Corn Futures

Grain futures closed higher across the board at the CBOT on Wednesday (Aug. 26), led by wheat which surged to its daily trading limit and hit a multi-year high, following reports that Russia is preparing to escalate missile strikes on Kyiv, underscoring the risk of disruption to Black Sea grain exports. Corn and soybeans also rallied to contract highs across all delivery months, supported by wheat's strength. December wheat rose 45.00 cents, or 6.40%, to close at $7.4825 per bushel; December corn rose 13.00 cents, or 2.48%, to close at $5.3650 per bushel; and November soybeans rose 28.25 cents, or 2.28%, to close at $12.6600 per bushel. The surge in wheat was attributed to a Bloomberg report citing sources close to the Kremlin that Russia is considering increasing missile attacks on central Kyiv and key infrastructure across Ukraine, as it assesses that peace negotiations have failed and reached a dead end. Meanwhile, grain loading at Black Sea ports in both countries has nearly come to a complete halt, creating uncertainty over global supplies of wheat from Russia and corn from Ukraine. Corn also drew support from field surveys in the Midwest indicating that this year's yields will be significantly lower than USDA estimates. Soybeans closed strongly higher on continued buying from China, a recovery in crude oil prices, and the U.S. Treasury's announcement of sanctions on 60 individuals, entities, and vessels linked to trade with Iran, though Chinese financial institutions were not included on the list.

CBOT corn futures surged to their highest level in three years after a crop survey indicated yields were worse than expected. December corn rose 7.00 cents, or 1.38%, to settle at $5.1550 per bushel, after touching a session high of $5.2525 per bushel, the highest since 2023. December wheat added 0.25 cent, or 0.04%, to close at $6.9950 per bushel, while November soybeans fell 15.25 cents, or 1.23%, to settle at $12.2425 per bushel. Corn's rally was driven by a report estimating that U.S. corn production in 2026 will fall significantly below official forecasts due to unusually hot weather across seven key Midwest growing states. Wheat faced profit-taking after Ukrainian President Volodymyr Zelensky signaled a path toward diplomatic negotiations on the Black Sea conflict, while soybeans were pressured by crude oil prices dropping more than $1 per barrel.

Deputy Prime Minister and Minister of Commerce Supachai Suthamphan announced 90-day achievements and unveiled the next 7-step strategy, accelerating the conclusion of the Thailand–United States reciprocal trade agreement, or ART, and pushing 2026 exports to double-digit growth. In negotiations with the United States, Ms. Chotima Iamsawadikul, Director-General of the Department of Trade Negotiations, will travel in advance on 25 August 2026, before Ms. Supachai arrives on 30 August 2026, to speed up concluding the talks and safeguard trade benefits. On international trade, in the first six months of 2026 Thailand recorded total trade value of 425.23 billion US dollars, up 27.8 percent, with exports of 196.74 billion US dollars, up 17.6 percent, imports of 228.49 billion US dollars, up 38.0 percent, and a trade deficit of 31.74 billion US dollars. The Thai Helping Thai programme reduced public living costs by more than 818 million baht and generated over 2.9 billion baht in economic and trade value. Prices of several agricultural products improved, with cassava at 3.65 baht per kilogram, up 79 percent, oil palm at 8.70 baht per kilogram, up 45 percent, rubber at 36 baht per kilogram, up 30 percent, and feed corn at 7.28 baht per kilogram, up 6 percent. Integrated nominee problem-solving across 23 agencies inspected 46 areas in 13 provinces, reducing at-risk companies from 561 to 141, a decline of 75 percent.

Corn and wheat contracts on the CBOT closed higher on Thursday, August 20, while soybean contracts closed lower. December corn rose 5.50 cents, or 1.10%, to settle at 5.0350 dollars per bushel, after the Pro Farmer crop tour in the Midwest found that corn yields in Illinois were likely to come in below expectations. December wheat rose 2.50 cents, or 0.36%, to settle at 7.0000 dollars per bushel, as export restrictions on wheat from Russia and Ukraine led the market to expect that importing countries may have to turn to other, higher-priced sources. Wheat importers around the world are bracing for tighter supply after tit-for-tat attacks between Russia and Ukraine on ports and cargo ships in recent weeks forced several grain terminals to shut down and caused shippers to postpone or cancel dozens of cargoes during the peak export season. November soybeans fell 0.75 cents, or 0.06%, to settle at 12.3650 dollars per bushel, pressured by prospects for good US yields, weak old-crop export sales, and the likelihood of higher soybean production from Brazil.

