Grain prices surge as heatwaves hit Europe and US

Global grain markets have jumped sharply as extreme heat waves scour the United States and Western Europe, while geopolitical tension over Iran adds further uncertainty. In the United States, a prolonged heat spell over the Corn Belt has lifted corn and soy futures on Chicago exchanges, and reduced stockpiles have pushed prices higher. In France, the second heat wave of the season has slashed expected corn yields by up to 30%, the lowest output in 26 years, prompting analysts to warn of a “catastrophic” harvest.

The combined pressure has lifted U.S. corn prices by about 9% in eight days, with wheat also up over 4% on the Chicago Board of Trade, while European futures on Euronext have risen similarly. Analysts say the market is reassessing the “predictable collapse” of French corn production, which could shift wheat demand toward animal feed in Europe and boost corn imports from third‑party suppliers. The price rally is further fueled by sanctions on Iran that have unsettled commodity flows, and renewed Chinese interest in U.S. soybeans.

"Cette semaine, la vedette c’est le maïs européen," noted analyst Sébastien Poncelet, reflecting the central role of European corn in the price dynamics.