CHICAGO, March 19 (Reuters) - Chicago Board of Trade corn futures ticked up on Thursday as war in the Middle East caused disruptions to fuel and fertilizer markets.
Brent oil prices LCOc1 jumped above $119 a barrel after Iran attacked energy facilities across the Middle East following Israel's strike on its South Pars gas field. O/R
Strength in crude oil CLc1 was seen as supportive given corn's role as a feedstock for ethanol.
The U.S.-Israeli war on Iran has cut off critical nitrogen fertilizer supplies from the Gulf to the world's farmers, supporting grains and oilseeds, analysts said.
U.S. grain markets also have seen support from the so-called "inflation trade" - where rising crude oil prices have investors adjusting their positions for higher headline inflation and increased costs for energy and transportation.
The U.S. Department of Agriculture reported net weekly U.S. corn export sales for 2025/26 for the week ended on March 12 at 1,183,816 metric tons, within the range of analyst estimates.
The U.S. Energy Information Administration said weekly production of corn-based ethanol fell in the week ended March 13 to 1.093 million barrels per day, a six-week low. Weekly U.S. ethanol stockpiles rose to 26.407 million barrels, up 827,000 from the prior week. EIA/S
CBOT May corn CK26 settled up 6-1/2 cents at $4.69-3/4 per bushel.