US Corn Crop Withers to Worst Conditions Since 1992, Driving Prices Higher
- Dry weather in key growing areas shows little sign of easing
- Crop ratings are poor in Illinois, the No. 2 US corn producer
Corn grows in Leland, Mississippi.
Photographer: Rory Doyle/BloombergThis article is for subscribers only.
Corn prices are surging as persistent dry weather in the US, the world’s biggest producer, has dragged crop conditions to the worst levels in three decades.
Futures in Chicago have jumped more than 12% over four sessions, the biggest such gain since early March 2022, when the outbreak of the war in Ukraine rattled grain markets. Heat and drought have shriveled the potential for yields in critical growing areas of the Midwest. The portion of the US corn crop rated good to excellent has dropped to 55%, the lowest for this time of year since 1992.