Corn futures prices slump to 3.5-year lows on falling ethanol demand and oil prices

In Illinois, Reuters reports that corn futures slid to 3.5-year lows on Monday to $3.29-1/4 a bushel as ethanol plants shutter due to negative margins in the face of crashing demand brought about by COVID-19 response measures. Low oil prices are adding further pressure to ethanol demand with a further $3 per barrel shed from prices in Monday morning trading. More than half a million metric tons of corn have been contracted for export in private sales to China for Q4.