The United States average farm value of corn per bushel Dec. 1 before the World War was determined almost entirely by the size of the United States corn crop. The closeness of the relation is indicated by the simple correlation coefficient - .9738. The regression of corn value on corn production was - 1.62. Since the war, this regression has decreased to - 1.54.
Since the war, the farm value of corn has become sensitive to other influences besides the size of the corn crop. Three other factors now seem to influence the value of corn - the numbers of livestock on farms, the rate of industrial production, and perhaps the west-east corn production ratio. The period since the war is so short, however, that these conclusions must be regarded as tentative.
"Annual fluctuations in the price of corn,"
Research Bulletin (Iowa Agriculture and Home Economics Experiment Station): Vol. 13
, Article 1.
Available at: https://lib.dr.iastate.edu/researchbulletin/vol13/iss164/1