Corn price action is starting off the Wednesday session with contracts down 4 ½ to 7 cents lower, as President Trump is set to roll out tariffs on what he has labeled Liberation Day. Futures started off April with contracts 4 to 8 cents higher across most contracts. Preliminary open interest data from Tuesday was down 1,546 contracts, with 11,911 of that coming from May. July was up 5,815 contracts, with December increasing by 3,797. New crop contracts led the way, as rains in the forecast may limit any early planting. The CmdtyView national average Cash Corn price was up 7 ¾ cents on the day at $4.31 1/4. 

Monthly Grain Crushing data from NASS showed a total of 421.2 mbu of corn used for ethanol production during February. That was down 10% from January’s revised (10.5 mbu higher) total and 5.44% below the same month (29 days) last year. The Marketing year total is at 2.754 bbu of corn used for ethanol, 1.31% ahead of the same period from a year ago.

Brazil’s corn production is expected to total 25.6 MMT for the first crop according to StoneX, down 0.63 MMT from their previous estimate, with the second crop trimmed by 0.51 MMT to 101.62 MMT.

May 25 Corn  closed at $4.61 3/4, up 4 1/2 cents, currently down 7 cents

Nearby Cash  was $4.31 1/4, up 7 3/4 cents,

Jul 25 Corn  closed at $4.68 1/4, up 5 cents, currently down 6 cents

Dec 25 Corn  closed at $4.49 1/2, up 7 1/2 cents, currently down 4 1/4 cents

New Crop Cash  was $4.13 1/2, up 9 3/4 cents,