FX.co ★ Corn Extends Decline to 3-Month Low

Corn futures slipped below $4.40 per bushel, extending their decline to a three-month low as near-complete US planting and improving weather accelerated crop development. By late May, planting was roughly 93% finished, running ahead of the five-year average, while emergence reached 76%, also above normal. This points to a crop that is both early and well established. Warm early-June temperatures are expected to further spur growth, and forecasts for additional rainfall in the drier western Corn Belt have improved soil moisture, reinforcing expectations for strong yield potential. The USDA rated 67% of the corn crop in top-producing states as good to excellent—slightly below market expectations but still aligned with an overall favorable supply outlook. Elevated crude oil prices, supported by renewed tensions in the Middle East and typically bullish for grains via biofuel demand, offered only limited support as robust crop conditions and expectations of ample supplies remained the dominant market drivers.