02.
11.20
06:47

Agrarmarlt Loses Its Bullish Impetus - CBoT Corn Futures Down 1%

At the CBoT, corn rates are dropping by up to 1% this morning. The reasons for this are the lower gasoline consumption during the period of lock-downs imposed worldwide, as gasoline is enriched with ethanol made from corn.
More favorable weather conditions in South America also contribute to price pressure.
The market is thus losing its bullish impulses, as the harvests in South America can now be quite decent. The optimism of the last few weeks has given way to uncertainty. However, the weather models for South America are good for surprises, as La Nina now has more influence.
The price of crude oil is falling by almost 4% this morning because of the lock-downs in Europe. At the same time, traders expect turbulent days during the US presidential election.
Ethanol is made from 40% of the US corn harvest, which is mixed with gasoline.
In the last week, the number of new corona infections in the world exceeded 500,000 a day. To date, more than 10 million infections have been detected in Europe. In the UK alone, more than 20,000 new infections are reported every day. In the United States, up to 1,000 people die every day as a result of the CIVID-19 virus disease.
Last week, speculators held more net long positions in CBoT agricultural commodity futures than ever before. This was most evident in the corn futures contract. The increasing fear of the negative effects of the pandemic on the global economy, as well as improved weather conditions in large agricultural surplus regions of the world, ushered in a trend reversal last week that runs against the positions of the bulls in the market.

Source
Hansa Terminhandel GmbH
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