Feed issues in 2012 brewing?

The chart below (with data compiled from FAO) shows the global Stocks-to-Use ratio for cereals, and it is particularly noteworthy to pay attention to the 2011/12 S-U for coarse grains.  While the production estimates favor higher output in major origins, with protein demand on the increase, low carryover may lead to supply problems beyond 2Q12.  Worth keeping an eye on as we get into the new year.