Wheat & Corn Prices Hit Multi-Year Highs Amid Black Sea Disruptions & US Crop Concerns

Global wheat and corn prices have reached multi-year highs due to divergent supply threats. Wheat futures settled at $7.84 per bushel, up 3.1% on the day, after hitting an intraday peak of $7.9025, the highest level since February 14, 2023.

The contract posted a weekly gain of 12.1%, its largest since March 2022, and is up more than 54.5% year-to-date, fueled largely by escalating tensions between Russia and Ukraine in the Black Sea region.

Corn futures settled at $5.365 per bushel Friday, up 0.6%, after reaching $5.4125, the highest since July 28, 2023. The contract gained 5.5% for the week and is up 15.6% in August, on track for its best monthly performance since April 2021.

The recent climb in corn prices is largely attributed to growing anxiety over U.S. production and a weaker-than-expected output outlook, according to market analysts.