Chicago Close: March Corn Breaches US$5 Mark

Corn, wheat, and soybean futures all closed higher on Tuesday, following the long holiday weekend. 

Nearby March corn closed above the US$5/bu benchmark, drawing some support from new US reciprocal tariffs on imports of Brazilian ethanol. The tariff is expected to slow imports from Brazil and increase demand for ethanol made from American corn. With today’s gains, the corn market has now reached a 16-month high. March corn gained 5 ¾ cents to $5.02, and December was up 4 ½ cents at $4.77 ½. 

The advances in corn spilled over to support soybeans, which opened lower on the day due to weekend rains in Argentina. After dryness in January and early February, crop estimates in Argentina now seem to be stabilizing. March beans gained 2 ½ cents to $10.38 ½, and November added 6 cents to $10.58. 

Wheat moved higher on declining Russian export potential. March Chicago was up 4 ¾ cents at $6.04 ¾, March Kansas City gained 6 cents to $6.27 ¼, and March Minneapolis closed 7 ½ cents higher at $6.41. 

We had some much needed precipitation across much of Nebraska over the past week. Can we expect more of the same? Eric Hunt has your answer.