International corn market update:

31-Jan-2025 08:12 AM

International corn market update:
President Trump announced a 25% tariff on Mexico and Canada starting Saturday. No official response from these countries yet. Mexico still has 7.93 million metric tons (MMT) of corn orders for the current marketing year, with the U.S. holding an advantage in freight costs. Additionally, over 35% of 2024 ethanol exports went to Canada.
The USDA’s export sales report for the week ending January 23 showed 1.359 MMT in sales, which was in the expected range (0.85 to 1.8 MMT). This was 18.2% lower than the previous week but 12.6% higher than last year. Japan was the top buyer with 493,100 MMT, followed by Mexico at 426,900 MMT. There was a net reduction of 482,500 MMT to unknown destinations, mainly due to a switch to other destinations. Additionally, 45,800 MMT was reported for 2025/26 shipments, all destined for Japan.