The most active corn contract for May delivery lost 0.25 cents, or 0.07 percent, to close at 3.435 U.S. dollars per bushel. May wheat rose 23.25 cents, or 4.31 percent, to close at 5.625 dollars per bushel. May soybeans climbed 21.5 cents, or 2.49 percent, to settle at 8.84 dollars per bushel.
U.S. ethanol demand is in sharp decline amid COVID-19, with the price of ethanol being above that of unleaded gasoline. Market rumors went that more U.S. ethanol plants are either closing or reducing their daily operations, dumping corn.
Otherwise, worries over production dislocations due to COVID-19 disruption at plant spurred some spot purchases of supply to keep mills/crushers running.
CBOT brokers estimate that funds have bought 5,400 contracts of soybeans and 4,900 contracts of wheat while being flat in corn.
U.S. weekly inspections for the week ending March 19th shows it exported 32.1 million bushels of corn, 21.0 million bushels of soybeans and 12.8 million bushels of wheat.
As the peak in virus infections in the United States will not come until April, market analysts predict lower lows for corn.
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