Stocks to consumption ratios7 are an indicator of global resilience to food shortages and price stability. With low stocks, markets become sensitive to further supply shortfalls, which magnifies the price response. Wheat and Coarse Grain stocks have been on a rising trend in recent years, starting with the 2012-13 crop year8. Rice stocks have been on an upward trend since the 2006/07 harvest. Rice consumption (the denominator) is also on a gradually rising trend, leaving the indicator largely unchanged since crop year 2014-15. Source: International Grains Council (IGC), United States Department of Agriculture (USDA) 7 From August 2013, Production, Supply and Distribution (PSD) numbers for “European Union” reflect the addition of Croatia to the former EU-27. Croatia data no longer exists in the PSD after 1998/99; therefore, comparisons to data, including World Totals, will differ from those published prior to July 2013. 8 USDA projections.