About this chart: This is the CBOT Corn weekly continuation chart (in red) and the NYMEX weekly crude oil futures (in black). You can see the close correlation between energy and corn prices. Both corn and crude futures put in major highs in 2012 and 2022. Both markets moved lower into the first quarter of 2026. When the war started with Iran, crude oil futures moved sharply higher, while corn prices continued lower. Now crude oil prices have plunged lower, but corn still looks undervalued.
What does this mean for you: The US corn market posted an impressive key reversal higher last week, while the crude oil market closed down 60 cents per barrel. The US corn market is undervalued. A return to normal crude-to-corn price ratios would take corn prices – eventually — back to $5.00.