The last time the U.S. ended a marketing year with more than 2 billion bushels of corn was 2004-05. At that point in time, the “old era” marketing year average corn price was $2.06 per bushel.
Current expectations are for lower commodity prices in the 2015-16 marketing year ($3.50/bu corn. $9.00 per bushel soybeans, and $5.10 per bushel wheat).
The pace of consumption for corn and soybeans is especially important given that the projected levels of ending stocks, while not considered burdensome, are at their highest levels since before the renewable fuels era.