Corn and Wheat Futures Soar on US Crop Yields and Black Sea Export Worries
Chicago corn and wheat futures surged to fresh multi-year highs on Wednesday as concerns over US crop yields and Black Sea export disruptions continued to weigh on global markets.
The most-traded corn contract on the Chicago Board of Trade (CBOT) rose 0.8% to $5.27-3/4 a bushel, reaching its highest since July 2023 and surpassing a prior three-year peak from Tuesday.
CBOT wheat prices climbed 1.5% to $713-1/2 a bushel, eclipsing its previous two-year high from Monday and reaching its highest since May 2024.
The rally in corn was fueled by the results of a widely followed Midwest field tour last week, which projected this year's US crop well below the USDA's current forecast.
Analysts at Argus noted that corn prices are driven by the new deterioration in crop conditions and the prospect of decreased yields, while a large planted area expected in Argentina could provide some supply relief.