Corn Hits 4-week High

Corn futures dropped to around $4.4 per bushel, hitting a fresh seven-week low, as favorable weather conditions across the US Midwest strengthened expectations for a large harvest. Improved planting conditions, aided by drier weather in key growing regions and rainfall in the Plains that eased drought concerns, reinforced confidence in crop development. Prices were further weighed down by expectations that up to 70% of the US corn crop could be rated in good-to-excellent condition. Additional pressure came from ample global supplies and strong harvest expectations in South America, while large old-crop inventories in the US continued to cloud the demand outlook. Although crude oil prices advanced amid renewed Middle East tensions, which typically supports grain markets through biofuel demand links, the bearish influence of favorable crop conditions and abundant supply remained dominant. Technical selling also accelerated losses after prices failed to break above key resistance levels.

Corn futures held below $4.5 per bushel, trading near a seven-week low as uncertainty over global trade and geopolitical developments weighed on prices. A potential US–Iran ceasefire deal that could reopen the Strait of Hormuz and restore flows of fuel and fertilizers critical for crop production is seen as supportive for agricultural supply, potentially boosting global grain output. However, the talks showed little progress and tensions in the Middle East stayed elevated, pushing crude oil prices higher. Elsewhere, doubts over a US–China trade agreement added pressure. While the US administration said China had agreed to purchase at least $17 billion in US agricultural goods annually through 2028 following Trump–Xi talks in Beijing, China’s Commerce Ministry described the arrangement only as a “guiding target” to expand trade, without confirming the figure. USDA data indicates that a recovery in Chinese corn imports would mark a notable shift after nearly two years of subdued buying.

Corn decreased to 446.75 USd/BU, the lowest since April 2026. Over the past 4 weeks, Corn lost 3.84%, and in the last 12 months, it increased 0.66%.