Corn futures held above $4.3 per bushel, moving near one-month highs, supported by higher crude oil prices and improved US crop conditions.
The USDA confirmed 68% of the nation’s corn crop was in good or excellent shape, up from 67% a week earlier, as the risk of hot and dry weather loomed.
Hot and mostly dry weather was forecast for the western half of the US Midwest crop belt this week and potentially extending into next week, threatening crop yield potential.
Additionally, the agency reported export inspections of US corn in the latest week at 1,539,718 tons, towards the high end of trade expectations for 1,100,000 to 1,600,000 tons.
Overseas, persistent heat and drought also reduced yield prospects in France, with the USDA forecasting the country's smallest corn harvest in more than 30 years.
Meanwhile, crude oil prices continued to rise after US President Donald Trump reimposed a naval blockade on all Iranian ports and Tehran launched strikes on US infrastructure in the region.