Corn Hits 4-week High

Corn futures climbed to $4.62 per bushel, the highest in one month, supported by strong export demand and weather concerns in the US Midwest. Excess moisture across parts of the corn belt is complicating field conditions, even as early planting progresses. The USDA reported US corn planting at 25% complete, slightly ahead of expectations and above the five-year average, though upcoming Midwest storms could slow progress in some areas. Demand was also firm, with additional South Korean purchases reported. Prices gained further support from higher crude oil, as stalled efforts to end the Iran conflict and the effective closure of the Strait of Hormuz kept energy markets elevated, boosting biofuel-related demand for corn. In Europe, corn prices hit a six-week high as surging fertilizer costs linked to the conflict raise concerns over reduced planting. In France, the EU’s largest producer, acreage could fall by up to 15% as farmers cut input use or switch crops.

Corn increased to 461.50 USd/BU, the highest since March 2026. Over the past 4 weeks, Corn gained 1.16%, and in the last 12 months, it increased 0.12%.

Corn futures rose around $4.6 per bushel, hitting a four-week high amid persistent global supply risks tied to disruptions around the Strait of Hormuz. Ongoing constraints in the key shipping route have tightened global flows of nitrogen-based fertilizers such as ammonia and urea, lifting input costs early in the US planting season. As of mid April, US farmers needed about 154 bushels of corn to cover the per-ton cost of urea, one of the most stretched cost relationships in years for this stage of the season. This raised concerns that higher production expenses could influence farmer planting decisions, with potential shifts away from corn toward less fertilizer-intensive crops like soybeans. A USDA report showed US producers intend to plant 95.3 million acres of corn in 2026, down 3% from last year. Still, farmers typically stick to initial corn plans unless weather causes major disruption. As of April 19, corn was 11% planted, matching last year and above the five-year average of 9%.