US Corn Prices Soar to Three-Year High Amid Weather Concerns

Corn prices surged to their highest level in three years as analysts reported subpar crops in major US production states. The Chicago Board of Trade's most active corn rose by 2.8% to $5.22-3/4 a bushel, marking the highest price since summer 2023.

The increase comes after Pro Farmer estimated that US 2026 corn production will fall below government forecasts due to adverse summer weather conditions. A tour of seven major production states found crops in worse condition than expected, further supporting the estimate.

Wheat prices also reached a two-year high, as tit-for-tat attacks by Russia and Ukraine curtailed exports from Black Sea ports. However, soybeans fell due to declining crude oil prices, but export demand for US beans limited losses.