I heard that we are down to just a few weeks of worldwide supply on all the major grains. I dunno if Europe fares much better. Also, increased consumption in processed food played a part. But essentially yes, the EC always considered the surpluses to be a liability that cost them a lot to keep domestic markets afloat and then they had to give away (and ship !) to starving Africans, whenever the wharehouses were overflowing. As prices went up, the need for subsidy-purchases disappeared, and probably they even thought they were wisely managing taxpayer money when selling remaining stocks at a profit...

Pierre