Corn futures on the Chicago Board of Trade advanced 3 to 5 cents per bushel on Wednesday, with the December contract reaching $5.30 per bushel, the highest level since July 2023.
Real-time data showed the contract trading at 527.80, up 4.80 points or 0.92%, reflecting sustained upward momentum in agricultural markets. The surge follows reports from the U.S. Department of Agriculture and the Buenos Aires Grains Exchange, which highlighted reduced expectations for U.S. corn yields and ongoing disruptions in Black Sea grain exports.
Argentina’s planting plans for the 2026/27 season remain unchanged at 8.4 million hectares, supported by improved moisture conditions linked to the El Niño weather pattern. The USDA’s weekly crop condition ratings also fell more sharply than anticipated, further tightening supply expectations.
Analysts attribute the price rally to a combination of weather-related planting advantages in South America and persistent logistical challenges in key grain-exporting regions. The December contract’s ascent marks a 13-month high, underscoring the sensitivity of agricultural markets to both yield forecasts and geopolitical trade dynamics.
