Corn Futures Firm as Supply Risks Persist in Black Sea Region
Corn futures have remained firm around $5.3 per bushel, their highest level since mid-2023, due to ongoing supply risks in the Black Sea region.
The September USDA report lowered US corn yield forecast to 178.5 bushels per acre and reduced production to 15.8 billion bushels from previous estimates.
This reflects concerns over hot summer weather affecting crop conditions in the US, as well as continued Russian attacks on Ukrainian ports disrupting grain flows.
Ukraine is rerouting exports through the Danube, while Argentina captures additional demand with record corn exports expected to reach 10 million metric tons in August-September.