Corn Falling Early on Wednesday

The corn market is showing early weakness on Wednesday, with contracts down 4 to 8 cents so far. Futures failed to hold the early session gains after USDA failed to trim back their ending stocks projection on Tuesday, with contracts closing fractionally to 3 cents in the red. CmdtyView’s national average Cash Corn price was down 1 1/4 cents at $4.31 1/4. 

Canada’s energy minister stated that potential retaliatory tariffs on US goods could hit ethanol in their second round of duties.

The USDA’s updated balance sheet from Tuesday morning saw no changes, as the US carryout was projected to total 1.54 bbu. That was above estimates calling for a 24 mbu decrease.

On the world side, the USDA made no changes to the South American crops as Argentina was at 50 MMT and Brazil was 126 MMT. The world ending stocks for 2024/25 were cut by 1.37 MMT, coming in below the average trade estimate. That came even as the world production was increased 1.7 MMT. The main reason for the cut was a 1.86 MMT reduction to carryover from 2023/24 as Brazil’s production total from last year was slashed 3 MMT. Brazil exports from this year were down 2 MMT, with domestic use up 1 MMT.

Mar 25 Corn  closed at $4.56 1/2, down 2 1/4 cents, currently down 7 cents

Nearby Cash  was $4.31 1/4, down 1 1/4 cents,

May 25 Corn  closed at $4.70 1/4, down 1 3/4 cents, currently down 8 1/4 cents

Dec 25 Corn  closed at $4.54 1/2, down 1/2 cent, currently down 4 1/2 cents

New Crop Cash  was $4.18 3/8, down 1 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.