The corn market is in takeback mode on Thursday, with contracts up 12 to 13 cents in the front months and new crop up 4 to 5 cents. There were another 83 deliveries issued for March corn overnight. CmdtyView’s national average Cash Corn price is up 12 1/4 cents at $4.27 1/4.
President Trump is delaying putting a pause on all tariffs that fall under the USMCA umbrella from Mexico by a month. There has not been any mention of a reprieve on the Canadian tariffs, though previous statements have indicated there was an exemption likely.
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This morning’s Export Sales report showed 909,050 MT in US corn bookings, near the top end of the 0.7 and 1 MMT 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. New crop sales were tallied at 52,000 MT, vs. estimates at 0-100,000 MT.
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 is at $4.52 3/4, up 12 1/2 cents,
Nearby Cash is at $4.27 1/4, up 12 1/4 cents,
May 25 Corn is at $4.68, up 12 1/4 cents,
Dec 25 Corn is at $4.51 1/2, up 4 3/4 cents,
New Crop Cash is at $4.16 1/2, up 5 1/4 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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