Corn Situation and Outlook Historical Perspective and Outlook for 2004

Corn Production, Ending Stocks, and Price, 1992-2004

U.S. Corn Ending Stocks and Price, 1992-2004

U.S. & Foreign Corn Ending Stocks 1996-2004

Supply/Demand Projections:2004/2005 Corn ----------Supply/Demand ---------- Low/High Exp/Exp High/Low Beginning Stocks(MB) 958 958 958 Acres (M. P. A.) 81.0 Supply(M. Bu) 12714 Use: Feed 6075 Food, Seed 2795 Exports 2000 Ending Stocks 1484 1844 2204 Projected Price $2.20 $2.00 $1.75

Wheat Situation and Outlook Historical Perspective and Outlook for 2004

Wheat Production, Ending Stocks, and Price, 1993-2004

U.S. Wheat Ending Stocks and Price, 1993-2004

U.S. & Foreign Wheat Ending Stocks, 1996-2004

Supply/Demand Projections:2004/2005 Wheat ----------Supply/Demand ---------- Low/High Exp/Exp High/Low Beginning Stocks(MB) 547 547 547 Acres (M. A. Planted) 59.7 Supply(M. Bu) 2770 Use: Food, Seed 992 Feed, Resid 225 Exports 1000 Ending Stocks 503 553 603 Projected Price $3.55 $3.40 $3.20

Soybean Situation and Outlook Historical Perspective and Outlook for 2004

Soybean Production, Ending Stocks, and Price, 1993-2004

U.S. Soybean Ending Stocks and Price, 1993-2004

U.S. & Foreign Soybean Ending Stocks, 1996-2004

U.S. & Foreign Soybean Meal Ending Stocks, 1997-2004

U.S. & Foreign Soybean Oil Ending Stocks, 1997-2004

Supply/Demand Projections:2004/2005 Soybeans ----------Supply/Demand ---------- Low/High Exp/Exp High/Low Beginning Stocks(MB) 112 112 112 Acres (M. P. A.) 75.1 Supply(M. Bu) 3268 Use: Crushing 1645 Exports 1010 Seed, Feed 153 Ending Stocks 343 460 577 Projected Price $5.50 $5.00 $4.50

Grain Sorghum Situation and Outlook Historical Perspective and Outlook for 2004

Sorghum Production, Ending Stocks, and Price, 1996-2004

U.S. Sorghum Ending Stocks and Price, 1996-2004

Supply/Demand Projections:2004/2005 Sorghum ----------Supply/Demand ---------- Low/High Exp/Exp High/Low Beginning Stocks(MB) 34.0 34.0 34.0 Acres (M. P. A.) 7.5 Supply(M. Bu) 505.0 Use: Food & Seed 50 Exports 175 Feed 215 Ending Stocks 46.0 65.0 84.0 Projected Price $1.90 $1.75 $1.60

Cotton Situation and Outlook Historical Perspective and Outlook for 2004

Cotton Production, Ending Stocks, and Price, 1993-2004

U.S. Cotton Ending Stocks and Price, 1993-2004

U.S. & Foreign Cotton Ending Stocks, 1997-2004

Supply/Demand Projections:2004/2005 Cotton ----------Supply/Demand ---------- Low/High Exp/Exp High/Low Beginning Stocks(MB) 3.5 3.5 3.5 Acres (M. P. A.) 13.8 Supply(MB) 26.4 Use: Domestic 6.2 Exports 12.5 Ending Stocks 5.7 7.7 9.3 Projected Price $50 $40 $30

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