Chicago corn extends gains after USDA forecasts smaller supply, strong exports
DBA•Wheat gains on Ukraine strike in Russian export port
Wheat also gained strength after Ukraine attacked grain terminals in the Russian wheat export port of Novorossiysk, raising fears of disrupted supplies to world markets.
Two of Russia's biggest grain terminals at the Black Sea port of Novorossiysk suspended operations following the overnight Ukrainian drone strikes, industry sources said.
Russia is the world's largest wheat exporter, and most of those exports are shipped via Black Sea ports including Novorossiysk. Ukraine has generally left the huge grain export terminals in Novorossiysk alone during its war with Russia, but both sides have intensified attacks in the past weeks on ports and shipping, effectively stopping Ukraine’s high-volume shipborne grain exports.
Corn futures rise after USDA supply and export outlook
Chicago Board of Trade corn futures extended gains on Wednesday following a U.S. Department of Agriculture report that forecast smaller supply and strong corn exports. Soybean and wheat futures also turned higher.
CBOT most active corn Cv1 was last 18-1/4 cents higher at $4.78 per bushel as of 12:30 p.m. CT (1730 GMT). Soybeans Sv1 rose 12-1/4 cents to $11.81 a bushel, and wheat Wv1 jumped 23-1/4 cents to $6.53-3/4 a bushel.
Stronger corn exports and a smaller supply to start the season were expected to reduce U.S. stocks at the end of the 2026/27 season to 1.653 billion bushels, from its 1.790-billion-bushel estimate in July.
USDA sees second-largest corn crop despite lower yields
U.S. farmers will harvest their second-largest corn crop on record this autumn as lower yields caused by adverse summer weather were more than offset by larger plantings, the USDA said.
"All eyes are on the crop tours and what the guys are going to go out in the field and find," said Ted Seifried, vice president of Zaner Ag Hedge. "The demand picture for corn looks really good."
