Another year of good grain and oilseed output in the U.S. and other key producing regions of the globe has allowed stocks and stocks-to-use ratios to remain at very comfortable levels, helping bring prices down a second consecutive year from the record high values seen three years ago.
In the 2014/15 season, record world yields of the three main crops of corn, soybeans and wheat were achieved in the same year for the first time since the 1997/98 season.
This season was almost as good with wheat's 3.26 metric ton per hectare yield the highest ever improving on the year ago peak of 3.25.
The world corn yield of 5.49 MT/ha is down from last year's all-time peak of 5.64 but is still the second highest ever as is the case for soybeans where this year's 2.64mt/ha yield is down from last year's record of 2.70 but is also the second highest ever.
Looking at the compounded annual growth rate figures for all three yields we note that global soybean and oilseed stocks are at all-time high levels based on the superlative yields seen over the past five years, while both wheat and corn yield growth has plateaued in recent seasons.
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