Corn Futures Stay at 3-Week Low

Corn futures held around $4.5 per bushel, trading near a three-week low as faster US planting progress outweighed production pressure from elevated global energy prices. Renewed clashes between the US and Iran in the Strait of Hormuz heightened concerns over prolonged energy supply disruptions, pushing global oil prices higher. Elevated input costs, including fertilizers, chemicals and diesel for irrigation, are squeezing margins and threatening yields for the nutrient-intensive crop. In response, farmers in key regions from the US to Europe are reducing corn acreage and shifting to less input-heavy crops to manage costs. However, faster-than-average US planting pace weighed on prices, with USDA crop progress report showing nationwide planting at 38% complete, ahead of the five-year average of 34%. Recent weather across the US Corn Belt has improved, with forecasts pointing to drier conditions that eased earlier concerns about planting delays following Midwest storms.

Corn futures fell around $4.5 per bushel, hitting a three-week low as declining oil prices weighed on biofuel-related demand, while faster US planting progress added pressure. Reports that the US and Iran were closing in on an agreement to end the war sent oil prices plunging, which reduced the biofuel-related support that had helped lift prices in recent sessions. A faster-than-average US planting pace weighed on prices as well, with USDA crop progress report showing nationwide planting at 38% complete, ahead of the five-year average of 34%. Recent weather across the US Corn Belt has improved, with forecasts pointing to drier conditions that are easing earlier concerns about planting delays following Midwest storms. However, some regions continue to see uneven soil moisture. Export demand remained relatively steady, with USDA reporting net export sales of old-crop US corn in the week ended April 23 at 1,597,800 tons, in line with expectations for 1,000,000 to 1,900,000 tons.

Corn futures fell to around $4.6 per bushel, but remained near one-year highs, as elevated fertilizer and energy costs driven by the prolonged Middle East conflict increased pressure on production. Oil prices remained sharply high despite signs of de-escalation in the conflict, as the Strait of Hormuz remained disrupted due to a US blockade. Higher input costs, including fertilizers, chemicals and diesel for irrigation, are squeezing margins and threatening yields for the nutrient-intensive crop. In response, farmers in key regions from the US to Europe are reducing corn acreage and shifting to less input-heavy crops to manage costs. Prices were also supported by strong export demand, including fresh South Korean purchases, and wet conditions across parts of the US corn belt. The USDA reported US corn planting at 25% complete, ahead of expectations and above the five-year average, though upcoming Midwest storms could slow progress in some areas.