Corn Extends Decline to 9-Month Low

Corn futures fell further below $4.1 per bushel, hitting their lowest level since early September 2025, as weaker crude oil prices and favourable US crop weather weighed on prices. Ample rainfall and moderate temperatures across the US Midwest continued to pressure the market by supporting strong crop conditions. However, traders warned that excessive moisture could start to hinder crop development. Meanwhile, progress in ongoing US-Iran peace talks has improved shipping activity through the Strait of Hormuz, fueling expectations of a faster recovery in global supply and pushing crude oil prices lower. Corn prices often track crude oil due to its use as feedstock for biofuel. The US dollar also remained firm, making US commodities more expensive for foreign buyers. Strong export demand lent some support, with the USDA confirming private sales of 100,000 metric tons to Mexico, including 30,000 tons for delivery in the 2025/26 marketing year and 70,000 tons for 2026/27 delivery.