Corn and Wheat Futures Soar to Multi-Year Highs Amid U.S. Yield Concerns

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

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 after touching $5.30 earlier in the day.

CBOT wheat increased 1.5% to $713-1/2 per bushel, surpassing Monday's two-year high of $7.18, while soybean prices held steady as gains from corn were offset by a decline in soybeans.

The rally followed results from a Midwest field tour last week that projected this year's U.S. corn crop to be below the USDA's current forecast, and Monday's estimate that U.S. corn crop conditions fell more sharply than expected.