Corn futures rose to $4.62 per bushel, a one-month high, driven by robust export demand and mounting weather concerns in the US Midwest. Excessive moisture in parts of the Corn Belt is complicating fieldwork, even as early planting moves ahead. According to the USDA, US corn planting is 25% complete, slightly above market expectations and the five-year average, though approaching storms in the Midwest could slow progress in some regions.
Demand remains solid, supported by additional purchases from South Korea. Prices also drew strength from higher crude oil, as stalled efforts to resolve the Iran conflict and the effective closure of the Strait of Hormuz kept energy markets firm, bolstering biofuel-related demand for corn.
In Europe, corn prices reached a six-week high amid concerns that surging fertilizer costs tied to the conflict will curb planting. In France, the EU’s largest corn producer, planted area could decline by as much as 15% as farmers reduce input use or shift to alternative crops.
