USDA raised stocks significantly in the August-October timeframe but now we are starting to trend lower again.

USDA has lowered its ending stock projection 3 months in a row with last Friday ending stock at 260.

Here again we expect that the US exports are going to be well above the USDA expectations and that will lower our stocks number as we move through Spring and Summer.

We do believe that when we get to the end of the marketing year our stocks will be well above the year ago level.

This idea is supporting current prices that are well above the year ago price.