October 14, 2014

October 14, 2014 University of Missouri Extension

Pat GuinanOctober 14, 2014

Missouri Monthly Temperature Departure from Average* April 2014 September 2014A benign growing season for much of Missouri, and the Midwestclimate.missouri.edu

Statewide Average Temperature Ranks July 2014Period: 1895-2014

April 2014Sep 2014August 2014July 2014June2014May2014

Class A Pan Evaporation Apr-Sep (in.) HARC*, New Franklin, MO, 1956-2014*Horticulture and Agroforestry Research CenterLong-term average: 37.47 in.19801956198820121959Highest water loss in 24 years20142008-11

Departure from Normal Precipitation (in.) Oct 1-12, 2014Source: Regional Climate Centers

Precipitation (in.) Oct 1-12, 2014Troy 1.2NNE 10.70 New Franklin 1.8E 9.86 California 0.3SW 9.75 Clinton 0.9NNW 9.72 Smithville 3.4E 9.53 Columbia 8.9E 9.35 Cole Camp 3.5WNW 9.30 Purdy 4.8SSW 9.19Oct 1-13, 2014 Precipitation (in.)Source: Regional Climate Centers

http://www.cpc.ncep.noaa.gov/http://www.cpc.ncep.noaa.gov/Winter Temperature Outlook for Dec-Jan-Feb, 2014-15Winter Precipitation Outlook for Dec-Jan-Feb, 2014-15Issued: Sep 18, 2014Issued: Sep 18, 2014

http://agebb.missouri.edu/weather/river.htmhttp://agebb.missouri.edu/weather/wealinks.htmWeather Resources on the InternetRiver Information Resources for Missouri Missouri Climate Centerhttp://climate.missouri.edu

David ReinbottOctober 14, 2014

Issues Impacting Prices Record corn yield 174.2 178.0?Harvested acres down 1 2 millionRebound in demandForeign corn productionCorn acres in 2015

Supply & Demand: Corn +50 +0 +0 +50 +79 -0.10 SeptTo Oct Change-700 T+2.5 +55 +80+129

2012-132013-14 2014-15 Acres plant/harv. (mil.)97.2/87.495.4/87.7 90.9/83.1 Avg. yield/ac. (bu.)123.4158.8 174.2 Supply: (bil. bu.) Beg. Stocks0.9890.821 1.236 Production10.78013.92514.475 Total Supply11.92914.78215.736 Use: Feed4.3395.1255.375 Ethanol4.6415.1305.125 Exports0.7301.9171.750 Total Use11.10813.54613.655 Ending Stocks0.8211.2362.081 Avg. price/bu.$6.89 $4.46 $3.40

Supply & Demand: Corn 2014-2015

2014 2015 Acres planted (mil.)90.9/83.1 90.4/82.6 89.9/82.2 Avg. yield/acre (bu.)174.2176.0 178.0 Supply: (bil. bu.) Beg. Stocks1.2361.236 1.236 Production14.47514.53814.632 Total Supply15.73615.79915.893 Use: Feed5.3755.3755.375 Other6.5306.5306.530 Exports1.7501.7501.750 Total Use13.65513.65513.655 Ending Stocks2.0812.144 2.238 Avg. price/bu.$3.40 $3.30 $3.20

Soybeans

Soybeans2005-06

2005 Acres same as 2004 Acres2005 Acres Based on September Crop Report2005 Acres 1 million less than September Crop Report2005 Acres 1 million more than September Crop Report

Beg Stocks295295295295295295295295295295295295295295295295295295295295295295295295295295295295295295295295295295

Plant Acres75.275.275.275.275.275.275.275.275.273.173.173.173.173.173.173.173.172.172.172.172.172.172.172.172.172.174.174.174.174.174.174.174.174.1

Harvest Ac.74.074.074.074.074.074.074.074.074.072.272.272.272.272.272.272.272.271.271.271.271.271.271.271.271.271.273.273.273.273.273.273.273.273.2

Yield36373839404142434436373839404142433637383940414243443637383940414243

Prod.2,6642,7382,8122,8862,9603,0343,1083,1823,2562,6002,6722,7442,8172,8892,9613,0333,10625642636270727782849292129923063313426362709278228552928300230753148

Imports3333333333333333333333333333333333

Tot supply2,9623,0363,1103,1843,2583,3323,4063,4803,5542,8982,9703,0423,1153,1873,2593,3313,40428622934300530763147321932903361343229343007308031533226330033733446

Crush1,6951,6951,6951,6951,6951,6951,6951,6951,6951,6951,6951,6951,6951,6951,6951,6951,6951,6951,6951,6951,6951,6951,6951,6951,6951,6951,6951,6951,6951,6951,6951,6951,6951,695

Other150150150150150150150150150150150150150150150150150150150150150150150150150150150150150150150150150150

Exports1,1151,1151,1151,1151,1151,1151,1151,1151,1151,1151,1151,1151,1151,1151,1151,1151,1151,1151,1151,1151,1151,1151,1151,1151,1151,1151,1151,1151,1151,1151,1151,1151,1151,115

Tot use2,9602,9602,9602,9602,9602,9602,9602,9602,9602,9602,9602,9602,9602,9602,9602,9602,96029602960296029602960296029602960296029602960296029602960296029602960

End stock276150224298372446520594-621082155227299371444-98-2645116187259330401472-2647120193266340413486

2006-07

SoybeansHarvest acres and use based on USDAHarvest acres and use based on USDA

2006 Acres - March 31 Prospective Plantings Report^2006 Acres based on June 30 Acreage Report2006 Acres Down 1.6 Million From The March 31 Report2006 Acres 3 Million more than 20052006 Acres - March 31 Prospective Plantings Report

Beg Stocks449449449449449449449449449449449449449449449449449449449449449449449449449449449449449449449449449449449449449449449449449449

Plant Acres75.675.675.675.675.675.675.675.675.675.675.675.675.675.675.675.675.675.675.675.675.675.675.675.675.675.675.675.675.675.675.675.675.675.675.675.675.675.675.675.675.675.6

Harvest Ac.74.574.574.574.574.574.574.574.574.574.574.574.574.574.574.574.574.574.574.574.574.574.574.574.574.574.574.574.574.574.574.574.574.574.574.574.574.574.574.574.574.574.5

Yield373839404142434445373839404142434437383940414243444537383940414243443738394041424344

Prod.2757283129062980305531293204327833532,7572,8312,9062,9803,0553,1293,2043,2782757283129062980305531293204327833532757283129062980305531293204327827572831290629803055312932043278

Imports444444444444444444444444444444444444444444

Tot supply3,2103,2843,3593,4333,5083,5823,6573,7313,8063,2103,2843,3593,4333,5083,5823,6573,7313,2103,2843,3593,4333,5083,5823,6573,7313,8063,2103,2843,3593,4333,5083,5823,6573,7313,2103,2843,3593,4333,5083,5823,6573,731

Crush1,7801,7801,7801,7801,7801,7801,7801,7801,7801,7801,7801,7801,7801,7801,7801,7801,7801,7801,7801,7801,7801,7801,7801,7801,7801,7801,7801,7801,7801,7801,7801,7801,7801,7801,7801,7801,7801,7801,7801,7801,7801,780

Other166166166166166166166166166166166166166166166166166166166166166166166166166166166166166166166166166166166166166166166166166166

Exports1,1451,1451,1451,1451,1451,1451,1451,1451,1451,1451,1451,1451,1451,1451,1451,1451,1451,1451,1451,1451,1451,1451,1451,1451,1451,1451,1451,1451,1451,1451,1451,1451,1451,1451,1451,1451,1451,1451,1451,1451,1451,145

Tot use3091309130913091309130913091309130913,0913,0913,0913,0913,0913,0913,0913,0913091309130913091309130913091309130913091309130913091309130913091309130913091309130913091309130913091

End stock119193268342417491566640715119193268342417491566640119193268342417491566640715119193268342417491566640119193268342417491566640

ES/Use3.8%6.2%8.7%11.1%13.5%15.9%18.3%20.7%23.1%3.8%6.2%8.7%11.1%13.5%15.9%18.3%20.7%3.8%6.2%8.7%11.1%13.5%15.9%18.3%20.7%23.1%3.8%6.2%8.7%11.1%13.5%15.9%18.3%20.7%3.8%6.2%8.7%11.1%13.5%15.9%18.3%20.7%

2007-08

SoybeansHarvest acres and use based on USDASoybean acres down 6 million acres from 2006Harvest acres and use based on USDASoybean acres down 8 million acres from 2006

USDA's March Planting Estimate of 67.1 million acres down 8.4 million acres from 2006Informa Estimate of 68.77 Million Acres up 1.63 Million Acres from USDA's March EstimateUSDA's June Planting Estimate of 64.1 million acres down 11.4 million acres from 2006 & Down 3 Million Acres from March Prospective Plantings ReportSoybean acres down 6 million acres from 200668.6 million acres - 7.0 million acresSoybean acres down 8 million acres from 200666.6 million acres - 9.0 million acres65.6 million acres - 10.0 million acres

Beg Stocks610610610610610610610610610610610610610610610610610555555555555555555555555555610610610610610610610610610610610610610610610610610610610610610610610610610610610610610610610610610610610610610610610610

Plant Acres64.164.164.164.164.164.164.164.164.1

Harvest Ac.0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.063.363.363.363.363.363.363.363.363.30.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Yield383940414243444546383940414243444538394041424344454638394041424344453839404142434445383940414243444538394041424344453839404142434445

Prod.000000000000000002404246725312594265727202784284729100000000000000000000000000000000000000000

Imports444444444444444446666666664444444444444444444444444444444444444444

Tot supply6146146146146146146146146146146146146146146146146142,9653,0283,0923,1553,2183,2813,3453,4083,471614614614614614614614614614614614614614614614614614614614614614614614614614614614614614614614614614614614614614614614614

Crush1,7901,7901,7901,7901,7901,7901,7901,7901,7901,7901,7901,7901,7901,7901,7901,7901,7901,8251,8251,8251,8251,8251,8251,8251,8251,8251,7901,7901,7901,7901,7901,7901,7901,7901,7901,7901,7901,7901,7901,7901,7901,7901,7901,7901,7901,7901,7901,7901,7901,7901,7901,7901,7901,7901,7901,7901,7901,7901,7901,7901,7901,7901,7901,7901,7901,790

Other169169169169169169169169169169169169169169169169169164164164164164164164164164169169169169169169169169169169169169169169169169169169169169169169169169169169169169169169169169169169169169169169169169

Exports1,0801,0801,0801,0801,0801,0801,0801,0801,0801,0801,0801,0801,0801,0801,0801,0801,0809759759759759759759759759751,0801,0801,0801,0801,0801,0801,0801,0801,0801,0801,0801,0801,0801,0801,0801,0801,0801,0801,0801,0801,0801,0801,0801,0801,0801,0801,0801,0801,0801,0801,0801,0801,0801,0801,0801,0801,0801,0801,0801,080

Tot use3039303930393039303930393039303930393,0393,0393,0393,0393,0393,0393,0393,0392964296429642964296429642964296429643039303930393039303930393039303930393039303930393039303930393039303930393039303930393039303930393039303930393039303930393039303930393039303930393039303930393039

End stock-2425-2425-2425-2425-2425-2425-2425-2425-2425-2,425-2,425-2,425-2,425-2,425-2,425-2,425-2,425164128191254317381444507-2425-2425-2425-2425-2425-2425-2425-2425-2425-2425-2425-2425-2425-2425-2425-2425-2425-2425-2425-2425-2425-2425-2425-2425-2425-2425-2425-2425-2425-2425-2425-2425-2425-2425-2425-2425-2425-2425-2425-2425

