Corn Market Gains Ground Ahead of USMCA Tariff Update

The corn market showed signs of recovery on Thursday, with prices rising by 12 to 13 cents for the front months. New crop contracts increased by 4 to 5 cents. Additionally, 83 deliveries for March corn were recorded overnight. CmdtyView reported that the national average cash corn price is now $4.27 1/4, up 12 1/4 cents.

Tariff Developments and Market Impact

In political news, President Trump has announced a one-month delay on pausing tariffs related to the USMCA agreement with Mexico. There has been no new information regarding Canadian tariffs; however, earlier statements suggested a likely exemption.

Export Sales Review

This morning’s Export Sales report revealed 909,050 metric tons in U.S. corn bookings. This figure is close to the estimates of 0.7 to 1 million metric tons for 2024/25 bookings during the week of February 27. Notably, this represents a 15.3% increase from the previous week, although it is down 18.1% compared to the same week last year. For new crop sales, the total reached 52,000 metric tons, aligning with estimates of 0-100,000 metric tons.

Record Exports for January

January corn exports set a record for the month at 6.162 million metric tons (242.6 million bushels). This marks a 13.17% increase from December and is 43.34% higher than January of last year. However, distillers’ grain exports decreased by 10.07% year-over-year, totaling 811,480 metric tons. Ethanol exports also reached a January record of 198.05 million gallons.

Current Price Summary

March 25 Corn is listed at $4.52 3/4, an increase of 12 1/2 cents.

Nearby Cash is currently $4.27 1/4, up 12 1/4 cents.

May 25 Corn stands at $4.68, reflecting an increase of 12 1/4 cents.

December 25 Corn is priced at $4.51 1/2, up 4 3/4 cents.

New Crop Cash is at $4.16 1/2, increasing by 5 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 are solely for informational purposes. For further details, please view the Barchart Disclosure Policy
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.