FX.co ★ Corn Pulls Back from 7-Week High

Corn futures slipped below $4.40 per bushel, pulling back from the seven-week high hit on July 15 as traders took profits following weak US export data and an improved weather outlook in the Midwest. The USDA reported old-crop corn export sales of 315,000 metric tons for the week ended July 9, well short of market expectations ranging from 500,000 to 1.1 million tons. New-crop sales came in at 311,200 tons, also near the lower bound of forecasts of 300,000 to 1.1 million tons.

At the same time, weather conditions across key US growing areas turned more favorable after a spell of intense heat, with forecasts calling for cooler temperatures and increased rainfall, bolstering yield prospects. Firmer crude oil prices lent additional support to corn, amid escalating tensions in the Middle East and a US naval blockade in the Strait of Hormuz, which raised broader energy market concerns.

Still, the downside in corn prices was limited by expectations of tighter US supplies, after the USDA trimmed its 2025/26 ending stocks projection in the July WASDE report.