Only problem is the Southern Hemisphere producers are not going...

Only problem is the Southern Hemisphere producers are not going to contribute much to the inventory base. Australia will struggle to produce 20mmt of wheat this year largley due to a crappy season in WA (very few areas have cracked 200mm so far), and Argentinian farmers responding to repeated export restrictions by the Martinez govt swung in a big way across to barley from wheat, and their season has been average also. So we have 10 months to get through before any significant physical relif comes to these markets ... rationing will be required before then.