Corn and Wheat Futures Reach Multi-Year Highs on Disrupted Supply

Corn and wheat futures have reached multi-year highs as concerns over US corn yields and Black Sea grain export disruptions continue to create uncertainty about global supply.

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

The CBOT wheat increased 1.5% to $713-1/2 per bushel after reaching $7.18, its highest point since May 2024, surpassing Monday's two-year high.

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