Business Environment Profiles - United States
Published: 16 July 2025
Price of corn
4 $ per bushel
3.7 %
The price of corn is represented by the price received by American growers as reported by the US Department of Agriculture. Annual figures are equally weighted averages of monthly means.
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The price of corn in the United States is estimated to be $4.19 per bushel in 2025, representing a projected decline of 2.4% from 2024. This decrease follows a year of increased harvesting and production efforts, prompted by lower-than-expected yields in the previous year. The domestic corn market continues to face subdued export demand due to retaliatory tariffs from countries such as China and the EU, contributing to a more stable domestic supply environment and keeping prices relatively low.
The price of corn experienced significant volatility from 2020 to 2025. In 2021, as the broader economy recovered from the COVID-19 pandemic, renewed demand for ethanol and animal feed drove corn prices up by a record 54.2%. Ethanol consumption increased markedly, and corn stocks remained below pre-pandemic levels due to elevated demand and ongoing drought conditions. In 2022, these tightening factors persisted, and combined with supply chain constraints, prices increased by a further 25.2%. In 2023, domestic corn production began to recover, resulting in a price decline of 12.0%. The downward price trend accelerated in 2024, with a 27.8% drop, as improved yields boosted supply. Despite decreasing overall production rates, enhanced yields were sufficient to replenish domestic stocks. The period has also been influenced by reduced domestic demand for artificial sweeteners and shifting consumption habits, lowering demand for corn in this segment.
Throughout the five years, broader agricultural trends also played a role. Comparable grains such as soybeans, wheat, and sorghum fluctuated in price, partly in alignment with corn, due to their substitutability in animal feed. Additionally, government policies and trade actions, including tariffs on US corn, tempered export volumes and contributed to more pronounced fluctuations in domestic stock levels and pricing. Given the link between ethanol production and corn demand, macroeconomic factors such as global energy prices also affect corn values.
Corn prices are forecast to decline a further 2.1% to $4.10 per bushel in 2026. This softening re...
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