Corn futures were trading just above $5.10 per bushel, near their highest levels since mid‑2023, supported by tightening global supplies as ongoing disruptions to Ukrainian exports continue to reshape trade flows. With shipments from Ukraine curtailed by Russian attacks on Black Sea ports, global buyers have increasingly turned to Argentina, which is now on track for record corn exports. The country is expected to ship around 10 million metric tons in August and September—more than triple its usual volume for this period—underpinned by a record harvest of 71.7 million tons.
Market participants are now focused on Friday’s USDA supply-and-demand report for potential revisions to US corn production, yield estimates, and ending stocks, all of which could set the next direction for prices. In its latest crop condition assessment, the USDA rated 56% of the US corn crop as good to excellent, down from 57% the previous week. At the same time, a planned meeting later this month between Presidents Trump and Xi is fueling expectations for progress on agricultural trade and the possibility of lower tariffs on US farm products.