ES/Use-79.8%-79.8%-79.8%-79.8%-79.8%-79.8%-79.8%-79.8%-79.8%-79.8%-79.8%-79.8%-79.8%-79.8%-79.8%-79.8%-79.8%0.0%2.2%4.3%6.4%8.6%10.7%12.8%15.0%17.1%-79.8%-79.8%-79.8%-79.8%-79.8%-79.8%-79.8%-79.8%-79.8%-79.8%-79.8%-79.8%-79.8%-79.8%-79.8%-79.8%-79.8%-79.8%-79.8%-79.8%-79.8%-79.8%-79.8%-79.8%-79.8%-79.8%-79.8%-79.8%-79.8%-79.8%-79.8%-79.8%-79.8%-79.8%-79.8%-79.8%-79.8%-79.8%-79.8%-79.8%

2008-09

SoybeansMarch 31 planting intetionsHarvest acres and use based on USDASoybean acres down 8 million acres from 2006

Projected 2008 - 09 of 74.8 Million Acres March 31, 2008 Planting ReportProjected 2008 -09 of 74.8 Million Acres June 30 Crop ReportProjected 2008-09 71.3 Million acres - Informa Down 7.7 Million Acres from 2007Projected 2008 -09 of 74.8 Million Acres March 31 Planting Intentions Up 11 Million Acres from 2007Same as March 31 but BS up 40 million and use up80March 31 with 3 bill use, acres down 1.5 million es up 18066.6 million acres - 9.0 million acres65.6 million acres - 10.0 million acres

Beg Stocks125125125125125125125125125125125125125125125125125125140140140140140140140140140140140140140140140140140180180180180180180180180180180180180180180180180610610610610610610610610610610610610610610610610

Plant Acres74.874.874.874.874.874.874.874.874.874.574.574.574.574.574.574.574.574.571.371.371.371.371.371.371.371.371.374.874.874.874.874.874.874.874.874.874.874.874.874.874.874.874.873.373.373.373.373.373.373.373.3

Harvest Ac.73.873.873.873.873.873.873.873.873.872.172.172.172.172.172.172.172.172.170.470.470.470.470.470.470.470.470.473.873.873.873.873.873.873.873.873.873.873.873.873.873.873.873.872.372.372.372.372.372.372.372.30.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Yield38394041424344454638394041424344454638394041424344454638394041424344453839404142434445383940414243444538394041424344453839404142434445

Prod.2805287929533027310131753248332233962,7402,8132,8852,9573,0293,1013,1733,2453,3172674274528152885295630263096316732372805287929533027310131753248332228052879295330273101317532483322274928222894296630393111318332560000000000000000

Imports888888888888888888444444444444444445678910111213141516171819204444444444444444

Tot supply2,9383,0123,0863,1603,2343,3083,3813,4553,5292,8732,9463,0183,0903,1623,2343,3063,3783,4502,8182,8892,9593,0293,1003,1703,2403,3113,3812,9493,0233,0973,1713,2453,3193,3923,4662,9903,0653,1403,2153,2903,3653,4393,5142,9423,0163,0893,1623,2363,3093,3823,456614614614614614614614614614614614614614614614614

Crush1,8401,8401,8401,8401,8401,8401,8401,8401,8401,8301,8301,8301,8301,8301,8301,8301,8301,8301,8601,8601,8601,8601,8601,8601,8601,8601,8601,8601,8601,8601,8601,8601,8601,8601,8601,7801,7801,7801,7801,7801,7801,7801,7801,7801,7801,7801,7801,7801,7801,7801,7801,7901,7901,7901,7901,7901,7901,7901,7901,7901,7901,7901,7901,7901,7901,7901,790

Other172172172172172172172172172166166166166166166166166166177177177177177177177177177177177177177177177177177187187187187187187187187187187187187187187187187169169169169169169169169169169169169169169169169

Exports1,0501,0501,0501,0501,0501,0501,0501,0501,0501,0001,0001,0001,0001,0001,0001,0001,0001,0009109109109109109109109109109109109109109109109109101,0541,0541,0541,0541,0541,0541,0541,0541,0541,0541,0541,0541,0541,0541,0541,0541,0801,0801,0801,0801,0801,0801,0801,0801,0801,0801,0801,0801,0801,0801,0801,080

Tot use3,0623,0623,0623,0623,0623,0623,0623,0623,0622,9962,9962,9962,9962,9962,9962,9962,9962,9962947294729472947294729472947294729472,9472,9472,9472,9472,9472,9472,9472,94730213021302130213021302130213021302130213021302130213021302130213039303930393039303930393039303930393039303930393039303930393039

End stock-124-502498172246319393467-123-502294166238310382454-129-581282153223293364434276150224298372445519-3144119194269344418493-79-568141215288361435-2425-2425-2425-2425-2425-2425-2425-2425-2425-2425-2425-2425-2425-2425-2425-2425

ES/Use-4.0%-1.6%0.8%3.2%5.6%8.0%10.4%12.8%15.3%-4.1%-1.7%0.7%3.1%5.5%7.9%10.4%12.8%15.2%-4.4%-2.0%0.4%2.8%5.2%7.6%10.0%12.3%14.7%0.1%2.6%5.1%7.6%10.1%12.6%15.1%17.6%-1.0%1.5%3.9%6.4%8.9%11.4%13.9%16.3%-2.6%-0.2%2.2%4.7%7.1%9.5%12.0%14.4%-79.8%-79.8%-79.8%-79.8%-79.8%-79.8%-79.8%-79.8%-79.8%-79.8%-79.8%-79.8%-79.8%-79.8%-79.8%-79.8%

2009-10

Soybeans

Projected 2009 - 10Projected 2009 -10 up 0.3 Million Acres 3/31/09Projected 2009 -10 June 30 crop reportProjected 2009 -10 up 2 Million Acres

Beg Stocks138138138138138138138138138110110110110110110110110110110110110110110110110110110110110110110110110110110110

Plant Acres77.577.577.577.577.577.577.577.577.576.076.076.076.076.076.076.076.076.077.577.577.577.577.577.577.577.577.578.078.078.078.078.078.078.078.078.0

Harvest Ac.76.676.676.676.676.676.676.676.676.675.075.075.075.075.075.075.075.075.076.576.576.576.576.576.576.576.576.577.077.077.077.077.077.077.077.077.0

Yield4141.54242.54343.54444.545363738394041424344363738394041424344363738394041424344

Prod.3,1393,1783,2163,2543,2933,3313,3693,4073,4462,7002,7752,8502,9253,0003,0753,1513,2263,3012,7532,8302,9062,9833,0593,1363,2123,2883,3652,7712,8482,9253,0023,0793,1563,2333,3103,387

Imports888888888888888888888888888888888888

Tot supply3,2853,3243,3623,4003,4393,4773,5153,5533,5922,8182,8932,9683,0433,1183,1933,2693,3443,4192,8712,9483,0243,1013,1773,2543,3303,4063,4832,8892,9663,0433,1203,1973,2743,3513,4283,505

Crush1,6951,6951,6951,6951,6951,6951,6951,6951,6951,6701,6701,6701,6701,6701,6701,6701,6701,6701,6701,6701,6701,6701,6701,6701,6701,6701,6701,6701,6701,6701,6701,6701,6701,6701,6701,670

Other175175175175175175175175175175175175175175175175175175175175175175175175175175175175175175175175175175175175

Exports1,3251,3251,3251,3251,3251,3251,3251,3251,3251,2651,2651,2651,2651,2651,2651,2651,2651,2651,2651,2651,2651,2651,2651,2651,2651,2651,2651,2651,2651,2651,2651,2651,2651,2651,2651,265

Tot use3,1953,1953,1953,1953,1953,1953,1953,1953,1953,1103,1103,1103,1103,1103,1103,1103,1103,1103,1103,1103,1103,1103,1103,1103,1103,1103,1103,1103,1103,1103,1103,1103,1103,1103,1103,110

End stock90129167205244282320358397-292-217-142-67883159234309-239-162-86-967144220296373-221-144-671087164241318395

ES/Use2.8%4.0%5.2%6.4%7.6%8.8%10.0%11.2%12.4%-9.4%-7.0%-4.6%-2.1%0.3%2.7%5.1%7.5%9.9%-7.7%-5.2%-2.8%-0.3%2.2%4.6%7.1%9.5%12.0%-7.1%-4.6%-2.1%0.3%2.8%5.3%7.8%10.2%12.7%

2010-11

Soybeans

Projected 2010 - 11 Oct reprotProjected 2010 -11 - Farm Futures Proj 7/26/10Projected 2009 -10 June 30 crop report

Beg Stocks151151151151151151151151151135135135135135135135135135110110110110110110110110110

Plant Acres77.777.777.777.777.777.777.777.777.778.978.978.978.978.978.978.978.978.977.577.577.577.577.577.577.577.577.5

Harvest Ac.76.876.876.876.876.876.876.876.876.878.078.078.078.078.078.078.078.078.076.576.576.576.576.576.576.576.576.5

Yield4242.54343.54444.54545.5464141.54242.54343.54444.545363738394041424344

Prod.3,2243,2633,3013,3393,3783,4163,4553,4933,5313,1963,2353,2743,3133,3523,3913,4303,4693,5082,7532,8302,9062,9833,0593,1363,2123,2883,365

Imports1010101010101010101088888888888888888

Tot supply3,3853,4243,4623,5003,5393,5773,6163,6543,6923,3413,3783,4173,4563,4953,5343,5733,6123,6512,8712,9483,0243,1013,1773,2543,3303,4063,483

Crush1,6651,6651,6651,6651,6651,6651,6651,6651,6651,7001,7001,7001,7001,7001,7001,7001,7001,7001,6701,6701,6701,6701,6701,6701,6701,6701,670

Other120120120120120120120120120155155155155155155155155155175175175175175175175175175

Exports1,5201,5201,5201,5201,5201,5201,5201,5201,5201,4501,4501,4501,4501,4501,4501,4501,4501,4501,2651,2651,2651,2651,2651,2651,2651,2651,265

Tot use3,3053,3053,3053,3053,3053,3053,3053,3053,3053,3053,3053,3053,3053,3053,3053,3053,3053,3053,1103,1103,1103,1103,1103,1103,1103,1103,110

End stock801191571952342723113493873673112151190229268307346-239-162-86-967144220296373

ES/Use2.4%3.6%4.8%5.9%7.1%8.2%9.4%10.6%11.7%1.1%2.2%3.4%4.6%5.7%6.9%8.1%9.3%10.5%-7.7%-5.2%-2.8%-0.3%2.2%4.6%7.1%9.5%12.0%

2011-12

Soybeans

Projected 2011 - 12Projected 2010 -11 - Farm Futures Proj 7/26/10Projected 2009 -10 June 30 crop report

Beg Stocks225225225225225225225225225135135135135135135135135135110110110110110110110110110

Plant Acres74.574.574.575.075.075.075.575.575.578.978.978.978.978.978.978.978.978.977.577.577.577.577.577.577.577.577.5

Harvest Ac.73.373.373.373.873.873.874.374.374.378.078.078.078.078.078.078.078.078.076.576.576.576.576.576.576.576.576.5

Yield41.341.842.341.341.842.341.341.842.34141.54242.54343.54444.545363738394041424344

Prod.3,0293,0653,1023,0493,0863,1233,0693,1063,1443,1963,2353,2743,3133,3523,3913,4303,4693,5082,7532,8302,9062,9833,0593,1363,2123,2883,365

