Nymex crude oil (CLM25) futures last week dropped to a three-week low below $57 a barrel. Worries about declining global energy demand growth hit crude oil hard last week. On April 23, nearby crude hit a high of $64.87 and then quickly proceeded to lose around $8 barrel, or around 13%, before recovering slightly last Friday.
Grain traders took note of last week’s downdraft in the crude oil market, as corn and wheat sold off. Winter wheat futures (ZWN25) reached new contract lows. The daily charts for July corn futures (ZCN25) and June crude oil futures look very similar in their daily price action over the past few weeks.
