Corn futures on the Chicago Board of Trade advanced for a fifth straight session Wednesday, with the December contract reaching $5.30 per bushel, the highest level on a continuous chart since July 2023.
The rally extended gains of 3 to 5 cents per bushel, driven by mounting concerns over U.S. crop conditions and disruptions to Black Sea grain exports. Traders reduced expectations for U.S. corn yields after the U.S. Department of Agriculture reported weekly crop condition ratings that fell short of forecasts, signaling potential supply tightness in the world's largest exporter.
Export flows from the Black Sea region, a key global breadbasket, have been constrained by ongoing geopolitical tensions, providing additional price support. Analysts noted that the combination of adverse weather risks and logistical bottlenecks has tightened global grain markets, amplifying the upward pressure on prices.
In a separate development, Argentina’s Buenos Aires Grains Exchange projected corn planting at 8.4 million hectares for the 2026/27 season, unchanged from the prior cycle. The forecast reflects improved soil moisture conditions linked to the El Niño weather pattern, which is expected to support planting decisions in the South American grain belt.
The surge in corn futures follows broader strength in agricultural commodities, with traders monitoring weather patterns and export outlooks for further price direction.
