Corn Extends Gains as War Premium Ignites Broad Crops Rally

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.

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.