CBOT corn futures gain as crude oil prices recover
CHICAGO, March 11 (Reuters) - Chicago Board of Trade corn futures turned higher on Wednesday, following crude oil futures higher, as the grain is often used as feedstock for biofuels, traders said.
Traders appeared to have shrugged off Tuesday's U.S. Department of Agriculture forecast that the world will have more corn on hand than previously expected.
Corn futures also gained support in part from investors anticipating that U.S. farmers will plant fewer corn acres this spring, as fertilizer and fuel prices are spiking in the wake of the closing of the Strait of Hormuz.
Crude oil tumbled on Tuesday as investors reacted to U.S. President Donald Trump's prediction the Iran war could end soon. But concerns about significant fallout for energy and shipping remained and helped prices turn higher on Wednesday. O/R
CBOT May corn CK26 closed 8 cents higher at $4.60-1/4 per bushel.
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