Corn Futures Soar to Three-Year High Amid Subpar Crop Conditions

Chicago corn futures surged to a three-year high on Monday after a tour of U.S. farm regions found that crops were in worse condition than expected.

The most-traded corn contract on the Chicago Board of Trade (CBOT) was up 2% at $5.18-3/4 a bushel, reaching as high as $5.20 - its highest since August 2023.

Wheat futures also rose by 1.1% to $7.07 a bushel and were close to the two-year high of $7.11-1/4 set in July.

Soybeans, however, fell by 0.5% to $12.32-3/4 a bushel due to strong export demand for U.S beans.