Corn Futures Climb to 13-Month High on US Crop Concerns

Corn futures on the Chicago Board of Trade (CBOT) reached their highest point in over a year on Wednesday, as mounting concerns over the U.S. harvest outlook and geopolitical supply risks supported prices.

Price Surge and Key Drivers

CBOT corn futures rose by 3 to 5 cents per bushel across various contracts, according to market data. The December corn contract, a key benchmark, climbed to $5.30 per bushel, a level not seen on the front-month continuous chart since July 2023.

The rally gained momentum following a U.S. Department of Agriculture (USDA) report on Monday. The data revealed that weekly crop condition ratings had declined more than analysts had anticipated, fueling speculation that U.S. corn yields could fall short of previous forecasts. Persistent disruptions to grain exports from the Black Sea region are also providing a floor for prices, tightening the global supply picture.

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Global Production Context

While the U.S. outlook has deteriorated, conditions in other key growing regions appear more stable. The Buenos Aires Grain Exchange reported on Tuesday that farmers in Argentina are expected to plant 8.4 million hectares of corn for the 2026/27 season, in line with the previous cycle.

The exchange noted that planting intentions in the South American nation are being supported by favorable soil moisture, a result of the El Niño weather pattern. This stable outlook in Argentina provides a partial counterweight to the production concerns currently emerging from the United States.