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Corn prices hit $11 per bushel after $10 per bushell hike, Bloomberg report says

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Corn prices are down about 20% from their high last year, but a report out today said they are likely to stay down for a while, given the fact that the price of corn has fallen in recent years and there are still a lot of supplies in the ground.

The price of one bushel of corn fell about $10 to $11.60 on Wednesday from $14.10 a bushel earlier this month, according to Bloomberg, citing data from the U.S. Department of Agriculture.

This compares with a loss of about $5 per bushe of corn last year.

The report comes after the price last year was $11 a bushe.

Corn prices are expected to remain in the $10 range this year, and could hit $14 a bushell by the end of next year.

Corn prices fell more than 20% last year and will likely remain below the $12 mark, according the report. 

The price drop is more significant because the USDA reports the value of corn grown in the U, excluding its cost of production, fell by $8.6 billion in 2016.

This amount is the equivalent of almost a third of the $1.2 trillion in U.s. corn production, according a Reuters poll.

The USDA estimates that corn production in 2016 was worth $2.3 trillion.

The USDA said in a statement last week that corn prices could be down more than 50% this year and in 2023, according CNN.