Corn Taking Back Wednesday Losses as Trade Tensions Ease
Corn bulls are reverting from Wednesday’s weaker trade that was pressured by some tariff talk. Futures are back up 3 to 6 cents at midday of the short session. There were 111 deliveries issued against December corn futures on First notice day, with 97 stopped by an RJO customer. The national average Cash Corn price from cmdtyView is up 12 1/2 cents at $4.05 per bu as it rolls out of December which is now in deliveries.
Over the Thanksgiving trade break, President-elect Trump spoke with Mexico’s President Sheinbaum. After the call, which reportedly went well, she mentioned there would be no potential tariff war.
Export Sales data showed a total of 1.06 MMT in the week that ended on November 21, which was on the lower end of 0.8 and 2 MMT estimates for 2024/25 corn bookings and a 9-week low. Mexico was the buyer of 405,200 MT, with South Korea purchasing 134,100 MT. Another 67,200 MT was sold for 2025/26 to Mexico.
AgroConsult estimates the Brazilian corn crop at 132.7 MT for 2024/25, with the second crop at 107.3 MMT of that total. CONAB estimates the country’s 2024/25 ethanol production at 36.08 billion liters, between corn and sugarcane feedstocks, up 0.67 billion liters from the previous estimate. Much of that increase was from sugarcane, up 0.38 billion liters at 28.85.
Dec 24 Corn is at $4.21 1/2, up 5 3/4 cents,
Nearby Cash is at $4.05, up 12 1/2 cents,
Mar 25 Corn is at $4.32 1/2, up 4 1/2 cents,
May 25 Corn is at $4.39, up 3 3/4 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.