Corn Hits Over 7-Week High

Corn futures rose to around $4.5 per bushel, hitting more than a seven-week high as crude oil prices jumped after hostilities in the Middle East intensified. Brent crude rose above $90 a barrel after Iran targeted vessels in the Strait of Hormuz over the weekend, while the US carried out a ninth consecutive night of strikes, boosting the outlook for biofuel demand. Meanwhile, the USDA reported old-crop US corn export sales of 315,000 metric tons for the week ended July 9, well below market expectations of 500,000 to 1.1 million tons, while new-crop sales totaled 311,200 tons, near the lower end of forecasts of 300,000 to 1.1 million tons. Traders now await the USDA’s weekly Crop Progress report later Monday for updated US corn crop condition ratings following extreme heat across key growing regions. Forecasts point to cooler temperatures and increased rainfall across key growing regions, boosting production prospects.