Chicago corn futures again reached lows this week, and soybean prices are fluctuating in single digits as the U.S. expects an abundant harvest. December corn prices are still slightly higher than last year's, while November soybean prices are at a five-year low for this date. However, adjusted for inflation, average monthly corn and soybean prices are currently at their lowest July level since 2006. This grim milestone comes at a time when American exporters are trying to protect their once-unassailable share of the global grain and oilseed market from Brazil's constantly growing production. The price drop is especially painful for American farmers because production costs remain relatively high. Corn prices have fallen by at least 30% since mid-2022, both nominally and in adjusted terms. However, the average corn production cost nationwide this year is only 3% lower than in 2022, and 11% lower when accounting for inflation. This means that a corn price of $4 per bushel is not the ...