USDA has raised ending stocks for wheat 6 months in a row, we are now sitting at 678 million bushels.

But we believe that ending stocks will end up something close to this level maybe a lit lower.

If our ending stocks do end up at 678 it will still be the lowest over the last 8 years.

The bottom line is that it’s very possible that the US corn, soybeans, and wheat stocks will all end up at the lowest level over the last 8 years and that’s the underlying fundamental that’s supporting our current prices.

We believe that our ending stocks will be getting smaller not larger in the months to come.