CBOT corn higher on crude oil rally
CHICAGO, March 5 (Reuters) - Chicago Board of Trade corn futures settled higher on Thursday on support from rallying crude oil prices.
Crude oil rose sharply on Thursday as the ongoing closure of the Strait of Hormuz continued to disrupt Middle East supply and led some refineries in other parts of the world to cut output.
Grain markets often react to movements in crude oil, partly because biofuel absorbs large amounts of soybean and corn as feedstocks.
Weekly U.S. corn export sales for 2025/26 were at 2 million metric tons. Analysts expected 600,000 to 1.6 million metric tons. EXP/CORN
U.S. corn prices were the cheapest among major exporters, traders said.
Brisk exports have underpinned the corn market. The U.S. Department of Agriculture on Wednesday confirmed sales of 196,000 metric tons of corn for shipment to unknown destinations.
May corn CK26 closed 9-3/4 cents higher to $4.53-1/2 per bushel.
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