Corn Prices Plummet Amid Drought Worries

Corn futures are struggling to rebound after hitting a four-week low on August 5. The price has fallen below $4.4 per bushel, according to recent data.

The US Department of Agriculture (USDA) reported that 28% of the country's corn crop is affected by drought, although some relief came in the form of rain and milder temperatures in July.

Ukraine, a major corn producer, has cut its grain export forecast by up to 12% due to Russian attacks on the Odessa port hub. This could lead to an 11 million-ton grain storage shortfall, according to Ukraine's agriculture ministry.