Imports1515151515151515151088888888888888888

Tot supply3,2693,3053,3423,2893,3263,3633,3093,3463,3843,3413,3783,4173,4563,4953,5343,5733,6123,6512,8712,9483,0243,1013,1773,2543,3303,4063,483

Crush1,6351,6351,6351,6351,6351,6351,6351,6351,6351,7001,7001,7001,7001,7001,7001,7001,7001,7001,6701,6701,6701,6701,6701,6701,6701,6701,670

Other111111111111111111111111111155155155155155155155155155175175175175175175175175175

Exports1,4151,4151,4151,4151,4151,4151,4151,4151,4151,4501,4501,4501,4501,4501,4501,4501,4501,4501,2651,2651,2651,2651,2651,2651,2651,2651,265

Tot use3,1613,1613,1613,1613,1613,1613,1613,1613,1613,3053,3053,3053,3053,3053,3053,3053,3053,3053,1103,1103,1103,1103,1103,1103,1103,1103,110

End stock1081441811281652021481852233673112151190229268307346-239-162-86-967144220296373

ES/Use3.4%4.6%5.7%4.0%5.2%6.4%4.7%5.9%7.0%1.1%2.2%3.4%4.6%5.7%6.9%8.1%9.3%10.5%-7.7%-5.2%-2.8%-0.3%2.2%4.6%7.1%9.5%12.0%

2012-13

Soybeans

Projected 2012 - 13 10/11/12Projected 2012-13 Harvest 97.6%Projected 2012-13 Har 97.6 %Projected 2012-13 Harvest 97.6% Acres up 1.0 million

Beg Stocks169169169169169169169169169169169169169169169169169169169169169169169169169169169169169169169169169169169169

Plant Acres77.277.277.277.277.277.277.277.277.277.277.277.277.277.277.277.277.277.276.176.176.176.176.176.176.176.176.177.177.177.177.177.177.177.177.177.1

Harvest Ac.75.775.775.775.775.775.775.775.775.775.375.375.375.375.375.375.375.375.374.374.374.374.374.374.374.374.374.375.275.275.275.275.275.275.275.275.2

Yield36.837.838.839.840.841.842.843.844.83535.53636.53737.53838.5393434.53535.53636.53737.5383434.53535.53636.53737.538

Prod.2,7842,8602,9353,0113,0873,1623,2383,3143,3892,6372,6752,7122,7502,7882,8262,8632,9012,9392,5252,5622,6002,6372,6742,7112,7482,7852,8222,5582,5962,6342,6712,7092,7472,7842,8222,859

Imports202020202020202020202020202020202020202020202020202020202020202020202020

Tot supply2,9733,0493,1243,2003,2763,3513,4273,5033,5782,8262,8642,9012,9392,9773,0153,0523,0903,1282,7142,7512,7892,8262,8632,9002,9372,9743,0112,7472,7852,8232,8602,8982,9362,9733,0113,048

Crush1,5401,5401,5401,5401,5401,5401,5401,5401,5401,5401,5401,5401,5401,5401,5401,5401,5401,5401,5001,5001,5001,5001,5001,5001,5001,5001,5001,5001,5001,5001,5001,5001,5001,5001,5001,500

Other115115115115115115115115115115115115115115115115115115115115115115115115115115115115115115115115115115115115

Exports1,2651,2651,2651,2651,2651,2651,2651,2651,2651,2651,2651,2651,2651,2651,2651,2651,2651,2651,0551,0551,0551,0551,0551,0551,0551,0551,0551,1751,1751,1751,1751,1751,1751,1751,1751,175

Tot use2,9202,9202,9202,9202,9202,9202,9202,9202,9202,9202,9202,9202,9202,9202,9202,9202,9202,9202,4402,5102,5902,6602,7302,8002,8702,9403,0102,7902,7902,7902,7902,7902,7902,7902,7902,790

End stock53129204280356431507583658-94-56-1919579513217020827424119916613310067341-43-53370108146183221258

ES/Use1.8%4.4%7.0%9.6%12.2%14.8%17.4%20.0%22.5%-3.2%-1.9%-0.6%0.7%1.9%3.2%4.5%5.8%7.1%11.2%9.6%7.7%6.2%4.9%3.6%2.3%1.2%0.0%-1.5%-0.2%1.2%2.5%3.9%5.2%6.6%7.9%9.3%

48041033026019012050-20-90

Reduction in Demand Ending Stocks 4%

2013-14

Soybeans

Septembr 2013 for 2013-14September 2013 for 2013-14 acres cut 500,000Sept Stocks 2013-14 no acre cutSept Stocks 2013-14 acres cut 500,000

Beg Stocks125125125125125125125125125125125125125125125125125125141141141141141141141141141141141141141141141141141141

Plant Acres77.20077.20077.20077.20077.20077.20077.20077.20077.20076.70076.70076.70076.70076.70076.70076.70076.70076.70077.20077.20077.20077.20077.20077.20077.20077.20077.20076.70076.70076.70076.70076.70076.70076.70076.70076.700

Harvest Ac.76.35176.35176.35176.35176.35176.35176.35176.35176.35175.85675.85675.85675.85675.85675.85675.85675.85675.85676.35176.35176.35176.35176.35176.35176.35176.35176.35175.85675.85675.85675.85675.85675.85675.85675.85675.856

Yield39.239.740.240.741.241.742.242.743.239.239.740.240.741.241.742.242.743.239.239.740.240.741.241.742.242.743.239.239.740.240.741.241.742.242.743.2

Prod.2,9933,0313,0693,1073,1463,1843,2223,2603,2982,9743,0113,0493,0873,1253,1633,2013,2393,2772,9933,0313,0693,1073,1463,1843,2223,2603,2982,9743,0113,0493,0873,1253,1633,2013,2393,277

Imports151515151515151515151515151515151515151515151515151515151515151515151515

Tot supply3,1333,1713,2093,2473,2863,3243,3623,4003,4383,1143,1513,1893,2273,2653,3033,3413,3793,4173,1493,1873,2253,2633,3023,3403,3783,4163,4543,1303,1673,2053,2433,2813,3193,3573,3953,433

Crush1,6551,6551,6551,6551,6551,6551,6551,6551,6551,6551,6551,6551,6551,6551,6551,6551,6551,6551,6551,6551,6551,6551,6551,6551,6551,6551,6551,6551,6551,6551,6551,6551,6551,6551,6551,655

Other115115115115115115115115115115115115115115115115115115115115115115115115115115115115115115115115115115115115

Exports1,3701,3701,3701,3701,3701,3701,3701,3701,3701,3701,3701,3701,3701,3701,3701,3701,3701,3701,3701,3701,3701,3701,3701,3701,3701,3701,3701,3701,3701,3701,3701,3701,3701,3701,3701,370

Tot use3,1403,1403,1403,1403,1403,1403,1403,1403,1403,1403,1403,1403,1403,1403,1403,1403,1403,1403,1403,1403,1403,1403,1403,1403,1403,1403,1403,1403,1403,1403,1403,1403,1403,1403,1403,140

End stock-73169107146184222260298-2611498712516320123927794785123162200238276314-102765103141179217255293

ES/Use-0.2%1.0%2.2%3.4%4.6%5.9%7.1%8.3%9.5%-0.8%0.4%1.6%2.8%4.0%5.2%6.4%7.6%8.8%0.3%1.5%2.7%3.9%5.1%6.4%7.6%8.8%10.0%-0.3%0.9%2.1%3.3%4.5%5.7%6.9%8.1%9.3%

Profarmer

2014-15

Soybeans

2014 82.5 million up 6 million acres2014 81.5 million up 5 million acres March 1 Planting Intentions & May2014 80.5 million up 4 million acres2014 83.5 million up 7 million acres

Beg Stocks130130130130130130130130130130130130130130130130130130130130130130130130130130130130130130130130130130130130

Plant Acres82.50082.50082.50082.50082.50082.50082.50082.50082.50081.50081.50081.50081.50081.50081.50081.50081.50081.50080.50080.50080.50080.50080.50080.50080.50080.50080.50083.50083.50083.50083.50083.50083.50083.50083.50083.500

Harvest Ac.81.51081.51081.51081.51081.51081.51081.51081.51081.51080.52280.52280.52280.52280.52280.52280.52280.52280.52279.53479.53479.53479.53479.53479.53479.53479.53479.53482.49882.49882.49882.49882.49882.49882.49882.49882.498

Yield4343.54444.54545.54646.5474343.54444.54545.54646.5474343.54444.54545.54646.5474343.54444.54545.54646.547

Prod.3,5053,5463,5863,6273,6683,7093,7493,7903,8313,4623,5033,5433,5833,6233,6643,7043,7443,7853,4203,4603,4993,5393,5793,6193,6593,6983,7383,5473,5893,6303,6713,7123,7543,7953,8363,877

Imports151617181920212223151515151515151515161718192021222324252627282930313233

Tot supply3,6503,6923,7333,7753,8173,8593,9003,9423,9843,6073,6483,6883,7283,7683,8093,8493,8893,9303,5663,6073,6473,6883,7293,7703,8113,8513,8923,7023,7453,7873,8293,8713,9143,9563,9984,040

Crush1,7151,7151,7151,7151,7151,7151,7151,7151,7151,7151,7151,7151,7151,7151,7151,7151,7151,7151,7151,7151,7151,7151,7151,7151,7151,7151,7151,7151,7151,7151,7151,7151,7151,7151,7151,715

Other110110110110110110110110110110110110110110110110110110110110110110110110110110110110110110110110110110110110

Exports1,6251,6251,6251,6251,6251,6251,6251,6251,6251,6251,6251,6251,6251,6251,6251,6251,6251,6251,6251,6251,6251,6251,6251,6251,6251,6251,6251,6251,6251,6251,6251,6251,6251,6251,6251,625

Tot use3,4503,4503,4503,4503,4503,4503,4503,4503,4503,4503,4503,4503,4503,4503,4503,4503,4503,4503,4503,4503,4503,4503,4503,4503,4503,4503,4503,4503,4503,4503,4503,4503,4503,4503,4503,450

End stock200242283325367409450492534157198238278318359399439480116157197238279320361401442252295337379421464506548590

ES/Use5.8%7.0%8.2%9.4%10.6%11.8%13.1%14.3%15.5%4.6%5.7%6.9%8.1%9.2%10.4%11.6%12.7%13.9%3.4%4.5%5.7%6.9%8.1%9.3%10.5%11.6%12.8%7.3%8.5%9.8%11.0%12.2%13.4%14.7%15.9%17.1%

0

Corn

Corn2008-0988.6 million acres + 10.0 million acres88.6 million acres + 12.2 million acres

Projected 2008 - 09 June Planted Acres Report and July S&D ReportProjected 2008 - 09 of 87.3 Million Acres - June 30 Report Up 1.3 Million Acres From March 31 Planting ReportProjected 2008 - 09 of 87.3 Million Acres - June 30 Report Up 1.3 Million Acres From March 31 Planting ReportProjected 2008 - 09 of 86 Million Acres March 31 Planting Intentions Down 7.6 Million Acres From 2007MARCH 31 bs DOWN SLIGHLTY use down acres up 1.5Informa Estimate of 90.724 Million Acres up 270,000 from USDA's March Estimate87.6 million acres + 9.0 million acresCorn acres up 10 million acres over 2006Corn acres up 10 million acres over 2006

Beg Stocks1,5981,5981,5981,5981,5981,5981,5981,5981,598

Plant Acres87.387.387.387.387.387.387.387.387.387.387.387.387.387.387.387.387.387.387.387.387.387.387.387.387.387.387.386868686868686868687.587.587.587.587.587.587.587.587.5

