Corn futures fell below $4.2 per bushel, pulling back from a two-week high as a stronger US dollar and weaker oil prices weighed on the recent rebound in grain markets. The dollar index climbed to a one-year high after the latest Federal Reserve policy meeting reinforced expectations of US interest rate hikes this year, making US commodities more expensive for foreign buyers. Crude oil prices also dropped to its lowest level since the start of the Iran conflict after an interim deal raised expectations of improved global supply flows and the reopening of the Strait of Hormuz. Agricultural goods often track oil prices due to their link to biofuel demand from grains and oilseeds. Attention now turns on upcoming USDA crop condition reports next week for signs of stress in the US Midwest corn belt. Recent heavy rainfalls have disrupted fieldwork, preventing timely fertilizer and crop treatments, raising concerns over potential yield impacts if wet conditions persist.

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