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Copper futures climbed above $6.7 per pound on Wednesday, reaching a new all-time high as supply-side risks persisted despite a recent easing of the market squeeze. Traders continued to divert shipments toward the US amid elevated premiums and expectations of new tariffs under the Trump administration, with the White House yet to make a final decision on the matter. Copper inventories in warehouses tracked by the London Metal Exchange have fallen by almost half since mid-May following a 42-day streak of declines. Elsewhere, Zijin Mining warned that flooding at the Kamoa-Kakula copper complex in the Democratic Republic of Congo could cut its share of production by as much as 57,000 tons this year, underscoring ongoing risks to global supply. On the demand side, Chinese smelters have faced difficulties securing feedstock, increasing the need for imports.

Copper Hits Fresh Record High

Corn futures jumped above $5 per bushel, hitting their highest level since July 2023 as mounting concerns over US crop yields pointed to tighter supplies. The Pro Farmer Crop Tour recently estimated the 2026 US corn yield at 173.2 bushels per acre, well below the USDA’s latest forecast of 180.7 bushels, while production was projected at 15.34 billion bushels. The bearish supply outlook was reinforced by the USDA’s latest crop report, which showed the share of corn rated good-to-excellent falling three percentage points to 57% for the week ended August 23. Weather remains a key concern, with heat stress and excessive rainfall affecting parts of the Midwest and potentially limiting yields ahead of harvest. Meanwhile, US corn export inspections remain strong, with cumulative shipments up 26% from a year earlier despite a recent easing in weekly shipments to 1.3 million tones. Elsewhere, disruptions to Black Sea grain shipments continued to raise concerns over global supplies.

Corn Hits 3-Year High on US Crop Concerns

Malaysian palm oil futures extended losses, trading below MYR 4,900 per tonne and touching their lowest level in a week as traders returned from a holiday. Sentiment was pressured by a stronger ringgit and weaker soyoil prices on the Chicago market, while crude oil fell on renewed hopes that the Strait of Hormuz could reopen. Demand concerns also weighed, with cargo surveyor Intertek Testing Services noting that palm oil product exports for August 1–25 dipped 20% from the same period in July. Ample supplies added to the bearish tone, as Malaysian palm oil inventories climbed to a five-month high in July. Separately, exports by top grower Indonesia fell 9.2% yoy in June, according to palm oil association GAPKI. Still, losses were capped by firmer Dalian soyoil prices. Concerns that a developing El Niño could intensify dryness and curb output in Indonesia and Malaysia also provided support, along with Indonesia's planned full implementation of its B50 mandate from Oct 1.

Palm Oil Retreats to One-Week Low

Wheat futures climbed toward $7 per bushel in late August, reaching their highest level since July 23, as intensifying Russia-Ukraine attacks threatened to further disrupt grain shipments from the Black Sea. The worsening conflict has raised concerns over the ability of the two major wheat exporters to move their crops to global markets, particularly as the new harvest gathers pace. Russia is expected to ship 46 million metric tons of wheat in the current marketing year, while Ukraine is projected to export 13.5 million tons, according to the US Department of Agriculture. Adding to upward pressure on prices, US wheat export inspections fell to 425,668 metric tons in the week ended August 20, from 514,363 tons a week earlier and well below the 1.05 million tons inspected during the same week last year. Meanwhile, the US spring wheat harvest was advancing rapidly, with 62% of the crop in the bin as of Sunday, compared with 41% a week earlier and above the five-year average of 52%.

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