Prices fell across the board, but corn was the worst down $1.40 at midday, but rebounded slightly, and closed at $1.17.
The numbers are shocking to some, but it wasn't surprising to everyone.
"The more the bids drop, the more they bought. It's just been a real domino effect on knocking down the grain prices," Vice President of Grain Marketing at the Farmer's Co-Op of Cherkoee, Iowa Randy Dunn said.
Dunn said it started with a lot of buying of grain in Eastern Iowa earlier this week. Mix that with rain in the forecast, and farmers cleaning out their bins; the market was bound to see drastic changes.
"It's kind of like the chicken or the egg thing, you know, which is causing which? Did the market go down and cause the farmers to sell or is the farmer's selling that's causing the market to go down," Dunn said.
As far as the current crop condition out in the field, officials at the Farmers Co-Op Society in Sioux Center, Iowa said some fields are looking better than others.
"Rain is very critical at this time, so some fields are showing very drought characteristics rolling up and suffering from the heat, and some look very good and caught some rain within the last couple of weeks" Agronomy Department Manager Stan Feekes said.
Feekes said an inch of rain each week would be ideal for farmers in Sioux County.
However, Dunn said just a few miles away in Cherokee, Iowa crops are looking good considering the lack of rainfall.
So, when and where the moisture hits the field will likely determine if the corn prices stay down or go back up.
Feekes added that 18 inches of moisture is ideal to raise the corn crop in a growing season.
He said, nationwide, corn production is doing okay, and the country won't see a shortage like last year.