US Corn Prices Reach 3-Year High Amid Production Concerns

Corn prices reached a three-year high on Monday as traders adjusted their forecasts for US production following a tour of major farm regions. The Chicago Board of Trade's most-traded corn contract was up 2% at $5.18-3/4 a bushel, with prices reaching $5.20, the highest since August 2023.

The rise in corn prices was partly driven by concerns over US production, which is expected to fall below government forecasts. Advisory service Pro Farmer reported that subpar crops hurt by adverse summer weather will result in lower yields for the 2026 crop.

Corn production is not the only concern, as wheat futures also rose due to ongoing attacks between Russia and Ukraine on each other's shipping routes. The conflict has brought grain exports from the Azov and Black Sea basin to a virtual halt.