American Farm Bureau Federation Economist Todd Davis says it will be some time before the long-term effects of the 2012 drought are fully played out – but it appears likely that continued strong worldwide demand for corn and soybeans will lead to higher projected prices. Farm Bureau notes projected corn ending stocks of 733-million bushels represents 24 days of supply. USDA is projecting ending stocks for soybeans at 115-million bushels – about a 15 day supply. Davis says all eyes are on South America as the corn and soybean planting season is about to begin. He says weather is a major factor for crops in North and South America – adding that a bountiful harvest of both corn and soybeans is needed to rebuild stocks.