FX.co ★ Corn Futures Hit 9-Month High

Corn futures rose more than 2% toward $4.60 per bushel, hitting their highest level since May 2024, as surging crude oil prices amid the escalating US-Israeli conflict with Iran raised the risk of tighter supplies across agricultural markets. Oil jumped above $100 a barrel after several major Middle Eastern producers cut output and worries intensified over prolonged disruptions to shipping through the Strait of Hormuz. The rally in energy markets pushed up production, freight, and fertilizer costs, underpinning grain prices, while higher crude also improved demand prospects for biofuels, which use crops such as corn as feedstock. The move was further driven by short-covering, as traders closed out bearish positions in response to mounting geopolitical risks. Nonetheless, abundant global grain supplies continue to cap the potential for a sustained rally.