Rabobank's 2016 Global Outlook predicts grains will continue to trade around current levels, with weather-related risks counterbalanced by currency weakness in many key producing countries.
However, the outlook suggests sustained weak grain and oilseed prices in the U-S will encourage more on-farm storage there.
Rabobank's analysis is that's going to mean both futures and basis will have to be adjusted to encourage those crops to flow onto the market.
The outlook expects corn prices to increase through the summer of 2016 to support a needed U-S corn acreage increase.
Despite an increase in South American acreage, the bank predicts soybean prices will rise marginally from six-year lows based on a rebuilding Chinese hog herd and strong global demand.
Wheat prices are forecast to remain under pressure because of large global stocks coupled with year over year demand growth.
Rabobank has a bullish view of CME Lean Hog prices for 2016, suggesting U-S pork supply growth will not meet the USDA's current forecast.
And the outlook says a continued limited supply of market-ready fed cattle sill support prices to a high in the spring of 2016.
Rabobank expects that will be followed by a period of increased supplies and large supplies of alternative protein sources.
