What is the actual corn price?
For months in which a CBOT corn futures contract expires, the actual corn price is the simple average of the daily settlement prices in the last three trading days prior to the contract expiration date for the CBOT corn futures contract for that month expressed in dollars per bushel plus the state-specific corn basis for that month. Note that the state-specific corn basis used to calculate actual corn prices is the same state-specific basis used to calculate expected corn basis for the month. For months when there is no expiring CBOT corn futures contract, the actual corn price is the weighted average of the futures prices on the nearest two contract months plus the state-specific corn basis for the month. The weights depend on the time period between the month in question and the nearby contract months. For example, the actual corn price in April in Missouri is one-half times the simple average of the daily settlement prices in the last three trading days prior to the contract expirat
For months in which a CME Group corn contract expires, the actual corn price is the simple average of the daily settlement prices for the CME Group corn futures contract for the month during the actual price measurement period. For other months, the actual corn price is the weighted average of the immediately surrounding months simple average of the daily settlement prices during the actual price measurement period. The actual price measurement period is the last three trading days prior to contract expiration.
