HAMBURG: Chicago wheat and corn rose on Monday, supported by higher crude oil prices after US-Iran talks collapsed and a potential US blockade of the Strait of Hormuz heightened concerns over global fuel and fertilizer supplies.
Soybeans fell as support from a recent US soymeal sale to Italy faded. Chicago Board of Trade most active wheat rose 2.1 percent to USD5.83-3/4 a bushel at 1137 GMT. Corn rose 0.7 percent to USD4.44-1/2 a bushel, soybeans fell
0.1 percent to USD11.74-1/4 a bushel. Oil prices rose above USD100 a barrel on Monday as the US Navy prepared to block ships to and from Iran via the Strait of Hormuz, possibly restricting Iranian oil exports, after Washington and Tehran failed to reach a peace deal.
“Wheat, corn and soybeans are being supported today by fears of escalation between the United States and Iran following the lack of agreement in the peace talks and rising crude oil prices,” said Matt Ammermann, commodity risk manager at StoneX.
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