The world’s far from running out of corn, but global supplies have seen a marked decline since reaching their highest levels in the last 20 years in the 2016-2017 marketing year. USDA sees a 94-day global supply available as of last month, down from 118 days’ worth just three years ago. Based on those stocks, it’s reasonable to expect higher cash prices, around $4.35/bushel, according to USDA data. Factors like declining Chinese production, the COVID-19 pandemic and a sinking U.S. Dollar index could add more fundamental strength to the corn market. Though they’re major factors to watch and the global picture is reason for optimism, one analyst cautions against getting too bullish, as USDA forecasted cash corn prices have yet to completely reach fruition. See more on the global market situation.