Corn rises near one-week high on US crop concerns, soybeans edge higher

Soybeans also gained, adding 0.1% to trade at $13.04 a bushel, while wheat showed little change at $7.04-3/4 a bushel after closing higher on Tuesday.

Traders are closely monitoring Midwest weather forecasts as farmers accelerate harvesting following rain delays last week, with much of the region expected to remain dry in the coming days.

According to the US Department of Agriculture, as of Sunday, US farmers had harvested 23% of their corn and 25% of their soybeans—both figures below analyst expectations and behind the five-year average pace. The USDA also lowered its rating for corn crops in good-to-excellent condition more than anticipated.

For soybeans, recent rainfall has raised concerns about potential impacts on crop quality and oil content. The agency is scheduled to release its updated US corn and soybean harvest outlooks in the monthly supply-and-demand report on Friday.

Meanwhile, grain supply concerns persist due to ongoing attacks on vessels in the Black Sea. On Tuesday, two merchant ships, including one carrying grain, were struck in a drone strike off Bulgaria. Another vessel was hit on Monday outside Romania’s territorial waters, an incident Ukraine attributed to Russian drones.

Weather patterns in South America are also influencing markets, with a developing El Niño expected to improve crop prospects in Argentina while raising dryness concerns in northern Brazil, potentially affecting the country’s safrinha corn crop.