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CHS Hedging analyst Kent Beadle says corn is in the bottom 10% of its decade-long trading range, with a floor supported by farmers' willingness to store rather than sell cheaply. He notes that the crude oil price dip raised speculation of corn falling below $3 per bushel, while reduced ethanol demand continues to weigh and he is optimistic about Chinese purchases under the phase one deal.
Ample storage and farmer holding support prices near current lows, but weak ethanol demand caps upside; potential Chinese buying is the main bullish offset for feed grain buyers.
brownfieldagnews.comMark DorenkampApr 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.