Harvest Ac.78.978.978.978.978.978.978.978.978.978.978.978.978.978.978.978.978.978.978.978.978.978.978.978.978.978.978.979.079.079.079.079.079.079.079.079.080.480.480.480.480.480.480.480.480.40.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Yield148149150151152153154155156148149150151152153154155156147148149150151152153154155150151152153154155156157158150151152153154155156157158145146147148149150151152153146148150152154156158160162140142144146148150152154156140142144146148150152154156

Prod.11,68011,75911,83811,91711,99612,07512,15412,23212,31111,68011,75911,83811,91711,99612,07512,15412,23212,31111,60111,68011,75911,83811,91711,99612,07512,15412,232118551193412013120921217112250123291240812487120621214212223123031238412464125441262512705000000000000000000000000000000000000

Imports151617181920212223151515151515151515151515151515151515101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010

Tot supply13,29313,37313,45313,53313,61313,69313,77313,85213,93211,69511,77411,85311,93212,01112,09012,16912,24712,32611,61611,69511,77411,85311,93212,01112,09012,16912,247118651194412023121021218112260123391241812497120721215212233123131239412474125541263512715101010101010101010101010101010101010101010101010101010101010101010101010

Feed5,2005,2005,2005,2005,2005,2005,2005,2005,2005,1505,1505,1505,1505,1505,1505,1505,1505,1505,2005,2005,2005,2005,2005,2005,2005,2005,2005,1505,1505,1505,1505,1505,1505,1505,1505,1505,1505,1505,1505,1505,1505,1505,1505,1505,1505,1505,1505,1505,1505,1505,1505,1505,1505,1505,1505,7005,7005,7005,7005,7005,7005,7005,7005,7005,7005,7005,7005,7005,7005,7005,7005,7005,7005,7005,7005,7005,7005,7005,7005,7005,700

Other5,2955,2955,2955,2955,2955,2955,2955,2955,2955,3605,3605,3605,3605,3605,3605,3605,3605,3605,2955,2955,2955,2955,2955,2955,2955,2955,2955,3605,3605,3605,3605,3605,3605,3605,3605,3605,3605,3605,3605,3605,3605,3605,3605,3605,3605,3605,3605,3605,3605,3605,3605,3605,3605,3605,3604,7904,7904,7904,7904,7904,7904,7904,7904,7904,7904,7904,7904,7904,7904,7904,7904,7904,7904,7904,7904,7904,7904,7904,7904,7904,790

Exports2,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0001,9751,9751,9751,9751,9751,9751,9751,9751,9751,9751,9751,9751,9751,9751,9751,9751,9751,9751,9751,9751,9751,9751,9751,9751,9751,975

Tot use12,49512,49512,49512,49512,49512,49512,49512,49512,49512,51012,51012,51012,51012,51012,51012,51012,51012,51012,49512,49512,49512,49512,49512,49512,49512,49512,49512,51012,51012,51012,51012,51012,51012,51012,51012,510125101251012510125101251012510125101251012510125101251012510125101251012510125101251012510125101246512465124651246512465124651246512465124651246512465124651246512465124651246512465124651246512465124651246512465124651246512465

End stock7988789581,0381,1181,1981,2781,3571,437-815-736-657-578-499-420-341-263-184-879-800-721-642-563-484-405-326-248-645-566-487-408-329-250-171-92-13-438-358-277-197-116-3644125205-12500-12500-12500-12500-12500-12500-12500-12500-12500-12500-12455-12455-12455-12455-12455-12455-12455-12455-12455-12455-12455-12455-12455-12455-12455-12455-12455-12455-12455-12455-12455-12455-12455-12455-12455-12455

ES/Use6.4%7.0%7.7%8.3%8.9%9.6%10.2%10.9%11.5%-6.5%-5.9%-5.3%-4.6%-4.0%-3.4%-2.7%-2.1%-1.5%-7.0%-6.4%-5.8%-5.1%-4.5%-3.9%-3.2%-2.6%-2.0%-5.2%-4.5%-3.9%-3.3%-2.6%-2.0%-1.4%-0.7%-0.1%-3.5%-2.9%-2.2%-1.6%-0.9%-0.3%0.4%1.0%1.6%-99.9%-99.9%-99.9%-99.9%-99.9%-99.9%-99.9%-99.9%-99.9%-99.9%-99.9%-99.9%-99.9%-99.9%-99.9%-99.9%-99.9%-99.9%-99.9%-99.9%-99.9%-99.9%-99.9%-99.9%-99.9%-99.9%-99.9%-99.9%-99.9%-99.9%-99.9%-99.9%-99.9%-99.9%-99.9%-99.9%

Beginning Stocks up 135 million bushels based on June 1 stocks report

Corn2009-1088.6 million acres + 10.0 million acres88.6 million acres + 12.2 million acres

Projected 2009 - 10Projected 2009 - Acres same 2008Projected 2009 - 10 June 30 Report & Aug 14, 2009Projected 2009 - Acres down 2 million from 2008MARCH 31 bs DOWN SLIGHLTY use down acres up 1.587.6 million acres + 9.0 million acresCorn acres up 10 million acres over 2006Corn acres up 10 million acres over 2006

Beg Stocks1,6741,6951,6951,6951,6951,6951,6951,6951,6951,7701,7701,7701,7701,7701,7701,7701,7701,7701,7201,7201,7201,7201,7201,7201,7201,7201,7201,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,770

Plant Acres86.486.486.486.486.486.486.486.486.486.086.086.086.086.086.086.086.086.087.087.087.087.087.087.087.087.087.0

Harvest Ac.79.379.379.379.379.379.379.379.379.378.678.678.678.678.678.678.678.678.680.080.080.080.080.080.080.080.080.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Yield157158159160161162163164165153154155156157158159160161160161162163164165166167168154155156157158159160161162150151152153154155156157158145146147148149150151152153146148150152154156158160162140142144146148150152154156140142144146148150152154156

Prod.12,45212,53212,61112,69012,77012,84912,92813,00813,08712,02612,10512,18412,26212,34112,41912,49812,57712,65512,79812,87812,95813,03813,11813,19813,27813,35813,438000000000000000000000000000000000000000000000000000000

Imports101010101010101010151515151515151515151515151515151515101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010

Tot supply14,13614,23714,31614,39514,47514,55414,63314,71314,79213,81113,89013,96914,04714,12614,20414,28314,36214,44014,53314,61314,69314,77314,85314,93315,01315,09315,1731780178017801780178017801780178017801780178017801780178017801780178017801780178017801780178017801780178017801780178017801780178017801780178017801780178017801780178017801780178017801,7801,7801,7801,7801,7801,7801,7801,7801,780

Feed5,4005,4005,4005,4005,4005,4005,4005,4005,4005,2005,2005,2005,2005,2005,2005,2005,2005,2005,3005,3005,3005,3005,3005,3005,3005,3005,3005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,200

Other5,4805,4805,4805,4805,4805,4805,4805,4805,4805,3755,3755,3755,3755,3755,3755,3755,3755,3755,4755,4755,4755,4755,4755,4755,4755,4755,4755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,375

Exports2,1002,1002,1002,1002,1002,1002,1002,1002,1001,9501,9501,9501,9501,9501,9501,9501,9501,9502,1002,1002,1002,1002,1002,1002,1002,1002,1001,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,950

Tot use12,98012,98012,98012,98012,98012,98012,98012,98012,98012,52512,52512,52512,52512,52512,52512,52512,52512,52512,87512,87512,87512,87512,87512,87512,87512,87512,87512,52512,52512,52512,52512,52512,52512,52512,52512,525125251252512525125251252512525125251252512525125251252512525125251252512525125251252512525125251252512525125251252512525125251252512525125251252512525125251252512525125251252512525125251252512525125251252512525125251252512525

End stock1,1561,2571,3361,4151,4951,5741,6531,7331,8121,2861,3651,4441,5221,6011,6791,7581,8371,9151,6581,7381,8181,8981,9782,0582,1382,2182,298-10,745-10,745-10,745-10,745-10,745-10,745-10,745-10,745-10,745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745

ES/Use8.9%9.7%10.3%10.9%11.5%12.1%12.7%13.3%14.0%10.3%10.9%11.5%12.2%12.8%13.4%14.0%14.7%15.3%12.9%13.5%14.1%14.7%15.4%16.0%16.6%17.2%17.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%

Corn2010-11

Projected 2010 - 11 Oct ReprotProjected 2010 - 87.9 June 30 acre estimateProjected 2009 - 10 June 30 report acrers down 500,000

Beg Stocks1,7081,7081,7081,7081,7081,7081,7081,7081,7081,4781,4781,4781,4781,4781,4781,4781,4781,4781,4781,4781,4781,4781,4781,4781,4781,4781,478

Plant Acres88.288.288.288.288.288.288.288.288.287.987.987.987.987.987.987.987.987.987.487.487.487.487.487.487.487.487.4

Harvest Ac.81.381.281.281.281.281.281.281.281.281.081.081.081.081.081.081.081.081.080.580.580.580.580.580.580.580.580.5

Yield150151152153154155156157158160161162163164165166167168157158159160161162163164165

Prod.12,19812,26612,34712,42912,51012,59112,67212,75312,83512,95313,03413,11513,19613,27713,35813,43913,52013,60112,63812,71812,79912,87912,96013,04013,12113,20113,282

Imports101010101010101010101010101010101010101010101010101010

Tot supply13,91613,98414,06514,14714,22814,30914,39014,47114,55314,44114,52214,60314,68414,76514,84614,92715,00815,08914,12614,20614,28714,36714,44814,52814,60914,68914,770

Feed5,4005,4005,4005,4005,4005,4005,4005,4005,4005,3505,3505,3505,3505,3505,3505,3505,3505,3505,3505,3505,3505,3505,3505,3505,3505,3505,350

Other6,0806,0806,0806,0806,0806,0806,0806,0806,0806,0606,0606,0606,0606,0606,0606,0606,0606,0606,0606,0606,0606,0606,0606,0606,0606,0606,060

Exports2,0002,0002,0002,0002,0002,0002,0002,0002,0001,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,950

Tot use13,48013,48013,48013,48013,48013,48013,48013,48013,48013,36013,36013,36013,36013,36013,36013,36013,36013,36013,36013,36013,36013,36013,36013,36013,36013,36013,360

End stock4365045856677488299109911,0731,0811,1621,2431,3241,4051,4861,5671,6481,7297668469271,0071,0881,1681,2491,3291,410

ES/Use3.2%3.7%4.3%4.9%5.5%6.1%6.8%7.4%8.0%8.1%8.7%9.3%9.9%10.5%11.1%11.7%12.3%12.9%5.7%6.3%6.9%7.5%8.1%8.7%9.3%9.9%10.6%

90% harvest

Projected 2011 - 12Projected 2010 - 87.9 June 30 acre estimateProjected 2009 - 10 June 30 report acrers down 500,000

Beg Stocks1,1281,1281,1281,1281,1281,1281,1281,1281,1281,4781,4781,4781,4781,4781,4781,4781,4781,4781,4781,4781,4781,4781,4781,4781,4781,4781,478

Plant Acres91.991.991.992.392.392.392.892.892.887.987.987.987.987.987.987.987.987.987.487.487.487.487.487.487.487.487.4

Harvest Ac.84.084.084.084.484.484.484.884.884.881.081.081.081.081.081.081.081.081.080.580.580.580.580.580.580.580.580.5

Yield146.1148.1150.1146.1148.1150.1146.1148.1150.1160161162163164165166167168157158159160161162163164165

