ADAMS COUNTY, Ill.(WGEM) -- Corn is an important commodity to the Tri-States, and right now, the market is volatile.
Corn prices last week were up to more than 56 percent over May of 2020. That's the highest they have been since the end of 2012. The rise comes directly after corn prices hit some of the lowest levels in the past decade just last month.
The high prices are, in part, due to a rise in demand because of increased ethanol usage and more exports to China.
The United States grows nearly a third of the world's corn, according to the USDA. Illinois and Iowa are the nation's top corn producing states, with each combined accounting for around a third of the national output.
Local farmer Ryan Meyer said it has been a while since corn prices were this high, but he does not think it will last.
"I don't think that the price is going to stay up like it is, I think this is probably a temporary thing. I hope it doesn't retract back as far as it did back in 2019 and 2020," Meyer said.
As of Friday, the corn prices had started to go back down.