Corn Prices Soar as US Crop Prospects Deteriorate

Corn futures have reached their highest level since July 2023 as concerns about US crop prospects and tightening global supplies continue to support prices.

The USDA cut its 2026 US corn yield forecast by 2.3 bushels per acre to 180.7, citing damage from extreme heat and excessive rainfall in parts of the Corn Belt.

Rising disease pressure following heavy August rainfall has further clouded the outlook for US crops.

Meanwhile, European corn production is also facing challenges due to prolonged heat and drought, with French crop conditions falling to just 28% good-to-excellent.

The USDA also raised its US corn export forecast by 75 million bushels to 3.3 billion, reflecting stronger global demand for the commodity.