Prod.12,26512,43312,60112,32812,49712,66612,39512,56412,73412,95313,03413,11513,19613,27713,35813,43913,52013,60112,63812,71812,79912,87912,96013,04013,12113,20113,282

Imports151515151515151515101010101010101010101010101010101010

Tot supply13,40813,57613,74413,47113,64013,80913,53813,70713,87714,44114,52214,60314,68414,76514,84614,92715,00815,08914,12614,20614,28714,36714,44814,52814,60914,68914,770

Feed4,7004,7004,7004,7004,7004,7004,7004,7004,7005,3505,3505,3505,3505,3505,3505,3505,3505,3505,3505,3505,3505,3505,3505,3505,3505,3505,350

Other6,4106,4106,4106,4106,4106,4106,4106,4106,4106,0606,0606,0606,0606,0606,0606,0606,0606,0606,0606,0606,0606,0606,0606,0606,0606,0606,060

Exports1,6001,6001,6001,6501,6501,6501,6501,6501,6501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,950

Tot use12,71012,71012,71012,76012,76012,76012,76012,76012,76013,36013,36013,36013,36013,36013,36013,36013,36013,36013,36013,36013,36013,36013,36013,36013,36013,36013,360

End stock6988661,0347118801,0497789471,1171,0811,1621,2431,3241,4051,4861,5671,6481,7297668469271,0071,0881,1681,2491,3291,410

ES/Use5.5%6.8%8.1%5.6%6.9%8.2%6.1%7.4%8.8%8.1%8.7%9.3%9.9%10.5%11.1%11.7%12.3%12.9%5.7%6.3%6.9%7.5%8.1%8.7%9.3%9.9%10.6%

Projected 2012 - 10/11/12Projected 2012 Acres harvest at 90.2%Projected 2012 harvest at 86.1%Projected 2012 Acres harvest at 90.2%Projected 2012 harvest at 86.1%Projected 2012 Acres harvest at 90.2% acres up 1.2 millionProjected 2012 harvest at 86.1% Acres up 1.2 million

Beg Stocks988988988988988988988988988988988988988988988988988988988988988988988988988988988988988988988988988988988988988988988988988988988988988988988988988988988988988988988988988988988988988988988

Plant Acres96.996.996.996.996.996.996.996.996.996.996.996.996.996.996.996.996.996.996.996.996.996.996.996.996.996.996.996.996.996.996.996.996.996.996.996.996.996.996.996.996.996.996.996.996.997.497.497.497.497.497.497.497.497.497.497.497.497.497.497.497.497.497.4

Harvest Ac.87.887.887.887.887.887.887.887.887.887.487.487.487.487.487.487.487.487.483.483.483.483.483.483.483.483.483.487.487.487.487.487.487.487.487.487.483.483.483.483.483.483.483.483.483.487.987.987.987.987.987.987.987.987.983.983.983.983.983.983.983.983.983.9

Yield119120121122123124125126127119120121122123124125126127119120121122123124125126128119120121122123124125126127119120121122123124125126127119120121122123124125126127119120121122123124125126127

Prod.10,44310,53010,61810,70610,79410,88110,96911,05711,14510,40110,48810,57610,66310,75110,83810,92511,01311,1009,92810,01210,09510,17910,26210,34510,42910,51210,67910,40110,48810,57610,66310,75110,83810,92511,01311,1009,92810,01210,09510,17910,26210,34510,42910,51210,59610,45510,54310,63010,71810,80610,89410,98211,07011,1589,98010,06310,14710,23110,31510,39910,48310,56710,650

Imports757575757575757575757575757575757575757575757575757575757575757575757575757575757575757575757575757575757575757575757575757575

Tot supply11,50611,59311,68111,76911,85711,94412,03212,12012,20811,46411,55111,63911,72611,81411,90111,98812,07612,16310,99111,07511,15811,24211,32511,40811,49211,57511,74211,46411,55111,63911,72611,81411,90111,98812,07612,16310,99111,07511,15811,24211,32511,40811,49211,57511,65911,51811,60611,69311,78111,86911,95712,04512,13312,22111,04311,12611,21011,29411,37811,46211,54611,63011,713

Feed4,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,150

Other5,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,850

Exports1,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,150

Tot use11,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,150

End stock3564435316197077948829701,0583144014895766647518389261,013-159-758921752583424255925585585585585585585585585585585585585585585585585585583684565436317198078959831,071-107-2460144228312396480563

ES/Use3.2%4.0%4.8%5.5%6.3%7.1%7.9%8.7%9.5%2.8%3.6%4.4%5.2%6.0%6.7%7.5%8.3%9.1%-1.4%-0.7%0.1%0.8%1.6%2.3%3.1%3.8%5.3%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%3.3%4.1%4.9%5.7%6.4%7.2%8.0%8.8%9.6%-1.0%-0.2%0.5%1.3%2.0%2.8%3.5%4.3%5.1%

Projected 2013Projected 2013 Demand 500 million lessProjected 2013 Informa 12/19/2012Div. Services 12/19/2012Projected 2012 harvest at 86.1%Projected 2012 Acres harvest at 90.2% acres up 1.2 millionProjected 2012 harvest at 86.1% Acres up 1.2 million

Beg Stocks647647647647647647647647647647647647647647647647647647514514514514514514514514514650650650650650650650650650988988988988988988988988988988988988988988988988988988988988988988988988988988988

Plant Acres97.397.397.397.397.397.397.397.397.397.397.397.397.397.397.397.397.397.399.099.099.099.099.099.099.099.099.099.099.099.099.099.099.099.099.099.096.996.996.996.996.996.996.996.996.997.497.497.497.497.497.497.497.497.497.497.497.497.497.497.497.497.497.4

Harvest Ac.89.189.189.189.189.189.189.189.189.189.189.189.189.189.189.189.189.189.191.791.791.791.791.791.791.791.791.791.191.191.191.191.191.191.191.191.183.483.483.483.483.483.483.483.483.487.987.987.987.987.987.987.987.987.983.983.983.983.983.983.983.983.983.9

Yield158159160161162163164165166158159160161162163164165166158159160161162163164165166158159160161162163164165166119120121122123124125126127119120121122123124125126127119120121122123124125126127

Prod.14,08214,17114,26014,34914,43914,52814,61714,70614,79514,08214,17114,26014,34914,43914,52814,61714,70614,79514,48414,57614,66814,76014,85114,94315,03515,12615,21814,39114,48214,57314,66414,75514,84614,93715,02815,1199,92810,01210,09510,17910,26210,34510,42910,51210,59610,45510,54310,63010,71810,80610,89410,98211,07011,1589,98010,06310,14710,23110,31510,39910,48310,56710,650

Imports252525252525252525252525252525252525101010101010101010303030303030303030757575757575757575757575757575757575757575757575757575

Tot supply14,75414,84314,93215,02115,11115,20015,28915,37815,46714,75414,84314,93215,02115,11115,20015,28915,37815,46715,00815,10015,19215,28415,37515,46715,55915,65015,74215,07115,16215,25315,34415,43515,52615,61715,70815,79910,99111,07511,15811,24211,32511,40811,49211,57511,65911,51811,60611,69311,78111,86911,95712,04512,13312,22111,04311,12611,21011,29411,37811,46211,54611,63011,713

Feed4,7504,7504,7504,7504,7504,7504,7504,7504,7504,5004,5004,5004,5004,5004,5004,5004,5004,5005,1505,1505,1505,1505,1505,1505,1505,1505,1505,2005,2005,2005,2005,2005,2005,2005,2005,2004,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,150

Other6,4006,4006,4006,4006,4006,4006,4006,4006,4006,4006,4006,4006,4006,4006,4006,4006,4006,4006,5256,5256,5256,5256,5256,5256,5256,5256,5256,5006,5006,5006,5006,5006,5006,5006,5006,5005,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,850

Exports1,8001,8001,8001,8001,8001,8001,8001,8001,8001,5001,5001,5001,5001,5001,5001,5001,5001,5001,4001,4001,4001,4001,4001,4001,4001,4001,4001,5001,5001,5001,5001,5001,5001,5001,5001,5001,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,150

Tot use12,95012,95012,95012,95012,95012,95012,95012,95012,95012,40012,40012,40012,40012,40012,40012,40012,40012,40013,07513,07513,07513,07513,07513,07513,07513,07513,07513,20013,20013,20013,20013,20013,20013,20013,20013,20011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,150

End stock1,8041,8931,9822,0712,1612,2502,3392,4282,5172,3542,4432,5322,6212,7112,8002,8892,9783,0671,9332,0252,1172,2092,3002,3922,4842,5752,6671,8711,9622,0532,1442,2352,3262,4172,5082,5995585585585585585585585585583684565436317198078959831,071-107-2460144228312396480563

ES/Use13.9%14.6%15.3%16.0%16.7%17.4%18.1%18.7%19.4%19.0%19.7%20.4%21.1%21.9%22.6%23.3%24.0%24.7%14.8%15.5%16.2%16.9%17.6%18.3%19.0%19.7%20.4%14.2%14.9%15.6%16.2%16.9%17.6%18.3%19.0%19.7%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%3.3%4.1%4.9%5.7%6.4%7.2%8.0%8.8%9.6%-1.0%-0.2%0.5%1.3%2.0%2.8%3.5%4.3%5.1%

159

June 12 2013 for 2013-14Projected 2013 Darrel Good DemandProjected 2013 Darrel Good Demand Variable yields and acresProjected 2013 USDA June 12 Demand Variable yields and acresProjected 2012 harvest at 86.1%Projected 2012 Acres harvest at 90.2% acres up 1.2 millionProjected 2012 harvest at 86.1% Acres up 1.2 million

Beg Stocks769769769769769769769769769769769769769769769769769769769769769769769769769769769769769769769769769769769769988988988988988988988988988988988988988988988988988988988988988988988988988988988

Plant Acres97.397.397.397.397.397.397.397.397.397.397.397.397.397.397.397.397.397.397.397.397.395.395.395.394.394.394.397.397.397.395.395.395.394.394.394.396.996.996.996.996.996.996.996.996.997.497.497.497.497.497.497.497.497.497.497.497.497.497.497.497.497.497.4

Harvest Ac.89.589.589.589.589.589.589.589.589.589.589.589.589.589.589.589.589.589.589.589.589.587.787.787.786.886.886.889.589.589.587.787.787.786.886.886.883.483.483.483.483.483.483.483.483.487.987.987.987.987.987.987.987.987.983.983.983.983.983.983.983.983.983.9

Yield148.5150.5152.5154.5156.5157.5158.5159.5160.5148.5150.5152.5154.5156.5156158160162150.5156.5160.5150.5156.5160.5150.5156.5160.5150.5156.5160.5150.5156.5160.5150.5156.5160.5119120121122123124125126127119120121122123124125126127119120121122123124125126127

Prod.13,29313,47213,65113,83014,00914,09914,18814,27814,36713,29313,47213,65113,83014,00913,96414,14414,32314,50213,47214,00914,36713,19513,72114,07213,05713,57713,92413,47214,00914,36713,19513,72114,07213,05713,57713,9249,92810,01210,09510,17910,26210,34510,42910,51210,59610,45510,54310,63010,71810,80610,89410,98211,07011,1589,98010,06310,14710,23110,31510,39910,48310,56710,650

Imports252525252525252525252525252525252525252525252525252525252525252525252525757575757575757575757575757575757575757575757575757575

