Corn Futures Soar to 3-Month High on Global Supply Concerns

Corn futures have reached their highest level since May 18, exceeding $4.70 per bushel as concerns over global corn supplies intensify.

The latest rally is driven by disappointing crop-tour results from Pro Farmer, which reported lower yields in Western Iowa and Illinois, the US's two largest corn-producing states.

This follows weaker-than-expected yield estimates from four other key Midwestern states surveyed earlier in the week. These results trail both last year's levels and the tour's three-year average.

The impact of severe storms, extreme heat, and ongoing attacks in the Black Sea region has disrupted grain shipments from Ukraine, further fueling global supply concerns.