Handout - K+S Aktiengesellschaft
Handout - K+S Aktiengesellschaft
Handout - K+S Aktiengesellschaft
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<strong>K+S</strong> Group<br />
Low Stocks-to-use Ratios of Agricultural Products<br />
Production and consumption development vs. stocks-to-use ratio (Wheat and coarse grains)<br />
1900<br />
1800<br />
Production Consumption Stocks-to-use<br />
45.0 45,0<br />
40.0 40,0<br />
1700<br />
35.0 35,0<br />
in million tonnes<br />
1600<br />
1500<br />
1400<br />
1300<br />
1200<br />
Critical Level<br />
30.0 30,0<br />
25.0 25,0<br />
20.0 20,0<br />
15.0 15,0<br />
10.0 10,0<br />
Stocks-to-use ratio<br />
1100<br />
5.0 5,0<br />
1000<br />
1982/83<br />
1987/88<br />
1992/93<br />
1997/98<br />
2002/03<br />
2007/08<br />
2011/12e<br />
e<br />
2012/13<br />
0.0 0,0<br />
Source: USDA; as of 11 January 2013<br />
• Over the past thirty years, annual global production of cereals has often fallen short of demand<br />
• Despite reasonable harvest levels during the last ten years, these structural supply and<br />
demand gaps have resulted in low stocks-to-use ratios on a historical basis<br />
• The production level for the agricultural year 2012/13 expected by the USDA will not be efficient to meet<br />
consumption, so that stocks-to-use ratio will remain very low<br />
January 2013<br />
<strong>K+S</strong> Group<br />
22
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