Last year prices hit a high of 7.75 in the month of May and at that time stocks were projected at 1.107. In July stocks came in at 1.08 and that’s when prices rallied back close to the high. Again, this was a year ago.

This year’s March futures did touch $8 per bushel, right now we are around 7.50. So, we are very near last year’s high and that’s why it’s reasonable to believe that the market believes our ending stock next year could be similar to last year’s extremely tight stock.

Therefore, prices near last year’s highs as well, that’s very close to the all-time highs that were posted back in 2011-2012.