Corn Prices

Corn prices averaged USD 468 cents per bushel in May, up 3.5% from April. On 29 May, the commodity traded at USD 447 cents per bushel, down 3.9% from 30 April.

In May, corn prices hit a 13-month high as the U.S.-Iran war continued to push up prices for fuel and fertilizer—key inputs in grain production. Higher oil prices will have also boosted corn prices by driving up biofuel demand; corn is widely used in ethanol production. Corn demand also got an additional lift from the recent wheat-price rally; both grains are used in livestock feed and higher wheat prices will have diverted demand towards relatively cheaper corn.