Corn price action on Wednesday was lower, as contracts were down anywhere from fractionally in some contracts to 3 cents at the close. CmdtyView’s national average Cash Corn price was down by a penny at $4.46.
President Trump indicated the potential tariffs on Mexico and Canada are will now go into effect on April 2, pushed back from the previous March 4 deadline.
The Wednesday morning EIA report indicated ethanol production down just 3,000 barrels per day in the week that ended on February 21 at 1.081 million barrels per day. Stocks saw the largest weekly build since January 2023, up 1.353 million barrels to 27.571 million barrels. Much of that build came via the Midwest, at the largest on record of 11.16 million barrels, with the Gulf up 540,000 barrels.
Weekly Export Sales data will be released on Thursday morning, with traders looking for 0.9-1.65 MMT in old crop corn bookings during the week of 2/20. New crop sales are estimated at 0-100,000 MT.
USDA will release their initial outlook for the 2025 corn crop on Thursday via their Outlook Forum. Analysts surveyed by Bloomberg estimate USDA to show 93.5 million planted corn acres, with all expecting an increase from last year’s 90.6 million acres (92-95.1 million acres).
A South Korean importer purchased a total of 68,000 MT of corn from the US in a tender overnight.
