1. Overview of the Global Oilseed Markets Annual Meeting National Cottonseed Products Association Santa Fe, New Mexico May 4, 2009 John Baize

3. U.S. and Rest of World Gross National Product 1990 - 2008 Strong growth in U.S., but faster growth in rest of world World economy grew by 65% in 18 years

4. China and India Gross Domestic Products

5. World Economy Now In Recession We now have had 3 quarters of low or negative economic growth – down 6.1% in 1sr quarter 2009 Rapidly rising unemployment in U.S. and around the world Major reduction in bank liquidity Low inflation or deflation Consumer have sharply reduced consumption, boosted savings. Restaurants particularly are seeing reduction in sales Meat consumption is down in US and many other countries.

7. Global Pork and Chicken Meat Production 1990 - 2009

8. Global Soymeal Consumption 2000/01 – 2007/08 and Forecast for 2008/09

9. Global Soyoil Consumption 2000/01 – 2007/08 and Forecast for 2008/09

10. Soybeans, Corn, Wheat, Cotton, and Rice Percentage Change in Global Consumption 1990/91 – 2007/08 and Forecast for 2008/09

11. U.S. Soybean Oil Consumption October – March 2007/08 and 2008/09 Marketing Years

12. U.S. Cottonseed Oil Consumption October – March 2007/08 and 2008/09 Marketing Years

13. U.S. Soymeal Consumption October – February 2007/908 and 2008/09

14. Global Soybean Production and Consumption 2000/01 – 2007/08 and Forecast for 2008/09

15. Soybean Production U.S., Argentina, Brazil and China

16. Argentina’s Soybean Production 2001 - 2009

17. Annual Growth in Global Soybean Consumption 2000/01 – 2007/08 and Forecast for 2008/09

18. U.S. Harvested Area of Corn, Soybeans, and Wheat A Big Battle For Land

19. U.S. Cotton Consumption and Exports 2000/01 – 2007/08 and Forecast for 2008/09

20. U.S. Cotton Planted Area Actual 2000 – 2008 and Forecast for 2009

21. Mississippi Planted Area of Corn, Cotton, and Soybeans 2000 - 2009

22. Global Cotton Production and Consumption 2000/01 – 2007/08 and USDA Forecast for 2008/09

23. USA, Brazil, China, and India Average Cotton Yields Bt Cotton May Be Helping Other Countries More Than U.S.

24. Global Cotton Ending Stocks 2000/01 – 2007/08 and USDA Forecast for 2008/09

25. U.S. Cotton Harvested Area and Cottonseed Production 2000 – 2008

26. U.S. Cottonseed Usage Crush and Use for Feed and Waste 2000/01 – 2007/08 and USDA Forecast for 2008/09

27. Cottonseed Oil U.S. and Global Consumption 2000/01 – 2007/08 and USDA Forecast for 2008/09

28. U.S. Palm Oil Consumption 2000/01 – 2007/08 and USDA Forecast for 2008/09

29. World’s Largest Soybean Importers 2007/08 Marketing Year

30. Global Soybean Ending Stocks 2000/01 – 2007/08 and Forecast for 2008/09

31. Ending Stocks of Soybeans U.S., Argentina, and Brazil 2000/01 – 2007/08 and Forecast for 2008/09

32. U.S. Soybeans Ending Stocks to Use Ratio

33. Chinese Soymeal Consumption

34. China’s Pork and Chicken Meat Production 1990 - 2009

35. China’s Soybean Imports from All Origins 2000/01 – 2006/07 and Forecast for 2007/08

36. U.S. Soybean Exports 2000/01 –2007/08 and Forecast for 2008/09

37. U.S. Soybean Exports to China and Rest of World 2003/04 – 2007/08 2008/09 as of April 16

38. U.S. Soybean Crush 2000/01 – 2006/07 and Forecast for 2007/08 and 2008/09

39. U.S. Soybean Meal Consumption 2000/01 – 2006/07 and Forecast for 2007/08 and 2008/09

40. U.S. Corn Use for Ethanol Production 1997/98 – 2007/08 and Forecast for 2008/09 About 1/3 of corn re-enters the feed market as distillers grains (25% protein)

41. U.S. Soyoil Consumption 2000/01 – 2007/08 and Forecast for 2008/09

42. Impact of Changing Crude Oil Price On Energy Value of Agricultural Commodities Crude Oil ($/Barrel) $60$80$100$120$140$160 Corn ($/MT) $158.98$211.98$264.97$317.96$370.96$423.95 Wheat ($/MT) $174.60$232.81$291.01$349.21$407.41$465.61 Soybeans ($/MT) $165.09$220.13$275.16$330.19$385.22$440.25 Vegoil ($/MT) $395.31$527.08$658.85$790.62$922.38$1,054.15

43. Price of Crude Oil and Soybean Oil January 2007 – March 2009

44. Global Vegetable Oils Stocks to Use Ratio

45. Past and Projected Future Demand for Soybeans World Likely to Need Additional 70 MMT of Soybeans in 2018

46. Questions