1. OILSEED, CORN & WHEAT OUTLOOK: 2016/17 Jonn Slette Senior Attache United States Department of Agriculture Foreign Agriculture Service Email: jonn.slette@fas.usda.gov Presented for GLOBAL GRAIN, FOOD & FEED 2016 (G2F2)

2. Sluggish Global Economic Growth Macro-Economic Indicators

3. Sluggish Global Economic Growth Strengthening Dollar Macro-Economic Indicators

4. Sluggish Global Economic Growth Strengthening Dollar Lower Petroleum Price Continued Burdensome Stock Levels

5. Macro-Economic Indicators Sluggish Global Economic Growth Strengthening Dollar Low Petroleum Price Continued Burdensome Stock Levels Agricultural Commodity Prices Falling in General

6. Meat Demand Growth Focused in Developing Countries Source: USDA Production, Supply & Distribution Database

7. … which leads to rising feed demand Source: USDA Production, Supply & Distribution Database

8. Area of feed crop expanding much faster than food crop Source: USDA Production, Supply & Distribution Database South America leads in soybean area increase, while corn acreage surpasses rice in East Asia

9. Yet, production shortfall of feed ingredients projected to deepen in developing countries… …which will have to increasingly rely on imports Source: OECD-FAO Outlook, 2015

10. Production Trend to Slow in 2016

11. Global Consumption to Trend Higher

12. Stock Building to End in 2016

13. China, ROW are Global Growth Markets

14. Corn Global Production and Consumption About in Balance

15. Corn Global Ending Stocks are Large; China Accounts for Half; U.S. at 29-year High

16. Large Stocks Pressure Corn Prices

17. Global Wheat Production Exceeds Consumption MMT

18. Wheat Prices Under Pressure by Large Supplies $/MT FOB

19. Wild Cards Policies Argentina Russia China Southern Hemisphere Production Argentina Australia Wheat Brazil Argentina Corn and oilseed