Corn futures were under pressure for much of the Tuesday session, as contracts fell fractionally to 3 cents across most months. CmdtyView’s national average Cash Corn price was down 2 3/4 cents at $4.47.
EIA data will be updated on Wednesday morning, with most expecting to see ethanol production steady to slightly lower than the previous weeks. Poorer ethanol margins and a buildup in stocks are an issue.
President Trump has stated the March 4 start date for tariffs on Mexico and Canada is on track to begin. Prior threats have been seen as a negotiation tactic, though there are a large number of longs that may be taking some risk off the table.
CONAB estimates the Brazilian second corn crop at 53.6% planted as of Sunday, which is behind the 59% pace from the same week last year. ANEC estimates the February corn export out of Brazil at 1.29 MMT, up slightly from the previous number.
Mar 25 Corn closed at $4.79 3/4, down 2 3/4 cents,
Nearby Cash was $4.47, down 2 3/4 cents,
May 25 Corn closed at $4.94 1/4, down 2 3/4 cents,
Dec 25 Corn closed at $4.70, down 3/4 cent,
New Crop Cash was $4.38 5/8, down 1 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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