1. Corn Situation and Outlook Historical Perspective and Outlook for 2005

2. Corn Production, Ending Stocks, and Price, 1992-2005

3. U.S. Corn Ending Stocks and Price, 1992-2005

4. U.S. & Foreign Corn Ending Stocks 1996-2005

5. Supply/Demand Projections:2005/2006 Corn----------Supply/Demand ---------- Low/High Exp/Exp High/Low Beginning Stocks(MB) 2215 2215 2215 Acres(M. P. A.) 80.2 81.4 82.6 Supply(M. Bu) 11904 1321014513 Use: Feed 5850 Food, Seed 2870 Exports 1950 Ending Stocks 1460 2540 3620 Projected Price $2.20 $1.65 $1.15

6. Wheat Situation and Outlook Historical Perspective and Outlook for 2005

7. Wheat Production, Ending Stocks, and Price, 1993-2005

8. U.S. Wheat Ending Stocks and Price, 1993-2005

9. U.S. & Foreign Wheat Ending Stocks, 1996-2005

10. Supply/Demand Projections:2005/2006 Wheat----------Supply/Demand ---------- Low/High Exp/Exp High/Low Beginning Stocks(MB) 527 527 527 Acres(M. A. Planted) 57.4 58.6 60.0 Supply(M. Bu) 2633 2737 2841 Use: Food, Seed 968 Feed, Resid 200 Exports 950 Ending Stocks 523 619 715 Projected Price $3.20 $3.10 $2.65

11. Soybean Situation and Outlook Historical Perspective and Outlook for 2005

12. Soybean Production, Ending Stocks, and Price, 1993-2005

13. U.S. Soybean Ending Stocks and Price, 1993-2005

14. U.S. & Foreign Soybean Ending Stocks, 1996-2004

15. U.S. & Foreign Soybean Meal Ending Stocks, 1997-2004

16. U.S. & Foreign Soybean Oil Ending Stocks, 1997-2004

17. Supply/Demand Projections:2005/2006 Soybeans ----------Supply/Demand ---------- Low/High Exp/Exp High/Low Beginning Stocks(MB) 320 320 320 Acres(M. P. A.) 72.8 73.9 75.0 Supply(M. Bu) 2992 3218 3441 Use: Crushing 1680 Exports 1135 Seed, Feed 149 Ending Stocks 135 255 375 Projected Price $5.90 $5.20 $4.50

18. Grain Sorghum Situation and Outlook Historical Perspective and Outlook for 2005

19. Sorghum Production, Ending Stocks, and Price, 1996-2005

20. U.S. Sorghum Ending Stocks and Price, 1996-2005

21. Supply/Demand Projections:2004/2005 Sorghum ----------Supply/Demand ---------- Low/High Exp/Exp High/Low Beginning Stocks(MB) 66.0 66.0 66.0 Acres(M. P. A.) 6.7 7.4 8.1 Supply(M. Bu) 404 471 536 Use: Food & Seed 53 Exports 180 Feed 170 Ending Stocks 34 68 102 Projected Price $2.10 $1.45 $1.25

22. Cotton Situation and Outlook Historical Perspective and Outlook for 2005

23. Cotton Production, Ending Stocks, and Price, 1993-2005

24. U.S. Cotton Ending Stocks and Price, 1993-2005

25. U.S. & Foreign Cotton Ending Stocks, 1997-2004

26. Supply/Demand Projections:2004/2005 Cotton----------Supply/Demand ---------- Low/High Exp/Exp High/Low Beginning Stocks(MB) 7.5 7.5 7.5 Acres(M. P. A.) 13.4 13.8 14.2 Supply(MB) 25.2 27.0 28.8 Use: Domestic 5.8 Exports 15.0 Ending Stocks 4.1 6.2 8.4 Projected Price $50 $45 $40

27. 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