Corn hits 3-year high as traders eye lower US production
CORN•Pro Farmer sees smaller 2026 US corn crop
The advisory service Pro Farmer on Friday estimated U.S. 2026 corn production will fall well below government forecasts, after a tour of seven major production states found sub par crops hurt by adverse summer weather.
Pro Farmer projected farmers would harvest a corn crop of 15.344 billion bushels, down 9.9% from 2025 but still the third-largest on record, with an average yield of 173.2 bushels per acre. Pro Farmer's U.S. yield estimate, if realized, would be the lowest since 2020.
"People were shocked to see that number," Davis said.
Traders are also wary that an El Niño weather event will reduce corn production in Brazil and nervous about Ukraine's ability to export, analysts said.
Corn futures hit three-year highs on lower crop outlook
Chicago corn futures shot to three-year highs on Monday after a tour of the U.S. corn and soy belt last week found the U.S. corn crop was in worse condition than many expected.
Chicago Board of Trade most active corn Cv1 was last 10-1/4 cents higher to $5.18-3/4 per bushel as of 10:30 a.m. CT (1530 GMT), after hitting $5.25-1/4 per bushel, the highest since 2023. Most corn contracts set lifetime highs.
"The overnight market ripped higher from the Friday release that came out after the bell," said Joe Davis, director of commodity sales at Futures International.
Wheat rises on Black Sea export concerns, soybeans fall
In other crops, CBOT wheat Wv1 rose 4 cents to $7.03 a bushel after hitting a roughly two-year high. Soybeans Sv1 fell 18 cents to $12.21-1/2 a bushel.
Wheat was pressured on Monday after Ukraine's President Volodymyr Zelenskiy said there will be a "diplomatic track" with Russia in discussing Moscow's stepped-up attacks in the Black Sea. Black Sea wheat exports have been severely curtailed amid escalating attacks in the region.
