Corn and wheat futures reached their highest levels in more than three years, while soybeans climbed above $12.6 per bushel. Wheat settled 3.1% higher at 784 cents on Friday after reaching 790.25 cents and gained 12.1% for the week, its strongest weekly advance since March 2022, as Russia-Ukraine tensions disrupted Black Sea exports. Corn settled 0.6% higher at 536.5 cents after touching 541.25 cents, gained 5.5% for the week and was up 21.8% year-to-date, supported by lower U.S. yield expectations, strong demand and constrained Ukrainian exports. The USDA cut its 2026/27 U.S. corn yield forecast by 2.3 bushels per acre to 180.7, although it still projected the second-largest harvest on record; its corn crop rating also fell three percentage points to 57% good to excellent for the week ended August 23. Extreme heat and flooding in China threatened corn, soybeans and cotton, while Chinese corn imports rose 61.3% to 1.36 million tons from January through July 2026. U.S. soybean sales to China, including 333,000 metric tons announced August 26, supported soybeans, but record-crop expectations limited gains.