The corn market is trading with Monday midday gains of 2 to 4 cents, as futures shrug off the overnight and early morning tariff weakness. The national average Cash Corn price from cmdtyView is up 6 3/4 cents at $4.52 3/4.
Earlier this morning, following a meeting between President Trump and Mexico’s President, the tariffs on Mexico were pushed back month from the expected Tuesday start as Mexico is planning to send 10,000 troops to the border to slow the trafficking of drugs. There has been no official push back on the date for the Canadian tariffs.
Export Inspections data from USDA showed a total of 1.252 MMT (49.29 mbu) of corn exported in the week of January 30. That was slightly above the previous week and nearly double the same week last year. Mexico was the largest destination of 289,296 MT, with 210,804 MT to South Korea and 204,042 MT to Japan. Marketing year shipments have totaled 21.752 MMT (856.36 mbu), which is 33.3% larger than the same period last year.
Commitment of Traders data from CFTC showed spec funds adding 39,043 contracts to their net long position in the week ending on January 28. That took their large net long to 350,721 contracts, the largest since May 2022. The outright number of long contracts was a record 447,179 contracts.
AgRural estimates the first corn crop in Brazil at 14% harvested in the center south region, with the second crop at 9% planted.
Mar 25 Corn is at $4.86, up 4 cents,
Nearby Cash is at $4.52 3/4, up 6 3/4 cents,
May 25 Corn is at $4.97, up 4 cents,
Dec 25 Corn is at $4.63, up 2 3/4 cents,
New Crop Cash is at $4.32, up 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.More news from Barchart
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