Corn Futures Rise on USDA Data

Corn futures rose above $4.1 per bushel, climbing off from a nearly nine-month low reached on June 29 after the USDA projected tighter stockpiles and acreage. In its quarterly report, the USDA estimated June 1 corn stocks at 5.295 billion bushels, below analysts’ expectations, while its annual acreage report pegged planted area at 95.343 million acres, above trade forecasts but down from 2025 and still the fourth largest since 1944. Additionally, markets continued to monitor hot weather across the US Midwest, which is expected to stress corn crops before easing later this week. Meanwhile, the dollar continued to rise as strong US economic data reinforced expectations that the Federal Reserve will raise interest rates this year, making commodities more expensive for foreign buyers. Elsewhere, investors also awaited updates from the ongoing US-Iran peace talks in Qatar amid hopes for a lasting ceasefire agreement.