Chicago Board of Trade corn futures fell for a fourth straight session on Wednesday and hit fresh lows in most contracts as coronavirus fears hammered broader markets and government data showed a steep drop in ethanol output, traders said.
CBOT May corn settled down 6 cents at $3.34-3/4 per bushel after falling to within 1-1/2 cents of its contract low. All other contracts either matched previous contract lows or set new ones.
The US Energy Information Administration reported a 165,000 barrel-per-day drop in ethanol production last week to 840,000 barrels per day. Numerous ethanol plants, users of more than a third of the US corn crop, have slowed or halted production amid falling energy prices.
Grains markets tumbled amid a broader market sell-off after US President Donald Trump extended coronavirus emergency measures through the end of April.
Corn was also pressured by a US Department of Agriculture (USDA) report on Tuesday that projected a larger-than-expected increase in US plantings this spring.