The USDA released its March World Agricultural Supply and Demand Estimates Report on March 8. In a March 13 Barchart article, I highlighted the USDA increased U.S. and worldwide ending inventories compared to February levels, pushing corn prices slightly lower to the $6.16 per bushel level.
On March 13, nearby NYMEX May WTI crude oil and gasoline futures prices settled at $74.91 per barrel, and $2.5809 per gallon wholesale, respectively. Corn is a critical ingredient in many foods, but in the U.S., corn is the primary ingredient in ethanol that blends with gasoline to power motor vehicles.
