World Grain - December 2020 - 45

The US is going to be the residual
storage tank. Its stocks-to-use ratio
will still be over 41%. It will still
hold 15% of the world's stocks.
Emily French, managing director, ConsiliAgra

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CORN AND WHEAT OUTLOOK
Emily French, managing director of
ConsiliAgra, covered the global corn
and wheat outlook as part of a separate
panel discussion called " Grain Trade
Projections 2021 and Beyond. "
She looked at the market structure
for the year to date, as of Nov. 13.
" You have major gains across the
grains and oilseeds, " she said. " Meal
is up 30% and soy is up 23%. Doubledigit gains for everything except wheat
and soy oil. "
She contrasted that with declines in
other commodities.
" There is a disconnect right now
across the commodity landscape, "
she said.
Pointing to record long positions, she
highlighted the role of cheap money.
" Currency and the currency relationships are major factors in 2020, "
she said, citing the weakness of the
Brazilian Real and Russian ruble
against the dollar.
Weakness because of energy prices
meant record domestic prices for the
Russian wheat farmer.
" We have China back, " she said,
pointing to that country's large purchases of corn and soybeans.
August weather in the United States
was a game changer, she said, noting
that " it just basically never rained. "
)UHQFK VDLG %UD]LO LV R൵ WR D GU\
start as La Niña remains a risk for
South America.
" Everybody knows about it for
Argentina, and now you have a new
political administration for the US and
what that means more on a political basis and a trade policy basis, " she addHG³,MXVWGRQ¶WVHHWDUL൵VEHLQJZHDponized as they have been during the
Trump administration. I do think the
Biden-Harris administration will take a
more holistic approach to trade deals. "
Turning to corn, French explained that
it had been in a downtrend. Stocks were
set to fall to 42 days of consumption.
" The US will hold 43% of these
stocks, " she said. " That is what has
kept a lid on corn price action. "
She also highlighted " tenacious, non-

