How low can wheat go?, page-122

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.