Corn and Wheat Futures Hit Multi-Year Highs Amid US Yield Concerns

Corn and wheat futures have reached multi-year highs due to concerns over US corn yields and disruptions in Black Sea grain exports.

The most-traded corn contract on the Chicago Board of Trade rose by 0.8% to $5.27-3/4 per bushel, its highest level since July 2023.

CBOT wheat increased by 1.5% to $713-1/2 per bushel after reaching $7.18, surpassing Monday's two-year high.

The corn rally followed a widely watched Midwest field tour that projected this year's US crop below the USDA's current forecast.

Argus analysts noted that corn prices were driven by deteriorating crop conditions and lower yields, but pointed to Argentina's large planted area as potential supply relief.