Corn futures extend rally above $4.70 to May 18 high

Corn futures climbed above $4.70 per bushel, extending their rally to the highest level since May 18, as disappointing US crop-tour results deepened concerns over tightening global corn supplies.

According to the Pro Farmer Crop Tour, corn yields in Western Iowa and Illinois, the nation’s two largest corn-producing states, fell below last year’s levels.

The findings followed weaker-than-expected yield estimates from four other key Midwestern states surveyed earlier in the week, with results also trailing the tour’s three-year average.

Supply concerns have been amplified by adverse weather, as severe storms and extreme summer heat affected crops across the US Corn Belt.

Beyond the US, Europe has endured successive heat waves, with France projected to record its smallest corn harvest since 1980.

Meanwhile, ongoing attacks in the Black Sea region have disrupted grain shipments from Ukraine, further fueling concerns over global supplies.