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Stocks 2.7% lower
2016
60 million tons, equivalent to 2.7% of global production, was the approximate difference between global grain stocks in 2007-2008 and those in 2004-2005.
Torero (2016)
Torero, M. (2016). Alternative mechanisms to reduce food price volatility and price spikes: Policy responses at the global level. In M. Kalkuhl et al. (Eds.), Food Price Volatility and Its Implications for Food Security and Policy. Springer. https://opsaa.iica.int/en/resource-2747-alternative-mechanisms-to-reduce-food-price-volatility-and-price-spikes-policy-responses-at-the-global-level