Grains Surge: Corn Hits Three-Year High, Soybeans and Wheat Follow

Corn futures reached a three-year high of $5.36 1/2 per contract in December, while soybeans and wheat also hit new highs.

The European Commission reduced its forecast for corn production in the EU by 1.8 MMT to 50.1 MMT, a new low since 2007.

Warming weather is expected in the US Midwest, but dryness will persist in other areas, including China where high temperatures and excessive rain have battered key crop regions.