Corn prices have experienced significant volatility from 1996 to 2024, driven by supply, demand, and global market forces. Prices remained relatively low and stable from the late 1990s through the early 2000s, averaging between $1.80 to $2.60/bu. However, starting in 2006, prices began a sharp upward climb, fueled by biofuel expansion, higher input costs, and global demand, peaking at $6.67/bu in 2012βthe highest annual price at the time.
Following the 2012 high, corn prices retreated, falling below $4.00/bu by 2015 as production outpaced demand. The market remained in a lower range for several years until 2021, when strong exports, rising input costs, and supply concerns pushed prices above $5.00/bu again. In 2022, corn hit an annual high of $6.76/bu, marking the second-highest yearly average in history. However, since then, prices have dropped sharply, falling more than $2.00/bu to $4.27/bu in 2024, reflecting larger harvests, lower export demand, and easing global supply concerns.
