An increase in corn prices of the local area tend to occur when an ethanol plant begins operation. The objective of this research is to evaluate the impact of a corn processing ethanol plant on corn price levels. Results indicate that farmers in the nine-county area surrounding Macon, Missouri have seen increased farm revenues to $4.12 million annually, or a weighted average corn price increase of $0.12/bushel. This is an increase of about $0.10/bushel for all corn sold in the surrounding region, and a $0.19/bushel increase for corn sold directly to the ethanol plant. For the case of a $0.12/bushel weighted average corn price increase, a land value increase of $161/acre to reflect the increase in returns per acre was estimated. Thus, landowners are the actual benefactors of an increase in corn price from ethanol production.