Corn futures declined to around $4.40 per bushel, hitting a new four-week low as easing concerns over fertilizer availability and improving trade prospects pressured prices. A two-week ceasefire in the Middle East has helped reduce fears of prolonged supply disruptions, following weeks of restricted traffic through the Strait of Hormuz that had hindered fuel and fertilizer shipments essential for agricultural production.
The sharp drop in crude oil prices also weighed on corn, which is closely tied to energy markets through ethanol demand. Since the onset of the Iran conflict, higher energy costs have been a major concern for farmers, prompting them to reassess planting plans and potentially cut back on input use—raising the risk of lower yields in the future.
The USDA reported that U.S. growers intend to reduce corn acreage to about 95.3 million acres in 2026, down from nearly 99 million acres last year, as persistently high fertilizer costs make corn less competitive than soybeans.
