CBOT Recovers as May corn Reaches Initial 2016 Target of $3.02; Energy Prices Hurt US Ethanol Demand; China Approves 2 MMTs of Corn Import Licenses
Sharp declines are noted in CBOT futures in the AM with spot corn testing the 2016 low at $3.02 and then bouncing on modest short covering. May soybeans fell just below the $8.10 support from 2019 while wheat has been pulled lower in sympathy. The deflationary feel is another day of declining energy valuations. However,…