US Corn and Soybean Prices Surge Amid Global Market Volatility

Corn and soybean prices rose on global exchanges last week, while wheat markets remained mixed. On the Chicago Board of Trade (CBOT), September corn futures increased by 1.31% to $183.08 per ton, and November soybean futures gained 1.97% to $446.80 per ton.

The rise in corn prices was driven by strong US exports and a slight deterioration in crop conditions. The US shipped 1.91 million tons of corn during the week, bringing marketing-year shipments to 80.95 million tons, up 26% year-on-year.

However, soybeans gained despite rapid crop development in the US, with 85% of soybean fields having set pods as of August 16, five percentage points ahead of the five-year average.