Corn futures climbed to about $4.40 per bushel, attempting to rebound from a four-week low as rising crude oil prices strengthened demand for biofuel feedstocks. Oil markets gained after reports of renewed attacks in the Strait of Hormuz and continued uncertainty surrounding efforts to reopen the critical shipping lane. Agricultural commodities often move in tandem with energy prices because of the increasing use of crop-based inputs in biofuel production.
Upside in corn, however, remained limited by expectations of ample supply. Brokerage StoneX forecast the 2026 US corn harvest at 16.16 billion bushels, reinforcing a bearish outlook. The USDA also cut its good-to-excellent rating for the US corn crop for the third week in a row, but the gradual deterioration was not enough to counter the prevailing expectation of plentiful supplies.
Traders continued to track the Russia-Ukraine conflict and its implications for Black Sea grain exports. Nonetheless, forecasts for another large harvest from the region persisted, adding further pressure on prices.