Tot supply14,08714,26614,44514,62414,80314,89314,98215,07215,16114,08714,26614,44514,62414,80314,75814,93815,11715,29614,26614,80315,16113,98914,51514,86613,85114,37114,71814,26614,80315,16113,98914,51514,86613,85114,37114,71810,99111,07511,15811,24211,32511,40811,49211,57511,65911,51811,60611,69311,78111,86911,95712,04512,13312,22111,04311,12611,21011,29411,37811,46211,54611,63011,713

Feed5,2005,2005,2005,2005,2005,2005,2005,2005,2004,8004,8004,8004,8004,8004,8004,8004,8004,8004,8004,8004,8004,8004,8004,8004,8004,8004,8005,2005,2005,2005,2005,2005,2005,2005,2005,2004,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,1504,150

Other6,3506,3506,3506,3506,3506,3506,3506,3506,3506,2406,2406,2406,2406,2406,2406,2406,2406,2406,2406,2406,2406,2406,2406,2406,2406,2406,2406,3506,3506,3506,3506,3506,3506,3506,3506,3505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,8505,850

Exports1,3001,3001,3001,3001,3001,3001,3001,3001,3001,2001,2001,2001,2001,2001,2001,2001,2001,2001,2001,2001,2001,2001,2001,2001,2001,2001,2001,3001,3001,3001,3001,3001,3001,3001,3001,3001,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,150

Tot use12,85012,85012,85012,85012,85012,85012,85012,85012,85012,24012,24012,24012,24012,24012,24012,24012,24012,24012,24012,24012,24012,24012,24012,24012,24012,24012,24012,85012,85012,85012,85012,85012,85012,85012,85012,85011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,15011,150

End stock1,2371,4161,5951,7741,9532,0432,1322,2222,3111,8472,0262,2052,3842,5632,5182,6982,8773,0562,0262,5632,9211,7492,2752,6261,6112,1312,4781,4161,9532,3111,1391,6652,0161,0011,5211,8685585585585585585585585585583684565436317198078959831,071-107-2460144228312396480563

ES/Use9.6%11.0%12.4%13.8%15.2%15.9%16.6%17.3%18.0%15.1%16.6%18.0%19.5%20.9%20.6%22.0%23.5%25.0%16.6%20.9%23.9%14.3%18.6%21.5%13.2%17.4%20.2%11.0%15.2%18.0%8.9%13.0%15.7%7.8%11.8%14.5%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%5.0%3.3%4.1%4.9%5.7%6.4%7.2%8.0%8.8%9.6%-1.0%-0.2%0.5%1.3%2.0%2.8%3.5%4.3%5.1%

September 2013 USDAProjected 2013 Darrel Good DemandProjected 2013 Darrel Good Demand Variable yields and acresUSDA September 2013 Demand Variable yields and acres down 1 millionUSDA August 2013 Demand Variable yields and acres down 2 millionSept Stocks Variable yields and acresSept Stocks Darrel Good Use Variable yields and acres

Beg Stocks661661661661661661661661661661661661661661661661661661661661661661661661661661661661661661661661661661661661661661661661661661661661661824824824824824824824824824824824824824824824824824824

Plant Acres97.40097.40097.40097.40097.40097.40097.40097.40097.40097.40097.40097.40097.40097.40097.40097.40097.40097.40097.40097.40097.40096.496.496.495.495.495.496.40096.40096.40096.40096.40096.40096.40096.40096.40095.40095.40095.40095.40095.40095.40095.40095.40095.40097.40097.40097.40096.40096.40096.40095.40095.40095.40097.40097.40097.40096.40096.40096.40095.40095.40095.400

Harvest Ac.89.14089.14089.14089.14089.14089.14089.14089.14089.14089.14089.14089.14089.14089.14089.14089.14089.14089.14089.14089.14089.14088.22588.22588.22587.31087.31087.31088.22588.22588.22588.22588.22588.22588.22588.22588.22587.31087.31087.31087.31087.31087.31087.31087.31087.31089.14089.14089.14088.22588.22588.22587.31087.31087.31089.14089.14089.14088.22588.22588.22587.31087.31087.310

Yield147.3149.3151.3153.3155.3157.3159.3161.3163.3147.3149.3151.3153.3155.3157.3159.3161.3163.3147.3149.3151.3153.3155.3157.3159.3161.3163.3147.3149.3151.3153.3155.3157.3159.3161.3163.3147.3149.3151.3153.3155.3157.3159.3161.3163.3147.3149.3151.3153.3155.3157.3159.3161.3163.3147.3149.3151.3153.3155.3157.3159.3161.3163.3

Prod.13,13013,30913,48713,66513,84414,02214,20014,37814,55713,05013,22813,40713,58513,76313,85213,94214,03114,12013,13013,30913,48713,52513,70113,87813,90814,08314,25812,99613,17213,34813,52513,70113,87814,05414,23114,40712,86113,03513,21013,38513,55913,73413,90814,08314,25813,13013,30913,48713,52513,70113,87813,90814,08314,25813,13013,30913,48713,52513,70113,87813,90814,08314,258

Imports252525252525252525303030303030303030303030303030303030303030303030303030303030303030303030252525252525252525252525252525252525

Tot supply13,81613,99514,17314,35114,53014,70814,88615,06415,24313,74113,91914,09814,27614,45414,54314,63314,72214,81113,82114,00014,17814,21614,39214,56914,59914,77414,94913,68713,86314,03914,21614,39214,56914,74514,92215,09813,55213,72613,90114,07614,25014,42514,59914,77414,94913,97914,15814,33614,37414,55014,72714,75714,93215,10713,97914,15814,33614,37414,55014,72714,75714,93215,107

Feed5,1005,1005,1005,1005,1005,1005,1005,1005,1004,8004,8004,8004,8004,8004,8004,8004,8004,8004,8004,8004,8004,8004,8004,8004,8004,8004,8005,1005,1005,1005,1005,1005,1005,1005,1005,1005,1005,1005,1005,1005,1005,1005,1005,1005,1005,1005,1005,1005,1005,1005,1005,1005,1005,1004,8004,8004,8004,8004,8004,8004,8004,8004,800

Other6,3506,3506,3506,3506,3506,3506,3506,3506,3506,2406,2406,2406,2406,2406,2406,2406,2406,2406,2406,2406,2406,2406,2406,2406,2406,2406,2406,3506,3506,3506,3506,3506,3506,3506,3506,3506,3506,3506,3506,3506,3506,3506,3506,3506,3506,3506,3506,3506,3506,3506,3506,3506,3506,3506,2406,2406,2406,2406,2406,2406,2406,2406,240

Exports1,2251,2251,2251,2251,2251,2251,2251,2251,2251,2001,2001,2001,2001,2001,2001,2001,2001,2001,2001,2001,2001,2001,2001,2001,2001,2001,2001,2251,2251,2251,2251,2251,2251,2251,2251,2251,2251,2251,2251,2251,2251,2251,2251,2251,2251,2251,2251,2251,2251,2251,2251,2251,2251,2251,2001,2001,2001,2001,2001,2001,2001,2001,200

Tot use12,67512,67512,67512,67512,67512,67512,67512,67512,67512,24012,24012,24012,24012,24012,24012,24012,24012,24012,24012,24012,24012,24012,24012,24012,24012,24012,24012,67512,67512,67512,67512,67512,67512,67512,67512,67512,67512,67512,67512,67512,67512,67512,67512,67512,67512,67512,67512,67512,67512,67512,67512,67512,67512,67512,24012,24012,24012,24012,24012,24012,24012,24012,240

End stock1,1411,3201,4981,6761,8552,0332,2112,3892,5681,5011,6791,8582,0362,2142,3032,3932,4822,5711,5811,7601,9381,9762,1522,3292,3592,5342,7091,0121,1881,3641,5411,7171,8942,0702,2472,4238771,0511,2261,4011,5751,7501,9242,0992,2741,3041,4831,6611,6991,8752,0522,0822,2572,4321,7391,9182,0962,1342,3102,4872,5172,6922,867

ES/Use9.0%10.4%11.8%13.2%14.6%16.0%17.4%18.9%20.3%12.3%13.7%15.2%16.6%18.1%18.8%19.5%20.3%21.0%12.9%14.4%15.8%16.1%17.6%19.0%19.3%20.7%22.1%8.0%9.4%10.8%12.2%13.5%14.9%16.3%17.7%19.1%6.9%8.3%9.7%11.1%12.4%13.8%15.2%16.6%17.9%10.3%11.7%13.1%13.4%14.8%16.2%16.4%17.8%19.2%14.2%15.7%17.1%17.4%18.9%20.3%20.6%22.0%23.4%

Profarmer

Stocks - cut 69 millionTour

87.3 ha

97.379154.1 yield

89.589

-0.448

20142014 93.4 million acres Down 2 million2014 92.7 million acres Down 3 million91.7 million acres Down 4 million - March 1 Planting Intentions & May2014 94.4 million acres Down 1 million2014 90.7 million acres Down 5 million

Beg Stocks1,1461,1461,1461,1461,1461,1461,1461,1461,1461,1461,1461,1461,1461,1461,1461,1461,1461,1461,1461,1461,1461,1461,1461,1461,1461,1461,1461,1461,1461,1461,1461,1461,1461,1461,1461,1461,1461,1461,1461,1461,1461,1461,1461,1461,146

Plant Acres93.40093.40093.40093.40093.40093.40093.40093.40093.40092.70092.70092.70092.70092.70092.70092.70092.70092.70091.70091.70091.70091.70091.70091.70091.70091.70091.70094.40094.40094.40094.40094.40094.40094.40094.40094.40090.70090.70090.70090.70090.70090.70090.70090.70090.700

Harvest Ac.85.48085.48085.48085.48085.48085.48085.48085.48085.48084.83984.83984.83984.83984.83984.83984.83984.83984.83983.92483.92483.92483.92483.92483.92483.92483.92483.92486.39586.39586.39586.39586.39586.39586.39586.39586.39583.00983.00983.00983.00983.00983.00983.00983.00983.009

Yield157159161163165167169171173157159161163165167169171173157159161163165167169171173157159161163165167169171173157159161163165167169171173

Prod.13,42013,59113,76213,93314,10414,27514,44614,61714,78813,32013,48913,65913,82913,99814,16814,33814,50714,67713,17613,34413,51213,68013,84714,01514,18314,35114,51913,56413,73713,91014,08214,25514,42814,60114,77414,94613,03213,19813,36413,53013,69613,86214,02814,19414,360

Imports303030303030303030303030303030303030303030303030303030303030303030303030303030303030303030

Tot supply14,59614,76714,93815,10915,28015,45115,62215,79315,96414,49614,66514,83515,00515,17415,34415,51415,68315,85314,35214,52014,68814,85615,02315,19115,35915,52715,69514,74014,91315,08615,25815,43115,60415,77715,95016,12214,20814,37414,54014,70614,87215,03815,20415,37015,536

Feed5,2505,2505,2505,2505,2505,2505,2505,2505,2505,2505,2505,2505,2505,2505,2505,2505,2505,2505,2505,2505,2505,2505,2505,2505,2505,2505,2505,2505,2505,2505,2505,2505,2505,2505,2505,2505,2505,2505,2505,2505,2505,2505,2505,2505,250

Other6,4356,4356,4356,4356,4356,4356,4356,4356,4356,4356,4356,4356,4356,4356,4356,4356,4356,4356,4356,4356,4356,4356,4356,4356,4356,4356,4356,4356,4356,4356,4356,4356,4356,4356,4356,4356,4356,4356,4356,4356,4356,4356,4356,4356,435

