Corn Collapses to Kickoff March

Corn closed the Monday session with longs continuing their exodus ahead of the March 4 tariff start date. Contracts were down 13 to 14 cents in the front months, with new corn December 3 ¾ cents.  CmdtyView’s national average Cash Corn price was down 8 cents at $4.15. President Trump has indicated he will follow through with the tariffs on Mexico and Canada. There has yet to be any retaliatory measures from either country ahead of the potential implementation. 

The USDA reported a private export sale of 114,000 MT of corn to Mexico this morning for 2024/25.

The monthly Grain Crushing report from NASS showed a total of 457.389 mbu of corn used for ethanol production in January. That was a 4.6% decline from December’s revised (6.5 mbu higher) total but 3.7% larger than the same month last year. That took the marketing year grind for ethanol to 2.322 bbu, 2.17% above the 2023/24 MY.

This morning’s Export Inspections report showed a total of 1.351 MMT (53.2 mbu) of corn shipped in the week that ended on February 27. That was an increase of 15.86% from last year and 17.91% above the same week last year. The largest destination was Mexico at 41,6371 MT, with 272,570 MT to Japan and 138,421 MT to Spain. Marketing year exports are now at 27.257 MMT (1.073 bbu), which is now 31.69% above the same week last year.

Mar 25 Corn  closed at $4.40 1/4, down 13 1/4 cents,

Nearby Cash  was $4.15, down 8 cents,

May 25 Corn  closed at $4.56 1/4, down 13 1/4 cents,

Dec 25 Corn  closed at $4.51 1/4, down 3 3/4 cents,

New Crop Cash  was $4.17 3/4, down 3 1/4 cents,