Corn futures saw minimal movement following a US-Japan trade deal announced late Tuesday, with the CmdtyView national average new crop cash corn price decreasing by 1/2 cent to $3.75. The deal stipulates a 15% tariff beginning August 1 and aims to increase Japanese rice imports, with Japan expected to purchase $8 billion in agricultural goods. Historically, US agricultural exports to Japan have ranged between $12 billion and $16 billion annually.
On July 18, U.S. ethanol production was recorded at 1.078 million barrels per day, down 9,000 bpd from the previous week, while stocks increased by 809,000 barrels to 24.444 million. Export sales data for corn is anticipated to show between 100,000 and 800,000 MT of old crop sales and 400,000 to 800,000 MT of new crop sales for the week ending July 17, with a report set for release on Thursday morning.
Current corn futures prices include September at $3.98 1/2 (down 3/4 cent), nearby cash at $3.85 1/2 (down 1 cent), December at $4.17 1/2 (down 1/2 cent), and March at $4.34 3/4 (down 1 cent).
