# Morning Market Review for March 23, 2020 - PNW Farmers Cooperative

> 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.

- Date: 2020-03-23 · published 2020-03-23T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/6107-morning-market-review-for-march-23-2020-pnw-farmers-cooperative
- Commodities: [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md)

## Why it matters

Weak ethanol demand and widening corn basis lower feed corn and DDGS values, while soymeal strength supports soybean meal costs for feed buyers.

## Read by commodity

- SBM: bullish ▲
- SBO: bullish ▲
- SOY: bullish ▲
- CORN: bearish ▼
- WHEAT: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| CORN | 2020-03-23 | 1 | -2.1% | -3.1 | 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. |

## Sources

- pnw.coop: https://pnw.coop/story-morning-market-review-march-23-2020-22-200978

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.