Commodities
Corn Futures Soar on Middle East Tensions and Tight Supplies
Corn futures have been trading at a nine-week high due to escalating tensions in the Middle East and tight supplies.
The conflict near the Strait of Hormuz has led to higher crude oil prices, pushing up demand for corn-based ethanol.
Despite mildly bearish crop conditions, with 67% of the US corn crop rated as good to excellent, tighter stocks and record export commitments have outweighed this factor.
Managed money added nearly 50,000 contracts to their net long position during the week of July 21, showing growing speculative confidence in higher prices.