariffs on $30 billion(Canadian) of US goods. In response to the additional 10% tariff on Chinese goods, China has issued a 15% tariff on imports of US corn, though they have nothing on the books for US corn imports.
The monthly Grain Crushing report from NASS showed a total of 457.389 mbu of corn used for ethanol production in January. That was a 4.6% decline from December’s revised (6.5 mbu higher) total but 3.7% larger than the same month last year. That took the marketing year grind for ethanol to 2.322 bbu, 2.17% above the 2023/24 MY.
Mar 25 Corn is at $4.35 3/4, down 4 1/2 cents,
Nearby Cash is at $4.11 3/4, down 4 1/2 cents,
May 25 Corn is at $4.51 1/2, down 4 3/4 cents,
Dec 25 Corn is at $4.46 1/4, down 5 cents,
New Crop Cash is at $4.11 1/1, down 4 1/4 cents,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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