Corn futures climbed to around $4.50 per bushel, edging back toward multi-week highs as escalating concerns over crop losses in Europe and parts of China outweighed expectations for another robust US harvest. Persistent heatwaves and prolonged dry conditions across Western Europe—particularly in France—have severely stressed corn fields, triggering downward revisions to yield forecasts and intensifying fears of tighter global supplies. In China, hot and dry weather across several key agricultural regions is further clouding the outlook for global feed grain production.
However, upside momentum has been limited by generally favorable crop prospects in the United States. Forecasts continue to point to timely rainfall across much of the Midwest following brief bouts of heat, reinforcing expectations for a sizable harvest. Market participants are also closely tracking upcoming USDA crop condition reports for indications that the recent warmer weather may be starting to erode yield potential.