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Corn Oil Edged Lower Towards $7.7 Per Bushel

Corn: Oil edged lower towards $7.7 per bushel, as traders weighed Joe Biden’s administration’s plan to raise demand for biofuels including corn-based ethanol against worries about a slow start to U.S

Planting. At the same time, USDA raised world corn ending stocks at 305.5 metric tons vs the trade expectations of 300.7 and the March estimate of 301, with increases for Brazil, Indonesia, Pakistan, and the EU.

However, corn is still close to a 10-year high of $7.76 hit on April 12th amid persistent fears of lower supplies from two major global exporters, Russia and Ukraine.

Since the war in Eastern Europe, Ukraine suspended commercial shipping at its ports while Russia paused grain trade following the West’s trade sanctions on Moscow