IGC 2011

www.igc.int

IGC 2018 igc.intInternational Grains Council

IGC 2011

www.igc.int

IGC 2018 igc.intExport prices: Mostly offsetting y/y changes in

the main sub-components of the GOI

GOI

WHEAT

= y/y

+6%

MAIZE

-4%

RICE

+17%

SOYABEANS

-6%

BARLEY

+26%150

175

200

225

250

275

300

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Jan 2000 = 100

2013-17 range2018 2017

IGC GRAINS & OILSEEDS INDEX (GOI)

IGC 2011

www.igc.int

IGC 2018 igc.intWheat: Smaller 17/18 crops in the USA and Australia more than compensated by good results elsewhere

5-yr ave.World total:1998/99 – 2017/18

17/18 production Harvested area Average yields757m t +0.4% y/y 220m ha -1% y/y 3.44t/ha +2% y/y

2017/18 output vs. 5-yr. ave.

Lower

Higher

47.4m t (-25% y/y)Smallest since ‘02/03

84.9m t (+17% y/y)Record high

22.0m t (-37% y/y)Smallest since ‘07/08

IGC 2011

www.igc.int

IGC 2018 igc.intWheat: Not much change

expected in 18/19 area

10/1

1

12/1

3

14/1

5

16/1

7

18/1

9

0

5

10

15

20

25

30

35

10/1

1

12/1

3

14/1

5

16/1

7

18/1

9

m ha

Argentina EU

10/1

1

12/1

3

14/1

5

16/1

7

18/1

9

India

10/1

1

12/1

3

14/1

5

16/1

7

18/1

9

Russia

10/1

1

12/1

3

14/1

5

16/1

7

18/1

9

USA

10/1

1

12/1

3

14/1

5

16/1

7

18/1

9

China

Harvested area Abandonment

IGC 2011

www.igc.int

IGC 2018 igc.int

• Boosted by a larger harvestand high opening stocks, total supply to rise to a new peak

• Consumption up as sustained growth in food use outweighs a drop in feeding

• World carryover stocks will likely be up again at end-17/18. But growth mainly in China

• Cumulative inventories in major exporters seen stable. Russia could expand by 7m, to highest in 25 years

• Trade only a fraction below last year’s record

• How much can Russia export?

2017/18: Record supplies, record use and record stocks

Wheat: Supply and demand situation

m t

14/15 15/16 16/17 17/18 y/y(est.) (f'cast) change

Opening stocks 191 207 224 241 + 7.5%Production 730 737 755 757 + 0.4%Total supply 921 944 978 998 + 2.0%Total use 714 721 738 744 + 0.8% of which: Food 482 491 500 509 + 1.8%

Feed 144 142 151 148 - 2.5%Industrial 22 22 22 23 + 4.3%

Closing stocks 207 224 241 254 + 5.7% major exporters a) 66 66 76 76 + 0.0%Trade (Jul/Jun) 153 166 176 174 - 1.0%a) Argentina, Australia, Canada, EU Kazakhstan, Russia, Ukraine,US

IGC 2011

www.igc.int

IGC 2018 igc.intWheat: 2017/18* export progress to date

0

5

10

15

20

25

EU(to 16 Jan)

USA**(to 11 Jan)

Canada(to 7 Jan)

Russia(to 17 Jan)

Ukraine(to 24 Jan)

m t

2017/182016/17

* Local MY ** Export commitments

Russia sets a record pace, but can it continue? Will demand from other origins accelerate later in the season?

IGC 2011

www.igc.int

IGC 2018 igc.intWheat: Russia supply and demand

0

10

20

30

40

50

60

70

80

90

100

08/09 10/11 12/13 14/15 16/17 17/18

m t

ProductionOpening stocks

Domestic use

Available for exportorstocks

Total supply

(est.) (f’cast)

0

5

10

15

20

25

30

35

08/09 10/11 12/13 14/15 16/17 17/18

m t

ExportsStocks

Stocks could growto highest in 25 years

(est.) (f’cast)

After a bumper harvest, Russia’sexport surplus is huge

Export capacity is uncertain – but wheatexports currently seen just below 35m t.

