There is no denying that global stocks have been building over the last two marketing years. However, today’s record-large supplies are only half of the story. From a fundamental perspective, there has always been a more important number.As prices continue to slide and bearish attitudes prevail, one talking point that has surfaced often is that the world is awash in grains and oilseeds while actual supplies are at record-large levels. There is no denying that global supplies have been building over the last two marketing years. Excellent world crop production, spurred not only by good weather but also the world’s farmers pouring the coals to every crop input, has masked the fact that global demand has never slowed. This is a recurring theme...

TAGS – Feed Grains, Soy & Oilseeds, Wheat, North America