Corn and Wheat Futures Soar on Black Sea Disruptions

Corn and wheat futures surged to multi-year highs on Wednesday as concerns over U.S. corn yields and Black Sea grain export disruptions persisted.

The most-traded corn contract on the Chicago Board of Trade rose 0.8% to $5.27-3/4 per bushel, its highest level since July 2023, surpassing Tuesday's three-year peak.

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

The corn rally followed a field tour that projected lower U.S. crop yields and the USDA's revised estimate of crop conditions last week.