Corn futures surged midday, gaining 11 to 14 cents to reach their highest price level since August 2023. This rally was bolstered by strengthened demand in wheat markets alongside lingering supply concerns concerning the U.S. harvest.
The commodity outlook improved notably as cash corn prices climbed 9 cents to $4.71½ according to CommodityView. Parallel data from EIA indicated that total monthly production reached 1.112 million barrels per day—a 23,000-barrel increase compared with the prior week. Stock data showed crude oil accumulating a modest 85,000 barrels to 25.2 million, while refiner input volumes fell to 923,000 barrels. Export activity rose markedly by 33,000 barrels to 162,000 barrels.
Recent corn price benchmarks include: September 26 at $5.14½, the adjacent cash index at $4.86½, December 26 corn at $5.36¾, March 27 corn at $5.51, and New Crop cash at $4.88¼.
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