Corn Turns Higher After Gapping Lower

Corn bulls are pushing back on Thursday, with contracts up fractionally in the nearbys and down 1 ¼ for new crop. Contracts are well off their overnight lows. The CmdtyView national average Cash Corn price is up 1 1/4 cents on the day at $4.29 3/4. 

President Trump’s “Liberation Day” tariffs came with Mexico and Canada left off the list and the exemption on all USMCA compliant goods remaining in place. Reciprocal tariffs on Japan were set at 24%, South Korea at 25% and a baseline of 10% on Colombia were put in place.  They go into effect on April 9, with the 10% set to begin on April 5.

Export Sales data showed 1.173 MMT in 2024/25 corn sales during the week ending on March 27, coming in between the trade estimates of 0.8 and 1.6 MMT. That was a 12.9% increase from the week prior and still 23.8% larger than the same week last year. South Korea was the tp buyer of 339,400 MT, in that week with Mexico in for 226,500 MT and Japan buying 168,500 MT. New crop sales were tallied at 165,000 MT, all for Japan and exceeding the trade ideas of 0-100,000 MT.

February corn exports were reported at 6.03 MMT (237.5 mbu) according to Census data this morning. That was down 2.11% from the January total but up 12.33% from last year and the third largest Feb total on record. That takes the marketing year total to 1.207 bbu through the end of February. DDG exports were back below last year at 849,645 MT, with ethanol just 0.2% below 2024 at 138.75 million gallons.

May 25 Corn is at $4.58 1/4, up 1/2 cent,

Nearby Cash is at $4.29 3/4, up 1 1/4 cents,

Jul 25 Corn is at $4.65 3/4, up 1/2 cent,

Dec 25 Corn is at $4.47 1/2, down 1 1/4 cents,

New Crop Cash is at $4.11 3/4, down 1 cent,