Exports1,7001,7001,7001,7001,7001,7001,7001,7001,7001,7001,7001,7001,7001,7001,7001,7001,7001,7001,7001,7001,7001,7001,7001,7001,7001,7001,7001,7001,7001,7001,7001,7001,7001,7001,7001,7001,7001,7001,7001,7001,7001,7001,7001,7001,700

Tot use13,38513,38513,38513,38513,38513,38513,38513,38513,38513,38513,38513,38513,38513,38513,38513,38513,38513,38513,38513,38513,38513,38513,38513,38513,38513,38513,38513,38513,38513,38513,38513,38513,38513,38513,38513,38513,38513,38513,38513,38513,38513,38513,38513,38513,385

End stock1,2111,3821,5531,7241,8952,0662,2372,4082,5791,1111,2801,4501,6201,7891,9592,1292,2982,4689671,1351,3031,4711,6381,8061,9742,1422,3101,3551,5281,7011,8732,0462,2192,3922,5652,7378239891,1551,3211,4871,6531,8191,9852,151

ES/Use9.0%10.3%11.6%12.9%14.2%15.4%16.7%18.0%19.3%8.3%9.6%10.8%12.1%13.4%14.6%15.9%17.2%18.4%7.2%8.5%9.7%11.0%12.2%13.5%14.7%16.0%17.3%10.1%11.4%12.7%14.0%15.3%16.6%17.9%19.2%20.5%6.2%7.4%8.6%9.9%11.1%12.4%13.6%14.8%16.1%

Wheat

Wheat2010-1188.6 million acres + 10.0 million acres88.6 million acres + 12.2 million acres

2010 - 11 Oct ReportProjected 2008 - 09 of 87.3 Million Acres - June 30 Report Up 1.3 Million Acres From March 31 Planting ReportProjected 2008 - 09 of 87.3 Million Acres - June 30 Report Up 1.3 Million Acres From March 31 Planting ReportProjected 2008 - 09 of 86 Million Acres March 31 Planting Intentions Down 7.6 Million Acres From 2007MARCH 31 bs DOWN SLIGHLTY use down acres up 1.5Informa Estimate of 90.724 Million Acres up 270,000 from USDA's March Estimate87.6 million acres + 9.0 million acresCorn acres up 10 million acres over 2006Corn acres up 10 million acres over 2006

Beg Stocks976976976976976976976976976

Plant Acres53.653.653.653.653.653.653.653.653.687.387.387.387.387.387.387.387.387.387.387.387.387.387.387.387.387.387.386868686868686868687.587.587.587.587.587.587.587.587.5

Harvest Ac.47.747.747.747.747.747.747.747.747.778.978.978.978.978.978.978.978.978.978.978.978.978.978.978.978.978.978.979.079.079.079.079.079.079.079.079.080.480.480.480.480.480.480.480.480.40.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Yield4545.54646.54747.54848.549148149150151152153154155156147148149150151152153154155150151152153154155156157158150151152153154155156157158145146147148149150151152153146148150152154156158160162140142144146148150152154156140142144146148150152154156

Prod.2,1472,1712,1942,2182,2422,2662,2902,3142,33711,68011,75911,83811,91711,99612,07512,15412,23212,31111,60111,68011,75911,83811,91711,99612,07512,15412,232118551193412013120921217112250123291240812487120621214212223123031238412464125441262512705000000000000000000000000000000000000

Imports100100100100100100100100100151515151515151515151515151515151515101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010

Tot supply3,2233,2473,2703,2943,3183,3423,3663,3903,41311,69511,77411,85311,93212,01112,09012,16912,24712,32611,61611,69511,77411,85311,93212,01112,09012,16912,247118651194412023121021218112260123391241812497120721215212233123131239412474125541263512715101010101010101010101010101010101010101010101010101010101010101010101010

Feed1801801801801801801801801805,1505,1505,1505,1505,1505,1505,1505,1505,1505,2005,2005,2005,2005,2005,2005,2005,2005,2005,1505,1505,1505,1505,1505,1505,1505,1505,1505,1505,1505,1505,1505,1505,1505,1505,1505,1505,1505,1505,1505,1505,1505,1505,1505,1505,1505,1505,7005,7005,7005,7005,7005,7005,7005,7005,7005,7005,7005,7005,7005,7005,7005,7005,7005,7005,7005,7005,7005,7005,7005,7005,7005,700

Other1,0161,0161,0161,0161,0161,0161,0161,0161,0165,3605,3605,3605,3605,3605,3605,3605,3605,3605,2955,2955,2955,2955,2955,2955,2955,2955,2955,3605,3605,3605,3605,3605,3605,3605,3605,3605,3605,3605,3605,3605,3605,3605,3605,3605,3605,3605,3605,3605,3605,3605,3605,3605,3605,3605,3604,7904,7904,7904,7904,7904,7904,7904,7904,7904,7904,7904,7904,7904,7904,7904,7904,7904,7904,7904,7904,7904,7904,7904,7904,7904,790

Exports1,2501,2501,2501,2501,2501,2501,2501,2501,2502,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0002,0001,9751,9751,9751,9751,9751,9751,9751,9751,9751,9751,9751,9751,9751,9751,9751,9751,9751,9751,9751,9751,9751,9751,9751,9751,9751,975

Tot use2,4462,4462,4462,4462,4462,4462,4462,4462,44612,51012,51012,51012,51012,51012,51012,51012,51012,51012,49512,49512,49512,49512,49512,49512,49512,49512,49512,51012,51012,51012,51012,51012,51012,51012,51012,510125101251012510125101251012510125101251012510125101251012510125101251012510125101251012510125101246512465124651246512465124651246512465124651246512465124651246512465124651246512465124651246512465124651246512465124651246512465

End stock777801824848872896920944967-815-736-657-578-499-420-341-263-184-879-800-721-642-563-484-405-326-248-645-566-487-408-329-250-171-92-13-438-358-277-197-116-3644125205-12500-12500-12500-12500-12500-12500-12500-12500-12500-12500-12455-12455-12455-12455-12455-12455-12455-12455-12455-12455-12455-12455-12455-12455-12455-12455-12455-12455-12455-12455-12455-12455-12455-12455-12455-12455

ES/Use31.8%32.7%33.7%34.7%35.7%36.6%37.6%38.6%39.6%-6.5%-5.9%-5.3%-4.6%-4.0%-3.4%-2.7%-2.1%-1.5%-7.0%-6.4%-5.8%-5.1%-4.5%-3.9%-3.2%-2.6%-2.0%-5.2%-4.5%-3.9%-3.3%-2.6%-2.0%-1.4%-0.7%-0.1%-3.5%-2.9%-2.2%-1.6%-0.9%-0.3%0.4%1.0%1.6%-99.9%-99.9%-99.9%-99.9%-99.9%-99.9%-99.9%-99.9%-99.9%-99.9%-99.9%-99.9%-99.9%-99.9%-99.9%-99.9%-99.9%-99.9%-99.9%-99.9%-99.9%-99.9%-99.9%-99.9%-99.9%-99.9%-99.9%-99.9%-99.9%-99.9%-99.9%-99.9%-99.9%-99.9%-99.9%-99.9%

Beginning Stocks up 135 million bushels based on June 1 stocks report


Projected 2012 - 13Projected 2009 - Acres same 2008Projected 2009 - 10 June 30 Report & Aug 14, 2009Projected 2009 - Acres down 2 million from 2008MARCH 31 bs DOWN SLIGHLTY use down acres up 1.587.6 million acres + 9.0 million acresCorn acres up 10 million acres over 2006Corn acres up 10 million acres over 2006

Beg Stocks8618618618618618618618618611,7701,7701,7701,7701,7701,7701,7701,7701,7701,7201,7201,7201,7201,7201,7201,7201,7201,7201,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,770

Plant Acres55.455.455.456.456.456.457.757.757.786.086.086.086.086.086.086.086.086.087.087.087.087.087.087.087.087.087.0

Harvest Ac.46.446.446.447.247.247.248.348.348.378.678.678.678.678.678.678.678.678.680.080.080.080.080.080.080.080.080.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Yield43.644.645.643.644.645.643.644.645.6153154155156157158159160161160161162163164165166167168154155156157158159160161162150151152153154155156157158145146147148149150151152153146148150152154156158160162140142144146148150152154156140142144146148150152154156

Prod.2,0222,0682,1142,0592,1072,1542,1062,1542,20212,02612,10512,18412,26212,34112,41912,49812,57712,65512,79812,87812,95813,03813,11813,19813,27813,35813,438000000000000000000000000000000000000000000000000000000

Imports100100100100100100100100100151515151515151515151515151515151515101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010

Tot supply2,9833,0293,0753,0203,0683,1153,0673,1153,16313,81113,89013,96914,04714,12614,20414,28314,36214,44014,53314,61314,69314,77314,85314,93315,01315,09315,1731780178017801780178017801780178017801780178017801780178017801780178017801780178017801780178017801780178017801780178017801780178017801780178017801780178017801780178017801780178017801,7801,7801,7801,7801,7801,7801,7801,7801,780

Feed2202202202202202202202202205,2005,2005,2005,2005,2005,2005,2005,2005,2005,3005,3005,3005,3005,3005,3005,3005,3005,3005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,200

Other1,0271,0271,0271,0271,0271,0271,0271,0271,0275,3755,3755,3755,3755,3755,3755,3755,3755,3755,4755,4755,4755,4755,4755,4755,4755,4755,4755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,375

Exports1,1501,1501,1501,1501,1501,1501,1501,1501,1501,9501,9501,9501,9501,9501,9501,9501,9501,9502,1002,1002,1002,1002,1002,1002,1002,1002,1001,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,950

Tot use2,3972,3972,3972,3972,3972,3972,3972,3972,39712,52512,52512,52512,52512,52512,52512,52512,52512,52512,87512,87512,87512,87512,87512,87512,87512,87512,87512,52512,52512,52512,52512,52512,52512,52512,52512,525125251252512525125251252512525125251252512525125251252512525125251252512525125251252512525125251252512525125251252512525125251252512525125251252512525125251252512525125251252512525125251252512525125251252512525125251252512525

End stock5866326786236717186707187661,2861,3651,4441,5221,6011,6791,7581,8371,9151,6581,7381,8181,8981,9782,0582,1382,2182,298-10,745-10,745-10,745-10,745-10,745-10,745-10,745-10,745-10,745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745

ES/Use24.4%26.4%28.3%26.0%28.0%29.9%27.9%30.0%32.0%10.3%10.9%11.5%12.2%12.8%13.4%14.0%14.7%15.3%12.9%13.5%14.1%14.7%15.4%16.0%16.6%17.2%17.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%


Projected 2012 - 13Projected 2012-13 June 29, 2012Projected 2009 - 10 June 30 Report & Aug 14, 2009Projected 2009 - Acres down 2 million from 2008MARCH 31 bs DOWN SLIGHLTY use down acres up 1.587.6 million acres + 9.0 million acresCorn acres up 10 million acres over 2006Corn acres up 10 million acres over 2006

Beg Stocks7287287287287287287287287287287287287287287287287287281,7201,7201,7201,7201,7201,7201,7201,7201,7201,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,770

Plant Acres55.955.955.955.955.955.955.955.955.956.056.056.056.056.056.056.056.056.087.087.087.087.087.087.087.087.087.0

Harvest Ac.49.249.249.249.249.249.249.249.249.249.349.349.349.349.349.349.349.349.380.080.080.080.080.080.080.080.080.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Yield40.541.542.543.544.545.546.547.548.540.541.542.543.544.545.546.547.548.5160161162163164165166167168154155156157158159160161162150151152153154155156157158145146147148149150151152153146148150152154156158160162140142144146148150152154156140142144146148150152154156

