Corn and wheat prices have reached their highest levels in the last three years, with wheat increasing by 12.1% weekly due to disruptions in the Black Sea, while corn is affected by supply from the USA.

Corn and wheat prices have reached their highest levels in over three years, with significant increases caused by various factors.

Wheat futures contracts rose by 3.1%, reaching 784 cents per bushel, marking a weekly increase of 12.1%, the largest since March 2022. In contrast, corn closed at 536.5 cents per bushel, with a 0.6% increase. Supply issues in the U.S., including a reduction in the estimated yield by the U.S. Department of Agriculture, caused by extreme weather and diseases, have led to the rise in corn prices.

Additionally, export disruptions from the Black Sea, generated by the conflict between Russia and Ukraine, have severely affected wheat trade flows, amplifying concerns about the availability of grains.

Unfavorable weather has also impacted European production, adding further pressure on the markets.

These highs are now attracting purchases from traders, contributing to the continued rise in prices.