CBOT corn rises to highest in nearly two months as drought intensifies

On June 16, according to media reports, the Chicago Board of Trade (CBOT) corn futures market closed up on Thursday, with the benchmark period closing up about 2.60%, the highest level in nearly two months, due to the drought conditions in the Midwest deterioration.

The U.S. Drought Monitor reported that as of June 13, about 89 percent of the Midwest was exceptionally dry, the highest level since 2012.

International crude oil futures strengthened and the dollar fell, which also supported corn prices.

Corn is the main feedstock for U.S. ethanol production, so it sometimes tracks international crude oil.