US Crop Concerns Fuel Three-Year High in Corn Prices

Corn prices have reached their highest level in three years due to supply concerns over the US crop. The CmdtyView national average Cash Corn price rose by 9 cents to $4.71 1/2 on Wednesday.

The increase is attributed to spillover strength in wheat and supply concerns over the US crop, which have been supportive of corn futures. The prices hit midday gains of 11 to 14 cents, with nearby Cash Corn trading at $4.86 1/2, up 14 cents from Tuesday's close.

The EIA data released this morning showed a total production of 1.112 million barrels per day, an increase of 23,000 bpd from the week prior. Stocks saw a modest build of 85,000 barrels to 25.2 million barrels.