Corn Market Update: Prices Show Mixed Movement Amid Tariff News

Corn bulls are making a modest comeback on Thursday, with contracts experiencing slight gains in the nearbys while new crop contracts fell by 1 ¼ cents. Despite these fluctuations, contracts remain well above their overnight lows. The CmdtyView national average Cash Corn price has climbed by 1 1/4 cents today, reaching $4.29 3/4.

President Trump’s Tariff Changes Announced

On the tariff front, President Trump’s “Liberation Day” measures excluded Mexico and Canada from the list while maintaining exemptions for all USMCA-compliant goods. New reciprocal tariffs are being imposed: 24% on Japan, 25% on South Korea, and a baseline rate of 10% on Colombia. These tariffs will take effect on April 9, with the 10% tariff beginning on April 5.

Export Sales Show Promising Numbers

The recent Export Sales report revealed a total of 1.173 million metric tons (MMT) in 2024/25 corn sales for the week ending March 27. This figure lies between the market expectations of 0.8 and 1.6 MMT. Notably, this represents a 12.9% rise compared to the previous week and is up 23.8% from the same week last year. South Korea led the purchases with 339,400 MT, followed by Mexico at 226,500 MT and Japan with 168,500 MT. Sales for new crops were calculated at 165,000 MT—all designated for Japan, surpassing the anticipated range of 0-100,000 MT.

February Exports and Year-to-Date Totals

The Census reported that February corn exports stood at 6.03 MMT (237.5 million bushels), marking a decrease of 2.11% from January but an increase of 12.33% compared to last year. This total ranks as the third largest February figure on record. Cumulatively, the marketing year total has reached 1.207 billion bushels through the end of February. Conversely, DDG exports fell below last year to 849,645 MT, while ethanol exports dipped slightly to 138.75 million gallons, just 0.2% lower than in 2024.

Current Price Summary

As of now, the prices are as follows:

• May 25 Corn: $4.58 1/4, up 1/2 cent
• Nearby Cash: $4.29 3/4, up 1 1/4 cents
• Jul 25 Corn: $4.65 3/4, up 1/2 cent
• Dec 25 Corn: $4.47 1/2, down 1 1/4 cents
• New Crop Cash: $4.11 3/4, down 1 cent

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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