Corn futures rose above $4.6 per bushel, hitting a fresh nine-week high, supported by tightening global supply expectations, elevated crude oil prices, and adverse weather.
Hot and dry conditions across parts of Europe and the Black Sea region continued to raise concerns over crop yields, while traders closely monitored weather across the US Corn Belt during the critical pollination stage.
Additionally, crude oil prices remained near $100 per barrel amid escalating tensions in the Middle East, improving the outlook for corn-based ethanol demand.
The market also remained underpinned by the USDA's latest WASDE report, which cut 2026/27 US ending stocks more than expected while raising export forecasts, pointing to a tighter domestic supply outlook.
Despite generally favorable US crop conditions, uncertainty over weather during the key yield-development period kept risk premiums elevated.