Corn Pressured at Multi-Month Lows

Corn futures held around $4.1 per bushel, struggling to sustain their rebound from eight-month lows as weaker crude oil prices and a firmer US dollar continued to weigh on prices, while hot US weather raised crop concerns. The National Weather Service forecast temperatures nearing 100 degrees Fahrenheit this weekend, extending as far north as the upper Midwest and as far east as the Carolinas. These elevated temperatures are expected to stretch from the Plains to the Atlantic Coast through July 4. Elsewhere, Brazil raised its estimate for the country’s 2025/26 second corn crop by 3.4%, although the forecast remained below the previous season’s record harvest after adverse weather limited potential. Meanwhile, lower crude oil prices continued to pressure corn as improved shipping through the Strait of Hormuz boosted expectations of stronger global oil supply. A stronger US dollar also weighed amid mounting bets on US rate hikes this year, making US supplies less competitive overseas.