Crude oil traded at its lowest level since 1988 on Monday. That weighed on the corn market. “Even with the cuts of supply OPEC came out with last week, it still won’t touch the drop in demand,” says Rich Morrison, vice president of farm services, NAU Country. “As we see extensions of state closures, it’s sobering that lower demand will stick around awhile.” Morrison says the oil story really hasn’t changed to cause the drop. “I think it’s just catching up to people that the demand isn’t there. I was just thinking this morning: how many things cost more than a barrel of crude oil?”
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