Price of corn in the US - Data and Analysis (1980-2032)

The price of corn in the United States is forecast to hold flat at $4.29 per bushel in 2026, as a record 2025 harvest weighs on prices early in the year before a smaller 2026 crop tightens supplies. US growers brought in an all-time high crop in 2025 on record yields, lifting stockpiles to a seven-year high and keeping prices subdued through the first half of 2026. Those low prices prompted farmers to plant fewer acres of corn in 2026, while July heat during pollination raised concerns about yields and briefly firmed prices. Strong export demand has also provided support, with Mexico, Japan, Colombia and South Korea buying US corn at a historically strong pace even as China remains largely absent from the market. Elevated energy prices linked to conflict in the Middle East have lifted ethanol margins, supporting corn use by fuel producers. However, a late-season upgrade to the 2026 yield estimate has eased supply worries, capping gains. The price of corn has fallen at a compound annual rate of 4.5% over the five years through 2026, retreating from a record high in 2022. Supply shocks drove that surge. Russia's invasion of Ukraine, a major corn exporter, disrupted Black Sea shipments and sent global grain prices soaring, while drought in the western Corn Belt and tight stockpiles left little cushion. Surging fertilizer and fuel costs also lifted production expenses, reinforcing the spike. Rebuilding supplies have driven the decline since. Farmers responded to high prices by expanding acreage, and favorable growing conditions delivered a record crop in 2023 that rapidly replenished stocks. Prices fell sharply through 2023 and 2024 as Black Sea exports resumed and Brazil's expanding second-crop harvest intensified competition for international buyers. Growers also rotated acreage between corn and soybeans as relative prices shifted, amplifying swings in supply. Another record harvest in 2025 added to the glut, pushing stockpiles to a seven-year high.Demand has cushioned the downturn. Ethanol production has held near record levels, supported by the Renewable Fuel Standard's conventional biofuel requirement, while feed use has remained steady despite a shrinking beef cattle herd, as poultry and dairy production expanded. Exports have proved a bright spot. Mexico has become the largest buyer of US corn, and shipments have climbed to multi-decade highs, offsetting reduced purchases from China amid trade tensions over US agricultural goods.