The June 9 WASDE report from USDA showed corn prices projected at a record high of $6-7/bu. Soybean prices were up $1 on each end of the range with a projection of $13-15/bu. for the 2011-2012 marketing year. Corn ending stocks are expected to be the lowest globally since 2006-2007. Soybean stocks, however, are projected up, due to lower projected exports.

Get the complete report from USDA.