Grain Markets Experience Rare Feat with New-Crop CBOT Corn.

Chicago December corn futures traded below $5 per bushel for the first time since 2021, but the average price of December corn during February, which represents the insurance guarantee to U.S. corn farmers, offers an interesting benchmark. Since at least 1973, December corn futures have never failed to return to the average February price at some point after February, though that has not yet been the case this year. On average in the last decade, December corn eventually tops the February price by 15%, boosted by strong rallies in the last two years.