IGC 2011

www.igc.int

IGC 2018 igc.intWheat: Price sentiment stays generally weak

125

165

205

245

285

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Jan 2000 = 100

2013-17 range2018 2017

150

170

190

210

230

250

270

290

310

330

350

Jan

16M

ar 1

6M

ay 1

6Ju

l 16

Sep

16N

ov 1

6Ja

n 17

Mar

17

May

17

Jul 1

7Se

p 17

Nov

17

Jan

18

US DNS

France

Black Sea

US SRW

US HRW

US$/t fob

GOI wheat sub-Index up 6% y/y, but stillclose to bottom of recent range

Some price support coming from higher-grade milling wheats amid

relatively tight supplies

IGC 2011

www.igc.int

IGC 2018 igc.intWheat: 2018/19 supply and demand prospects

• Small production fall mainly reflects a retreat in Russia from the high of the year before

• Large opening stocks keep total supplies close to a record

• Consumption to stay high, driven by food use

• Fall in stocks mainly in major exporters -9m t; includes contractions in Russia and USA

• China’s stocks up again –could account for nearly half of the world total

• Trade underpinned by solid demand in Asia and Africa

Near record supplies, but world stocks could bedown for the first time in six years

m t

15/16 16/17 17/18 18/19 y/y(est.) (f'cast) (f'cast) change

Opening stocks 207 224 241 254 + 5.7%Production 737 755 757 742 - 2.1%Total supply 944 978 998 996 - 0.2%Total use 721 738 744 748 + 0.6% of which: Food 491 500 509 516 + 1.5%

Feed 142 151 148 142 - 3.8%Industrial 22 22 23 23 + 0.0%

Closing stocks 224 241 254 248 - 2.3% major exporters a) 66 76 76 65 - 14.7%Trade (Jul/Jun) 166 176 174 178 + 2.1%a) Argentina, Australia, Canada, EU Kazakhstan, Russia, Ukraine,US

IGC 2011

www.igc.int

IGC 2018 igc.intMaize: Larger than average 17/18 crops forecast

in most key producers

5-yr ave.World total:1998/99 – 2017/18

17/18 production Harvested area Average yields1,054m t -3% y/y 186m ha -1% y/y 5.7 t/ha -2% y/y

2017/18 output vs. 5-yr. ave.

Lower

Higher

371.0m t (-4% y/y)2nd largest ever

90.2m t (-8% y/y)2nd largest ever

215.9m t (-2% y/y)2nd consecutive drop

12.5m t (-28% y/y)Slightly below ave.

IGC 2011

www.igc.int

IGC 2018 igc.intMaize: Southern hemisphere exporters

Southern hemisphere productionNOAA ENSO Alert, Jan: “La Niña is likely (85%-95%)

through the northern hemisphere winter, with a transition to ENSO-neutral expected during the spring”

0

25

50

75

100

125

150

175

13/14 14/15 15/16 16/17est

17/18f'cast

m t

- 8% ?

Brazil

Argentina S Africa

IGC 2011

www.igc.int

IGC 2018 igc.intMaize: Despite spells of adverse weather, US

maize yields seen at a new record highUSDA maize crop condition ratings

4.0

5.0

6.0

7.0

8.0

9.0

10.0

11.0

12.0

82/83 89/90 96/97 03/04 10/11 17/18(f'cast)

t/ha

Ave. yields

US Drought Monitor, 1 August 2017

55

60

65

70

75

80

28-M

ay

16-J

un

05-J

ul

24-J

ul

12-A

ug

31-A

ug

19-S

ep

08-O

ct

27-O

ct

% rated good or excellent

10-year ave.

2017

2016

IGC 2011

www.igc.int

IGC 2018 igc.int

0

100

200

300

400

500

600

700

800

900

1,000

1,100

1,200

08/09 10/11 12/13 14/15 16/17(est.)

17/18(f'cast)

m t

Maize: With near-record supplies, global consumption is likely to hit a new all-time high

Consumption to be driven by industrial and feed demand, with above average growth in the former

-10%

-5%

0%

5%

10%

15%

20%

07/0808/09 10/11 12/13 14/15 16/17(est.)

17/18 (f'cast)

y/y growth

China

WORLD

USA

Advances in industrial uptake are mainly linked to China

Feed+2%

(5% av.)

Industrial+4%

(2% av.)

