Oil Surge Lifts Corn and Wheat Prices Amid Iran Tensions

A late surge in oil futures on Thursday provided a boost to corn and wheat prices as President Donald Trump considers resuming strikes on Iran. The Pentagon announced it will send an additional aircraft-carrier strike group and Marine Corps ships to the Middle East, with around 9,000-10,000 troops arriving by the end of November.

Oil futures saw a significant jump, with December Brent crude rising 4.4% to settle at $102.31 per barrel, while West Texas Intermediate futures rose 2.7% to $92.87 per barrel.

The increase in oil prices allowed grain markets to build a risk premium, pushing December corn above the psychologically important $5 mark after briefly slipping to a five-week low earlier in the session.

December soybeans, on the other hand, fell 9 cents to close at $12.84, while December soybean meal dropped $3.60 to $353.30 and December SRW rose 7 cents to end at $6.82 3/4.