The most active corn contract for May delivery fell 8.75 cents, or 0.03 percent, to close at 3.3525 U.S. dollars per bushel. May wheat gained 9 cents, or 1.8 percent, to close at 5.0825 dollars per bushel. May soybeans rose 1.25 cents, or 0.15 percent, to settle at 8.255 dollars per bushel.
More U.S. businesses are closing, margins of ethanol production reach record lows demand. But a possible corn, soybeans rally is also on the rise.
Market analysts hold that with spreading of COVID-19, a more mixed trade is evolving.
CBOT brokers estimate that funds have sold 6,700 contracts of corn, while bought 3,400 contacts of soybeans and 5,400 contracts of wheat.
The Dow Jones Industrial slumped, and the drop may remain breath-taking as the infections rise day by day. As there is no indication of COVID-19 infections reaching a peak, few traders want to be long on the market.
Market analyst hold that the financial markets in the United States as well as in the world are in a risk off mode, showing massive liquidation.
Meanwhile, as more countries close borders to combat the virus, the demand will be a big problem.
U.S. Midwest ethanol producers are closing as crude oil plummets, negative to corn.
The Big Three automakers plan to temporarily close all U.S. auto factories and the negative impact on the U.S. economy is growing.
Market analysts point out that policy and logistics are becoming a big price ingredient.
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