Food+1%

(2% av.)Other

IGC 2011

www.igc.int

IGC 2018 igc.int

0%

5%

10%

15%

20%

25%

30%

35%

40%

0

20

40

60

80

100

12/13 13/14 14/15 15/1 16/17(est.)

17/18(f'cast)

m t

Ukraine

Brazil

USA

US stocks/use >

30-yearhigh

Argentina

Maize: Despite an accumulation in the major exporters, world inventories are set to drop because of China

US US

Arg/Br/Ukr Arg/Br/Ukr

0

50

100

150

200

250

300

350

12/13 13/14 14/15 15/1 16/17(est.)

17/18(f'cast)

m t

World stocks

-10

+7

Major exporters’ stocks

Others

China

Major exp.

Sheet1

USUS

Arg/Br/UkrArg/Br/Ukr

IGC 2011

www.igc.int

IGC 2018 igc.int

-6

-3

0

3

6

9

12

WORLD FE Asia Europe N Africa N&C America NE Asia SS Africa S America

m t

Growing feed demand in the

EU

Broad-based increases, led

by South Korea

Expanding feed demand in

Saudi Arabia and Iran

Larger purchases by Egypt

Robust buying by Mexico on growing feed

uptakeImports by Brazil and S

Africa are back to normal amid ample supplies

Maize: Global trade in 2017/18 to set a new record, led by Far East Asia and Europe

0

4

8

12

16

20

EU Egypt Mexico

m tImports (Jul/Jun) 5-yr. ave 2017/18 (f’cast)2016/17 (est.)

IGC 2011

www.igc.int

IGC 2018 igc.intMaize: Brazil to regain its market share on a sharp rebound in domestic supplies

08/09 10/11 12/13 14/1516/17(est.)

17/18(f'cast)

0

10

20

30

40

50

60

70

0

30

60

90

120

150

08/09 10/11 12/13 14/15 16/17(est.)

17/18(f'cast)

m t

< World trade (Jul/Jun)

Exports (Jul/Jun) >

US exports could decline by about one-quarter on stiff competition from S American origins

US Brazil Argentina Ukraine

Brazil’s cumulative MY (Mar/Feb) exports up more than twofold y/y, driven by demand from Pacific Asia

and Europe

0

1

2

3

4

5

6

Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb

Europe

Pacific Asia

m t

N Africa

< MY 2017/18

NE Asia

N&C America

Others

MY 2016/17

IGC 2011

www.igc.int

IGC 2018 igc.int

-20

-15

-10

-5

0

5

10

15

20

25

Jan

17

Feb

17

Mar

17

Apr

17

May

17

Jun

17

Jul 1

7

Aug

17

Sep

17

Oct

17

Nov

17

Dec

17

Jan

18

US$

US / Argentina price spread

US prices regaining competitiveness

US / Brazil price spread

Maize: Markets have strengthened since November, but with export prices still 4% lower y/y

IGC GOI maize-sub-Index down 4% y/y Spreads between US and Argentina and Brazil have

narrowed considerably in recent months

155

165

175

185

195

Jan 17 Mar 17 May 17 Jul 17 Sep 17 Nov 17 Jan 18

Jan 2000 = 100

Near 10-year low

Recent rebound tied to short covering in CME futures, US logistical

problems and concerns about S American crop

prospects

Nearby fob change, y/y

Argentina $166 -9%

US $164 -4%

Brazil $167 n/a

Black Sea $173 +2%

ñ

IGC 2011

www.igc.int

IGC 2018 igc.intRice: Gains in white rice export prices steeper than

for broader grains and oilseeds index (GOI)

320

360

400

440

480

520

560

Jan

17

Feb

17

Mar

17

Apr

17

May

17

Jun

17

Jul 1

7

Aug

17

Sep

17

Oct

17

Nov

17

Dec

17

Jan

18

India

Thailand

Export quotations for 5% broken

Vietnam

USA *

US$/t fob

* No.2, 4%

90

95

100

105

110

115

120

125

Jan-

17

Feb-

17

Mar

-17

Apr

-17

May

-17

Jun-

17

Jul-1

7

Aug

-17

Sep-

17

Oct

-17

Nov

-17

Dec

-17

Jan-

18

IGC GOI

IGC daily indices, rebased: 17 Jan 2017 = 100

Rice sub-Index

IGC 2011

www.igc.int

IGC 2018 igc.int

7

9

11

13

15

17

2008 2010 2012 2014 2016(est.)

