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Corn futures rose above $4.5 per bushel, hitting a three-week high as global supply risks tied to disruptions around the Strait of Hormuz persisted. Ongoing constraints in the key shipping route have tightened global flows of nitrogen-based fertilizers such as ammonia and urea, lifting input costs early in the US planting season. As of last week, US farmers needed about 154 bushels of corn to cover the per-ton cost of urea, one of the most stretched cost relationships in years for this stage of the season. This raised concerns that higher production expenses could influence farmer planting decisions, with potential shifts away from corn toward less fertilizer-intensive crops like soybeans. A USDA report showed US producers intend to plant 95.3 million acres of corn in 2026, down 3% from last year. Still, farmers typically stick to initial corn plans unless weather causes major disruption. As of April 19, corn was 11% planted, matching last year and above the five-year average of 9%.
