Corn Market Faces Selloff as Futures Contracts Decline
The corn market is experiencing a continued decline on Friday, with contracts down by 5 to 10 cents at this point in the day. Notably, today marks the first notice day for March corn futures, although there were no deliveries made overnight. According to CmdtyView, the national average cash corn price has fallen 10 3/4 cents to settle at $4.23 ½.
Impact of Tariffs on Agricultural Commodities
In related news, President Trump’s proposed 25% tariffs on imports from Mexico and Canada are still expected to take effect on March 4, after some recent discussions and negotiations.
Export Sales Update
Recent Weekly Export Sales data shows that total export commitments for the 2024/25 corn crop stand at 48.664 million metric tons (MMT). This figure represents 78% of the USDA’s full-year WASDE projection and surpasses the 76% average pace historically observed. Furthermore, accumulated export shipments have reached 26.567 MMT, reflecting a 32% increase over last year and representing 43% of the USDA’s estimates, outpacing the average shipping pace of 37%.
Argentina’s Corn Crop Ratings
Updated data from the Buenos Aires Grain Exchange has indicated that 21% of the Argentine corn crop is rated as excellent, marking a 2% increase from the previous week. Conversely, ratings indicating poor crop conditions have decreased by 1% to 29%.
Current Corn Prices
Mar 25 Corn is trading at $4.55 1/4, down 9 1/2 cents.
Nearby Cash stands at $4.23 1/2, down 10 3/4 cents.
May 25 Corn is priced at $4.71, down 10 cents.
Dec 25 Corn is at $4.56, down 5 3/4 cents.
New Crop Cash is currently at $4.21 3/4, declining by 7 3/4 cents.
On the date of publication, Austin Schroeder did not hold (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 details, please refer to the Barchart Disclosure Policy here.
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The views and opinions expressed herein are those of the author and do not necessarily reflect the opinions of Nasdaq, Inc.
