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Corn fell 1 cent and soybeans, soyoil and soybean meal rose on the morning of 23 March 2020 as global markets weakened. Corn basis fell across the Corn Belt after reduced ethanol demand hit cash markets, and speculators grew their net short corn position.
Weak ethanol demand and widening corn basis lower feed corn and DDGS values, while soymeal strength supports soybean meal costs for feed buyers.
pnw.coopMar 23, 2020Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not 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.
On 23 March corn basis fell and ethanol demand weakened while speculators grew their net short position, which points to demand weakness and bearish positioning on the day of the move.
