Corn, Wheat Futures Rise Amid Escalating US-Iran Conflict
Corn and wheat futures have risen on September 2nd due to support from a weaker US dollar and firmer crude oil prices. The conflict between the US and Iran over control of the Strait of Hormuz has escalated, with Tehran accusing American forces of bombing a residential area in overnight strikes.
The US military carried out its second round of attacks in three days, targeting radar systems and mine-laying capabilities along Iran's southern coast. This prompted the Islamic Republic to retaliate with drone and missile volleys on US bases across the Middle East.
Meanwhile, Germany's 2026 grain harvest is expected to fall by 7.3% due to a summer heatwave and drought, with the German agriculture ministry forecasting around 37.4 million metric tons of all types of grains.