FX.co ★ Corn Retreats from 1-Month Peak

Corn futures slipped to about $4.30 per bushel, retreating from a one‑month high hit on July 7 as traders took profits ahead of the USDA’s monthly WASDE report, even as crude oil prices surged. The pullback came despite increasingly bullish weather forecasts, with hotter and drier conditions expected to persist across parts of the US Midwest through late July, heightening concerns about pollination during the crop’s critical July 10–31 window. Weather worries also deepened in Europe, where France’s corn crop rating dropped to a 13‑year low of 58% good‑to‑excellent following a record heatwave. At the same time, crude oil prices spiked after the US renewed strikes on Iran in response to recent tanker attacks, helping to limit further downside in corn, as higher energy prices typically bolster demand for corn‑based ethanol. Markets now turn to Friday’s USDA WASDE report, which is widely expected to leave US corn production and yield projections largely unchanged, with 2026/27 ending stocks forecast at around 1.96 billion bushels.