This year USDA began reporting in May, shown in green, 20221-2022 crop year which started last May and will go through the end of the marketing year this summer.

You will notice that USDA stock for this current crop year is in relatively stable condition, no major issues.

We do anticipate that stocks will start to slip lower as exports kick into a higher gear due to the loss of South American production and the Russian Ukraine war.

We believe that our ending stock will end pup the year below where they were last year at the lowest level in 8 years.