Corn Recovering Slightly Higher on Friday Morning

Corn futures are trying to turn back higher after this week’s collapse, with contracts up ½ cent to 1 ¼ in the front months so far on Friday morning and new crop slipping back. Today is first notice day for March corn futures, with no deliveries issued overnight. The corn market faced Pressure on the Thursday session with losses of 12 to 14 cents in the nearbys at the close and new crop December down 5 ¼ cents. Pressure was coming from multiple directions, via a possible tariff threat this next week and weaker export business. CmdtyView’s national average Cash Corn price was 11 3/4 cents lower at $4.34. 

President Trump’s 25% tariffs on Mexico and Canada are still set for a March 4 start date after some back and forth this week. 

With just one day left for the base crop insurance price discovery, the average for December corn futures closes has been $4.71 so far this month. That is up a nickel from last year. 

Weekly Export Sales data from this morning showed just 794,694 MT in corn bookings for old crop corn during the week of 2/20. That was below estimates and the lowest total in 7 weeks. Total export commitments for the 2024/25 crop are now at 48.664 MMT, which is 78% of USDA’s full year WASDE projection and ahead of the 76% average pace. New crop sales totaled 128,000 MT. 

Updated Buenos Aires Grain Exchange data tallied the Argentina corn crop ratings at 21% excellent, up 2% from last week, with poor ratings down 1% to 29%. 

Mar 25 Corn  closed at $4.64 3/4, down 13 1/2 cents, currently up 1 1/4 cents

Nearby Cash  was $4.34, down 11 3/4 cents,

May 25 Corn  closed at $4.81, down 12 1/2 cents, currently up 1 cent

Dec 25 Corn  closed at $4.61 3/4, down 5 1/4 cents, currently down 1/4 cents

New Crop Cash  was $4.28 3/8, down 6 1/4 cents,