Corn Prices Surge to Near Three-Year High on Strong Export Demand
Corn prices have reached their highest level in nearly three years, exceeding $5.4 per bushel. This surge is largely attributed to robust US export demand, dwindling global supplies, and expectations for increased agricultural trade with China.
The latest data from the USDA reveals a significant shortfall between world corn production and consumption, projected at nearly 30 million tonnes in 2026/27, the largest deficit in over three decades. This imbalance has fueled concerns about potential supply chain disruptions and price volatility.
US export inspections have also seen a notable jump of 40% year-on-year to 1.94 million tonnes in the week ended September 17, outperforming market expectations and further solidifying the upward trend in shipments for this year.