CBOT corn ends higher on strength in crude oil, US weather outlook
CHICAGO, April 6 (Reuters) - Chicago Board of Trade corn futures ended modestly higher on Monday, rebounding from early declines on support from rising crude oil CLc1 futures as the U.S. and Iran ratcheted up their rhetoric, traders said.
Brokers were also monitoring forecasts for rainy weather in the U.S. Midwest that could slow fieldwork as planting gets under way.
CBOT May corn CK26 settled up 1-3/4 cents at $4.54 per bushel, bouncing after a dip to $4.48-1/4.
Grain traders continued to assess prospects for a Middle East resolution, with Iran calling for an end to the war while President Donald Trump reiterated threats of broad attacks unless Tehran makes a deal by Tuesday night. Corn futures sometimes track trends in crude oil markets given corn's role as the main U.S. feedstock for ethanol.
Weekly export inspections data was supportive. The U.S. Department of Agriculture reported export inspections of U.S. corn in the latest week at 2,002,151 metric tons, topping a range of trade expectations for 1,300,000 to 1,850,000 tons. USDA/I
After the CBOT close, the USDA said the U.S. corn crop was 3% planted, in line with trade expectations.
