Corn futures extended their advance above $5.10 per bushel, hitting their highest level since July 2023 as mounting concerns over US crop prospects and tightening global supplies continued to bolster prices. The USDA lowered its 2026 US corn yield forecast by 2.3 bushels per acre to 180.7, while the Pro Farmer Crop Tour reported that extreme July heat and excessive rainfall had damaged fields across parts of the Corn Belt. Rising disease pressure following heavy August rains has further clouded the production outlook.
At the same time, prolonged heat and drought have eroded European output, with the share of the French corn crop rated good-to-excellent dropping to just 28%. Constrained Ukrainian exports are adding another layer of strain to global availability. Reflecting stronger international demand, the USDA also raised its US corn export forecast by 75 million bushels to 3.3 billion.
Against this backdrop, corn futures rose 5.5% last week and 15.6% in August, putting them on track for their strongest monthly performance since April 2021.
