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Corn futures fell around $4.5 per bushel, hitting a three-week low as declining oil prices weighed on biofuel-related demand, while faster US planting progress added pressure. Reports that the US and Iran were closing in on an agreement to end the war sent oil prices plunging, which reduced the biofuel-related support that had helped lift prices in recent sessions.
A faster-than-average US planting pace weighed on prices as well, with USDA crop progress report showing nationwide planting at 38% complete, ahead of the five-year average of 34%. Recent weather across the US Corn Belt has improved, with forecasts pointing to drier conditions that are easing earlier concerns about planting delays following Midwest storms. However, some regions continue to see uneven soil moisture. Export demand remained relatively steady, with USDA reporting net export sales of old-crop US corn in the week ended April 23 at 1,597,800 tons, in line with expectations for 1,000,000 to 1,900,000 tons.
