- WASDE in their May report reflected combined 2015/16 US corn, wheat and soy stocks to be at their largest level since 1998! Such huge stocks (bearing in mind that we are in the post ethanol era) are unprecedented and reflect that demand growth growing forward has to be more robust. This is the function of the market; to reach price levels that strongly build demand or curtail production in future years. In years awash in grain, seasonal or annual lows are often scored during or at the end of harvest.
