Corn Futures Hit Highest Level Since July 2023 on Disruptions and Yield Expectations

Corn futures on the Chicago Board of Trade rose by 3 to 5 cents per bushel on Wednesday, with contracts reaching new highs across the board.

The December corn contract climbed to $5.30 per bushel, marking the highest level on a continuous chart of the most-active corn contract since July 2023.

The gains came as traders lowered their expectations for yields and were also supported by disruptions in Black Sea grain exports. The U.S. Department of Agriculture reported that weekly crop condition ratings fell more than anticipated, adding further upward pressure on prices.