Grain Rally Gains Billions as Heat and Global Conflicts Shake Commodity Markets

Corn and soybean futures rallied to multi-month highs on 23 July as extreme heat across the US Midwest and geopolitical disruptions to Black Sea exports tightened global grain supply expectations. Corn futures hit $4.8750/bu (highest since May) and soybean contracts reached $12.4375/bu (highest since late 2023), driven by production risk rather than current supply tightness.

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