Stocks to use ratio in countries other than China and four major exporters is projected at 10.19% in MY 2020/21, lowest since MY 2012/13 and for MY 2021/22, it is worse; only 9.15%.

At the time of low supplies, these nations are depleting their inventories and also seeing a low growth in domestic feed and food usage.

MY 2021/22 feed demand is up by only 2.3% from MY 2018/19 levels while food demand of corn is up by 2.9% in the same period; despite a big drawdown in their collective inventory levels from 51 MMT to 43 MMT.

Import demand from these nations is paralysed not by low consumption, but low availability in the global export markets.