US Corn Prices Spike to Three-Year High Amid Weather Damage and El Niño Concerns

Chicago corn futures surged to their highest level in three years on Monday after an analyst survey showed crop conditions were worse than expected.

The most-active corn contract on the Chicago Board of Trade (CBOT) climbed 2.8% to $5.22-3/4 a bushel by 10:29 GMT, its highest level since the summer of 2023.

Pro Farmer estimated that US corn production in 2026 would come in well below the government’s forecast, following a crop tour across seven major producing states that revealed damage caused by adverse summer weather.

Traders are also monitoring the potential impact of El Niño on corn production in Brazil, as well as concerns over Ukraine’s ability to export crops, according to Nick Carracher, head of Australian consultancy Lachstock.