2018(proj.)

Average

2017: + 1.4m t

7

9

11

13

15

17

2008 2010 2012 2014 2016(est.)

2018(proj.)

Far East Asia

m t (milled basis)

2017: + 1.3m t

7.0

9.0

11.0

13.0

15.0

17.0

2008 2010 2012 2014 2016(est.)

2018(proj.)

Other importers

Average

m t (milled basis)

2017: + 0.5m t

Sub-Saharan Africam t (milled basis)

Average

Rice: Demand from buyers in Africa and Asia pushes up trade to peak in 2017; to stay high in 2018

IGC 2011

www.igc.int

IGC 2018 igc.intRice: Robust demand highlighted by big increases

in shipments by leading exporters in 2017

m t (milled basis) CumulativeExports Previous y/y

2017 year change

India (Jan-Oct) 10.2 8.5 + 20%Pakistan (Jan-Nov) 3.2 3.6 - 9%Thailand (Jan-Nov) 10.5 8.7 + 20%USA (1 Jan-28 Dec)* 3.2 3.2 - 1%Vietnam (Jan-Dec) 5.8 4.8 + 20%

Others:Argentina (Jan-Nov) 0.4 0.5 - 26%Brazil (Jan-Dec) 0.6 0.6 - 7%China (Jan-Nov) 1.1 0.3 + 231%Uruguay (Jan-Nov) 0.9 0.8 + 9%* Source: USDA, accumulated exports

IGC 2011

www.igc.int

IGC 2018 igc.intRice: African demand for Thai supplies has coincided

with releases of stocks by govt.

0

1

2

3

4

5

6

Jan

Feb

Mar

Apr

May Jun

Jul

Aug Se

p

Oct

Nov Dec

2015

Exports to sub-Saharan Africa up by 25% y/y

m t (milled basis), exports, cumulative

2017

2016

0

2

4

6

8

10

12

14

03/04 05/06 07/08 09/10 11/12 13/14 15/16(est.)

17/18(proj.)

m t (milled basis)

With total inventories in Thailand seen at a decade low in 2017/18 *

* All stocks (including government reserves)

IGC 2011

www.igc.int

IGC 2018 igc.intRice: Major exporters’ stocks to tighten to 10-year low, but global total little changed on China accumulation

0

5

10

15

20

25

30

35

40

45

50

03/04 05/06 07/08 09/10 11/12 13/14 15/16(est.)

17/18(proj.)

Thailand

India

m t (milled basis)

Others *

* Pakistan, USA, Vietnam

Tighter supplies in exporters…

0

20

40

60

80

100

120

140

03/04 05/06 07/08 09/10 11/12 13/14 15/16(est.)

17/18(proj.)

Major exporters

China

m t (milled basis)

Others

…but global carryovers little changed

IGC 2011

www.igc.int

IGC 2018 igc.intSoyabeans: 2017/18 global outturn only fractionally short of the previous year’s record

5-yr ave.World total:

1998/99 – 2017/18

17/18 production Harvested area Average yields348m t -1% y/y 126m ha +5% y/y 2.8 t/ha -5% y/y

2017/18 output vs. 5-yr. ave.

Lower

Higher

119.5m t (+2% y/y)All time-high, tied to 8% increase in

area for harvesting

111.5m t (-2% y/y)Record plantings, but yields likely to retreat. 2nd biggest crop ever

14.3m t (+11% y/y)Area gains to boost

production

54.0m t (-5% y/y), with harvested area down by 5% y/y, in part reflecting poor

conditions

IGC 2011

www.igc.int

IGC 2018 igc.intSoyabeans: Precipitation in Brazil ample in core

areas, but parts of Argentina still dry *

*Total precipitation for period 25 December 2017 – 23 January 2018Source: NOAA Cimate Prediction Center

IGC 2011

www.igc.int

IGC 2018 igc.intSoyabeans: Contrasting trends – major exporters’ stocks tighter, but Chinese inventories to edge up

0

5

10

15

20

25

05/06 07/08 09/10 11/12 13/14 15/16 17/18(f'cast)

