Corn futures climbed more than 2% to a new one-month high of $4.30 per bushel, after an intense heat wave damaged crops in France, one of the European Union’s largest corn producers. FranceAgriMer reported worsening crop conditions, following preliminary estimates that extreme heat may have harmed nearly one-third of the country’s corn crop, reinforcing expectations of tighter global supplies.
Traders are also tracking hotter temperatures across parts of the US, where any further decline in crop conditions could exacerbate supply risks. The USDA estimated June 1 corn stocks at 5.295 billion bushels, below market expectations, and put planted acreage at 95.343 million acres, down from the prior year.
Markets are now closely watching US–China trade developments after both countries agreed to include agricultural products in a reciprocal tariff-reduction framework. The move has boosted optimism for future exports, as Chinese buyers typically begin booking new-crop supplies from August.
