World Agricultural Outlook Board Interagency Commodity Estimates Committee Forecasts Lockup Briefing November 10, 2015

World Wheat Production November 10, 2015

During most of the growing season, heat was NOT an issue… …but spike in temperatures just before last lockup was concerning. November 10, 2015

Temperatures have averaged well above normal during the last 4 weeks… Last lockup November 10, 2015

Highly Variable Australia Weather Conditions Result in Wide Swings in Production Australia Wheat Production Time Series and Proposed Forecast November 10, 2015

World Wheat Supply and Use November 10, 2015

U.S. Wheat Supply and Demand November 10, 2015

World Rice Production November 10, 2015

*Multi-variate ENSO Index (MEI) Source: NOAA / Earth System Research Lab * Variates include sea-level pressure (P), zonal (U) and meridional (V) components of the surface wind, sea surface temperature (S), surface air temperature (A), and total cloudiness fraction of the sky (C) World Agricultural Outlook Board Joint Agricultural Weather Facility November 10, 2015

World Agricultural Outlook Board Joint Agricultural Weather Facility November 10, 2015

INDONESIA: Seasonal Rice Production Foreign Agricultural Service Office of Global Analysis IPA Division Dry Season Wet Season Source: Statistics Indonesia (BPS) MMT 11.6 MMT 8.3 MMT November 10, 2015

World Rice Supply and Use November 10, 2015

U.S. Rice Supply and Demand Rough Equivalent of Rough and Milled Rice November 10, 2015

World Corn Production November 10, 2015

Source: Ministry of Agricultural Policy and Food Harvest is progressing at the most rapid pace since November 10, 2015

As of November 5, yield is reported at 5.38 t/ha against 5.77 t/ha last year. Although cumulative yield is increasing, the gap between this year’s and last year’s yields continues to widen. Source: Ministry of Agricultural Policy and Food November 10, 2015

Source: USDA Estimated output is reduced from 25.0 to 23.0 mmt based on official harvest reports. Estimated yield is down 8.0% from last month and down 6.5% from last year but 1.6% above the 5-year average. November 10, 2015

World Corn Supply and Use November 10, 2015

Louisiana Gulf Nearby Export Bid Sorghum/Corn Price Ratio November 10, 2015

U.S. Sorghum Supply and Demand Current and previous forecast and change November 10, 2015

U.S. Corn Supply and Demand November 10, 2015

World Soybean Production November 10, 2015

U.S. Soybean Supply and Demand November 10, 2015

World Cotton Production November 10, 2015

World Cotton Supply and Use November 10, 2015

U.S. Cotton Supply and Demand November 10, 2015

U.S. Sugar Supply and Demand November 10, 2015

Mexico Sugar Supply and Demand November 10, 2015

U.S. Meat Production and Prices November 10, 2015

U.S. Meat Trade Million Pounds November 10, 2015

U.S. Milk Supply and Demand November 10, 2015

U.S. Dairy Product Prices November 10, 2015

U.S. Production Summary November 10, 2015

Domestic Demand Summary November 10, 2015

U.S. Export Summary November 10, 2015

Price Summary November 10, 2015