Corn Rallies Tariffs Get Pushed Back

Corn futures were up anywhere from 4 to 9 ¼ cents across most contracts on Thursday, as the market tried to recover some of the losses from the past couple weeks. CmdtyView’s national average Cash Corn price was up 8 3/4 cents at $4.23 1/2. 

After a couple days of trade talk, President Trump is putting a pause on all tariffs that fall under the USMCA trade agreement umbrella from Mexico and Canada for another month. Canada is also pushing back the planned tariffs on $125 billion of US goods back to April 2.

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This morning’s Export Sales report showed 909,050 MT in US corn bookings, near the top end of estimates for 2024/25 corn bookings during the week of 2/27. That was up 15.3% from the week prior but down 18.1% from the same week last year. Japan was the top buyer of 260,600 MT, with Mexico buying 249,900 MT. Unknown destination saw net reduction of 248,100 MT, which was switched to a destination (149,600 MT to Japan and 54,000 MT to Mexico). New crop sales were tallied at 52,000 MT in the middle of analysts’ estimates. 

January corn exports totaled a record for the month at 6.162 MMT (242.6 mbu). That was up 13.17% from the previous month and 43.34% above last year. January distillers were down 10.07% from last year at 811,480 MT. Ethanol exports for that month were a January record of 198.05 million gallons.

Mar 25 Corn  closed at $4.49 1/2, up 9 1/4 cents,

Nearby Cash  was $4.23 1/2, up 8 3/4 cents,

May 25 Corn  closed at $4.64, up 8 1/4 cents,

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

New Crop Cash  was $4.15 1/1, up 4 1/2 cents,

On the date of publication,

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