The corn market experienced downward pressure throughout Thursday’s trading session, with nearby contracts losing 12 to 14 cents at the close. December 2025 futures were down 5 ¼ cents. Multiple factors contributed to the decline, including potential tariff threats next week and weaker export sales. Additionally, the USDA’s large acreage forecast added to the pressure, though a shift towards more corn planting this spring had been anticipated. CmdtyView’s national average Cash Corn price dropped by 11 ¾ cents, settling at $4.34.
With just one day left for base crop insurance price discovery, the average for December corn futures stands at $4.71, up 5 cents from last year.
Tariff Concerns and Export Data
In a key development, President Trump clarified his earlier statement regarding the Mexico/Canada tariffs, confirming that the implementation date is still scheduled for next Tuesday, with additional reciprocal tariffs expected in April.
The latest USDA Weekly Export Sales report, released earlier today, showed only 794,694 metric tons (MT) of old crop corn were booked during the week of February 20. This total fell short of expectations and marked the lowest export booking in seven weeks. Mexico was the largest buyer, purchasing 378,800 MT, followed by Columbia with 184,300 MT. New crop sales reached 128,000 MT, exceeding the estimated range of 0-100,000 MT.
USDA Outlook and Argentina’s Corn Crop
The USDA’s annual Outlook Forum provided an updated projection for corn acreage, estimating a total of 94 million acres, up by 3.4 million from last year. The balance sheet used a weather-adjusted trend yield of 181 bushels per acre (bpa) and projected a carryout of 1.965 billion bushels.
In Argentina, the Buenos Aires Grain Exchange reported that 21% of the corn crop is rated excellent, an increase of 2% from last week, while the percentage of the crop rated poor decreased by 1%, now standing at 29%.
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