Corn markets diverge as European supply shocks drive record prices

Global corn markets are experiencing a significant divergence between European and American supply realities. In Europe, corn futures on Euronext have reached record highs above €250 per ton, driven by a severe heatwave that has reduced France’s corn crop estimate by approximately 30%. The European Union’s total corn crop forecast has fallen to 52.7 million metric tons, the lowest since 2007.

In contrast, the Chicago Board of Trade (CBOT) remains relatively stable, with corn prices ranging between $4.40 and $4.50 per bushel. US analysts expect strong yields and production near 15.9 billion bushels, providing a supply cushion that keeps prices range-bound. This disparity is reshaping trade flows, with the USDA raising its forecast for EU corn imports and Spain increasing purchases of US corn to exploit the price gap.

On August 10, 2026, Chicago Board of Trade markets showed corn futures for September down slightly, while soybean and wheat futures saw mixed movements. Additionally, US CME pork prices were reported at $96.13 per hundredweight, a decrease from the previous day.