Traders around the world have been shocked by the movement in oil futures in recent weeks. This might not be the only commodity that is impacted by a sharp decrease in demand.
Let's look at a few charts of corn futures.
In the long-term weekly bar chart of a continuous futures contract (created by linking up the nearby contract) we can see that prices peaked back in 2012. Crude oil futures back in 2012 were around $105/bbl. and the Ethanol-Denatured Fuel Continuous Contract was around $2.75/gal.
Weakness in crude oil and ethanol prices have weighed on corn prices. Corn prices are testing the lows of 2016 and 2009 as the world's economic engine has slowed down.