Corn Fall on Wednesday as Liberation Day Tariffs Announced
Corn futures closed the midweek session with contracts fractionally lower in some new crop months to as much 4 cents in the red for nearbys. The CmdtyView national average Cash Corn price was down 3 3/4 cents on the day at $4.27 1/2.
President Trump’s “Liberation Day” tariffs came with Mexico and Canada left off the list and the exemption on all USMCA compliant goods remaining in place. Reciprocal tariffs on Japan at 24%, South Korea at 25% and a baseline of 10% on Colombia were put in place. They go into effect on April 9.
Weekly EIA data showed a 10,000 barrels per day increase in ethanol production during the week that ended on March 28, taking the output total to 1.063 million bpd in that week. Stocks were back down 738,000 barrels to 26.612 million. Refiner inputs of ethanol were up 20,000 bpd to 898,000 bpd, as exports dropped to the lowest since last July at 62,000 bpd.
Export Sales data is expected to show between 0.8 and 1.6 MMT in corn bookings for 2024/25 on Thursday morning. New crop is pegged in the middle of 0-100,000 MT.
May 25 Corn closed at $4.57 3/4, down 4 cents,
Nearby Cash was $4.27 1/2, down 3 3/4 cents,
Jul 25 Corn closed at $4.65 1/4, down 3 cents,
Dec 25 Corn closed at $4.48 3/4, down 3/4 cent,
New Crop Cash was $4.12 5/8, down 3/4 cent,
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.