Corn futures held around $4.5 per bushel, trading near a three-week low as faster US planting progress outweighed production pressure from elevated global energy prices.

Renewed clashes between the US and Iran in the Strait of Hormuz heightened concerns over prolonged energy supply disruptions, pushing global oil prices higher.

Elevated input costs, including fertilizers, chemicals and diesel for irrigation, are squeezing margins and threatening yields for the nutrient-intensive crop.

In response, farmers in key regions from the US to Europe are reducing corn acreage and shifting to less input-heavy crops to manage costs.

However, faster-than-average US planting pace weighed on prices, with USDA crop progress report showing nationwide planting at 38% complete, ahead of the five-year average of 34%.

Recent weather across the US Corn Belt has improved, with forecasts pointing to drier conditions that eased earlier concerns about planting delays following Midwest storms.
Source: Trading Economics