International Corn Market

28-Feb-2025 08:01 AM

International Corn Market
This morning, President Trump corrected his statement regarding the April start date for Mexico/Canada tariffs, stating that he misspoke. The implementation date is still set for next Tuesday, with other reciprocal tariffs coming into effect in April.  
This morning’s Weekly Export Sales data showed that old crop corn bookings for the week of 2/20 totaled only 794,694 metric tons, which was below estimates and the lowest in seven weeks. Mexico was the largest buyer at 378,800 metric tons, while Colombia purchased 184,300 metric tons. New crop sales totaled 128,000 metric tons, exceeding the estimated 0-100,000 metric tons.  
The annual USDA Outlook Forum numbers were released this morning, with the Office of the Chief Economist estimating corn acreage at 94 million acres. This non-survey-based figure is up 3.4 million acres from last year. Their balance sheet used a weather-adjusted trend yield of 181 bushels per acre, with a projected carryout of 1.965 billion bushels.  
The Buenos Aires Grain Exchange assessed Argentina’s corn crop, rating 21% as excellent, up 2% from last week, while the poor category dropped by 1% to 29%.