Centre county Pennsylvania, USA | Corn COP (in $/bushel) is computed as COP = (cost/acre)/(bushels/acre). That equation is evaluated for expected ranges in US average cost/acre and average yield, in bushels/acre, in the attached graphic. Clearly, average yield has a significant role in determining corn COP. Average yield for the 2012 US corn crop was sharply below trend yield and the average price of 2012 US corn was sharply higher. That doesn't prove influence but it is an example of higher COP and higher price.
Because corn is produced by thousands of independent farmers it can't be price fixed by a few producers. Over the long run (many years) corn prices appear to agree reasonably well with Cost-of-production theory of value (goggle is your friend) if government subsidies are not considered.
 (US corn production cost.jpg)
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 US corn production cost.jpg (50KB - 23 downloads)
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one mans view of the beloved biofuels
