Thanks JK. As per the USDA report on brazil, they expect only a 4 million bag carryover with their crop which was revised upwards. I don't expect them to be right of course but if directionally right they will only be able to buffer exports for 2-3 months with the old crop. Otherwise there's no evidence of massive stocks looking at GCA Data. That leaves EU and vietnam as the big buffer stocks and I don't know that we have hood transparency into either. Just cert stocks which could just be a financing function.