Corn Pressured at Multi-Month Lows

Corn futures held around $4.1 per bushel, struggling to sustain their rebound from eight-month lows as weaker crude oil prices and a firmer US dollar continued to weigh on prices, while hot US weather raised crop concerns. The National Weather Service forecast temperatures nearing 100 degrees Fahrenheit this weekend, extending as far north as the upper Midwest and as far east as the Carolinas. These elevated temperatures are expected to stretch from the Plains to the Atlantic Coast through July 4. Elsewhere, Brazil raised its estimate for the country’s 2025/26 second corn crop by 3.4%, although the forecast remained below the previous season’s record harvest after adverse weather limited potential. Meanwhile, lower crude oil prices continued to pressure corn as improved shipping through the Strait of Hormuz boosted expectations of stronger global oil supply. A stronger US dollar also weighed amid mounting bets on US rate hikes this year, making US supplies less competitive overseas.

Corn futures fell further below $4.1 per bushel, hitting their lowest level since early September 2025, as weaker crude oil prices and favourable US crop weather weighed on prices. Ample rainfall and moderate temperatures across the US Midwest continued to pressure the market by supporting strong crop conditions. However, traders warned that excessive moisture could start to hinder crop development. Meanwhile, progress in ongoing US-Iran peace talks has improved shipping activity through the Strait of Hormuz, fueling expectations of a faster recovery in global supply and pushing crude oil prices lower. Corn prices often track crude oil due to its use as feedstock for biofuel. The US dollar also remained firm, making US commodities more expensive for foreign buyers. Strong export demand lent some support, with the USDA confirming private sales of 100,000 metric tons to Mexico, including 30,000 tons for delivery in the 2025/26 marketing year and 70,000 tons for 2026/27 delivery.

Corn futures held below $4.2 per bushel, trading near their lowest level since early October 2025, pressured by a stronger US dollar and falling crude oil prices. The dollar index climbed to a one-year high after the latest Federal Reserve policy meeting reinforced expectations of US interest rate hikes this year, making US commodities more expensive for foreign buyers. Elsewhere, progress in ongoing US-Iran peace negotiations improved shipping activity through the Strait of Hormuz, fueling expectations of a faster recovery in global supply and pushing crude oil prices lower. Corns often track crude oil due to its use as feedstock for biofuel. Meanwhile, the USDA' weekly crop progress report showed ratings for US corn unchanged from last week at 68% good-to-excellent. Abundant rainfall and moderate temperatures in the US Midwest have supported germination this month, though excess wet conditions are beginning to disrupt fieldwork, delaying fertilizer applications and crop treatments.