Argentina

USA

m t

Brazil

Tighter supplies in exporters…

- 5.3m

+ 4.7m

- 1.3m

0.00

3.00

6.00

9.00

12.00

15.00

18.00

21.00

0

20

40

60

80

100

120

140

05/06 07/08 09/10 11/12 13/14 15/16 17/18(f'cast)

Stocks >

m t

…but further accumulation in China

< Local use

< Supplies

Heavy increases in imports, especially 2016/17

m t

IGC 2011

www.igc.int

IGC 2018 igc.intSoyabeans: China’s imports likely to total at least 100m t in 2017/18 as trade grows to new peak

0

20

40

60

80

100

120

140

160

05/06 07/08 09/10 11/12 13/14 15/16 17/18(f'cast)

EU

China

m t

Others

China still dominates trade

0

10

20

30

40

50

60

70

05/06 07/08 09/10 11/12 13/14 15/16 17/18(f'cast)

m t Brazil’s sales seen slightly lower y/y, but

still largest exporter

Others

USA

Brazil

IGC 2011

www.igc.int

IGC 2018 igc.intSoyabeans: World values down y/y,

but with price movements volatile at times

175

180

185

190

195

200

205

210

Dec

-16

Jan-

17

Feb-

17M

ar-1

7

Apr

-17

May

-17

Jun-

17

Jul-1

7

Aug

-17

Sep-

17

Oct

-17

Nov

-17

Dec

-17

Jan-

18

IGC GOI soyabeans sub-Index, Jan 2000 = 100

- 6% y/y

…but soyabean traders remain narrowly bearish

Month US$/tfobchange,

y/y

Argentina Feb $373 - 7%

US Feb $381 - 6%

Brazil Feb $389 - 5%

Paraguay Mar $379 - 6%

Prices weaken on a generally bearish supply-side backdrop…

-200

-150

-100

-50

0

50

100

150

200

250

Jan-

17

Feb-

17

Mar

-17

Apr-1

7

May

-17

Jun-

17

Jul-1

7

Aug-

17

Sep-

17

Oct

-17

Nov

-17

Dec

-17

Jan-

18

Net Long

Net Short

Net position ('000 contracts)

IGC 2011

www.igc.int

IGC 2018 igc.intRapeseed/canola: With much improved supplies, world trade expected to be similar to last year’s peak.

Reflecting much better than initiallyexpected supplies, esp. in Australiaand Canada, global stocks are seenedging up y/y, but remaining belowprevious peaks.

Inventories in major exporters to riseby nearly one-third y/y, with a steepincrease recorded in Canada, butprojected to be 11% below the priorfive-year average.

Trade in 2017/18 (Oct/Sep) expected tobe similar to the previous year’s all-time peak, boosted by large shipmentsto key buyers, incl. China.

Shipments from Canada predicted toclimb to a record high of 11.6m t, onequarter above the near-term average.

0

2

4

6

8

10

08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17(est.)

17/18(f'cast)

m t

WorldMajor exporters*

* Australia, Canada, Ukraine

0

2

4

6

8

10

12

14

16

18

Canada Australia Ukraine Others World

m t

2016/172015/16 2017/18

IGC 2011

www.igc.int

IGC 2018 igc.int

0

2,000

4,000

6,000

8,000

10,000

12,000

Jan

06

Jan

07

Jan

08

Jan

09

Jan

10

Jan

11

Jan

12

Jan

13

Jan

14

Jan

15

Jan

16

Jan

17

Jan

18

4 Jan 1985 = 1000

Dry bulk freight market posted solid gains, led by firm demand for Capesize vessels

650

850

1,050

1,250

1,450

1,650

1,850

Jan

17

Feb

17

Mar

17

Apr

17

May

17

Jun

17

Jul 1

7

Aug

17

Sep

17

Oct

17

Nov

17

Dec

17

Jan

18

4 Jan 1985 = 1000

Almost a four-year peak

…but gains are dwarfed by historical peaks

change, y/y

BDI +35%

Capesize +14%

Panamax +51%

Supramax +28%

Handysize +35%

The BDI is up a third compared to the previous year…

IGC 2011

www.igc.int

IGC 2018 igc.intAlthough trends have been two-sided, the market is slightly more volatile than a year ago

