Corn futures fell below $4.10 per bushel, hovering near eight‑month lows, as traders adjusted positions ahead of this week’s USDA acreage and quarterly stocks report, even as hot US weather heightened concerns about crop conditions. Forecasts call for hotter‑than‑normal temperatures from the Plains to the Atlantic Coast through July 4, while increasingly dry conditions across southern growing regions and a heat dome expected next week are stoking worries over potential yield losses.
Market participants are closely awaiting Tuesday’s USDA updates for fresh supply signals, with corn plantings projected to slip to around 94.9 million acres. Even at that level, sowings would still represent the fourth‑largest planted area in the United States since 1960.
In the broader macro backdrop, traders also monitored geopolitical developments and whether the ceasefire between the United States and Iran would hold. Oil prices firmed after both sides exchanged attacks near the Strait of Hormuz, though each has agreed to halt further strikes ahead of peace talks scheduled to resume later this week.
