Corn Hits Two-Week High as Iran War Threatens Fertilizer Supply

Corn futures rose to a two-week high as disrupted fertilizer supplies from the effective closure of the Strait of Hormuz casts doubts over the size of the upcoming US crop.

The most-active contract rose as much as 1.1% on Monday after US President Donald Trump over the weekend threatened to escalate the war with Iran if the important trade route was not reopened within 48 hours. The Middle East is a major fertilizer exporter and prices for the nutrients have jumped since the outbreak of the conflict.