Corn Holds Near 3-Year High

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.

Corn futures climbed toward $5 per bushel, hitting their highest level since February 2025 as growing concerns over US crop yields fueled expectations of tighter supplies. The Pro Farmer Crop Tour estimated the national corn yield at 173.2 bushels per acre, well below the USDA’s August forecast of 180.7 bushels and implying production of 15.344 billion bushels, around 670 million below the government’s estimate. Yield results from all seven states surveyed by the tour came in below last year’s levels, with Illinois at 184.19 bushels per acre, down from 199.57 a year earlier. Strong export demand is adding to the bullish outlook, with US corn export commitments already 24% above last year and exceeding the USDA’s full-year projection. Meanwhile, hot and dry conditions across parts of the US Corn Belt have added to crop stress, while adverse weather in Europe and continued disruptions to Ukrainian grain shipments are raising concerns over global supplies.