1. Wheat

2. Kim’s web site for wheat market information agecon.okstate.edu/anderson

3. The price of wheat on June 20, 2008 KWN7 $5.40 HRW basis-$0.40 Are there any questions? $5.00

4. Talking Points Price & weather Argentina & Australia Wheat Stocks Plantings  ’08 production Use – domestic, exports & world Price

5. Talking Points Price & weather

6. KCBT nearby price 1.8.429 1.9.491

7. KCBT Dec price

10. Talking Points Price & weather Argentina & Australia Price & weather Argentina & Australia

11. Million Bushels 2006/07 2007/08 5-yr avg. Argentina559514 532 Australia367845 692

12. Talking Points Price & weather Argentina & Australia Wheat Stocks Price & weather Argentina & Australia Wheat Stocks

13. Ending Stocks U.S. World 5-year average 2006/07 520 456 5,320 4,589 Million Bushels 2007/08 404 4,217

14. Talking Points Price Wheat stocks Argentina & Australia Plantings & ’08 production

15. Corn

16. Soybeans

17. HRW wheat production area

18. Corn

19. SRW wheat production area

20. Soybeans

21. Other Spring Wheat excl. Durham

22. Durham

23. White Winter Wheat

24. KCBT July ‘08 $5.79 -0.40 $5.19

25. Seedings Class5-year avg.‘07Std.Guess HRW30.8 32.41.5 32.2 SRW 7.8 8.81.2 7.8 million acres Other Spr14.1 13.91.5 13.5 Winter 42.9 44.5 2.4 44.3 Total59.3 60.8 3.8 60.5

26. Yield Class5-year avg.‘07Std. HRW36.931.44.3 SRW55.562.24.1 Other Spr38.539.34.1 Winter 43.5 41.3 2.6 43.5 Total 41.8 40.7 2.6 41.8 bushel/acre Guess 43.9 41.2

27. Class5-year avg.‘07Std.Guess million bushels Production HRW897948178 827 SRW364360 55 354 Other Spr.491500 47 492 Durham 83.6 77 17 84 White278230 34 283 Total2,106 2,114258 2,150 2,005 2.35 2.16 2.12 1.80

28. Production 5-year avg.‘07Std.Guess million bushels World 21,720 22,42884022,700 21.7 22.9 21.9 U.S.2,1062,114258 2,200 2,005

29. Talking Points Price Wheat stocks Argentina & Australia Plantings Use – domestic & export

30. U.S. use 5-year average ‘07Std.Guess 1,000105080 Use Export Domestic 1,1531,12684 Total Use2,1522,276134 1,165 2,173 million mushels 1,000 1,150 2,150

31. World use 5-year average ‘07Std.Guess million bushels 22,500 22,35922,776565 22,113

32. Talking Points Price Wheat Stocks Argentina & Australia Plantings Use – Domestic & Exports Price

33. U.S. Wheat Supply and Use Beginning stocks Production Supply, Total Exports Use, Total Ending Stocks Avg. farm price 460 2,115 2,635 1,075 2,265 410 $5.40 571 1,812 2,505 909 2,080 456 $4.26 million bushels USDA 07/08 USDA 06/07 1.19 bb

34. U.S. Wheat Supply and Use Beginning stocks Production Supply, Total Exports Use, Total Ending Stocks Avg. farm price 410 2,150 2,660 1,025 2,150 485 million bushels Kim’s 08/09 460 2,115 2,635 1,075 2,265 410 $5.40 USDA 07/08

35. World Wheat Supply and Use Beginning stocks Production Supply, Total Use, Total Ending Stocks 4.22 22.50 26.72 22.50 4.22 million bushels Kim’s 08/09 4.59 22.43 27.02 22.80 4.22 USDA 07/08

36. U.S. ending stocks & price 0.540 $3.40 $4.30 0.440 Av ES 0.63 Av Price $3.32

37. U.S. ending stocks & price 0.540 $3.40 $4.30 0.440 Av ES 0.63 Av $ $3.32 $4.26 0.456

38. 0.540 $3.40 $4.30 0.440 Av ES 0.63 Av $ $3.32 $5.40 0.408 U.S. ending stocks & price

39. KCBT July ‘07 Freeze Rain $4.70 -.40 $4.30

40. U.S. Wheat Supply and Use Beginning stocks Production Supply, Total Exports Use, Total Ending Stocks Avg. farm price 410 2,150 2,660 1,025 2,150 485 $4.50 million bushels Kim’s 08/09 460 2,115 2,635 1,075 2,265 410 $5.40 USDA 07/08

41.  U.S. and world wheat stocks remain tight  520 m.b. ending stocks  $4.30  430 m.b. ending stocks  $5.00  Going into harvest, prices will be relatively high  Foreign crop determine ’07/08 mkting yr trend  Ethanol production changing market Important points