How Long Should We Expect Corn and Soybean Prices to Remain Above or Below Average?

In a 2008 report and in subsequent articles we argued that corn, soybean, and wheat likely entered an era of higher prices beginning in late 2006.The "new era" of prices was associated mostly with the rapid expansion in biofuels production, particularly corn-based ethanol.Based on the level and pattern of average monthly prices received by Illinois producers in two previous price eras- January 1947 through December 1972 and January 1973 through November 2006-we projected three aspects of crop prices in the new era that began in December 2006.These were 1) average price, 2) the range in average monthly prices, and 3) the distribution of average monthly prices.An assessment of those projections was provided earlier this year here and here.