A NEW ERA FOR CORN AND SOYBEAN PRICES?

http://www.farmdoc.uiuc.edu/marketing/weekly/html/012604.html

January 26, 2004

A NEW ERA FOR CORN AND SOYBEAN PRICES?

The annual U.S. average farm price of corn in the 1960's ranged from $1.00 to $1.24. The average prices of soybeans ranged from $2.13 to $2.75 per bushel. The world changed beginning in the early 1970's, as there were significant crop problems around the world and the former Soviet Union began importing commodities. The average price of corn jumped to $1.57 in 1972, $2.55 in 1973, and $3.02 in 1974. The average price of soybeans jumped to $4.37, $5.68, and $6.64 in each of those years, respectively. It was the beginning of a new era for prices.