Commodities
Corn Prices Soar to Three-Year High Amid Production Worries
Corn futures surged to a three-year high on Monday after a tour of major US farm regions revealed crops were in worse condition than expected.
The most-traded corn contract on the Chicago Board of Trade (CBOT) rose by 2.5% to $5.21 per bushel, reaching its highest price since August 2023.
This increase marks a 12% gain for corn prices so far this month, with traders citing concerns over lower US production and potential impacts from an El Niño weather event in Brazil.
Nick Carracher, head of Australian consultancy Lachstock, noted 'underlying fundamental support' driving the price surge, pointing to reduced crop ratings for French grain maize and ongoing export disruptions from Ukraine and Russia.