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Plunging Crude Oil Slashes Demand for Ethanol

Corn sinks to lowest since September 2009

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Chicago Board of Trade corn futures sagged 2.6% to its lowest since September 2009, with a plunging crude oil market slashing demand for ethanol, traders said.

According to Reuters, U.S. crude oil futures turned negative on Monday for the first time in history as storage space was filling up.

CBOT May corn settled down 8 cents at $3.14-1/4 a bushel. On a continuous basis, the most-active contract bottomed out at $3.13-1/2 a bushel, its lowest since hitting $3.10 a bushel on Sept. 21, 2009.

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