World grain stocks rapidly declined from record high levels in 1986. By late 1989, the world's carryover stocks-to-use ratio approached historic lows. But this decline is expected to be temporary. Stocks in most countries tend not to be available for use outside the country. Consequently the United States holds the bulk of the world grain market's residual supply of stocks. Grain stock levels and locations around the world could be heavily influenced by farm policy decisions made in the United States and international trade negotiations.