Corn Prices Hover Near Three-Month Lows

Corn futures climbed further above $5.1 per bushel, reaching a fresh high since July 2023 as mounting concerns over US crop prospects and tightening global supplies continued to support prices. The USDA cut its 2026 US corn yield forecast by 2.3 bushels per acre to 180.7, while the Pro Farmer Crop Tour found that extreme July heat and excessive rainfall had damaged crops across parts of the Corn Belt. Rising disease pressure following heavy August rainfall has further clouded the outlook. Meanwhile, prolonged heat and drought have weakened European corn production, with French crop conditions falling to just 28% good-to-excellent, while constrained Ukrainian exports are adding pressure to global supplies. The USDA also raised its US corn export forecast by 75 million bushels to 3.3 billion, reflecting stronger global demand. Corn futures gained 5.5% last week and 15.6% in August, putting them on track for their strongest monthly gain since April 2021.

Corn futures held above $5.1 per bushel, staying near their highest level since July 2023 as mounting crop concerns and weather risks supported prices. Extreme heat and heavy rainfall have hit major Chinese corn-growing regions, threatening yields and quality. China imported 1.36 million tons of corn from January–July, up 61.3% year-on-year, which could increase import demand if weather damage worsens. Meanwhile, concerns over the US crop are adding further support, with the USDA’s latest report showing the share of corn rated good-to-excellent falling three percentage points to 57% for the week ended August 23. Strong export demand is also underpinning prices, with cumulative shipments up 26% from a year earlier despite a recent easing in weekly shipments to 1.3 million tones. USDA reported a recent sale of 286,097 tons of US corn to Mexico, including 29,808 tons for 2026/27 delivery and 256,289 tons for 2027/28.

Corn futures jumped above $5 per bushel, hitting their highest level since July 2023 as mounting concerns over US crop yields pointed to tighter supplies. The Pro Farmer Crop Tour recently estimated the 2026 US corn yield at 173.2 bushels per acre, well below the USDA’s latest forecast of 180.7 bushels, while production was projected at 15.34 billion bushels. The bearish supply outlook was reinforced by the USDA’s latest crop report, which showed the share of corn rated good-to-excellent falling three percentage points to 57% for the week ended August 23. Weather remains a key concern, with heat stress and excessive rainfall affecting parts of the Midwest and potentially limiting yields ahead of harvest. Meanwhile, US corn export inspections remain strong, with cumulative shipments up 26% from a year earlier despite a recent easing in weekly shipments to 1.3 million tones. Elsewhere, disruptions to Black Sea grain shipments continued to raise concerns over global supplies.