International Corn Market

10-Apr-2025 08:24 AM

International Corn Market
Late on Wednesday evening, President Trump announced a 90-day tariff pause for targeted countries, with the exception of China. A blanket 10% tariff remains in place for all countries, while new tariffs on imports from China have been increased to 125%.
According to data released this morning by the EIA (Energy Information Administration), ethanol production declined by 42,000 barrels per day during the week ending April 4, bringing total production down to 1.021 million barrels per day. Despite the reduced output, ethanol stocks rose by 422,000 barrels to reach 27.034 million barrels. Ethanol exports increased by 112 barrels per day to 174,000 barrels per day, while refiner input dropped by 26,000 barrels per day to 872,000 barrels per day.
Export sales data is expected to show old crop corn sales for the week of April 3 between 0.7 and 1.3 million metric tons (MMT). For the 2025/26 new crop, sales are projected to be between 0 and 150,000 metric tons.
The USDA (U.S. Department of Agriculture) will release its monthly WASDE report on Thursday morning. On average, traders are anticipating a 30 million bushel cut to U.S. corn ending stocks, bringing the projection to 1.51 billion bushels. However, the estimate range is wide—from 1.405 to 1.605 billion bushels. A reduction in South American corn production estimates is also expected, with Argentina forecasted to be down by 0.7 MMT from March to 49.3 MMT, and Brazil expected at 125.91 MMT, slightly down from 126 MMT in March.