Corn futures hit new contract highs on low yield estimates.

Virginia McGathey provides an update on the grain markets, highlighting the divergence in agricultural commodities. Soybean futures faced pressure from crop tour forecasts suggesting record production, pushing November contracts down 21 and 3/4 cents. Conversely, Corn futures jumped to a new contract high after Pro Farmer estimates indicated a potential six-year low in yields, sending December prices surging above 5'24'2. Wheat futures maintained their uptrend, supported by ongoing Black Sea volatility. The discussion also covers critical options open interest levels and rising CVOL metrics across all three products, emphasizing the necessity of risk management strategies in current conditions.