Other major feed grain-producing countries are also facing adverse weather. Russia and Kazakhstan are enduring drier conditions during their growing season resulting in smaller feed wheat crops. Extreme heat is affecting crops in France, Spain, Germany and Poland, limiting their coarse grain and wheat production. Lower grain production is also expected in North Africa and the Middle East after last year’s bumper crops. We are not in a runaway bull market, which is very important to keep in mind, but world stocks are tightening for both coarse grains and wheat.