Citi Raises Corn, Soybean, Wheat Price Targets on El Niño Risks

Citi analysts are predicting a surge in corn, soybean, and wheat prices due to the increasing likelihood of a strong El Niño event. According to NOAA, there is a 90% probability of a very strong El Niño during October-December 2026.

The bank has raised its price targets for these commodities, with corn expected to reach $5.40 per bushel in three months and $5.90 per bushel in 12 months. Soybean prices are forecasted to hit $12.75 per bushel in three months and $13.25 per bushel in 12 months.

Citi attributes the potential price increase to a combination of factors, including lower yield estimates due to weather and El Niño, strong export demand, Black Sea disruptions, fertilizer and energy prices, and biofuel demand globally.