Corn futures got a late session pop higher on Wednesday, following an announcement on tariff relief by President Trump. Contracts were up 4 to 6 cents across most months. The front month CmdtyView national average Cash Corn price was up 5 1/4 cent at $4.46 1/2.
Late on the Wednesday session, President Trump announced that there would be a 90-day tariff pause on the targeted countries with the exception being China. The blanket 10% tariff were left on for all countries. The new tariffs on China were raised to 125% on all imports from the country.
EIA data from this morning showed a 42,000 barrel per day drop in ethanol production during the week of April 4 to 1.021 million bpd. Even with the lower output, stocks were building by another 422,000 barrels to 27.034 million barrels. Exports saw a 112 bpd increase on the were to 174,000 bpd, though refiner inputs of ethanol dropped off by 26,000 bpd to 872,000 bpd.
Export Sales data is expected to show between 0.7 and 1.3 MMT in old crop corn sales in the week of 4/3. Sales for the 2025/26 are seen at 0-150,00 MT.
The USDA will release their monthly WASDE report on Thursday morning, with traders looking for a cut to the US ending stocks projection by 30 mbu on average at 1.51 bbu. The range of estimates is a relatively wide 1.405 to 1.605 bbu. South American estimates are expected to be trimmed, with Argentina estimated down 0.7 MMT from March at 49.3 MMT and 125.91 MMT for Brazil vs. 126 MMT in March.
May 25 Corn closed at $4.74, up 5 cents,
Nearby Cash was $4.46 1/2, up 5 1/4 cents,
Jul 25 Corn closed at $4.80 1/2, up 5 3/4 cents,
Dec 25 Corn closed at $4.50 3/4, up 5 cents,
New Crop Cash was $4.14 1/1, up 4 1/2 cents,
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