Corn Slides to 8-Month Low

Corn futures sank below $4.17 per bushel, hitting their lowest level since October 2025, as favourable weather conditions and a lack of renewed Chinese demand for US supplies weighed on prices. US exporters have been disappointed that no sizeable new corn purchases from China have been reported so far, despite political signals in mid-May that suggested larger Chinese agricultural imports. This shortfall in expected Chinese buying removes an important potential demand boost just as global export availability is set to rise. US corn planting is nearly complete, at about 93% as of late May, with weather conditions remaining supportive for early vegetative growth. Forecasts for above-normal rainfall across much of the US Midwest over the next two weeks are expected to support germination and crop development for recently planted corn. Meanwhile, higher crude oil prices amid rising tensions in the Middle East have offered some support, given corn’s role in biofuel production.

Corn futures dropped to around $4.2 per bushel, hitting a four-month low as nearly complete US planting and improving weather conditions boosted crop development. Planting reached about 93% complete as of late May, ahead of the five-year average, with emergence also running above normal at 76%, signaling a crop that is both early and largely established. Warm early-June temperatures are expected to accelerate growth, while forecasts for additional rainfall in the drier western Corn Belt improved soil moisture and reinforced expectations for strong yield potential. USDA reported 67% of corn rated good-to-excellent in top producing states, slightly below expectations but still consistent with a broadly favorable supply outlook. Although crude oil prices remained elevated amid renewed Middle East tensions, typically supportive for grains through biofuel demand links, the influence was limited as favorable crop conditions and ample supply expectations remained dominant.

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.