Maybe it was a bit of a moral victory last week that corn gained about a penny a bushel last week given all the negative news from COVID-19. Without a major weather problem it is difficult to see much positive in the corn market. It would seem ethanol demand will not improve until things get back to normal in the United States. There is not much demand for ethanol and gasoline when people are sheltered in place and not driving!

While corn was trading around contract lows beans are well above contract lows. Beans have been supported by the demand for soybean meal. Traders are thinking meal demand will increase as because DDG's are not available as the ethanol industry is scaling back. There are also issues in Argentina caused by dry weather and COVID-19 causing delays getting beans to crushing plants. Remember Argentina is the largest meal exporter on the world market.


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