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.
Crop survey indicates worse-than-expected yields due to hot weather, driving corn to 3-year high.
Wheat faces profit-taking after Zelensky signals diplomatic path on Black Sea conflict, easing supply concerns.
Soybeans pressured by crude oil price drop, reducing demand for biofuels.
