Corn prices averaged USD 488 cents per bushel in February, up 2.7% from January. On 28 February, the commodity traded at USD 454 cents per bushel, down 5.9% from 31 January.
In February, corn prices hit the joint-highest level since July 2023. The USDA cut its 2024/25 estimates for global yields and ending stocks; supply woes were worsened by dry weather in Argentina and sluggish planting progress in Brazil. Additionally, strong export demand for U.S. corn supported prices. Meanwhile, markets braced for U.S. tariffs on Canada and Mexico, as they could spark retaliatory measures against U.S. corn exports.
This chart displays Corn (US¢/bu) from 2023 to 2024.
Corn CBOT (prices in US¢/bu, aop)
| Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | |
|---|---|---|---|---|---|---|---|---|
| Corn CBOT | 658 | 617 | 489 | 479 | 438 | 445 | 395 | 428 |