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Electric vehicles are expected to reduce demand for biofuels over time. Corn and soybean prices have not returned to pre-COVID levels, and soybeans have become more attractive to farmers than corn.
Slowing biofuel demand removes a support for corn and soybean oil, and shifts planting toward soybeans.
feedandgrain.comMar 2, 2023After 310 past bearish policy events, Corn moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.6% over 20.
After 351 past bearish policy events, Soybean Oil moved a median -0.0% over 5 sessions (49% higher; middle half -1.7% to +1.8%), and -0.2% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
