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.
USDA cut corn ending stocks forecast and Ukraine drone attack disrupted Russian wheat exports, tightening supply.
USDA lowered soybean yield estimate, tightening supply outlook.
USDA cut corn and soybean supply forecasts, and Ukraine drone attack on Russian port disrupted wheat exports, supporting wheat prices.
