Corn Holds Near 3-Year Peak

Corn futures held above $5.4 per bushel after hitting their highest level since July 2023, supported by strong US export demand, tightening global supplies and expectations for further agricultural trade with China. US corn export inspections jumped 40% year-on-year to 1.94 million tonnes in the week ended September 17, exceeding market expectations and lifting 2026/27 shipments further ahead of last year’s pace. Heavy Midwest rains are also delaying harvest in parts of the region, limiting the near-term flow of new supplies, although overall harvesting remains slightly ahead of the five-year average. Global fundamentals remain supportive, with USDA projecting a nearly 30-million-tonne shortfall between world corn production and consumption in 2026/27, the largest deficit in more than three decades. Traders are also watching the Trump-Xi meeting this week for potential progress on US agricultural purchases, while continued disruptions to Black Sea grain trade are adding support.