Corn runs low on fuel.

A sharp leftward shift in the corn ethanol demand function pulled the bottom out of the corn market this spring. A collapse in the crude oil market and a reduction in overall fuel demand from stay at home drivers cut the use of ethanol, a prime component  of the domestic demand for corn.

The ethanol market has begun to stabilize but has not yet put a floor on corn values. A slow return to normal economic activity would underpin corn values. But traders will have to deal with the prospect of a very large new corn crop this fall unless the weather turns unfavorable.