Corn Situation and Outlook Historical Perspective and Outlook for 2007

Corn Production, Ending Stocks, and Price,

U.S. Corn Ending Stocks and Price,

U.S. & Foreign Corn Ending Stocks

Supply/Demand Projections:2006/2007 Corn Supply/Demand Low/High Exp/Exp High/Low Beginning Stocks(MB) Acres(M. P. A.) 78.3 Yield Supply(M. Bu) Use: Feed 5975 Ethanol 2150 Food, Seed 1385 Exports 2250 Ending Stocks Projected Price $3.50 $3.30 $3.10

Supply/Demand Projections:2007/2008 Corn Supply/Demand Low/High Exp/Exp High/Low Beginning Stocks(MB) Acres(MPA) Acres (MHA) Yield Supply(M. Bu) Use: Feed 5800 Ethanol 3200 Food, Seed 1400 Exports 1925 Ending Stocks Projected Price $5.50 $3.60 $3.00

Wheat Situation and Outlook Historical Perspective and Outlook for 2007

Wheat Production, Ending Stocks, and Price,

U.S. Wheat Ending Stocks and Price,

U.S. & Foreign Wheat Ending Stocks,

Supply/Demand Projections:2006/2007 Wheat Supply/Demand Low/High Exp/Exp High/Low Beginning Stocks(MB) 571 Acres(M. A. Planted) 57.3 Yield 38.7 Supply(M. Bu) 2498 Use: Food, Seed 1006 Feed, Resid 145 Exports 875 Ending Stocks Projected Price $4.40 $4.20 $4.00

Supply/Demand Projections:2007/2008 Wheat Supply/Demand Low/High Exp/Exp High/Low Beginning Stocks(MB) Acres(M. A. Planted) Acres (M.A. Harvested) Yield Supply(M. Bu) Use: Food, Seed 1011 Feed, Resid 300 Exports 925 Ending Stocks Projected Price $5.25 $4.30 $3.20

Soybean Situation and Outlook Historical Perspective and Outlook for 2007

Soybean Production, Ending Stocks, and Price,

U.S. Soybean Ending Stocks and Price,

U.S. Soybean Ending Stocks vs. Price, ‘06 ‘05 ‘01 ‘00 ‘99 ‘98 ‘97 ‘96 ‘95 ‘94 ‘93 ‘92‘91 ‘90 ‘04 ‘03 ‘02

U.S. & Foreign Soybean Ending Stocks,

U.S. & Foreign Soybean Meal Ending Stocks,

U.S. & Foreign Soybean Oil Ending Stocks,

Supply/Demand Projections:2006/2007 Soybeans Supply/Demand Low/High Exp/Exp High/Low Beginning Stocks(MB) Acres(M. P. A.) Yield Supply(M. Bu) Use: Crushing 1780 Exports 1100 Seed, Feed 166 Ending Stocks Projected Price $6.50 $6.30 $6.10

Supply/Demand Projections:2007/2008 Soybeans Supply/Demand Low/High Exp/Exp High/Low Beginning Stocks(MB) Acres(MA Planted) Acres (MA Harvested) Yield Supply(M. Bu) Use: Crushing 1820 Exports 1125 Seed, Feed 164 Ending Stocks Projected Price $8.50 $7.10 $5.50

Grain Sorghum Situation and Outlook Historical Perspective and Outlook for 2007

Sorghum Production, Ending Stocks, and Price,

U.S. Sorghum Ending Stocks and Price,

Supply/Demand Projections:2006/2007 Sorghum Supply/Demand Low/High Exp/Exp High/Low Beginning Stocks(MB) Acres(M. P. A.) Supply(M. Bu) Use: Food & Seed 45 Exports 150 Feed 110 Ending Stocks Projected Price $3.40 $3.20 $3.00

Cotton Situation and Outlook Historical Perspective and Outlook for 2007

Cotton Production, Ending Stocks, and Price,

U.S. Cotton Ending Stocks and Price,

U.S. & Foreign Cotton Ending Stocks,

Supply/Demand Projections:2006/2007 Cotton Supply/Demand Low/High Exp/Exp High/Low Beginning Stocks(MB) Acres(M. P. A.) Yield Supply(MB) Use: Domestic 5.0 Exports 14.0 Ending Stocks Projected Price/cwt $54 $48 $42

Supply/Demand Projections:2007/2008 Cotton Supply/Demand Low/High Exp/Exp High/Low Beginning Stocks(MB) Acres(M. P. A.) Acres (MA Harvested) Yield Supply(MB) Use: Domestic 4.5 Exports 18.0 Ending Stocks Projected Price/cwt $65 $54 $47

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