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(Bloomberg) — Chicago corn extended gains to hit the highest level in a year as war-driven spikes in fertilizer and energy prices raised production costs, threatening yields and acreage for the nutrient-intensive crop.
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The most active corn futures on the Chicago Board of Trade rose as much at 0.3% to $4.7925 a bushel, climbing for a fourth straight session. Oil rallied to a wartime high after Axios reported that US President Donald Trump is set to receive a briefing on new military options for action in Iran, signaling the potential for fresh escalation in the Middle East.
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The conflict is driving up costs for corn production on various fronts, including chemicals investment, in-season fertilization and diesel-powered irrigation, Bloomberg Intelligence analysts Jason F. Miner and Ama Kyerewaa wrote in a report on Wednesday. That’s fueling risks to corn yields, as farmers would maximize margins when inputs are squeezed, they added.
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Farmers in key production regions from the US to Europe were also cutting planting acreage of corn and switching to less fertilizer-intensive crops to cut costs, potentially dealing another blow to output.
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Agriculture commodities gained more broadly on the prolonged Middle East hostilities and widespread weather concerns. The Bloomberg Agriculture Spot Index, which tracks 10 of the world’s top-selling crop products, hit their highest since November 2023.
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“This strength is attracting flow,” said Joe Davis, director of commodities at brokerage Futures International in Illinois. “When we start reaching these highs, the ETFs which track futures also are trading higher. The increased buying of the indexes keeps supporting the futures rally,” he said.
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Wheat was on track for another weekly gain on the war premium and persistent drought in the US Great Plains. Soybeans were also up, tracking soybean oil and demand for biofuel, which is gaining further traction as the closure of the Strait of Hormuz pushes up oil and gas prices.
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