CBOT corn ends higher on US weather worries, surging crude oil

- Chicago Board of Trade corn futures closed higher on Monday, and the session high was the highest level in more than a month as forecasts for stressful U.S. crop weather threatened yield prospects, and renewed tensions in the Middle East lifted crude oil futures, brokers said.

  • CBOT September corn CU26 settled up 1-1/2 cents at $4.41 per bushel.

  • CBOT new-crop December corn CZ26 ended up 2-1/4 cents at $4.63-1/4 a bushel after reaching $4.69-1/2, its highest level since June 2.

  • Hot and mostly dry weather was forecast for the western half of the U.S. Corn Belt this week, potentially extending into next week. July is seen as a critical month for corn when much of the crop will pollinate, a key phase for determining yields.

  • Additional support stemmed from energy markets as crude oil CLc1 surged more than 8% after U.S. President Donald Trump said the U.S. was reinstating a naval blockade on Iran, reigniting concerns over energy shipments through the Strait of Hormuz. O/R

  • Corn and soybeans sometimes track crude due to their roles as feedstocks for biofuels.

  • Ahead of the U.S. Department of Agriculture's weekly crop progress report due later on Monday, analysts surveyed by Reuters on average expected the government to rate 67% of the U.S. corn crop in good to excellent condition, unchanged from the previous week.

  • The USDA reported export inspections of U.S. corn in the latest week at 1,539,718 metric tons, toward the high end of trade expectations for 1,100,000 to 1,600,000 tons. USDA/I