International uncertainties remains a big concern.Ottawa-Winter wheat, corn and soybean prices will soften in the coming marketing year but remain profitable even though margins per acre will fall considerably and will likely remain above the five-year average, says Farm Credit Canada.Prices for those crops were at historic highs in 2021 and 2022 when commodity input costs had not yet peaked, a FCC Economics report says. They will declining because of weakening international prices.For the current marketing year, which runs to the end of August, corn should be in the $325 a tonne range dropping to $310 in the 23-24 crop year. Its price for the previous five years was $230 a tonne.Soybeans are at $735 a tonne now and will ease back to $700 in the new marketing year but look better than the $510 a tonne prices of the last five years. No figures for winter wheat were provided.The main Prairie crops will undergo a comparable price slide in the fall but remain much better than the five year average, FCC said. Strong profitability is in store for canola, durum wheat and red lentils, with yellowpeas, barley, and spring wheat margins still positive but closer to break-even but above the five-year average.Two factors to watch during the coming months are low global supplies and high input costs.Global wheat production has grown since 2018-19 but has been outpaced by a rise in demand, which has pressured the stocks-to-use ratio. While global coarse grain production grew more year-over-year than utilization in 2021-22, the war in Ukraine and drought conditions elsewhere limited production in 2022-23, dropping it more than utilization fell. The result is world stocks-to-use ratios remain the lowest in the last six years. While they have not yet reversed the downward trend, their falls appear to have slowed.The biggest unknown for the grain sector is whether Russia will extend the U.N.-brokered Black Sea deal to facilitate the movement of grains and other commodities from Ukraine in the coming months. “Recent discussions with Moscow have clouded optimism that the deal, set to expire May 18, will be re-signed.”A drought in Argentina has produced a 53 per cent drop in expected soy production to 23 million tonnes. Corn production is estimated at 32 million tonnes, or 40 per cent of previous predictions. Global soy markets remain very tight.FCC is projecting continual declines in fertilizer and commodity prices throughout 2023. “However, because commodity prices won't fall to the same extent as fertilizer prices, we see the crop-to-fertilizer price ratio improving throughout 2023. Nitrogen prices may fall even further in June and July if two million acres of corn, the USDA's March 31 seeded acreage report's swing acres, aren't planted this spring.“With commodity prices expected to ease in 2023, margins will fall. The good news is that they'll fall from the last two or three years' highs and remain positive throughout the outlook period. Two significant factors will help offset the fall in crop prices: continuing tight global supply/demand balances and dramatic slowdowns in the growth of farm inputs.”