Corn futures sank below $4.17 per bushel, hitting their lowest level since October 2025, as favourable weather conditions and a lack of renewed Chinese demand for US supplies weighed on prices. US exporters have been disappointed that no sizeable new corn purchases from China have been reported so far, despite political signals in mid-May that suggested larger Chinese agricultural imports. This shortfall in expected Chinese buying removes an important potential demand boost just as global export availability is set to rise. US corn planting is nearly complete, at about 93% as of late May, with weather conditions remaining supportive for early vegetative growth. Forecasts for above-normal rainfall across much of the US Midwest over the next two weeks are expected to support germination and crop development for recently planted corn. Meanwhile, higher crude oil prices amid rising tensions in the Middle East have offered some support, given corn’s role in biofuel production.

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