Corn Rebounds from 3-Week Lows

Corn futures rose to around $4.6 per bushel, rebounding from three-week lows as rising fertilizer and energy costs driven by the intensifying Middle East conflict increased pressure on production. Oil prices climbed as the US and Iran continue to struggle toward a diplomatic resolution, while the Strait of Hormuz remains effectively closed. Higher input costs, including fertilizers, chemicals and diesel for irrigation, are squeezing margins and threatening yields for the nutrient-intensive crop. In response, farmers are expected to reduce corn acreage and shift to less input-heavy crops to manage costs. Meanwhile, the US finalized record Renewable Fuel Standard volumes for 2026–2027, maintaining a 15 billion gallon ethanol mandate and supporting steady corn demand from the biofuels sector. Faster-than-average US planting pace also limited price gains, with USDA crop progress data showing nationwide planting at 38% complete, ahead of five-year average.

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.