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I think it will be a combination of inflation, deflation and stagnation.

Another major elephant in the room is worldwide agricultural shortfalls. China is buying up everything they can get their hands on while countries such as Russia have slammed shut grain exports with high tariffs.

The Department of Agriculture's estimates are as corrupted as every other facet of the current DC swamp. The inflated harvest numbers have resulted in record exports at the expense of domestic consumption.

A further worsening of this situation will be evident prior to planting because of fertilizer shortfalls this year. Many smaller farmers that have survived two years of no plant and or no harvest will not make it in 2021.

An under appreciated result of mono crop failures are the secondary product shortages for silage animal feed. I predict we'll see a drop in price (sell off) of meat before a steep increase. It will take many years to bring ruminant animal populations back to pre-plague levels.

PA Engineer :" A further worsening of this situation will be evident prior to planting because of fertilizer shortfalls this year.
Many smaller farmers that have survived two years of no plant and or no harvest will not make it in 2021."

I had been unaware of the fertilizer shortfalls for this year, especially potash, and essential element for plant growth.
Rising prices for human and animal feed seed, as well as fertilizer, are adding fuel to the crop price rise.
According to Bloomberg, many farms may go under, thus even crippling further the food supply.

News Source (12/20) :
https://www.bloomberg.com/news/articles/2020-12-09/a-huge-rally-in-food-prices-is-stoking-record-fertilizer-demand