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World Grain - December 2020

Table of Contents for the Digital Edition of World Grain - December 2020

World Grain - December 2020 - 1
World Grain - December 2020 - 1
World Grain - December 2020 - 2
World Grain - December 2020 - 3
World Grain - December 2020 - 4
World Grain - December 2020 - 5
World Grain - December 2020 - 6
World Grain - December 2020 - 7
World Grain - December 2020 - 8
World Grain - December 2020 - 9
World Grain - December 2020 - 10
World Grain - December 2020 - 11
World Grain - December 2020 - 12
World Grain - December 2020 - 13
World Grain - December 2020 - 14
World Grain - December 2020 - 15
World Grain - December 2020 - 16
World Grain - December 2020 - 17
World Grain - December 2020 - 18
World Grain - December 2020 - 19
World Grain - December 2020 - 20
World Grain - December 2020 - 21
World Grain - December 2020 - 22
World Grain - December 2020 - 23
World Grain - December 2020 - 24
World Grain - December 2020 - 25
World Grain - December 2020 - 26
World Grain - December 2020 - 27
World Grain - December 2020 - 28
World Grain - December 2020 - 29
World Grain - December 2020 - 30
World Grain - December 2020 - 31
World Grain - December 2020 - 32
World Grain - December 2020 - 33
World Grain - December 2020 - 34
World Grain - December 2020 - 35
World Grain - December 2020 - 36
World Grain - December 2020 - 37
World Grain - December 2020 - 38
World Grain - December 2020 - 39
World Grain - December 2020 - 40
World Grain - December 2020 - 41
World Grain - December 2020 - 42
World Grain - December 2020 - 43
World Grain - December 2020 - 44
World Grain - December 2020 - 45
World Grain - December 2020 - 46
World Grain - December 2020 - 47
World Grain - December 2020 - 48
World Grain - December 2020 - 49
World Grain - December 2020 - 50
World Grain - December 2020 - 51
World Grain - December 2020 - 52
World Grain - December 2020 - 53
World Grain - December 2020 - 54
World Grain - December 2020 - 55
World Grain - December 2020 - 56
World Grain - December 2020 - 57
World Grain - December 2020 - 58
World Grain - December 2020 - 59
World Grain - December 2020 - 60
World Grain - December 2020 - 61
World Grain - December 2020 - 62
World Grain - December 2020 - 63
World Grain - December 2020 - 64
World Grain - December 2020 - 65
World Grain - December 2020 - 66
World Grain - December 2020 - 67
World Grain - December 2020 - 68
World Grain - December 2020 - 69
World Grain - December 2020 - 70
World Grain - December 2020 - 71
World Grain - December 2020 - 72
World Grain - December 2020 - 73
World Grain - December 2020 - 74
World Grain - December 2020 - 75
World Grain - December 2020 - 76
http://digital.world-grain.com/sosland/wg/2021_01_01
http://digital.world-grain.com/sosland/wg/2020_12_01
http://digital.world-grain.com/sosland/wg/2020_11_01
http://digital.world-grain.com/sosland/wg/2020_10_01
http://digital.world-grain.com/sosland/wg/2020_09_01
http://digital.world-grain.com/sosland/wg/2020_08_01
http://digital.world-grain.com/sosland/wg/2020_07_01
http://digital.world-grain.com/sosland/wg/2020_06_01
http://digital.world-grain.com/sosland/wg/2020_05_01
http://digital.world-grain.com/sosland/wg/2020_04_01
http://digital.world-grain.com/sosland/wg/2020_03_01
http://digital.world-grain.com/sosland/wg/2020_02_01
http://digital.world-grain.com/sosland/wg/2020_01_01
http://digital.world-grain.com/sosland/wg/2019_12_01
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http://digital.world-grain.com/sosland/wg/2019_09_01
http://digital.world-grain.com/sosland/wg/2019_08_01
http://digital.world-grain.com/sosland/wg/2019_07_01
http://digital.world-grain.com/sosland/wg/2019_06_01
http://digital.world-grain.com/sosland/wg/2019_05_01
http://digital.world-grain.com/sosland/wg/2019_04_01
http://digital.world-grain.com/sosland/wg/2019_03_01
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http://digital.world-grain.com/sosland/wg/2015_08_01
http://digital.world-grain.com/sosland/wg/2015_07_01
http://digital.world-grain.com/sosland/wg/2015_06_01
http://digital.world-grain.com/sosland/wg/2015_05_01
https://www.nxtbook.com/sosland/wg/2015_04_01
https://www.nxtbook.com/sosland/wg/2015_03_01
https://www.nxtbook.com/sosland/wg/2015_02_01
http://digital.world-grain.com/sosland/wg/2015_01_01
https://www.nxtbook.com/sosland/wg/2014_12_01
https://www.nxtbook.com/sosland/wg/2014_11_01
https://www.nxtbook.com/sosland/wg/2014_10_01
https://www.nxtbook.com/sosland/wg/2014_09_01
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https://www.nxtbook.com/sosland/wg/2014_06_01
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https://www.nxtbook.com/sosland/wg/2014_03_01
https://www.nxtbook.com/sosland/wg/2014_02_01
https://www.nxtbook.com/sosland/wg/2014_01_01
https://www.nxtbook.com/sosland/wg/2013_12_01
https://www.nxtbook.com/sosland/wg/2013_11_01
https://www.nxtbook.com/sosland/wg/2013_10_01
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https://www.nxtbook.com/sosland/wg/2013_07_01
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https://www.nxtbook.com/sosland/wg/2013_03_01
https://www.nxtbook.com/sosland/wg/2013_02_01
https://www.nxtbook.com/sosland/wg/2013_01_01
https://www.nxtbook.com/sosland/wg/2012_12_01
https://www.nxtbook.com/sosland/wg/2012_11_01
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https://www.nxtbook.com/sosland/wg/20111_09_01
https://www.nxtbook.com/sosland/wg/2011_08_01
https://www.nxtbook.com/sosland/wg/2011_07_01
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https://www.nxtbook.com/sosland/wg/2011_05_01
https://www.nxtbook.com/sosland/wg/2011_04_01
https://www.nxtbook.com/sosland/wg/2011_03_01
http://digital.world-grain.com/sosland/wg/2011_02_01
http://digital.world-grain.com/sosland/wg/2011_02_01
http://digital.world-grain.com/sosland/wg/2011_01_01
http://digital.world-grain.com/sosland/wg/2010_12_01
http://digital.world-grain.com/sosland/wg/2010_11_01
http://digital.world-grain.com/sosland/wg/2010_10_01
http://digital.world-grain.com/sosland/wg/2010_09_01
http://digital.world-grain.com/sosland/wg/2010_08_01
http://digital.world-grain.com/sosland/wg/2010_07_01
http://digital.world-grain.com/sosland/wg/2010_06_01
http://digital.world-grain.com/sosland/wg/2010_05_01
http://digital.world-grain.com/sosland/wg/2010_04_01
http://digital.world-grain.com/sosland/wg/2010_03_01
http://digital.world-grain.com/sosland/wg/2010_02_01
http://digital.world-grain.com/sosland/wg/2010_01_01
http://digital.world-grain.com/sosland/wg/2009_12_01
http://digital.world-grain.com/sosland/wg/2009_11_01
http://digital.world-grain.com/sosland/wg/2009_10_01
http://digital.world-grain.com/sosland/wg/2009_09_01
http://digital.world-grain.com/sosland/wg/2009_08_01
http://digital.world-grain.com/sosland/wg/2009_07_01
http://digital.world-grain.com/sosland/wg/2009_06_01
http://digital.world-grain.com/sosland/wg/2009_05_01
http://digital.world-grain.com/sosland/wg/2009_04_01
http://digital.world-grain.com/sosland/wg/2009_03_01
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