US Grain Markets Rally on Hot Weather Forecasts, Black Sea Uncertainty

The US grain markets closed on Friday, August 28, with corn, soybeans, and winter wheat prices rising as traders combined forecasts for hotter weather in the central United States with stronger soybean demand and renewed geopolitical risk in the Black Sea.

The move is significant for US producers because it occurs just weeks before harvest pressure typically increases available supplies and weighs on commodity prices. December corn climbed to $5.3650 per bushel, November soybeans reached $12.88, and September Chicago SRW wheat settled at $7.67.

Weater emerged as a key catalyst for the market's rally, with NOAA forecasts indicating warmer-than-normal temperatures across the entire central United States from September 4 to 10, accompanied by potentially drier conditions in parts of the Southern Plains and western Corn Belt.