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US corn prices soar amid heat wave concerns

US corn prices soar amid heat wave concerns

By Jamie Martin

Chicago corn experienced its most substantial intraday gain since May 10, rising by up to 2.8%, driven by concerns over an approaching heat wave threatening the emerging US crop.

Extended weather forecasts predict elevated temperatures in the Midwestern crop belt, potentially impacting crop conditions. Despite overall favorable crop ratings comparable to 2021, the anticipation of heat stress prompts market activity.

Joe Davis, a Futures International broker, attributes the surge in corn prices to market anticipation of the upcoming heat wave, expected to hit on June 15.

The market is further influenced by a US Department of Agriculture announcement regarding the sale of 152,000 metric tons of American corn to unidentified buyers. Traders respond by adjusting their positions, contributing to the market's reaction.

This spike in corn prices underscores the influence of weather forecasts and market dynamics on agricultural commodities. The combination of heat wave concerns and USDA announcements fuels heightened market activity and price volatility.

Photo Credit: gettyimages-otick

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