November soybean futures on the CBOT closed up nearly 2% on Monday, supported by strong U.S. soybean crush volumes, higher crude oil prices, and concerns over the U.S. average yield outlook. November soybean futures rose 23.50 cents, or 1.97%, to settle at 12.1600 dollars per bushel. December corn futures rose 6.25 cents, or 1.29%, to settle at 4.8950 dollars per bushel. December wheat futures fell 0.25 cent, or 0.04%, to settle at 6.8925 dollars per bushel on profit-taking, although prolonged Black Sea export problems helped limit the downside. Data from the National Oilseed Processors Association showed its members crushed 216.647 million bushels of soybeans in July, up 1.1% from June and up 10.7% from July a year earlier. China has already purchased about 7 million metric tons of U.S. soybeans.

CBOT wheat futures closed up more than 3% on Friday, as the prolonged Russia-Ukraine war raised concerns that global wheat supply will shrink. September wheat rose 22 cents, or 3.37%, to settle at 6.7475 dollars per bushel. December corn gained 11.25 cents, or 2.38%, to 4.8325 dollars per bushel, while November soybeans added 10.25 cents, or 0.86%, to 11.9250 dollars per bushel. Analysts at Blue Line Futures said traders are building a larger risk premium into wheat prices because Russia and Ukraine together account for more than a quarter of global wheat exports, and most of those shipments move through Black Sea ports. The US Department of Agriculture also lowered its forecast for US wheat production in the WASDE report. Soybean futures were supported by news that China bought an additional 136,000 metric tons of US soybeans, and by oil prices rising more than 1% after reports of an attack on an oil tanker in the Strait of Hormuz.

Corn prices on the Chicago Board of Trade surged to their highest level in two weeks on Wednesday, August 12, while soybean and wheat contracts also rose after the U.S. Department of Agriculture lowered its forecast for corn ending stocks for the 2026-2027 season to 1.653 billion bushels from 1.790 billion bushels, and cut its soybean yield estimate to 52.7 bushels per acre from 53.0 bushels per acre. December corn futures rose 20.25 cents, or 4.40 percent, to settle at 4.8075 dollars per bushel. September wheat futures gained 22.50 cents, or 3.57 percent, to close at 6.5275 dollars per bushel, and November soybean futures advanced 14.50 cents, or 1.24 percent, to settle at 11.8325 dollars per bushel. The market also drew support from supply disruption concerns after Ukraine sent drones to attack the port of Novorossiysk, Russia's main wheat export port on the Black Sea, forcing the two largest grain transshipment terminals to temporarily suspend operations.

Corn futures are trading 2 to 3 cents higher on Friday morning, extending gains from Thursday when contracts closed 1¼ to 2¼ cents higher. The USDA reported export sales of 116,740 metric tons of corn for the 2025/26 marketing year, a marketing-year low and 31.5% below the same week last year, while sales for 2026/27 reached 1.027 million metric tons, near the high end of expectations. A Reuters survey ahead of next week's August Crop Production report pegs the expected yield at 182.4 bushels per acre, with production estimated at 15.934 billion bushels as harvested acres are trimmed by 76,000 acres. Brazilian corn exports in July totaled 1.943 million metric tons, down 21.16% from a year ago, and ANEC estimates August exports at 4.08 million metric tons, a drop of 3.26 million metric tons from last year. A South Korean importer purchased 134,000 metric tons of corn in a tender overnight.