10

20

30

40

50

60

70

Dec

-16

Jan-

17

Feb-

17

Mar

-17

Apr

-17

May

-17

Jun-

17

Jul-1

7

Aug

-17

Sep-

17

Oct

-17

Nov

-17

Dec

-17

Jan-

18

Historic volatility, HV20 (%)

IGC 2011

www.igc.int

IGC 2018 igc.intFreight costs as a share of c&f prices have risen sharply y/y, but still remain below previous highs

0

5

10

15

20

25

Jan

08

Sep

08

May

09

Jan

10

Sep

10

May

11

Jan

12

Sep

12

May

13

Jan

14

Sep

14

May

15

Jan

16

Sep

16

May

17

Jan

18

US Gulf - China (soyabeans)

Brazil - EU (soyabeans)

(%)

Australia - Indonesia (wheat)

EU (France) - Algeria (wheat)

Rates on grains and oilseeds routes post solid gains, while grain/oilseed prices are up marginally Share of freight in c&f prices on selected routes*

* Nominal average weekly freight rates as % of calculated cost & freight quotations

US$/t as at 23 January y/ychange

US (Gulf) to:EU (ARAH) 31 +29%China (Dalian) 47 +27%Japan 46 +28%Mexico 31 +35%

Canada (St. Lawrence) to:EU (ARAH) 26 +24%China (Dalian) 45 +13%Japan 43 +13%

Argentina to:EU (ARAH) 24 +50%Mexico 26 +18%

Brazil to:EU (ARAH) 27 +17%China (Dalian) 34 +42%

EU (France, Rouen) to:Algeria 33 +38%Egypt (Mediterranean) 26 +4%Morocco 25 -11%

Black Sea to:Egypt (Alexandria) 23 +21%Tunisia 26 +18%

Australia (East coast) to:China (Dalian) 18 +64%Yemen 36 +16%

GMR Summary Table

GMR BALTIC SUMMARYCOMPARISON

GMR 483Change*y/y changePrevious GMRYear Ago

Baltic Dry Index (BDI) **1413- 10%+ 18%15731202

sub-Indices:

Capesize3298+ 3%+ 43%32022304

Panamax1281- 20%- 10%15921424

Supramax875- 22%- 4%1129908

Handysize624- 10%+ 17%690532

Current GMR29/11/171. Copy across the date from the previous GMR

Previous GMR25/10/17

Year ago29/11/162. Choose the date for the current GMR (the day before GMR)

3. Check year ago (should work fine though)

4. Copy

Sep-17481

Oct-17482

Nov-17483

Dec-17

Jan-18484

Feb-18485

Mar-18486

Apr-18487

May-18488

Jun-18489

Jul-18490

Aug-18491

Sep-18492

Oct-18493

Nov-18494

Dec-18

Jan-19495

Feb-19496

Mar-19497

Apr-19498

May-19499

Jun-19500

Jul-19501

Aug-19502

Sep-19503

Oct-19504

Nov-19505

Dec-19

Jan-20506

Feb-20507

Mar-20508

Apr-20509

May-20510

Jun-20511

Jul-20512

Aug-20513

Sep-20514

Oct-20515

Nov-20516

Dec-20

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GMR G&O routes TABLE

GMR FREIGHT RATES SUMMARYCOMPARISON

US$/tas at 23 Januaryy/yLast GMRYear agoManually check the year ago (GMR dates should work automatically) using one of the files, then press copy

change

US (Gulf) to:

EU (ARAH)31+29%3124

China (Dalian)47+27%4537Current GMR28/11/17

Japan 46+28%4336Previous GMR24/10/17

Mexico31+35%2922Year ago28/11/16

Canada (St. Lawrence) to:

EU (ARAH)26+24%2619

China (Dalian)45+13%4540

Japan 43+13%4338

Argentina to:

EU (ARAH)24+50%2416

Mexico26+18%2522

Brazil to:

EU (ARAH)27+17%2623

China (Dalian)34+42%3418

EU (France, Rouen) to:

Algeria33+38%3122

Egypt (Mediterranean)26+4%3224

Morocco 25 -11%3526

Black Sea to:

Egypt (Alexandria)23+21%2619

Tunisia26+18%2922

Australia (East coast) to:

China (Dalian)18+64%1914

Yemen36+16%3732

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