This report presents State-level corn production cost and return estimates for 1986-88. Corn is the leading U.S. grain commodity for total value and volume of production. Total corn production decreased during 1986-88, resulting in an 80-percent increase in corn prices over the 3-year period. Even with the decrease in production, total value of production was over $11 billion, representing about 40 percent of the total value of all grain crops sold and approximately 20 percent of the total value of production of all harvested cropland. Per-acre costs, per-bushel costs, and corn yields varied significantly among years and among regions and States within a given year.