Prod.1,9922,0412,0912,1402,1892,2382,2872,3372,3861,9962,0452,0942,1442,1932,2422,2922,3412,39012,79812,87812,95813,03813,11813,19813,27813,35813,438000000000000000000000000000000000000000000000000000000

Imports120120120120120120120120120120120120120120120120120120151515151515151515101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010

Tot supply2,8402,8892,9392,9883,0373,0863,1353,1853,2342,8442,8932,9422,9923,0413,0903,1403,1893,23814,53314,61314,69314,77314,85314,93315,01315,09315,1731780178017801780178017801780178017801780178017801780178017801780178017801780178017801780178017801780178017801780178017801780178017801780178017801780178017801780178017801780178017801,7801,7801,7801,7801,7801,7801,7801,7801,780

Feed2202202202202202202202202202202202202202202202202202205,3005,3005,3005,3005,3005,3005,3005,3005,3005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,200

Other1,0181,0181,0181,0181,0181,0181,0181,0181,0181,0181,0181,0181,0181,0181,0181,0181,0181,0185,4755,4755,4755,4755,4755,4755,4755,4755,4755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,375

Exports1,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1501,1502,1002,1002,1002,1002,1002,1002,1002,1002,1001,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,950

Tot use2,3882,3882,3882,3882,3882,3882,3882,3882,3882,3882,3882,3882,3882,3882,3882,3882,3882,38812,87512,87512,87512,87512,87512,87512,87512,87512,87512,52512,52512,52512,52512,52512,52512,52512,52512,525125251252512525125251252512525125251252512525125251252512525125251252512525125251252512525125251252512525125251252512525125251252512525125251252512525125251252512525125251252512525125251252512525125251252512525125251252512525

End stock4525015516006496987477978464565055546046537027528018501,6581,7381,8181,8981,9782,0582,1382,2182,298-10,745-10,745-10,745-10,745-10,745-10,745-10,745-10,745-10,745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745

ES/Use18.9%21.0%23.1%25.1%27.2%29.2%31.3%33.4%35.4%19.1%21.2%23.2%25.3%27.3%29.4%31.5%33.5%35.6%12.9%13.5%14.1%14.7%15.4%16.0%16.6%17.2%17.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%


2013 - 14 Augst 2013Projected 2013-14 Informa Dec 19, 2012Projected 2013-14 Div Serv Dec 19, 2012Projected 2009 - Acres down 2 million from 2008MARCH 31 bs DOWN SLIGHLTY use down acres up 1.587.6 million acres + 9.0 million acresCorn acres up 10 million acres over 2006Corn acres up 10 million acres over 2006

Beg Stocks7187187187187187187187187186696696696696696696696696697047047047047047047047047041,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,770

Plant Acres56.53056.53056.53056.53056.53056.53056.53056.53056.53056.856.856.856.856.856.856.856.856.856.556.556.556.556.556.556.556.556.5

Harvest Ac.45.73345.73345.73345.73345.73345.73345.73345.73345.73349.349.349.349.349.349.349.349.349.349.049.049.049.049.049.049.049.049.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Yield44.244.745.245.746.246.747.247.748.243.043.544.044.54545.546.046.547.043.043.544.044.54545.546.046.547.0154155156157158159160161162150151152153154155156157158145146147148149150151152153146148150152154156158160162140142144146148150152154156140142144146148150152154156

Prod.2,0212,0442,0672,0902,1132,1362,1592,1812,2042,1202,1452,1692,1942,2192,2432,2682,2932,3172,1092,1332,1582,1822,2072,2312,2562,2802,305000000000000000000000000000000000000000000000000000000

Imports130130130130130130130130130130130130130130130130130130130130130130130130130130130101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010

Tot supply2,8692,8922,9152,9382,9612,9843,0073,0293,0522,9192,9442,9682,9933,0183,0423,0673,0923,1162,9432,9672,9923,0163,0413,0653,0903,1143,1391780178017801780178017801780178017801780178017801780178017801780178017801780178017801780178017801780178017801780178017801780178017801780178017801780178017801780178017801780178017801,7801,7801,7801,7801,7801,7801,7801,7801,780

Feed2802802802802802802802802802102102102102102102102102102002002002002002002002002005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,200

Other1,0311,0311,0311,0311,0311,0311,0311,0311,0311,0281,0281,0281,0281,0281,0281,0281,0281,0281,0301,0301,0301,0301,0301,0301,0301,0301,0305,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,375

Exports1,1001,1001,1001,1001,1001,1001,1001,1001,1001,1251,1251,1251,1251,1251,1251,1251,1251,1251,1001,1001,1001,1001,1001,1001,1001,1001,1001,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,950

Tot use2,4112,4112,4112,4112,4112,4112,4112,4112,4112,3632,3632,3632,3632,3632,3632,3632,3632,3632,3302,3302,3302,3302,3302,3302,3302,3302,33012,52512,52512,52512,52512,52512,52512,52512,52512,525125251252512525125251252512525125251252512525125251252512525125251252512525125251252512525125251252512525125251252512525125251252512525125251252512525125251252512525125251252512525125251252512525125251252512525125251252512525

End stock458481504527550573596618641556581605630655679704729753613637662686711735760784809-10,745-10,745-10,745-10,745-10,745-10,745-10,745-10,745-10,745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745

ES/Use19.0%20.0%20.9%21.9%22.8%23.8%24.7%25.7%26.6%23.5%24.6%25.6%26.7%27.7%28.7%29.8%30.8%31.9%26.3%27.4%28.4%29.5%30.5%31.6%32.6%33.7%34.7%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%

45.344.5


2014-15Farm Futures 2014-15Projected 2013-14 Div Serv Dec 19, 2012Projected 2009 - Acres down 2 million from 2008MARCH 31 bs DOWN SLIGHLTY use down acres up 1.587.6 million acres + 9.0 million acresCorn acres up 10 million acres over 2006Corn acres up 10 million acres over 2006

Beg Stocks6086086086086086086086086084964964964964964964964964967047047047047047047047047041,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,7701,770

Plant Acres57.50057.50057.50057.50057.50057.50057.50057.50057.50057.75857.75857.75857.75857.75857.75857.75857.75857.75856.556.556.556.556.556.556.556.556.5

Harvest Ac.50.14050.14050.14050.14050.14050.14050.14050.14050.14050.74050.74050.74050.74050.74050.74050.74050.74050.74049.049.049.049.049.049.049.049.049.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Yield43.043.544.044.545.045.546.046.547.043.844.344.845.345.846.346.847.347.843.043.544.044.54545.546.046.547.0154155156157158159160161162150151152153154155156157158145146147148149150151152153146148150152154156158160162140142144146148150152154156140142144146148150152154156

Prod.2,1562,1812,2062,2312,2562,2812,3062,3322,3572,2222,2482,2732,2992,3242,3492,3752,4002,4252,1092,1332,1582,1822,2072,2312,2562,2802,305000000000000000000000000000000000000000000000000000000

Imports125125125125125125125125125113113113113113113113113113130130130130130130130130130101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010

Tot supply2,8892,9142,9392,9642,9893,0143,0393,0653,0902,8312,8572,8822,9082,9332,9582,9843,0093,0342,9432,9672,9923,0163,0413,0653,0903,1143,1391780178017801780178017801780178017801780178017801780178017801780178017801780178017801780178017801780178017801780178017801780178017801780178017801780178017801780178017801780178017801,7801,7801,7801,7801,7801,7801,7801,7801,780

Feed1701701701701701701701701701741741741741741741741741742002002002002002002002002005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,2005,200

Other1,0301,0301,0301,0301,0301,0301,0301,0301,0301,0331,0331,0331,0331,0331,0331,0331,0331,0331,0301,0301,0301,0301,0301,0301,0301,0301,0305,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,3755,375

Exports1,0951,0951,0951,0951,0951,0951,0951,0951,0951,2541,2541,2541,2541,2541,2541,2541,2541,2541,1001,1001,1001,1001,1001,1001,1001,1001,1001,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,9501,950

Tot use2,2952,2952,2952,2952,2952,2952,2952,2952,2952,4612,4612,4612,4612,4612,4612,4612,4612,4612,3302,3302,3302,3302,3302,3302,3302,3302,33012,52512,52512,52512,52512,52512,52512,52512,52512,525125251252512525125251252512525125251252512525125251252512525125251252512525125251252512525125251252512525125251252512525125251252512525125251252512525125251252512525125251252512525125251252512525125251252512525125251252512525

End stock594619644669694719744770795370396421447472497523548573613637662686711735760784809-10,745-10,745-10,745-10,745-10,745-10,745-10,745-10,745-10,745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745-10745

ES/Use25.9%27.0%28.1%29.2%30.3%31.3%32.4%33.5%34.6%15.1%16.1%17.1%18.1%19.2%20.2%21.2%22.3%23.3%26.3%27.4%28.4%29.5%30.5%31.6%32.6%33.7%34.7%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%-85.8%

Cotton

Cotton2010-1188.6 million acres + 10.0 million acres88.6 million acres + 12.2 million acres

2010 - 11 Oct ReportProjected 2008 - 09 of 87.3 Million Acres - June 30 Report Up 1.3 Million Acres From March 31 Planting ReportProjected 2008 - 09 of 87.3 Million Acres - June 30 Report Up 1.3 Million Acres From March 31 Planting ReportProjected 2008 - 09 of 86 Million Acres March 31 Planting Intentions Down 7.6 Million Acres From 2007MARCH 31 bs DOWN SLIGHLTY use down acres up 1.5Informa Estimate of 90.724 Million Acres up 270,000 from USDA's March Estimate87.6 million acres + 9.0 million acresCorn acres up 10 million acres over 2006Corn acres up 10 million acres over 2006

Beg Stocks2.952.952.952.952.952.952.952.952.95

Plant Acres11.0411.0411.0411.0411.0411.0411.0411.0411.0487.387.387.387.387.387.387.387.387.387.387.387.387.387.387.387.387.387.386868686868686868687.587.587.587.587.587.587.587.587.5

Harvest Ac.10.7710.7710.7710.7710.7710.7710.7710.7710.7778.978.978.978.978.978.978.978.978.978.978.978.978.978.978.978.978.978.979.079.079.079.079.079.079.079.079.080.480.480.480.480.480.480.480.480.40.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Yield750775800825850875900925950148149150151152153154155156147148149150151152153154155150151152153154155156157158150151152153154155156157158145146147148149150151152153146148150152154156158160162140142144146148150152154156140142144146148150152154156

Prod.16.8317.3917.9518.5119.0719.6320.1920.7521.3111,68011,75911,83811,91711,99612,07512,15412,23212,31111,60111,68011,75911,83811,91711,99612,07512,15412,232118551193412013120921217112250123291240812487120621214212223123031238412464125441262512705000000000000000000000000000000000000

Imports0.000.000.000.000.000.000.000.000.00151515151515151515151515151515151515101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010101010

Tot supply19.7820.3420.9021.4622.0222.5823.1423.7024.2611,69511,77411,85311,93212,01112,09012,16912,24712,32611,61611,69511,77411,85311,93212,01112,09012,16912,247118651194412023121021218112260123391241812497120721215212233123131239412474125541263512715101010101010101010101010101010101010101010101010101010101010101010101010

Unact.0.020.020.020.020.020.020.020.020.025,1505,1505,1505,1505,1505,1505,1505,1505,1505,2005,2005,2005,2005,2005,2005,2005,2005,2005,1505,1505,1505,1505,1505,1505,

October 14, 2014

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Transcript of October 14, 2014