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Corn futures surged to a more than three-year high, closing up 0.6% on Friday.
On Friday (August 28), corn futures closed up 0.6% at 536.5 cents per bushel, after touching 541.25 cents during the session, a new high since July 28, 2023. This week, corn prices rose by 5.5%, and in August, they have cumulatively increased by 15.6%, poised for their best monthly performance since April 2021. The surge in corn prices was primarily driven by expectations of tighter U.S. supply and strong demand, as the U.S. Department of Agriculture (USDA) lowered its corn production estimates. Additionally, drought in Europe led to increased export demand, and restricted exports from Ukraine further exacerbated global supply pressures.
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