19.06.202602:36:53UTC+00Corn Retreats From 2-Week High

Corn futures slipped below $4.20 per bushel, retreating from a two-week high as a stronger US dollar and weaker crude oil prices pressured the recent rebound in grain markets. The US dollar index rose to a one-year peak after the latest Federal Reserve policy meeting reinforced expectations of further interest rate hikes this year, making US commodities more expensive for overseas buyers. At the same time, crude oil prices fell to their lowest level since the start of the Iran conflict, following an interim agreement that boosted expectations of improved global supply flows and the reopening of the Strait of Hormuz. Agricultural commodities often move in tandem with oil because of their connection to biofuel demand for grains and oilseeds.

Market focus is now shifting to next week’s USDA crop condition reports for signs of stress across the US Midwest corn belt. Recent heavy rains have disrupted fieldwork, delaying fertilizer applications and crop treatments, and heightening concerns about potential yield losses if the wet conditions continue.