Global grain stocks will likely be about 1.5% higher than last year, reversing the downward trend over the prior few years, reportsKRVN.
Despite the rise in global supplies, USDA forecasts higher corn, wheat, and barley prices than in the 2019-2020 marketing year.
The average corn price is projected at $4/bushel, compared to $3.85 the prior year.
The average wheat price is forecast at $4.80/bushel, up from $4.60 in the previous marketing year.
The average barley price is projected to be $4.75/bushel, up five cents/bushel from last year.
Feed, food, and export markets for corn are all promising for 2021.
U.S. corn exports were up 49% in 2020 to 67.3 MMT, a huge boon to marketers and growers.