International Corn Market

13-Mar-2025 08:12 AM

International Corn Market
This report focuses on the retaliatory tariffs that the European Union (EU) may impose in response to the tariffs the United States has implemented on steel and aluminum. These EU tariffs could begin as early as the start of April and are expected to include U.S. corn. Although the EU does not have large standing orders for U.S. corn, the U.S. has still shipped 2.47 million metric tons of corn to the EU in this marketing year (MY).
Additionally, Canada's energy minister has indicated that if the U.S. delays tariff implementation under the USMCA (U.S.-Mexico-Canada Agreement) starting from April 2, Canada may include U.S. ethanol in a possible second round of retaliatory tariffs.
Meanwhile, according to the weekly report from the Energy Information Administration (EIA):
Ethanol production fell by 31,000 barrels per day, now at 1.062 million barrels/day.
Ethanol stocks rose by 87,000 barrels to a total of 27.376 million barrels.
Stock levels in the Midwest region hit a record high of 11.537 million barrels.
Refinery inputs decreased by 13,000 barrels per day to 877,000 barrels/day.
However, implied gasoline demand (supply) increased to 9.182 million barrels/day — the highest since early November.
In addition, ahead of Thursday morning’s Export Sales report, traders expect bookings of old crop corn (for the week ending March 6) to be between 0.75 and 1.4 million metric tons (MMT), while new crop sales are estimated to range between 0 and 100,000 metric tons (MT).