The prices of the CBoT maize futures are currently at their lowest level in almost 10½ years. The dramatic decline in the US crude oil futures is blamed for a collapse in demand for grain-based ethanol.
Analysts are concerned about the impact of the corona pandemic, which is causing the demand for ethanol and therefore corn to collapse. The producers are now hit hard.
Yesterday and today, the future on New York's crude oil (CLK0), which was quoted in New York, was even temporarily negative. If you wanted to prevent the futures from being physically delivered, you closed your financial instrument and paid for it. At the hour, a barrel (155 liters) of crude oil in New York only costs $ 1.55 on the May date.
In addition, more and more meat processors in the United States have to close their plants, which means that fewer feedstuffs - including corn - are bought.
The losses in the corn future were limited by the fact that the sowing of the grain is very slow.
Source
Hansa Terminhandel GmbH
