Grains-Wheat soars to daily limit on Black Sea export worries, corn at lifetime highs

Every corn and soybean contract also hit life-of-contract highs on spillover support from soaring wheat futures.

Most-active corn rose 13 cents to $5.36-1/2 per bushel on spillover strength from wheat futures and poor yield expectations for the U.S. corn crop.

The benchmark earlier rose to $5.38-3/4 per bushel, its highest since the summer of 2023 and surpassing a previous three-year peak from Tuesday.

The rally in corn has been fuelled by results from a widely followed Midwest field tour last week that projected this year's U.S. crop well below the U.S. Department of Agriculture's current forecast. All CBOT corn contracts set life-of-contract highs on Wednesday.

The USDA on Monday estimated that U.S. corn crop conditions fell more sharply last week than analysts anticipated.