Despite the USDA's forecast of record corn and soybean crops this year, prices are expected to rise on global demand.
The higher price is being driven by lower foreign production which will more than offset the higher U.S. output.
The average corn prices for the 2010/11 marketing year beginning September is at USD 3.50 - 4.10 per bushel, up five cents on each end of the range from a month ago.
US soybean prices for the same period is expected to be in a range of USD 8.50 - 10.00 per bushel, a 40-cent increase on each end of the range.
