Corn futures dropped further below $4.1 per bushel, reaching their lowest level since early September 2025, after a tentative US-Iran peace agreement triggered a sharp decline in oil prices. Oil prices fell after US President Donald Trump and Iran’s deputy foreign minister said a deal had been reached to halt hostilities and resume traffic through the Strait of Hormuz. Agricultural goods often track crude oil prices due to their link to biofuel demand from grains and oilseeds. Favourable US crop weather and higher South American production forecasts added further pressure on prices. Last week, the USDA raised its forecasts for corn output in Argentina and Brazil, projecting 61 million metric tons and 138 million tons respectively. The USDA also lifted its estimate for global corn inventories at the end of 2026/27 to above trade expectations. Weak Chinese demand for US agricultural exports has further weighed on sentiment despite earlier expectations of large-scale purchases.

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