Corn futures closed out the Tuesday session with contracts down 4 to 5 cents in most contracts. Pressure from tariffs continued to weigh on the market as longs were busy exiting. CmdtyView’s national average Cash Corn price was down 5 cents at $4.10 1/4.
President Trump followed through with the 25% tariffs on Mexico and Canada. Mexico has given a Sunday deadline on how they will respond, with the Mexican President stating both tariff and non-tariff measures. Canada has issued 25% tariffs on $30 billion(Canadian) of US goods, with a second round coming in 21 days on $125 billion. Later in the day, Commerce Secretary Lutnick indicated there may be an announcement coming on Wednesday regarding a potential rollback of the tariffs.
In response to President Trump’s additional 10% tariff on Chinese goods, China has issued a 15% tariff on imports of US corn. For reference, they have nothing on the books for US corn imports.
Mar 25 Corn closed at $4.36, down 4 1/4 cents,
Nearby Cash was $4.10 1/4, down 5 cents,
May 25 Corn closed at $4.51 1/2, down 4 3/4 cents,
Dec 25 Corn closed at $4.46 3/4, down 4 1/2 cents,
New Crop Cash was $4.11 1/2, down 4 3/4 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 is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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