This is leading to historically low  2  BIS Review 85/2008  stock to consumption ratios; the lowest in the last three decades. Just to give you an example, corn inventories are 30% below the average of the last ten years.
Unlike past cycles, the current situation combines not only supply shocks, but also – in my view – elements of structural change, disrupting the typical price pattern in most commodities, characterized by a reversal to the mean process. The evolution in the demand for commodities has played a major role in price behavior in recent years.