1 week ago
Corn Hits Three-Year High as U.S. Crop Outlook Worsens
Corn prices rose to their highest level in about three years.
Analysts who visited U.S. farms said the crops looked worse than expected.
This made traders think that the United States may harvest less corn than the government predicted.
Wheat prices also increased because fighting has disrupted grain shipments from Russia and Ukraine.
Soybean prices fell slightly, but buyers still showed strong interest in U.S. soybeans.
Corn has risen about 12% this month.
Wheat has gained about 11%, while soybeans are up about 4%.
Investors were also watching other markets, including oil, currencies and Asian shares.
Chicago corn futures reached $5.20 a bushel, their highest level since August 2023.
Pro Farmer said U.S. 2026 corn production would fall well below government forecasts after its crop tour.
Corn futures were up about 12% this month, while wheat gained 11% and soybeans rose 4%.
Wheat prices climbed as Russian and Ukrainian attacks disrupted grain exports from Black Sea ports.
Soybeans declined 0.5%, though strong demand for U.S. exports helped support prices.
- Who
- Corn, wheat and soybean traders; U.S. crop analysts; and exporters in Russia and Ukraine.
- What
- Corn futures reached a three-year high as traders anticipated lower U.S. production, while wheat rose amid disrupted Black Sea exports.
- Where
- Chicago Board of Trade markets, with crop and export developments in the United States, France, Russia and Ukraine.
- When
- Monday, Aug. 24; monthly gains were measured through the report date.
- Why
- The Pro Farmer crop tour found weaker-than-expected U.S. crops, while attacks involving Russia and Ukraine curtailed grain exports.
Key facts
- Corn price
- $5.18-3/4 a bushel, up 2% at 0038 GMT after reaching $5.20.
- Corn price milestone
- The earlier $5.20 price was the highest since August 2023.
- Wheat price
- $7.07 a bushel, up 1.1%, and close to July's two-year high of $7.11-1/4.
- Soybean price
- $12.32-3/4 a bushel, down 0.5%.
- Monthly performance
- Corn was up roughly 12%, wheat 11% and soybeans 4% so far that month.
- U.S. production outlook
- Pro Farmer said 2026 corn production would fall well below government forecasts.
- Black Sea exports
- Russian and Ukrainian grain exports from the Azov and Black Sea basin were described as virtually halted.
Sources
Related news
Black Sea Tensions Send Wheat to Limit-Up, Corn Higher
Chicago grain futures weaken ahead of USDA crop report
Wheat Prices Reach Three-Year High as Black Sea Crisis Deepens
Chicago Wheat Falls as Turkey Revives Black Sea Grain Plan
Corn Futures Jump After USDA Cuts Yield More Than Expected
Wheat Hits Three-Year High as Russia Prepares to Escalate War
Putin Faces Western Isolation While Russia Builds Non-Western Ties
Russian strikes hit Kyiv for seventh consecutive day
Russia Vows Civil Aviation Safety Amid Ukraine Drone Warning
Germany Blames Russia for Leipzig Drone Attack, Europe Vows Response
Jaishankar to Visit Ukraine and Poland for Bilateral Talks