Corn Faces Tariff Pressure on Tuesday
Corn futures closed out the Tuesday session with contracts down 4 to 5 cents in most contracts. Pressure from tariffs continued to weigh on the market as longs were busy exiting. CmdtyView's national average Cash Corn price was down 5 cents at $4.10 1/4.
President Trump followed through with the 25% tariffs on Mexico and Canada. Mexico has given a Sunday deadline on how they will respond, with the Mexican President stating both tariff and non-tariff measures. Canada has issued 25% tariffs on $30 billion(Canadian) of US goods, with a second round coming in 21 days on $125 billion. Later in the day, Commerce Secretary Lutnick indicated there may be an announcement coming on Wednesday regarding a potential rollback of the tariffs.
In response to President Trump's additional 10% tariff on Chinese goods, China has issued a 15% tariff on imports of US corn. For reference, they have nothing on the books for US corn imports.
Mar 25 Corn closed at $4.36, down 4 1/4 cents,
Nearby Cash was $4.10 1/4, down 5 cents,
May 25 Corn closed at $4.51 1/2, down 4 3/4 cents,
Dec 25 Corn closed at $4.46 3/4, down 4 1/2 cents,
New Crop Cash was $4.11 1/2, down 4 3/4 cents,
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