Annual corn exports, as a percentage of total use, exhibit a persistent, downward trend starting in the mid-1970s. Changes in government policy and domestic supply-demand dynamics are widely held as the determinants for corn price movement over the same period. However, significant disputes have emerged since 2013 which attribute the last five years of corn market underperformance to minor trade vicissitudes between the U.S. and China. This report estimates a corn price determination model which demonstrates that foreign exports play an insignificant role in the U.S. corn market between 1997 and 2018.