1. Wheat

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

3. The price of wheat on June 20, 2007 KWN7 $4.60 W7 $4.41 HRW basis-$0.30 Are there any questions? $4.30 $4.00

4. Talking Points Price & weather Wheat Stocks Argentina & Australia Plantings  ’07 production Use – domestic, exports & world Price

5. Talking Points Price

6. KCBT nearby price 1.9.491 1.8.429

7. CBT nearby price 1.9.491 1.8.429

8. KCBT Dec price

9. CBT Dec price

10. Talking Points Price Wheat Stocks

11. Ending Stocks U.S. World 10-year average ‘06Std. 686 585 418183 6,5404,382 5.88 1,000 Million Bushels

12. Talking Points Price Wheat stocks Argentina & Australia

13. Million Bushels 2006/07 2005/06 5-yr avg. Argentina486478 520 538 805 Australia404900 791 790 717

14. KCBT Dec price

15. Talking Points Price Wheat stocks Argentina & Australia Plantings & ’07 production

16. Seedings Class10-year avg.‘06Std.Guess HRW31.0 29.71.5 31.5 + 6.0% SRW 8.5 7.41.2 7.9 + 6.5% million acres Other Spr15.314.91.5 15.3 + 2.7% 14.5 Winter 43.4 40.6 2.4 43.1 + 6.1% 42.3 Total61.8 57.3 3.8 60.2 + 5.1% 59.4

18. HRW wheat production area

19. SRW wheat production area

20. Other Spring Wheat

21. Yield Class10-year avg.‘06Std. HRW37.631.44.3 SRW55.562.24.1 Other Spr35.533.24.1 Winter 44.2 41.7 2.6 Total 41.1 38.7 2.6 41.2 bushel/acre Guess 43 40.6

22. Class10-year avg.‘06Std.Guess million bushels Production HRW908682170 827 SRW401390309 354 Other Spr.511432 66 492 Durham 94 53 17 84 White284254 39 283 Total2,154 1,812258 2,100 2,005 2.34 2.16 2.10

23. Production 10-year avg.‘06Std.Guess million bushels World 21,690 21,50084022,700 21.7 23.1 22.7 U.S.2,1541,812258 2,100 2,0052.16 2.10

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

25. U.S. use 10-year average ‘06Std.Guess 1,02892580 Use Export Domestic 1,2401,14584 Total Use2,2682,070134 1,165 2,173 Million Bushels 925 1,150 2,075

26. World use 10-year average ‘06Std.Guess Million Bushels 22,500 21,70522,626565 22,113

27. Ending Stocks U.S. World 10-year average ‘06Std.Guess 685 584 418183 6,5304,382 5.87 1,000 Million Bushels 4,582 543

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

29. U.S. Wheat Supply and Use Beginning stocks Production Supply, Total Exports Use, Total Ending Stocks Avg. farm price 571 1,812 2,488 925 2,080 418 $4.35 540 2,105 2,727 1,009 2,155 571 $3.42 Million Bushels USDA 06/07 USDA 05/06 1.19 bb

30. U.S. Wheat Supply and Use Beginning stocks Production Supply, Total Exports Use, Total Ending Stocks Avg. farm price 418 2,100 2,618 925 2,075 543 571 1,812 2,488 925 2,070 418 $4.35 Million Bushels Kim’s 07/08 USDA 06/07

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

32. U.S. ending stocks & price 0.540 $3.40 $4.30 0.440 Av ES 0.63 Av $ $3.32 $4.35 0.418

33. U.S. Wheat Supply and Use Beginning stocks Production Supply, Total Exports Use, Total Ending Stocks Avg. farm price 571 1,812 2,488 925 2,070 418 $4.35 Million Bushels Kim’s 07/08 USDA 06/07 1.19 bb 418 2,100 2,618 925 2,075 543 $3.60

34.  U.S. and world wheat stocks remain tight  540 m.b. ending stocks  $3.40  430 m.b. ending stocks  $4.30  Going into harvest, prices will be relatively high  Foreign crop determine ’07/08 mkting yr trend  Ethanol production changing market Important points