Corn futures are trading with contracts fractionally mixed in the nearbys, with other deferred contracts down 2 cents. The corn market posted gains of 4 to 7 cents across most contracts on Monday. Futures shrugged off the overnight and early morning tariff weakness as they were pushed back another month. The national average Cash Corn price from cmdtyView was up 9 cents at $4.54 1/4.
On Monday, following a meeting between President Trump and Mexico’s President, the tariffs on Mexico were pushed back a month from the expected Tuesday start as Mexico is planning to send 10,000 troops to the border to slow the trafficking of drugs. After meeting with President Trudeau, tariffs on Canada were also pushed back for a month on similar concessions.
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.
The monthly Grain Crushing report from NASS showed a total of 473.179 million bushels of corn were used for ethanol production in December. That was up just 0.3% from last month but down 2.28% from a year ago.
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 closed at $4.88 3/4, up 6 3/4 cents, currently up ¼ cent
Nearby Cash was $4.54 1/4, up 9 cents,
May 25 Corn closed at $4.99 3/4, up 6 3/4 cents, currently down 1/2 cent
Dec 25 Corn closed at $4.65 1/4, up 5 cents, currently down 2 cents
New Crop Cash was $4.35, up 7 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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