Global food prices rose in July to their highest level in more than three years, amid concerns over production volumes and key grain export routes. The Food and Agriculture Organization of the United Nations reported that its world food price index increased 0.6 percent from the previous month, reaching the highest since January 2023, driven mainly by higher prices for cereals, sugar, and vegetable oils. A major risk stems from the Black Sea region after attacks between Russia and Ukraine intensified, raising concerns over grain exports and helping push wheat prices to a two-year high in June. Meanwhile, Europe is facing one of its most severe drops in grain production on record due to extreme heat, and key growing areas in the United States are experiencing drought, increasing risks to corn and soybean output. Food price risks could rise further in the near term due to the prospect of an unusually strong El Niño, coupled with fertilizer supply issues and still-high energy costs.

CBOT grain futures closed higher across the board on Monday, with September wheat surging 11.75 cents, or 1.84 percent, to settle at 6.5100 dollars per bushel, driven by concerns that escalating fighting between Russia and Ukraine could disrupt exports from the Black Sea region. December corn rose 8.50 cents, or 1.83 percent, to close at 4.7250 dollars per bushel, while November soybeans added 4.75 cents, or 0.40 percent, to end at 11.9225 dollars per bushel, supported by worries over US growing conditions and news of fresh soybean export sales totaling 488,000 metric tons to China and another 136,150 metric tons to unknown destinations. However, falling crude oil prices and rains in parts of the US Midwest pressured corn and soybeans for much of the trading session.

Corn futures rallied into the Monday close, with contracts settling 6 to 8.5 cents higher across most months, as the USDA's weekly Crop Progress report showed a 2-percentage-point drop in the good-to-excellent condition rating to 61%. The CmdtyView national average cash corn price rose 9.75 cents to $4.20. The report indicated 90% of the US corn crop was silking by August 2, with 43% in the dough stage, 5 points ahead of normal, and 6% dented. The Brugler500 index fell 5 points to 356. Export inspections for the week ended July 30 totaled 1.885 million metric tons, up 22.92% from the prior week and 45.44% above the same week last year, with Mexico as the top destination. Grain crushing data showed 466.71 million bushels of corn used for ethanol in June, a record for the month and up 4.43% year-over-year. In Brazil, AgRural pegged the second-crop corn harvest at 69% complete in the center-south region, estimating the second crop at 110.5 million metric tons and the total 2025/26 crop at 142.8 million metric tons, while StoneX raised its second-crop estimate by 3.2 million metric tons to 110.7 million metric tons, with the total crop at 141.5 million metric tons.

In commodity markets on the 3rd, WTI crude oil futures plunged while NY gold futures extended their losses. NY crude oil futures for September delivery, WTI, fell $4.33 to $80.34 a barrel. NY gold futures for August delivery dropped $16.50 to $4,090.50 a troy ounce. Meanwhile, Chicago soybean futures for November delivery rose 4.75 cents to $11.9225 a bushel, and Chicago corn futures for December delivery gained 8.50 cents to $4.7250 a bushel. The Baltic Dry Index climbed 111 points to 2,843 points.

Corn futures are trading 1 to 2 cents higher on Thursday morning, recovering from sharp losses in the previous session. Contracts closed Wednesday down 2 to 9 1/2 cents, with the nearby September contract settling at $4.49, down 9 1/2 cents, and the December contract at $4.71 3/4, down 8 3/4 cents. The national average cash corn price fell 9 1/2 cents to $4.19 3/4. Open interest rose by 15,562 contracts, suggesting new short positions were added. The Energy Information Administration reported that ethanol production increased by 39,000 barrels per day to 1.133 million barrels per day in the week ending July 24, the second-highest weekly total on record, while ethanol stocks rose 245,000 barrels to 24.726 million barrels. Traders await weekly export sales data, with expectations for old crop corn sales between 300,000 and 600,000 metric tons and new crop bookings of 0.5 to 1 million metric tons.

Corn futures are posting fractional gains in early Tuesday trading after Monday's broad retreat. Contracts fell 2½ to 13½ cents on Monday, pressured by an improving weather forecast and a $7.40 drop in crude oil, with the national average cash corn price down 12½ cents to $4.21¼. The USDA's Crop Progress report showed 78% of the U.S. corn crop silking, 4 percentage points ahead of the five-year average, but good-to-excellent condition ratings slipped 4 percentage points to 63%. Export shipments for the week ending July 23 totaled 1.488 million metric tons, down 7.74% from the prior week, with Mexico as the top destination. The NOAA seven-day precipitation forecast indicates 1 to 2 inches across much of Iowa, Missouri, and Illinois, while eastern South Dakota, Nebraska, and southern Minnesota are also expected to receive 1 to 2 inches.

