corn has a wheat problem
Worth noting that the initial event of the 2006-14 grain price boom was that world wheat stocks had finally worked their way down over the course of several years and the starters gun was when the AWB board got backwards on wheat while the Aussie crop was going backwards in the fall of 2006.
Wheat took off and every corn buyer who had been sitting back to see when the ethanol increases would start to move the market jumped in with both feet.
The big Russia/FSR drought of 2011 helped extend the situation a few more years.
But now we're back to big world wheat stocks. Typically those take several years to work off- ususally problems in more than one place over more than one year.