Its called borrowing stocks from future harvests mega. When the...

Its called borrowing stocks from future harvests mega. When the larder is bare the game is up and paper shorts are a poor substitute for physical grain on the dinner table.

Seals no doubt you are aware that when corn is in short supply, end users such as livestock producers substitute corn with wheat. Little Johnny may have to forgo corn flakes for breakfast and opt for WeetBix instead. This has been occurring for nearly a year as wheat was cheaper than corn, an unprecedented situation in the grains complex. When everything else is in deficit, another grain in surplus can very easily see a massive swing in consumption towards it.

And you are no doubt also well aware that a farmer when faced with a planting decision does not have to grow wheat, if oilseeds prices are better. And that rice farmer may well just plant corn instead.

Pretty soon mountains turn into mouldhills ...