Corn Situation and Outlook Historical Perspective and Outlook for 2006

Corn Production, Ending Stocks, and Price, 1992-2006

U.S. Corn Ending Stocks and Price, 1992-2006

U.S. & Foreign Corn Ending Stocks 1996-2006

Supply/Demand Projections:2005/2006 Corn ----------Supply/Demand ---------- Low/High Exp/Exp High/Low Beginning Stocks(MB) 2114 2114 2114 Acres (M. P. A.) 81.7 81.8 81.9 Supply(M. Bu) 13210 13236 13252 Use: Feed 6000 Food, Seed 2985 Exports 1850 Ending Stocks 2158 2401 2644 Projected Price $1.90 $1.75 $1.60

Supply/Demand Projections:2006/2007 Corn ----------Supply/Demand ---------- Low/High Exp/Exp High/Low Beginning Stocks(MB) 2401 2401 2401 Acres (M. P. A.) 79.6 80.6 81.6 Yield 127 145 160 Supply(M. Bu) 11575 13011 14247 Use: Feed 6000 Food, Seed 3035 Exports 1900 Ending Stocks 640 2076 3312 Projected Price $3.25 $1.80 $1.40

Wheat Situation and Outlook Historical Perspective and Outlook for 2006

Wheat Production, Ending Stocks, and Price, 1993-2006

U.S. Wheat Ending Stocks and Price, 1993-2006

U.S. & Foreign Wheat Ending Stocks, 1996-2006

Supply/Demand Projections:2005/2006 Wheat ----------Supply/Demand ---------- Low/High Exp/Exp High/Low Beginning Stocks(MB) 540 540 540 Acres (M. A. Planted) 57.1 57.2 57.3 Supply(M. Bu) 2721 2730 2734 Use: Food, Seed 988 Feed, Resid 200 Exports 1000 Ending Stocks 503 542 581 Projected Price $3.55 $3.40 $3.25

Supply/Demand Projections:2006/2007 Wheat ----------Supply/Demand ---------- Low/High Exp/Exp High/Low Beginning Stocks(MB) 542 542 542 Acres (M. A. Planted) 56.1 57.1 58.1 Yield 35 42 44 Supply(M. Bu) 2341 2725 2860 Use: Food, Seed 988 Feed, Resid 200 Exports 1000 Ending Stocks 300 537 672 Projected Price $4.50 $3.40 $3.00

Soybean Situation and Outlook Historical Perspective and Outlook for 2006

Soybean Production, Ending Stocks, and Price, 1993-2006

U.S. Soybean Ending Stocks and Price, 1993-2006

U.S. & Foreign Soybean Ending Stocks, 1996-2006

U.S. & Foreign Soybean Meal Ending Stocks, 1997-2006

U.S. & Foreign Soybean Oil Ending Stocks, 1997-2006

Supply/Demand Projections:2005/2006 Soybeans ----------Supply/Demand ---------- Low/High Exp/Exp High/Low Beginning Stocks(MB) 256 256 256 Acres (M. P. A.) 72.0 72.1 72.2 Supply(M. Bu) 3319 3346 3384 Use: Crushing 1720 Exports 910 Seed, Feed 161 Ending Stocks 431 555 680 Projected Price $5.80 $5.50 $5.20

Supply/Demand Projections:2006/2007 Soybeans ----------Supply/Demand ---------- Low/High Exp/Exp High/Low Beginning Stocks(MB) 555 555 555 Acres (M. P. A.) 72.2 73.2 74.2 Yield 34 40 42 Supply(M. Bu) 2950 3450 3637 Use: Crushing 1700 Exports 1000 Seed, Feed 160 Ending Stocks 155 590 700 Projected Price $7.00 $4.75 $4.25

Grain Sorghum Situation and Outlook Historical Perspective and Outlook for 2006

Sorghum Production, Ending Stocks, and Price, 1996-2006

U.S. Sorghum Ending Stocks and Price, 1996-2006

Supply/Demand Projections:2005/2006 Sorghum ----------Supply/Demand ---------- Low/High Exp/Exp High/Low Beginning Stocks(MB) 57.0 57.0 57.0 Acres (M. P. A.) 6.4 6.5 6.6 Supply(M. Bu) 440 451 455 Use: Food & Seed 55 Exports 170 Feed 150 Ending Stocks 53 76 99 Projected Price $1.85 $1.70 $1.55

Cotton Situation and Outlook Historical Perspective and Outlook for 2006

Cotton Production, Ending Stocks, and Price, 1993-2006

U.S. Cotton Ending Stocks and Price, 1993-2006

U.S. & Foreign Cotton Ending Stocks, 1997-2006

Supply/Demand Projections:2005/2006 Cotton ----------Supply/Demand ---------- Low/High Exp/Exp High/Low Beginning Stocks(MB) 5.5 5.5 5.5 Acres (M. P. A.) 14.18 14.20 14.22 Supply(MB) 29.1 29.3 29.5 Use: Domestic 5.9 Exports 16.4 Ending Stocks 6.0 7.0 8.0 Projected Price

Supply/Demand Projections:2006/2007 Cotton ----------Supply/Demand ---------- Low/High Exp/Exp High/Low Beginning Stocks(MB) 7.0 7.0 7.0 Acres (M. P. A.) 13.7 14.2 14.7 Yield 607 750 850 Supply(MB) 22.4 26.8 30.2 Use: Domestic 6.0 Exports 16.4 Ending Stocks 2.6 4.4 7.8 Projected Price/cwt $70 $60 $50

What Could Change The Outlook? South America Plant Mix Non-Farm Economic Conditions in U.S., World – Oil Supplies, War Exchange Rates China Weather