World stocks are low?
No they're not.
Not unless we see a drought in a major wheat producing nation.
A stock-to-use ratio of ~25 suggests a comfortable market and is just above average.
Nth Hem crops are more or less locked-in now, so look to the Sth Am corn crop and our domestic market. Other than that, we're talking 16/17 US/EU/Black Sea crops, which is a way off.
