The corn market is bouncing back on Wednesday morning, with contracts up anywhere from 1 to 7 cents. Corn futures closed the Tuesday session with contracts down 4 to 5 cents in most months. Pressure from tariffs continued to weigh on the market as longs were busy exiting. Preliminary open interest confirmed the long liquidation, down 13,760 contracts. There were another 220 deliveries against March corn futures overnight. CmdtyView’s national average Cash Corn price was down 5 cents at $4.10 1/4.Â
Weekly EIA data will be released later this morning, with most expecting to see ethanol production back off.
Mexico has given a Sunday deadline on how they will respond to President Trump’s 25% tariff, as Canada has already responded with 25% tariffs on $30 billion(Canadian) of US goods. A second round of Canadian tariffs are coming in the next 21 days on $125 billion, with some thought this could include ethanol. Later on Tuesday, Commerce Secretary Lutnick indicated there may be an announcement coming on Wednesday regarding a potential relief of the tariffs.Â
Mar 25 Corn  closed at $4.36, down 4 1/4 cents, currently up 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, currently up 7 cents
Dec 25 Corn  closed at $4.46 3/4, down 4 1/2 cents, currently up 1 1/4 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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