Corn and wheat futures reached their highest levels in more than three years, but the rallies reflect different market pressures. Wheat futures settled 3.1% higher at 784 cents per bushel Friday after reaching 790.25 cents, the highest since Feb. 14, 2023, and gained 12.1% for the week, its strongest weekly advance since March 2022. Wheat was up more than 54.5% year-to-date as Russia-Ukraine tensions disrupted Black Sea exports. Corn futures rose 0.6% to 536.5 cents per bushel after touching 541.25 cents, the highest since July 28, 2023. Corn gained 5.5% during the week, climbed 15.6% in August and was up 21.8% year-to-date, supported by lower U.S. yield expectations, strong demand and constrained Ukrainian exports. The USDA (U.S. agriculture department) cut its corn yield forecast by 2.3 bushels per acre to 180.7 in its August WASDE (crop supply and demand report), although it still projected the second-largest harvest on record. Pro Farmer’s Crop Tour also found damage from July heat following excessive June rain, while August rainfall and fungal disease affected parts of the eastern Corn Belt. Wheat supplies faced additional pressure from European heat and drought, as well as lower hard red winter wheat output in Texas, Oklahoma and Kansas. Analysts said new multiyear highs were also attracting momentum and systematic traders.