Corn futures fell to around $4.3 per bushel, pulling back from a one-month high reached on July 7 as traders took profits ahead of USDA’s WASDE monthly report, despite surging crude oil prices. The retreat came despite increasingly bullish weather forecasts, with hotter and drier conditions expected to persist across parts of the US Midwest through late July, raising concerns over pollination during the crop’s critical July 10–31 window. Weather concerns also intensified in Europe, where France’s corn crop rating plunged to a 13-year low of 58% good-to-excellent following a record heatwave. Elsewhere, crude oil prices jumped after the US renewed strikes on Iran in retaliation for recent tanker attacks, limiting corn’s downside as higher energy prices tend to support corn-based ethanol demand. Markets now await Friday’s USDA WASDE report, which is expected to leave US corn production and yield forecasts largely unchanged, with 2026/27 ending stocks seen at around 1.96 billion bushels.

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