Corn futures climbed above $4.50 per bushel, reaching a three-week high, as global supply risks linked to disruptions around the Strait of Hormuz continued. Ongoing constraints along this critical shipping corridor have tightened international supplies of nitrogen-based fertilizers such as ammonia and urea, pushing up input costs early in the US planting season.
As of last week, US farmers needed roughly 154 bushels of corn to cover the per-ton cost of urea—one of the most stretched cost ratios seen at this point in the season in years. This has raised concerns that rising production costs could influence planting decisions, prompting some growers to shift acreage away from corn toward less fertilizer-intensive crops such as soybeans.
According to a USDA report, US producers plan to plant 95.3 million acres of corn in 2026, a 3% decline from last year. Historically, however, farmers tend to adhere to their initial corn acreage intentions unless weather conditions cause major disruptions. As of April 19, 11% of the US corn crop had been planted, in line with last year and ahead of the five-year average of 9%.
