The corn market is showing 3 to 5 cent gains early on Thursday morning. Futures got a late session pop higher on Wednesday, following an announcement on tariff relief by President Trump. Contracts were up 4 to 6 cents across most months. Preliminary open interest was down 22,191 contracts, mainly on an exit in from May, down 32,351 contracts. The front month CmdtyView national average Cash Corn price was up 5 1/4 cent at $4.46 1/2.Â
Late on the Wednesday session, President Trump announced that there would be a 90-day tariff pause on the targeted countries with the exception being China. The blanket 10% tariff was left for all countries. The new tariffs on China were raised to 125%.
EIA data from Wednesday morning showed a 42,000 barrel per day drop in ethanol production during the week of April 4 to 1.021 million bpd. Even with the lower output, stocks were building by another 422,000 barrels to 27.034 million barrels. Exports saw a 112 bpd increase on the week to 174,000 bpd, though refiner inputs of ethanol dropped off by 26,000 bpd to 872,000 bpd.
Export Sales data is expected to show between 0.7 and 1.3 MMT in old crop corn sales in the week of 4/3. Sales for the 2025/26 marketing year are seen at 0-150,00 MT.Â
The USDA will release their monthly WASDE report later this morning, with traders looking for a cut to the US ending stocks projection by 30 mbu on average at 1.51 bbu. The range of estimates is a relatively wide 1.405 to 1.605 bbu. South American estimates are expected to be trimmed, with Argentina estimated down 0.7 MMT from March at 49.3 MMT and 125.91 MMT for Brazil vs. 126 MMT in March.Â
CONAB data from this morning showed a 1.98 MMT increase to the Brazilian corn crop estimate at 127.75 MMT, mainly on an increase to the second crop. The Rosario Grains exchange raised their estimate for the Argentina corn crop by 4 MMT to 48.5 MMT later on Wednesday.Â
May 25 Corn  closed at $4.74, up 5 cents, currently up 4 1/2 cents
Nearby Cash  was $4.46 1/2, up 5 1/4 cents,Â
Jul 25 Corn  closed at $4.80 1/2, up 5 3/4 cents, currently up 4 cents
Dec 25 Corn  closed at $4.50 3/4, up 5 cents, currently up 3 1/4 cents
New Crop Cash  was $4.14 1/1, up 4 1/2 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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