Inflation-adjusted price indices for corn, wheat, and soybeans show long-term declines

Increased productivity in crop production underlies a general decrease in inflation-adjusted prices for corn, wheat, and soybeans over the past century. This downward price trend was reversed during the past decade by global growth in population and income, increasing biofuel production, and a depreciation of the U.S. dollar, but is likely to resume from these recent higher levels as population and income growth slow, biofuel production levels off, and as the U.S. dollar strengthens.