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Corn futures rose above $4.4 per bushel, attempting to rebound from a five-week low reached on April 13, as global supply risks linked to disruptions around the Strait of Hormuz persisted. Ongoing constraints in the key Gulf shipping route have tightened global flows of nitrogen-based fertilizers such as ammonia and urea, increasing input costs ahead of the US planting season. This is raising concerns that higher production expenses could influence farmer planting decisions, with potential shifts away from corn toward less fertilizer-intensive crops like soybeans. However, the broader supply backdrop remains heavy. The USDA left US corn ending stocks unchanged at 2.127 billion bushels, remaining at a seven-year high, while global inventories rose to 294.81 million metric tons, above expectations. On the demand side, export flows remain steady, while ethanol demand, supported by higher crude oil prices, continues to provide a consistent source of corn consumption.
