This morning, after five sessions in a row, the corn futures in Chicago are trading for the first time with minimal losses. Declining demand due to the coronavirus pandemic is weighing on prices. The unexpectedly smaller maize sowing recently supported corn prices, but the biggest challenge, according to economists, is lower demand. The lower consumption of corn-based ethanol, which competes with mineral oil, has impacted corn prices because the corona virus is reducing global energy consumption. The U.S. Department of Agriculture (USDA) estimated Tuesday that farmers planted corn at 92 million acres earlier this spring, below the 97 million acres forecast in March. It is the largest drop from the March forecast to the June forecast since 1983. Institutional investors yesterday bought 35,000 contracts of CBoT maize.
Source
Hansa Terminhandel GmbH
