It could be another two years before North American grain farmers see much improvement in market conditions.
Rabobank's global strategist of grains and oilseeds says prices are unlikely to rally much due to monster supplies of the major crops.
Steven Nicholson says it is hard to come up with an outlook for the sector in an environment of trade spats, tariffs and shifting government policy.
He indicates that while global stocks are in the top 10 per cent of all-time, the stocks-to-use ratio has been falling every year since 2018-19, a sign that the increase in stocks is not keeping up with the increase in demand.
He also noted that while the volume of stocks has increased, the amount of corn, wheat and rice in the hands of the major exporting countries is low.
Soybeans are the exception to the rule, with exporters holding 56 per cent of the stocks.
