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Corn futures hovered above $5.1 per bushel, near their highest since mid-2023, supported by tightening global supply as disruptions to Ukrainian exports reshape trade flows. Argentina is on track for record corn exports as buyers turn to its supplies following disruptions to Ukrainian shipments caused by Russian attacks on Black Sea ports. Argentina is expected to ship around 10 million metric tons in August and September, more than triple its typical volume for the period, supported by a record 71.7 million-ton harvest. Traders now await Friday’s USDA supply-and-demand report for changes to US corn production, yields and ending stocks, which could provide further direction for prices. The USDA’s latest assessment showed that 56% of the corn crop was rated good to excellent, down from 57% a week earlier. Meanwhile, a planned meeting between Presidents Trump and Xi later this month is also raising hopes for progress on agricultural trade and potentially lower tariffs on US farm goods.
