Why was the price of corn so high in 2012?
Corn and soybean prices rallied sharply beginning in July 2012 as U.S. drought conditions unfolded. It was generally expected that prices would follow the pattern experienced in other “short crop” years, with prices peaking near harvest and then returning to pre-drought levels later in the marketing year.
What was corn price in 2012?
$6.9160
Corn Prices – 59 Year Historical Chart
| Corn Prices – Historical Annual Data | ||
|---|---|---|
| Year | Average Closing Price | Year High |
| 2012 | $6.9160 | $8.3125 |
| 2011 | $6.7973 | $7.8700 |
| 2010 | $4.3064 | $6.2900 |
What was the price of corn per bushel in 2012?
For example, the average price of corn in 2012 was $6.89 a bushel, driving the crop’s value to $74.3 billion. Last year’s average corn price was $4.50, resulting in the value falling to $62.7 billion.
What is the highest corn prices have ever been?
Historically, Corn reached an all time high of 843.75 in August of 2012.
Why did corn prices increase in 2011?
Probably the most significant factor contributing to the increase in staple food prices in 2010 and 2011 was a series of adverse weather events. A severe drought in Russia and parts of Ukraine and Kazakhstan reduced production of all 2010 crops, particularly wheat.
What’s the corn price today?
Key Data
| Label | Value |
|---|---|
| Last | 756.5 |
| Prior Settlement | 759.75 |
| 52 Week High | 772.75 |
| 52 Week Low | 495.75 |
Was there a drought in 2012?
Based on the Palmer Drought Index, severe to extreme drought affected about 33 percent of the contiguous United States as of the end of June 2012, an increase of about 10 percent from last month. About 4 percent of the contiguous U.S. fell in the severely to extremely wet categories.
Why did corn prices go up in 2011?