Rising domestic supply is sufficient to keep pace with demand and imports remaining relatively flat. With the import price increasing an average of 6.4% per year, imports of 6.6 Mt in 2024 are slightly below the base period value of 6.7 Mt. Wheat stocks in 2012 fell to very low levels which were replenished in the subsequent two years. There may have been overshooting and in 2014 stocks are estimated at 1.8 Mt yielding a relatively high stocks-to-use ratio of 16%.