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U.S. corn futures fell more than 1% on March 30 as ethanol makers cut production or shut plants under coronavirus travel restrictions. Soybeans ended mixed on firm soymeal prices, and wheat rose as Russia appeared poised to restrict exports.
Ethanol uses about a third of the U.S. corn crop, so weaker ethanol demand widens corn basis and pressures futures. Lower crude prices reinforce the drag.
financialpost.comReutersMar 30, 2020After 301 past bearish macro events, Corn moved a median -0.1% over 5 sessions (47% higher; middle half -2.2% to +1.3%), and +0.2% over 20.
Not enough comparable past events yet for a historical read.
After 44 past bullish macro events, Soybean Meal moved a median -0.6% over 5 sessions (34% higher; middle half -1.9% to +0.9%), and -2.9% over 20.
After 565 past bearish macro events, Crude Oil (WTI) moved a median -1.4% over 5 sessions (41% higher; middle half -5.9% to +3.0%), and -0.5% 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.
