Corn closes higher as oil prices continue recovery

Corn futures rose on Monday, amid a recovery in oil prices, as bio-fuel refineries raise demand for agricultural crops to produce ethanol.

This came despite the US Department of Agriculture's previous report of more-than-expected corn and soybean crops in the US during this season.

The USDA reported that US farmers have around 80% of the corn crop, beating its earlier forecasts for a 5-year average of 71%, but it is below expectations at 81%.

US farmers in Iowa grew about 96% of the target, with 83% in Illinois, Indiana at 72%, and Nebraska with 91%.

Oil prices were lifted today as many countries around the world started to gradually reopen their economies to ease the coronavirus damage, which boosts demand for commodities. 

Corn July futures rose 0.5% to close at $3.20 a bushel, after hitting a high of $3.22 and a low of $3.18.