Soybean and corn futures on the Chicago Board of Trade closed higher, tracking a sharp rise in crude oil prices, while wheat futures fell on profit-taking after prices hit a two-year high. December corn futures rose 2.75 cents, or 0.57 percent, to settle at 4.8750 dollars per bushel. November soybean futures gained 4.75 cents, or 0.38 percent, to close at 12.4375 dollars per bushel. September wheat futures dropped 9.50 cents, or 1.35 percent, to end at 6.9625 dollars per bushel. Analysts at Hightower Report noted that wheat prices eased on profit-taking after being supported by escalating Black Sea tensions, as shipowners temporarily halted vessel calls at Ukrainian agricultural export ports following increased Russian attacks on ports and commercial ships. Additionally, expectations of lower wheat production provided further support after a crop tour estimated hard red spring wheat yields in southern North Dakota at 46.0 bushels per acre, down 8 percent from last year. The surge in crude oil prices lent support to soybeans and corn, as soybean oil is used to produce biodiesel, while rising Chinese import demand and concerns over a heatwave in western US corn-growing areas were additional positive factors.

In commodity markets on the 23rd, WTI crude oil futures extended sharp gains, while NY gold futures fell for the first time in three days. The September NYMEX WTI crude oil futures contract settled at $92.19 per barrel, up $5.36 from the previous day. The August NYMEX gold futures contract settled at $4,050.20 per troy ounce, down $101.70. Chicago November soybean futures settled at 1,243.75 cents per bushel, up 4.75 cents, and Chicago December corn futures settled at 487.50 cents per bushel, up 2.75 cents. The Baltic Dry Index rose 10 points to 2,725.

Wheat futures on the CBOT surged to their highest level in two years after another attack on grain export ports in the Black Sea. September wheat futures rose 27.75 cents, or 4.09 percent, to settle at 7.0575 dollars per bushel. December corn futures gained 9.50 cents, or 2.00 percent, to close at 4.8475 dollars per bushel, while November soybean futures added 16.25 cents, or 1.33 percent, to end at 12.3900 dollars per bushel. Analysts at ADM Investor Services noted that wheat prices were supported by war and weather risk factors. Russia's Defense Ministry stated that Russian forces attacked port and military infrastructure in Ukraine's Odesa region, a hub handling more than 90 percent of Russia's grain and vegetable oil shipments. Additionally, a crop survey in North Dakota projected hard red spring wheat yields in the southern area at 46.0 bushels per acre, down 8 percent from last year and only slightly above the five-year average. Meanwhile, hot weather expected to return to western U.S. growing areas and the Great Plains poses a risk to corn and soybean production. Higher crude oil prices also lent support to the soybean and corn markets through demand for biofuel feedstocks, amid Middle East tensions affecting key global energy shipping routes.

Corn futures are rallying 6 to 7 cents in early Wednesday trade, supported by double-digit gains in wheat and late-session strength that left front-month contracts up 2 to 3 1/4 cents. The CmdtyView national average cash corn price rose 3 1/4 cents to $4.21, while open interest increased by 3,833 contracts on modest new buying. The weekly Crop Progress report showed good-to-excellent condition ratings slipping 1 percentage point to 67%, with the Brugler500 index down 1 point to 372, as ratings declined sharply in North Dakota, South Dakota, Colorado, Wisconsin, Kansas, Missouri, and Minnesota, though Illinois, Indiana, Iowa, Nebraska, and Ohio improved. South Korean importers purchased between 142,000 and 208,000 metric tons of corn in separate overnight tenders.

Corn futures ended Tuesday's session with gains of 2 to 3 ¼ cents across the front months. The CmdtyView national average Cash Corn price rose 3 ¼ cents to $4.21. The weekly Crop Progress report showed 59% of the US corn crop silking by July 19, 5 percentage points ahead of the 5-year average, while US condition ratings slipped 1% to 67% good to excellent. President Trump stated late Monday that the US is imposing 50% tariffs on certain Canadian goods, though energy and potash are exempt.

