is the most recent "Feed Outlook", which begins:
Lower forecast corn yields this month reduce U.S. corn production 124 million bushels to 12.54 billion. Fractional changes are made in sorghum, barley, and oats because of late harvests. Corn used for ethanol production is raised. Corn used domestically for feed and residual and for export are both lowered. These supply and use changes reduce projected ending stocks 75 million bushels. As projected, 2010/11 ending stocks would be the lowest since1995/96 and represent a carryout of 6.2 percent of projected usage. Price prospects for corn and sorghum are up this month. Foreign corn production is projected higher, with increased corn production in China. Rising foreign consumption combines with the smaller U.S. crop to leave global corn stocks at a 4-year low.
I am not confident the current situation will be short term.
The Kansas Cit Federal Reserve just came out with a new report on "farmland investment." The report is at: http://www.kansascityfed.org/publicat/research/indicatorsdata/agcredit/AGCR3Q10.pdf
Here's an interesting quote from a bank, "Land fever is running rampant. It appears that the combination of low investment returns for financial assets and the generally strong farm sector has spurred a voracious appetite for agricultural land.‖ –NE Kansas"