Illinois research team says global grain price surge is permanent

Two University of Illinois farm economists have concluded that global grain prices will continue to hold, in the first increase in corn, wheat and soybean prices in more than three decades that appears to be sustainable. Darrel Good and Scott Irwin, professors of agriculture and consumer economics, projected sustained corn prices of $4.60 a bushel in Illinois, soy prices of $11.50 per bushel, and Wheat increasing to $5.80 per bushel. The researchers said that higher oil prices and high inflation were also a factor in the price increases of the 1970s.

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