Corn and Wheat Futures Hit Multi-Year Highs Amid Export Disruptions

Corn and wheat futures have reached multi-year highs on the Chicago Board of Trade (CBOT) amid concerns over US corn yields and disruptions to Black Sea grain exports.

The most-traded corn contract rose by 0.8% to $5.27-3/4 per bushel, its highest level since July 2023, while CBOT wheat increased by 1.5% to $713-1/2 per bushel after reaching a high of $7.18, surpassing Monday's two-year high.

The rally in corn prices was driven by the recent Midwest field tour which projected lower US crop yields than previously estimated, while grain loadings at Russian and Ukrainian Black Sea ports have largely come to a halt due to ongoing attacks, raising doubts about flows of Ukrainian corn and Russian wheat.