Corn Situation and Outlook Historical Perspective and Outlook for 2007

Corn Production, Ending Stocks, and Price, 1992-2007

U.S. Corn Ending Stocks and Price, 1992-2007

U.S. & Foreign Corn Ending Stocks 1996-2007

Supply/Demand Projections:2007/2008 Corn ----------Supply/Demand ---------- Low/High Exp/Exp High/Low Beginning Stocks(MB) 1137 1137 1137 Acres (MPA) 90.9 92.9 94.9 Acres (MHA) 83.6 85.4 87.2 Yield 142.0 150.3 158.4 Supply(M. Bu) 13018 13992 14971 Use: Feed 5700 Ethanol 3400 Food, Seed 1390 Exports 2000 Ending Stocks 967 1502 2037 Projected Price $3.50 $3.00 $2.50

Wheat Situation and Outlook Historical Perspective and Outlook for 2007

Wheat Production, Ending Stocks, and Price, 1993-2007

U.S. Wheat Ending Stocks and Price, 1993-2007

U.S. & Foreign Wheat Ending Stocks, 1996-2007

Supply/Demand Projections:2007/2008 Wheat ----------Supply/Demand ---------- Low/High Exp/Exp High/Low Beginning Stocks(MB) 456 456 456 Acres (M. A. Planted) 60.0 60.5 61.0 Acres (M.A. Harvested) 52.1 52.5 52.9 Yield 39.9 40.7 41.5 Supply(M. Bu) 2633 2694 2753 Use: Food, Seed 1011 Feed, Resid 215 Exports 1050 Ending Stocks 359 418 476 Projected Price $5.55 $5.20 $4.85

Soybean Situation and Outlook Historical Perspective and Outlook for 2007

Soybean Production, Ending Stocks, and Price, 1993-2007

U.S. Soybean Ending Stocks and Price, 1993-2007

U.S. & Foreign Soybean Ending Stocks, 1996-2007

U.S. & Foreign Soybean Meal Ending Stocks, 1997-2007

U.S. & Foreign Soybean Oil Ending Stocks, 1997-2007

Supply/Demand Projections:2007/2008 Soybeans ----------Supply/Demand ---------- Low/High Exp/Exp High/Low Beginning Stocks(MB) 600 600 600 Acres (MA Planted) 62.6 64.1 65.6 Acres (MA Harvested) 61.8 63.3 64.8 Yield 39.9 41.5 43.0 Supply(M. Bu) 3070 3229 3390 Use: Crushing 1800 Exports 1020 Seed, Feed 164 Ending Stocks 143 245 347 Projected Price $8.50 $7.50 $6.50

Grain Sorghum Situation and Outlook Historical Perspective and Outlook for 2007

Sorghum Production, Ending Stocks, and Price, 1996-2007

U.S. Sorghum Ending Stocks and Price, 1996-2007

Supply/Demand Projections:2007/2008 Sorghum ----------Supply/Demand ---------- Low/High Exp/Exp High/Low Beginning Stocks(MB) 38.0 38.0 38.0 Acres (M. P. A.) 7.3 7.8 8.3 Supply(M. Bu) 407 468 527 Use: Food & Seed 65 Exports 160 Feed 180 Ending Stocks 31 63 94 Projected Price $3.25 $2.85 $2.45

Cotton Situation and Outlook Historical Perspective and Outlook for 2007

Cotton Production, Ending Stocks, and Price, 1993-2007

U.S. Cotton Ending Stocks and Price, 1993-2007

U.S. & Foreign Cotton Ending Stocks, 1997-2007

Supply/Demand Projections:2007/2008 Cotton ----------Supply/Demand ---------- Low/High Exp/Exp High/Low Beginning Stocks(MB) 9.8 9.8 9.8 Acres (M. P. A.) 10.6 11.1 11.6 Acres (MA Harvested) 10.0 10.5 11.0 Yield 762 800 835 Supply(MB) 25.7 27.3 28.9 Use: Domestic 4.4 Exports 17.0 Ending Stocks 4.0 5.9 7.8 Projected Price/cwt

What Could Change The Outlook? South America Plant Mix Non-Farm Economic Conditions in U.S., World – Oil Supplies, War Exchange Rates China Weather