Corn futures surged as the U.S. Department of Agriculture significantly cut its yield forecast for the United States, with the reduction exceeding market expectations.

Corn futures prices have recorded the largest increase since June, following a significant downward revision of the U.S. corn yield forecast by the U.S. Department of Agriculture, with a reduction greater than market expectations. Chicago corn futures rose by 4.1% at one point before the gains narrowed. Earlier on Wednesday, grain prices had already begun to rise. An important grain port in Russia was attacked, exacerbating market concerns about the potential disruption to grain exports in the Black Sea region due to an escalation of the Russia-Ukraine conflict.