Corn futures gapped lower at the open, as contracts are down 5 to 10 cents on Friday morning. The corn market was up against some month-end sell pressure on Thursday ahead of a potential February 1 tariff deadline. Futures were down 2 to 7 cents on the session. The national average Cash Corn price from cmdtyView was down 7 cents at $4.54 1/4.
Late on Thursday afternoon, President Trump stated he would go ahead with the 25% tariff on Mexico and Canada on Saturday. No retaliatory measures from either country have officially been announced. There is still 7.93 MMT of corn on the books to Mexico or the current marketing year, though the US continues to hold a freight advantage to most other suppliers. Additionally, over 35% of the 2024 ethanol exports were shipped to Canada.
USDA’s Export Sales report from Thursday morning showed total of 1.359 MMT in the week ending on January 23, in the middle of the trade’s 0.85 to 1.8 MMT estimates. That was back down 18.2% from the previous week but still up 12.6% from the same week last year. Japan was the largest buyer of 493,100 MT, with Mexico buying 426,900 MT. Net reductions of 482,500 MT was reported for unknown destinations, mainly due to switching to a destination. Another 45,800 MT was reported for 2025/26 shipment, all to Japan.
Mar 25 Corn closed at $4.90 1/4, down 6 3/4 cents, currently down 9 1/2 cents
Nearby Cash was $4.54 1/4, down 7 cents,
May 25 Corn closed at $5.01 1/2, down 6 cents, currently down 9 1/2 cents
Dec 25 Corn closed at $4.64 1/4, down 2 1/2 cents, currently down 5 cents
New Crop Cash was $4.34 1/2, down 3 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.More news from Barchart
- Grains and Oilseeds in Q4 and 2024- Where are they Heading in 2025?
- Do Grains and Oilseed Futures Offer Value for 2025?
- Corn Demand in Focus: What The Cash Market May Be Trying To Say
- What the Election Results May Mean for the Corn and Soybean Markets
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