Corn futures are posting gains of 6 to 7 cents across most contracts at Monday's midday. The CmdtyView national average cash corn price is up 6 and a half cents at $4.20 and a half. USDA reported a private export sale of 100,000 metric tons of corn to Colombia for the 2026/27 marketing year. Weekly export inspections showed corn shipments of 1.55 million metric tons in the week of July 16, a slight 0.31% dip from the prior week but 57.36% above the same week last year, bringing marketing-year-to-date shipments to 73.77 million metric tons, up 25.42% year-over-year. CFTC data from Friday indicated managed money added 30,732 contracts to their net long in corn futures and options as of July 14, reaching a net long of 43,391 contracts. Brazil's AgRural estimates the second corn crop is 49% harvested, trailing last year's 55% pace.

Corn futures are trading 2 to 3 cents higher Thursday morning, building on Wednesday's rally of 5 to 9 cents that was fueled by spillover support from near-limit gains in wheat. Open interest rose by 7,799 contracts on Wednesday, indicating new buying, while the CmdtyView national average cash corn price gained 9 cents to $4.17 3/4. Traders await the USDA's weekly Export Sales report, with expectations for old crop corn sales between 0.5 and 1 million metric tons and new crop sales between 0.3 and 1.1 million metric tons for the week of July 9. Weather forecasts show relatively dry conditions for much of the Western Corn Belt over the next seven days, with only trace amounts expected in Minnesota, Iowa, Nebraska, Missouri, and the Dakotas, while the Eastern Corn Belt could see 0.5 to 1.5 inches in parts of Illinois, Indiana, and Ohio. Weekly EIA data showed ethanol production fell 53,000 barrels per day to 1.04 million barrels per day in the week ending July 10, while stocks rose 463,000 barrels to 24.391 million barrels and exports dropped 119,000 barrels per day to 81,000 barrels per day.

Alto Ingredients has surged 343.6% over the past year yet still trades at a forward price-to-sales ratio of 0.4, well below the industry average of 3.29 and the sector average of 2.28. The company swung to a first-quarter 2026 profit of 5 cents per share from a year-ago loss of 16 cents, with adjusted EBITDA improving to $4.7 million from negative $4.4 million. Favorable industry dynamics, including strong export demand and higher corn oil prices, helped lift board crush margins to 17 cents per gallon from 2 cents a year earlier. Alto also recognized $3.9 million in Section 45Z tax-credit earnings in the quarter and expects roughly $15 million in annual net proceeds from qualifying production. Despite the strong rally, the stock remains attractively valued compared with peers such as Green Plains, Gevo, and MGP Ingredients, though commodity price volatility and potential industry margin compression pose risks.

Corn prices are up 3 to 4 cents on Wednesday morning, supported by double-digit gains in wheat. Futures had closed Tuesday with losses of ¾ to 2 ¾ cents, with July corn expiring 4 cents lower at $4.33 3/4. The weekly Crop Progress report showed 16% of the US corn crop silking, ahead of the five-year average, while condition ratings held at 68% good to excellent. CONAB raised its estimate for the Brazilian 2025/26 corn crop to 141.73 million metric tons, a 1.27 million metric ton increase from last month, and ANEC lifted its July export forecast for Brazilian corn to 3.44 million metric tons.

Corn futures are trading 5 to 7 cents higher on Monday, building on Friday's gains after a bullish USDA report. The monthly WASDE report showed US corn ending stocks for 2025/26 down 125 million bushels from last month to 2.02 billion bushels, driven by a 150-million-bushel increase in feed and residual use. New crop carryout fell 170 million bushels to 1.790 billion bushels, a larger-than-expected drop. World corn stocks were trimmed by 5.96 million metric tons to 275.26 million metric tons, with cuts in the US, China, and the EU. Managed money flipped to a net long position in corn futures and options of 12,659 contracts in the week of July 7, according to CFTC data. Dry weather forecasts for key growing areas added support, with little to no precipitation expected across the Dakotas, Kansas, and parts of Minnesota, Iowa, Illinois, and Missouri.