Corn Situation and Outlook Historical Perspective and Outlook for 2008

Corn Production, Ending Stocks, and Price, 1992-2008

U.S. Corn Ending Stocks and Price, 1992-2008

U.S. & Foreign Corn Ending Stocks 1996-2008

Supply/Demand Projections:2007/2008 Corn ----------Supply/Demand ---------- Low/High Exp/Exp High/Low Beginning Stocks(MB) 1304 1304 1304 Acres (MPA) 93.5 93.6 93.7 Acres (MHA) 86.4 86.5 86.6 Yield 151.0 151.1 151.2 Supply(M. Bu) 14337 14393 14412 Use: Feed 5950 Ethanol 3200 Food, Seed 1355 Exports 2450 Ending Stocks 1251 1438 1625 Projected Price $4.50 $4.00 $3.50

Wheat Situation and Outlook Historical Perspective and Outlook for 2008

Wheat Production, Ending Stocks, and Price, 1993-2008

U.S. Wheat Ending Stocks and Price, 1993-2008

U.S. & Foreign Wheat Ending Stocks, 1996-2008

Supply/Demand Projections:2007/2008 Wheat ----------Supply/Demand ---------- Low/High Exp/Exp High/Low Beginning Stocks(MB) 456 456 456 Acres (M. A. Planted) 60.3 60.4 60.5 Acres (M.A. Harvested) 50.9 51.0 51.1 Yield 40.4 40.5 40.6 Supply(M. Bu) 2603 2613 2620 Use: Food, Seed 1031 Feed, Resid 115 Exports 1175 Ending Stocks 267 292 317 Projected Price $6.75 $6.50 $6.25

Soybean Situation and Outlook Historical Perspective and Outlook for 2008

Soybean Production, Ending Stocks, and Price, 1993-2008

U.S. Soybean Ending Stocks and Price, 1993-2008

U.S. & Foreign Soybean Ending Stocks, 1996-2008

U.S. & Foreign Soybean Meal Ending Stocks, 1997-2008

U.S. & Foreign Soybean Oil Ending Stocks, 1997-2008

Supply/Demand Projections:2007/2008 Soybeans ----------Supply/Demand ---------- Low/High Exp/Exp High/Low Beginning Stocks(MB) 574 574 574 Acres (MA Planted) 63.5 63.6 63.7 Acres (MA Harvested) 62.7 62.8 62.9 Yield 40.8 41.2 41.5 Supply(M. Bu) 3138 3165 3190 Use: Crushing 1830 Exports 995 Seed, Feed 165 Ending Stocks 137 175 213 Projected Price $11.50 $10.50 $9.50

Grain Sorghum Situation and Outlook Historical Perspective and Outlook for 2008

Sorghum Production, Ending Stocks, and Price, 1996-2008

U.S. Sorghum Ending Stocks and Price, 1996-2008

Supply/Demand Projections:2007/2008 Sorghum ----------Supply/Demand ---------- Low/High Exp/Exp High/Low Beginning Stocks(MB) 32.0 32.0 32.0 Acres (M. P. A.) 7.6 7.7 7.8 Supply(M. Bu) 528 537 543 Use: Food & Seed 35 Exports 285 Feed 175 Ending Stocks 29 42 55 Projected Price $4.25 $4.00 $3.75

Cotton Situation and Outlook Historical Perspective and Outlook for 2008

Cotton Production, Ending Stocks, and Price, 1993-2008

U.S. Cotton Ending Stocks and Price, 1993-2008

U.S. & Foreign Cotton Ending Stocks, 1997-2008

Supply/Demand Projections:2007/2008 Cotton ----------Supply/Demand ---------- Low/High Exp/Exp High/Low Beginning Stocks(MB) 9.5 9.5 9.5 Acres (M. P. A.) 10.82 10.83 10.84 Acres (MA Harvested) 10.48 10.49 10.50 Yield 866 871 875 Supply(MB) 28.4 28.5 28.6 Use: Domestic 4.6 Exports 16.0 Ending Stocks 6.6 7.9 9.2 Projected Price/cwt $68 $64 $62

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