FX.co ★ Corn Holds Near 3-Year Peak

Corn futures remained above $5.40 per bushel after reaching their highest level since July 2023, supported by robust US export demand, tightening global supplies, and expectations of increased agricultural trade with China. US corn export inspections rose 40% year-on-year to 1.94 million tonnes in the week ended September 17, surpassing market expectations and pushing 2026/27 shipments further ahead of last year’s pace. In the Midwest, heavy rainfall is delaying harvest in some areas and constraining the near-term flow of new supply, although overall progress remains slightly ahead of the five-year average. Global fundamentals also remain supportive: the USDA projects a nearly 30-million-tonne gap between world corn production and consumption in 2026/27, the largest deficit in more than three decades. Traders are closely monitoring this week’s Trump–Xi meeting for signs of progress on US agricultural purchases, while ongoing disruptions to Black Sea grain exports continue to lend additional support to prices.