Corn futures fell below $4.17 per bushel, their lowest level since October 2025, pressured by favourable US growing conditions and the absence of renewed Chinese demand for American supplies. US exporters have so far seen no sizeable new corn purchases from China, despite political signals in mid-May that had pointed to increased Chinese imports of US agricultural products. This shortfall in anticipated Chinese buying removes a key potential source of additional demand just as global export availability is poised to increase.
US corn planting is now nearly finished, reaching roughly 93% by late May, and weather conditions remain supportive for early vegetative growth. Forecasts calling for above-normal rainfall across much of the US Midwest over the next two weeks are expected to bolster germination and crop development for recently sown fields. At the same time, higher crude oil prices, driven by escalating tensions in the Middle East, have provided some offsetting support to corn, reflecting its significant role in biofuel production.
