Thanks very much.
Coming into this year, we were already in a position of having very low stocks of cereal grains. Many of those stocks are held in places where they're not really available to offset shortages in other places. For example, China is currently sitting on an estimated 70% of the corn stock globally. Some countries have national stockholding programs in an attempt to hoard to feed their own populations, while others have invoked embargoes.
There's a lot written about Ukraine. As a country, it exports a lot of grain and oil seeds. It exports wheat, corn and barley. For corn, it exports over half as much as does the U.S., which is the leading corn exporter.
The markets for those products have been heavily regional—North Africa and the Middle East. In the case of wheat, of which Ukraine is a major exporter and supplier to those countries, those countries are heavily dependent on wheat flour as a source of calories in their diets, and they spend a very high proportion of their incomes on food. This means—