GRAINS-Corn jumps to 3-year high as traders eye lower US production

Soybeans fell, pressured by falling crude oil, but losses were limited by strong export demand for U.S. beans.

Wheat hit its highest in around two years as tit-for-tat attacks by Russia and Ukraine curtailed exports from Black Sea ports.

In other crops, CBOT wheat Wv1 rose 1.7% to $7.11-3/4 a bushel after touching $7.13-1/4, the highest since spring 2024. Soybeans Sv1 fell 0.1% to $12.37-1/4 a bushel.

“Markets are waiting to see if Russian and Ukrainian wheat export business will be transferred to other supply countries,” a European trader said. “Importers are getting nervous about the continued supply disruption.”

Continued Black Sea export disruption could push wheat prices up further, Commonwealth Bank analyst Dennis Voznesenski said.

But the size of the Black Sea region's 2026 harvest is near record levels, he said. "A truce to not attack ports would cause a very fast price correction lower,” Voznesenski said.

Chicago corn futures shot to three-year highs on Monday, after a tour of U.S. farm regions by analysts last week found that U.S. crops were in worse condition than many expected.

Chicago Board of Trade most active corn Cv1 rose 2.8% to $5.22-3/4 a bushel at 1029 GMT, the highest since summer 2023.

Corn prices rose last week after advisory service Pro Farmer estimated U.S. 2026 corn production will fall well below government forecasts, after a tour of seven major production states found subpar crops hurt by adverse summer weather.

Elsewhere, crop ratings for French grain maize stabilised after dropping to their lowest on record during an exceptionally hot and dry summer, data showed.