Corn Price Analysis
Corn: $4.513 per bushel. One month -13.7%, one year +4.5%. Against its inflation-adjusted average since 2000: -22.3%; higher than 28% of month-ends in today's dollars.
Analysis
Corn last traded at $4.56 per bushel on October 23, 2026. Over the past year, that sits about 38% of the way from the low of $4.02 to the high of $5.43. Over five years, the price sits about 21% of the way from $3.62 to $8.18, and over ten years about 30% of the way from $3.03 to $8.18. Across its nominal history since 2000, it sits about 43% of the way from $1.75 to $8.31. Adjusted for inflation, the price is 21.5% below its average real level since 2000 of $5.81 per bushel, and it sits near the 29% mark of its inflation-adjusted history. The price fell 13.8% over the past month, rose 6.5% over the past year and is down 19.8% over five years.
The soybean-to-corn price ratio is 2.78, above its long-run average of 2.5 and higher than about 82% of its readings since 2000. The wheat-to-corn ratio is 1.37, close to its 1.34 average since 2000 and above its 1.29 ten-year average. Over the past 120 months, monthly corn moves showed little link to changes in the 10-year real interest rate (correlation +0.13) or 10-year inflation expectations (correlation +0.09). October has averaged a 2.8% gain, with a median of 1.3%, and has risen in 16 of 26 years. On the demand side, animal feed, ethanol (roughly a third of U.S. use), exports, and food and sweeteners are the main uses. On the supply side, the U.S. is the largest grower and exporter, followed by Brazil, Argentina and Ukraine, with planted acreage and summer weather as key factors. Reports tracked include USDA planting, crop progress and monthly supply and demand updates.
Where the price sits
| Period | Low | Average | High | Position |
|---|---|---|---|---|
| 1 year | $4.020 | $4.520 | $5.430 | 35% |
| 5 years | $3.620 | $5.170 | $8.180 | 20% |
| 10 years | $3.030 | $4.620 | $8.180 | 29% |
| Since 2000 | $1.750 | $4.120 | $8.310 | 42% |
Ratios
- Soybean / Corn is 2.74 price ratio, in the upper part of its range since 2000 (higher than 79% of month-ends; average 2.50).
- Wheat / Corn is 1.33 price ratio, in the middle of its range since 2000 (higher than 50% of month-ends; average 1.34).
What moves corn
Demand: Animal feed; Ethanol (roughly a third of U.S. use); Exports; Food and sweeteners.
Supply: The U.S. is the largest grower and exporter, followed by Brazil, Argentina and Ukraine; Planted acreage and summer weather.
Worth watching: USDA reports (planting, crop progress, monthly supply and demand); U.S. summer weather; Ethanol policy.
Monthly moves have had little link to changes in the 10-year real interest rate (correlation +0.13).
Monthly moves have had little link to changes in the 10-year inflation expectations (correlation +0.09).
Stocks that move with corn
No covered stock has moved closely with this market over the last two years.
Questions and answers
Is corn expensive compared with its history?
Corn at $4.51 per bushel is 22% below its inflation-adjusted average since 2000 and sits 29% of the way from its 10-year low to its 10-year high. Data as of 2026-10-28. Historical comparison only, not a forecast or investment advice.
How does today's corn price compare after inflation?
In today's dollars, corn is 22.3% below its inflation-adjusted average since 2000, higher than 28% of month-ends since then. Data as of 2026-10-28.
Where is corn within its 10-year range?
At $4.513, corn sits at 29% of its 10-year range (low $3.030, high $8.180), where 0% is the low and 100% the high. Data as of 2026-10-28.