Argentina Corn Exports Soar as Ukraine Trade Disruptions Bite
Corn futures have been trading near their highest levels in three years, reaching above $5.1 per bushel due to tightening global supply caused by disruptions to Ukrainian exports.
The conflict has led buyers to turn to Argentina's supplies, with the country on track for record corn exports of around 10 million metric tons in August and September, more than triple its typical volume for the period.
This increase is supported by a record 71.7 million-ton harvest, according to recent data. The USDA's latest assessment showed that 56% of the US corn crop was rated good to excellent, down from 57% a week earlier.
Traders are now awaiting Friday's USDA supply-and-demand report for changes to US corn production, yields and ending stocks, which could provide further direction for prices.