Corn futures traded below $4.1 per bushel, hovering near eight-month lows as markets adjusted positions ahead of USDA’s acreage and quarterly inventory report this week, while hot US weather raised crop concerns. Hotter-than-normal temperatures are forecasted from the Plains to the Atlantic Coast through July 4, while drier conditions across southern growing areas and a heat dome expected next week could further raise crop concerns and threaten yield prospects. Meanwhile, traders are closely watching USDA reports for fresh supply signals due on Tuesday, with corn plantings expected to decline to around 94.9 million acres. However, that would still mark the fourth-largest planted area in the US since 1960. Elsewhere, markets also watched whether the ceasefire between the US and Iran would hold. Oil prices rose after both sides exchanged attacks around the Strait of Hormuz. Although, both agreed to halt further strikes ahead of peace talks set to resume later this week.

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