In a typical year, a 1% to 2% gain of beef retail sales would call for an industry-wide pat on the back. A 20% to 40% to even a 60% gain in the first half of 2020, however, is unheard of. But this isn’t a typical year.

The U.S. marketing year average corn price for 2019-20 is projected to be $3.60 per bushel. In contrast, the forecast for the 2000-21 marketing year is only $3.20 per bushel. This large decline in corn prices leads to several questions: Why have corn prices declined so sharply? What factors could keep corn prices at their current levels? And, what is the impact of lower corn prices on feed costs?