Corn Prices Near Three-Year High as Weather Risks Mount

Corn futures have maintained their strength above $5.1 per bushel, nearing levels last seen in July 2023.

The current prices are supported by growing concerns over crop yields and quality due to extreme heat and heavy rainfall in major Chinese corn-growing regions.

The impact of these weather conditions has already been felt, with China importing a significant amount of corn from January to July - 1.36 million tons, representing a 61.3% year-on-year increase.

USDA's latest report also shows that the share of corn rated good-to-excellent fell by three percentage points to 57% for the week ending August 23.