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Univ. of Illinois economist Gary Schnitkey says cash corn prices have fallen about 16% on average since March 1 due to COVID-19, with an average drop of 60 cents per bushel from January through April 15. An NCGA-commissioned analysis projects a $50 per acre revenue decline for the 2019 crop, and he doubts government aid will cover the losses.
Lower ethanol and feed demand is pushing corn lower, and the analysis suggests further downside as livestock feed demand weakens. Bearish pressure on corn and related feed ingredients is likely to persist.
brownfieldagnews.comApr 24, 2020Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
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.
