CBOT corn reaches new 3-month high, bolstered by wheat rally
CHICAGO, Oct 1 (Reuters) -Chicago Board of Trade corn futures touched the highest price seen in more than three months on Tuesday, gaining support from a rally in wheat futures and a boost in the energy markets tied to geopolitical tensions, traders and grain market analysts said.
CBOT December corn CZ24 settled up 4-1/4 cents at $4.29 a bushel.
Earlier in the session, the most-active corn contract Cv1 touched $4.32-3/4 a bushel, the highest price since June 28.
Oil prices jumped about 4% on Tuesday after Iran fired a salvo of ballistic missiles at Israel in retaliation for Israel's campaign against Tehran's Hezbollah allies in Lebanon.
Corn and wheat futures also gained support on news that NATO's new chief Mark Rutte voiced strong support for Ukraine on Tuesday, traders said.
That rally in energy due to the mounting geopolitical tensions, along with drought concerns on wheat production, helped neutralize potential market impacts from the U.S. East Coast and Gulf Coast dockworkers going on strike on Tuesday, said Mike Zuzolo, president of Global Commodity Analytics.
Under its daily reporting rules, the U.S. Department of Agriculture confirmed private sales of 195,000 metric tons of U.S. corn to undisclosed destinations for the 2024-2025 marketing year.
But harvest pressure continues to anchor futures prices. The USDA late on Monday said the U.S. corn harvest was 21% complete, behind an average of trade expectations but still ahead of the five-year average of 18%.
Reporting by P.J. Huffstutter; Editing by Will Dunham
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