12 mln bags is out of the question!
In my opinion the opening stocks for the 21/22 season were 10 mln bags as compared to the USDA 5.0 mln. I believe we drew those stocks down 7-8.0 mln bags last season. The way exports are going this year I may have underestimated by 2.0 mln bags. Lets say the opening stocks for this year are between 2 and 4.0 mln bags. We’ll have a better handle after a few more months of exports.