Corn and Wheat Prices Hit Highest Levels in Over Three Years Amid Disruptions and Supply Concerns

Corn and wheat prices have surged to their highest levels in more than three years. The forces driving recent rallies for these two crops are notably different.

The price of wheat futures settled 3.1% higher at 784 cents per bushel on Friday after hitting a high of 790.25 cents, the highest since February 14, 2023. Wheat jumped 12.1% this week, its biggest weekly gain since March 2022.

Corn futures settled 0.6% higher at 536.5 cents per bushel Friday after hitting a high of 541.25 cents, the highest level since July 28, 2023. Corn gained 5.5% for the week and is up 15.6% in August.

The rally in corn prices is largely driven by mounting concerns around the supply of the U.S. crop and a weak outlook. Disruptions to Ukrainian exports continue to add pressure to global supplies.