Global Corn Prices Retreat From Three-Year Highs

November 4, 2026 · Anadolu Ajansı

Corn prices, which hit a three-year peak in September, have sharply declined amid harvest pressure in the U.S. and weakening export demand.

Corn Prices Tumble From Peaks

Global corn prices are experiencing volatility driven by geopolitical developments, climatic conditions, and supply uncertainties. After losing 2.7% in January, the commodity tested a three-year high of $5.4975 per bushel in September, fueled by rising oil prices and production concerns stemming from El Nino. However, prices could not sustain this level, recording a sharp decline of 6.9% in September and 10.6% in October, marking the fastest monthly drop since June 2023.

Supply Pressure and Market Expectations

Ole Hansen, Head of Commodity Strategy at Saxo Capital, commented on the price movements:

'Corn prices have sharply retreated from their three-year high of around $5.50 reached in September, driven by increased harvests in the U.S., weaker export data, and expectations that a potential ceasefire in the Black Sea could ease supply disruptions and improve export flows from the region.'

Hansen noted that the U.S. Department of Agriculture reported an approximate 15% decrease in weekly exports, and highlighted that the harvest reached 60% completion as of October 25. Warning that the short-term outlook remains challenging, Ole Hansen, Head of Commodity Strategy at Saxo Capital, stated:

'A sustained recovery may require concrete signs of strengthening physical demand or developments that could reignite supply concerns.'

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