There is no doubt that we are in a grain market glut of global proportions, and it is fair to ask how we got here. It seems only a short time ago the big concern was low stocks and the possibility of market disruptions arising from yet another shortfall somewhere in the world. Since this market glut coincides with the Asian financial crisis, it has been easy to blame low prices on the collapse of Asian economic growth. However, Asia is a relatively small part of the story.