CBOT Corn Hits One-Month Low on Falling Oil
CBOT Corn Futures Fall on Weaker Crude Oil Prices
Chicago Board of Trade corn futures fell to a one-month low on Wednesday under pressure from faltering crude oil prices. Corn often tracks crude oil futures as the grain is commonly used as a feedstock for biofuel.
Impact of Falling Oil Prices
Oil prices were about 4% lower on Wednesday after Iranian state TV reported seeing a draft of an initial framework for an agreement between Iran and the United States. The report, plus a pick-up in tanker traffic through the Strait of Hormuz, outweighed earlier comments from Iran.
Weather and Market Outlook
Cool, dry weather in the U.S. Midwest was expected to keep stress on crops low, according to forecaster Commodity Weather Group. CBOT July corn (CN26) ended 3/4 cent lower at $11.85-1/4 per bushel.
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