"Currently, corn and wheat prices in southern Illinois are about equal, but new-crop wheat prices are about 15 cents higher. Importers may also look to the newly harvested South American corn crop for a larger share of imports over the next five months," he said.
According to Good, corn prices have increased about 90 cents per bushel since the release of the March 1 corn stocks estimate. Prices are at the highest level of the year, and spot cash prices have exceeded the previous high reached in June 2008. Further price increases may be forthcoming unless there is some evidence that the rate of consumption has slowed, he said.