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Corn Nears Record High, Wheat Surges on Crop Supply Concerns

  • Russia’s invasion of Ukraine threatens corn, wheat exports
  • Snowstorm, sub-freezing temperatures to slow Canada planting
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Yellen: War in Ukraine Making Food Insecurity Worse
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Corn futures in Chicago exceeded $8 a bushel for the first time in almost a decade, approaching a record high as war threatens global supplies, boosting demand for U.S. grain. 

The most-active July contract rose 3% to $8.07 a bushel in Chicago with the conflict in Ukraine showing no signs of easing as Russian forces attacked Mariupol overnight. Futures are nearing an all-time high of $8.49 a bushel reached in 2012 after devastating drought and heat damaged crops in the U.S. Midwest. Wheat contracts surged as as cold and snow slowed planting.