Corn Extends Rally to 3-Month High

Corn futures climbed above $4.70 per bushel, extending their rally to the highest level since May 18, as disappointing US crop-tour results deepened concerns over tightening global corn supplies. According to the Pro Farmer Crop Tour, corn yields in Western Iowa and Illinois, the nation’s two largest corn-producing states, fell below last year’s levels. The findings followed weaker-than-expected yield estimates from four other key Midwestern states surveyed earlier in the week, with results also trailing the tour’s three-year average. Supply concerns have been amplified by adverse weather, as severe storms and extreme summer heat affected crops across the US Corn Belt. Beyond the US, Europe has endured successive heat waves, with France projected to record its smallest corn harvest since 1980. Meanwhile, ongoing attacks in the Black Sea region have disrupted grain shipments from Ukraine, further fueling concerns over global supplies.

Corn futures held their recent rally to above $4.6 per bushel, near a thirteen-week high as traders weighed fresh crop assessments from the Pro Farmer Crop Tour and robust export demand. Early field observations pointed to drought damage in South Dakota and uneven crop maturity in Ohio, raising concerns that actual yields could fall short of USDA’s latest estimate of 180.7 bushels per acre. USDA’s Crop Progress report showed 76% of the US corn crop had reached the dough stage by August 16, with 29% dented and 4% mature, while the share rated good-to-excellent fell to 60% from 61% a week earlier. Meanwhile, weekly US corn export inspections jumped 81.7% year-on-year to 1.91 million tonnes, with Mexico, Japan and Colombia among the top destinations. Cumulative shipments reached 80.95 million tonnes, or 26.1% above the same period last year, underscoring firm overseas demand. Brazil’s second-crop harvest was also only 85% complete, below the 94% average pace, adding further support.

Corn increased to 466.75 USd/BU, the highest since May 2026. Over the past 4 weeks, Corn gained 3.72%, and in the last 12 months, it increased 21.73%.