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Chicago corn futures hit 3-year high on concerns over U.S. crop condition
Corn rose about 2% to around $5.18-3/4 a bushel after a Pro Farmer tour found subpar 2026 corn crops.
Chicago corn futures jumped to a three-year high on Monday as analysts who toured U.S. farm regions last week reported crops were in worse condition than many expected, according to Reuters. Wheat also rose amid ongoing tit-for-tat attacks by Russia and Ukraine that have reduced grain exports through Black Sea ports, while soybeans declined despite support from strong U.S. export demand.
The most-traded CBOT corn contract was up 2% at $5.18-3/4 a bushel by 0038 GMT, after earlier reaching $5.20, the highest level since August 2023. CBOT wheat climbed 1.1% to $7.07 a bushel, near July’s two-year peak, while corn was up roughly 12% for the month and wheat up 11%, with soybeans up 4%.
A Reuters item cited Pro Farmer’s view that U.S. 2026 corn production will fall well below government forecasts after it toured seven major production states and found subpar crops hurt by adverse summer weather. Elsewhere, FranceAgriMer data showed French grain maize crop ratings stabilized after dropping to the lowest on record during an exceptionally hot and dry summer.
The report also pointed to positioning changes in corn futures, with large speculators increasing their net long positions in the week to Aug. 18, based on regulatory data. It added that attacks by Russia and Ukraine have brought grain exports from the Azov and Black Sea basin to a virtual halt, tightening supply for major exporters Russia and key supplier Ukraine.
Latest closeWheat $689.00 ▲5.5%|Corn $483.75 ▲8.0%|Soybeans $1,191.25 ▲2.0%