The corn market is showing1 to 2 cent higher trade on Wednesday morning. Corn futures were down 1 ¼ to 5 cents across the board on Tuesday, as trade tensions played a larger role on the day. The national average Cash Corn price from cmdtyView was down 5 1/2 cents at $3.96 1/4 per bu. Friday is first notice day for December corn futures. Preliminary open interest in December was down 84,618 contracts, with the rest of the board up 48,707 contracts.
EIA data will be released this morning, with the trade looking the strong ethanol production number to continue.
In a Truth Social post from Monday evening, President-elect Trump stated he would be signing an executive order to charge Mexico and Canada a 25% tariff on all products. This is in response to the open border according to the post. With just under 2 months until inauguration this is likely the setting up for negotiations.
Separate South Korean importers purchased 133,000 MT and 65,000 MT of international corn on Tuesday morning. ANEC’s latest estimate for corn exports out of Brazil in November is at 5.1 MMT, a 470,000 MT reduction from their prior number. Taiwan purchased a total of 65,000 MT corn in a tender overnight from the US. Algeria purchased 240,000 MT of likely South American origin corn on Wednesday.
Dec 24 Corn closed at $4.20, down 4 3/4 cents, currently up 2 cents
Nearby Cash was $3.96 1/4, down 5 1/2 cents,
Mar 25 Corn closed at $4.28, down 5 cents, currently up 1 3/4 cents
May 25 Corn closed at $4.35 1/4, down 4 1/2 cents, currently 2 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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