International Corn Market:

01-Feb-2025 08:01 AM

International Corn Market:
Mexico/Canada Tariff Update: President Trump dismissed reports of delays in implementing tariffs with Mexico and Canada, confirming that the February 1 deadline still stands. No retaliatory actions have been taken by these countries so far.
Speculative Positioning: According to CFTC's Commitment of Traders (COT) data, speculative funds added 39,043 contracts to their net long position during the week ending January 28. This brought their total net long position to 350,721 contracts, the largest since May 2022. Total long contracts reached a record 447,179.
Export Sales Data: According to marketing year export sales data, total export commitments reached 43.29 million metric tons (MMT), which is 70% of the USDA's full-year export forecast. This is above the average sales pace of 66%.
Argentina Corn Production: The Buenos Aires Grain Exchange reports that 28% of Argentina's corn production is rated "excellent," down 2% from previous data. Meanwhile, 22% has shifted to the "poor" category.