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Corn prices are now up about 10% over the past month. The surge came after prices hit 2020 lows last year due to oversupply, which eroded farmers' incomes and hit the rural economy hard.
Corn futures prices that approached $6.30 a bushel in June have since tumbled to $4.10, after U.S. farmers ultimately produced record crop yields. "I wish I sold a lot more," Henebry said.
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A farmer raising corn can sell a futures contract on his corn, which will not be harvested for several months, and gets a guarantee of the price he will be paid when he delivers; a breakfast cereal producer buys the contract and gets a guarantee that the price will not go up when it is delivered.
In futures contracts the buyer and the seller stipulate product, grade, quantity and location and leaving price as the only variable. [32] Agricultural futures contracts are the oldest, in use in the United States for more than 170 years. [33] Modern futures agreements, began in Chicago in the 1840s, with the appearance of grain elevators. [34]
The Grain Futures Act (ch. 369, 42 Stat. 998, 7 U.S.C. § 1) is a United States federal law enacted September 21, 1922 involving the regulation of trading in certain commodity futures, and causing the establishment of the Grain Futures Administration, a predecessor organization to the Commodity Futures Trading Commission.
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The US is the world's largest producer of corn. [8] According to the United States Department of Agriculture (USDA), the average U.S. yield for corn was 177 bushels per acre, up 3.3 percent over 2020 and a record high, with 16 states posting state records in output, and Iowa reporting a record of 205 bushels of corn per acre.