Corn futures are weaker on Wednesday’s midday, with contracts down 1 to 4 ¼ cents lower. Futures are off the early lows. The CmdtyView national average Cash Corn price is down 4 1/4 cents on the day at $4.27. 

President Trump is set to roll out tariffs later this afternoon on what he has labeled “Liberation Day”. Mexico’s President Sheinbaum stated this morning that she will not impose reciprocal tariffs against the US. The market’s other focus would be any retaliatory action from Japan or South Korea via any potential reciprocal tariffs.

Weekly EIA data showed a 10,000 barrels per day increase in ethanol production during the week that ended on March 28, taking the output total to 1.063 million bpd in that week. Stocks were back down 738,000 barrels to 26.612 million. Refiner inputs of ethanol were up 20,000 bpd to 898,000 bpd, as exports dropped to the lowest since last July at 62,000 bpd.

Export Sales data is expected to show between 0.8 and 1.6 MMT in corn bookings for 2024/25 on Thursday morning. New crop is pegged in the middle of 0-100,000 MT.

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.

May 25 Corn is at $4.57 1/2, down 4 1/4 cents,

Nearby Cash is at $4.27, down 4 cents,

Jul 25 Corn is at $4.65, down 3 1/4 cents,

Dec 25 Corn is at $4.48 1/4, down 1 1/4 cents,

New Crop Cash is at $4.11 1/4, down 1 1/2 cents,