1. Wheat

2. Kim’s web site for wheat market information agecon.okstate.edu/anderson

3. KCBT Dec price

6. Ending Stocks U.S. World 5-year average 2006/07 520 456 5,320 4,589 Million Bushels 2007/08 362 4,128

7. Argentina & Australia Million Bushels 2006/07 2007/08 5-yr avg. Argentina559514 532 Australia367772 692

8. Corn

9. Soybeans

10. HRW wheat production area

11. Corn

12. SRW wheat production area

13. Soybeans

14. Other Spring Wheat excl. Durham

15. Durum

16. White Winter Wheat

17. KCBT July ‘08 $5.95 -0.40 $5.55

18. Production 5-year avg.‘07 Guess million bushels World 21,720 22,428 22,800 21.7 22.9 21.9 U.S. 2,106 2,114 2,250 2,005

19. U.S. Wheat Supply and Use Beginning stocks Production Supply, Total Exports Use, Total Ending Stocks Avg. farm price 370 2,250 2,720 1,025 2,225 495 $4.60 million bushels Kim’s 08/09 456 2,114 2,655 1,075 2,293 362 $5.40 USDA 07/08

20. World Wheat Supply and Use Beginning stocks Production Supply, Total Use, Total Ending Stocks 4.13 22.80 26.93 22.50 4.43 million bushels Kim’s 08/09 4.59 22.43 27.02 22.80 4.22 USDA 07/08

21. KCBT July ‘07 Freeze Rain $4.70 -.40 $4.30 CN08 ~3.92 + $0.40 = $4.32

22.  U.S. and world wheat stocks remain tight  KCBT & Basis imply higher Nov ’07 prices  Going into harvest, prices will be relatively high  Market~$5.60  Kim~$4.80  Corn~$4.30 Important points