1. Corn Outlook

2. U.S. & Foreign Coarse Grain Production
U.S. share of world production: : 28.1% : 29.6%

3. Coarse Grain Production (mmt)
U.S.A
280.00
349.86
326.09
China
159.10
159.49
173.10
EU-27
137.44
136.52
160.12
Brazil
53.18
61.34
52.21
Argentina
27.54
25.79
19.97
Mexico
29.14
29.73
32.18
Canada
23.15
27.82
27.19

4. U.S. Corn Acres Planted,
2008 was 2nd largest since 1949

5. U.S. Corn Acres Planted,

6. Million Acres Planted by Crop
2006
2007
Change
Corn
93.600
Soybeans
64.736
Wheat
60.433
Cotton
10.827
Sorghum
7.718
Oats
3.760
Barley
4.020
18 crops

7. Million Acres Planted by Crop
2007
2008
Change
Corn
85.889
Soybeans
75.878
Wheat
63.047
Cotton
9.414
Sorghum
8.327
Oats
3.217
Barley
4.234
18 crops

8. U.S. Soybean/Corn Price Ratio, 1975-09

9. U.S. Average Corn Yield,
Yield is increasing by 2 bu/year

10. U.S. Corn Production,

11. U.S. Corn Price,

12. US Feed & Residual Use of Corn, 1975-09

13. U.S. Corn Exports,

14. Corn Exports as % Production, 1975-09

16. Corn Milled for Ethanol
Forecast
% corn for ethanol:
: 6%
: 14%
: 20%
: 23%
: 30%

18. On 2/19/09 Mar 09 corn settled at $3.53

19. Structure of Gov’t Payments for Corn, Sorghum, Barley, Oats, Wheat, Cotton, Rice, Soybean, Sunflowers, Canola, Peanuts
Target Price
Not
Tied To
Prod
Fixed Payment
Trigger Price
Counter-Cyclical
Payment
Loan Rate
Loan Deficiency
Payment
Prod
Req.

20. Farm Bill Payments for Corn
$0.28 times 85% of base production
$2.35 trigger price on 85% of base
$1.95 loan rate on actual bushels

21. U.S. Monthly Average Corn Price

22. U.S. Monthly Average Corn Price

23. March 09 Corn Futures

24. Nearby Corn Futures

25. Soybean Outlook

26. U.S. & Foreign Soybean Production
U.S. share of world production: % %

27. Soybean Production (mmt)
U.S.A
87.00
72.86
80.54
Brazil
59.00
61.00
57.00
Argentina
48.80
46.20
43.80
China
15.97
14.00
16.80
EU-27
1.23
0.73
0.75
Japan
0.23
Mexico
0.08
0.16

28. U.S. Soybean Acres Planted, 1970-08

29. U.S. Average Soybean Yield, 1970-08
Yield is increasing by 0.45 bu/year

30. U.S. Soybean Production, 1970-08

31. U.S. Soybean Exports,

32. U.S. Soybean Price,

33. On 2/19/09 Mar 09 beans settled at $8.84

34. U.S. Soybean Ending Stocks & Price
Crop Year

35. U.S. Monthly Average Soybean Price

36. U.S. Monthly Average Soybean Price

37. March 09 Soybean Futures

38. Nearby Soybean Futures

39. Farm Bill Payments for Soy
$0.44 times 78% of base production
$5.36 trigger price on 85% of base
$5.00 loan rate on actual bushels

40. U.S. Average Farm Price

41. Asian Soybean Rust

42. Wheat Outlook

43. U.S. & Foreign Wheat Production
U.S. share of world production: % %

44. Wheat Production (mmt)
U.S.A
49.22
55.82
68.03
EU-27
124.87
119.44
150.27
China
108.47
109.30
113.00
India
69.35
75.81
78.40
Russia
44.90
49.40
63.70
Canada
25.27
20.05
28.61
Australia
10.82
13.84
20.15

45. U.S. Wheat Acres Planted, 1970-08

46. U.S. Average Wheat Yield, 1970-08
Yield is increasing by 0.24 bu/year

47. U.S. Wheat Production,

48. U.S. Wheat Exports,

49. U.S. Wheat Price,

50. On 2/19/09 March 09 wheat settled at $5.19

51. U.S. Monthly Average Wheat Price

52. U.S. Monthly Average Wheat Price

53. Nearby Wheat Futures

54. Farm Bill Payments for Wheat
$0.52 times 85% of base production
$3.40 trigger price on 85% of base
$2.75 loan rate on actual bushels