Corn futures are correlated to oil prices, as corn is used to produce ethanol. Oil prices hit an 11-month low due to weak demand and ample supply. WTI Crude Oil settled at $55.69 on Tuesday, its lowest closing price since Nov. 16, 2017. The oil market rose during the summer on fears that the U.S. would impose sanctions on Iran (which it did on Nov. 5), reducing total supply by 800,000 barrels a day. However, the U.S. administration has allowed eight countries to continue importing Iranian oil for the next six months. Furthermore, OPEC as well the International Energy Agency forecast oil consumption to drop on slowing economic growth, due to trade tensions and rising interest rates.
WTI crude oil futures
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