Corn Nears 8-Week Top

Corn futures rose above $4.5 per bushel, approaching an eight-week high as higher crude oil prices outweighed better-than-expected US crop conditions. US-Iran fighting continued near the Strait of Hormuz, while Houthi militants in Yemen threatened shipping in the Red Sea, disrupting traffic through two of the world’s most critical energy chokepoints. Supply concerns also spread to the Black Sea after attacks targeted the Caspian Pipeline Consortium, a key export route for Kazakhstan’s crude. Higher oil prices boosted demand expectations for corn used in biofuel production. Meanwhile, the USDA rated 67% of US corn crops in good-to-excellent condition, down one percentage point from the previous week but above market expectations of 66%. The rating followed extreme heat across key growing regions, though forecasts for cooler temperatures and increased rainfall improved the production outlook.




