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Kluis Commodity Advisors' Al Kluis says crude oil near $68 per barrel supports corn, since crude leads gasoline and ethanol prices, and cites roughly 80 percent correlation between crude and corn. He sees new-crop corn targets of $4.18 to $4.38 per bushel.
Higher crude lifts ethanol economics and supports corn demand, which tends to firm feed corn prices.
brownfieldagnews.comMark DorenkampApr 27, 2018After 151 past bullish macro events, Corn moved a median +0.2% over 5 sessions (57% higher; middle half -0.9% to +1.4%), and -0.3% over 20.
After 487 past bullish macro events, Crude Oil (WTI) moved a median +1.0% over 5 sessions (60% higher; middle half -2.0% to +4.0%), and +1.5% 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.
