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Corn futures fell to around $4.4 per bushel, easing from multi-week highs as weaker crude oil prices weighed on sentiment across agricultural markets. Oil prices plunged amid rising optimism over a potential US-Iran deal that could reopen the Strait of Hormuz, reducing support for biofuel-linked crops. Agricultural commodity prices are often influenced by energy markets due to the growing use of crop-based feedstocks in biofuel production. Additional pressure came from expectations of abundant supplies, with brokerage StoneX projecting the 2026 US corn harvest at 16.16 billion bushels. The USDA also lowered its good-to-excellent rating for the US corn crop for a third consecutive week, though the deterioration did little to offset the market’s bearish supply outlook. Meanwhile, traders continued to monitor the Russia-Ukraine conflict and its impact on Black Sea grain exports, although expectations for another large harvest from the region continued to weigh on prices.
