CORRECTED-CBOT corn hits one-month low on falling crude oil

Corrects closing price for July corn in last bullet

CHICAGO, May 27 (Reuters) - 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.

  • Oil prices were about 4% lower on Wednesday after Iranian state TV said it had seen a draft of an initial, unofficial framework for an agreement between Iran and the United States on ending their conflict and reopening the Strait of Hormuz. O/R

  • The report, plus a pick-up in tanker traffic through the strait, outweighed Iran's earlier comments that the United States had violated a ceasefire and a tanker on Tuesday reporting an explosion off the Oman coast.

  • 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 5 cents lower to $4.52-1/2 per bushel.


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