Based on the continuous futures contract, corn prices peaked at nearly $8.25 in May 2022. The rally was in response to the Russian attack on Ukraine, forcing international grain prices to rally. Since that time, the price has declined to $4.50. Corn has a bullish seasonal pattern after the planting season, pushing prices to a high in mid-June, resulting in some analysts looking for corn to peak near $6.00. This may seem optimistic with the burdensome carry-over from the last harvest hanging over the market.
This leads one to wonder, what comes first, $3.25 or $6.00 per bushel for new crop corn?
