Agricultural Outlook 2019

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1 Agricultural Outlook

2 WHAT IS DRIVING AGRICULTURAL MARKETS

3 Commodity Markets 3

4 Dow Industrials End of 10 Year Cycle 4

5 US Manufacturing PMI PMI - Purchasing Managers Index 5

6 Canadian Inflation Rate 6

7 TSX Composite 7

8 Canadian PMI 8

9 Debt To Disposable Income Yikes!!!! 9

10 Canadian Dollar Where Oil Goes - Sooo Does Our Dollar $ We do see the CDN Dollar Rising to cents as Oil Recovers to $70/barrel (WTI) 10

11 China - PMI 12

12 13

13 WTI 14

14 TRADE WAR 20

15 U.S. Soybean Exports 21

16 25

17 30

18 32

19 Chapter One Factors Effecting Agriculture 33

20 Where You Are Depends On Where Over Production US Subsidies You Been Canola Price by Month Increasing demand China Tight Global Stock Diminishing Demand Large Global Stock Aug-98 May-99 Feb-00 Nov-00 Aug-01 May-02 Feb-03 Nov-03 Aug-04 May-05 Feb-06 Nov-06 Aug-07 May-08 Feb-09 Nov-09 Aug-10 May-11 Feb-12 Nov-12 Aug-13 May-14 Feb-15 Nov-15 Aug-16 May-17 Source Stats Canada 34

21 Farm Financial Analysis Aug-98 Jun-99 Poor working Capital Poor Debt to worth Consolidations Must Be Efficient! Apr-00 Feb-01 Dec-01 Oct-02 Aug-03 Jun-04 Apr-05 Canola Price by Month Feb-06 Dec-06 Oct-07 Very Good Working Capital Very Good Debt to Worth Purchases Increasing Working Capital Aug-08 Jun-09 Apr-10 Feb-11 Dec-11 Oct-12 Aug-13 Jun-14 Apr-15 Feb-16 Diminishing Ratios Working Capital Problems Dec-16 Source Stats Canada 35

22 US Wheat Prices $9.00 $8.00 $7.00 $6.00 $5.00 $4.00 $3.00 $2.00 $1.00 $

23 Value of farm Capital 120,000, ,000,000 80,000,000 60,000,000 40,000,000 20,000, Source Stats Canada 37

24 Saskatchewan Land Values 30.00% 28.50% 25.00% 20.00% 22.90% 19.70% 18.70% 15.00% 10.00% 5.00% 14.90% 6.90% 5.70% 9.40% 10.20% 7.50% 6.40% 4.80% 2.10% 2.00% 0.00%

25 70% of Your Balance Sheet - Will Land Values remain high? Positive Granny Landlords Rapidly Expansion of Existing farmers Grain/Cattle Industry Profitability Interest Rates Accessibility of Credit - FCC Negative Falling Farm Income Number One reason for Land values Increase & Decrease Trade Disputes Land Values 41

26 Current Ratio 6 = Total Current Farm Assets/Total Current Farm Liabilities Source Stats Canada 44

27 Cuurent Ratios Current : Ability to Pay Obligations Current Ratio = Total Current Assets ( ) Total Current Liabilities Less than 1.00 Red Light 1.00 to 1.50 Yellow Light Above 1.50 Green Light 45

28 Liquidity Ratios Working Capital = Current Assets (-) Current Liabilities Size Matters Eg $1, 295,000 - $725,500 = $569,500 Divided by Acres $569,500 / 2,500 acres = $ Very Good $569,500 / 7,500 acres = $ Poor 46

29 Debt/Equity 25.00% 20.00% 15.00% Debt-to-equity (DE)= Total liabilities / (Total Assets- Total Liabilities) 20.88% 21.39% 21.03% 18.31% 18.74% 20.29% 18.57% 18.56% 18.96% 16.79% 17.64% 18.06% 17.84% 15.49% 17.29% 13.91% 15.71% 15.13% 15.09% 14.70% 10.00% 5.00% 0.00%

30 Solvency Ratios Debt to Equity Ratio = Total Liabilities ( ) Total Equity represents level of debt Rule of Thumb: Above 66% - Red Light 42% to % - Yellow Light Less than 42% - Green Light 48

31 Return on Assets Source Stats Canada 49

32 Farm Income & Expense 16,000,000 14,000,000 12,000,000 10,000,000 8,000,000 6,000,000 4,000,000 2,000, ,000,000 Cash receipts, total Net cash income Operating expenses after rebates Net income, total Source Stats Canada 50

33 Source USDA 51

34 Ability to Repay Debt Long Term Projected Year Ending Actual for Year Ending Actual for Year Ending Actual for Year Ending Actual for Year Ending Actual for Year Ending 31-Dec year Ave Total Farm Cash Income $ $ $ $ $ $ $ Total Farm Cash Expenses $ $ $ $ $ $ $ NET FARM CASH INCOME $77.69 $ $4.20 $77.55 $77.13 $67.44 $60.19 Living $13.63 $13.63 Plus Interest $13.91 $9.21 Plus: Off Farm Income $10.22 $10.22 Cash Income Before Debt $88.20 $65.99 Debt Payment Residual $30.42 $8.21 DSR 1.53:1 1.14:1 52

35 3000 Acre Grain Farm % Deviation in Income Plus 10% Plus 15% Plus 20% Less 10% Less 15% Less 20% Less 25% Total Income $ $ $ $ $99.80 $94.26 $88.71 $83.17 Farm Cash Rent $18.75 $18.75 $18.75 $18.75 $18.75 $18.75 $18.75 $18.75 Family Living $16.67 $16.67 $16.67 $16.67 $16.67 $16.67 $16.67 $16.67 Principal & Interest $75.00 $75.00 $75.00 $75.00 $75.00 $75.00 $75.00 $75.00 Off - Farm Income $16.67 $16.67 $16.67 $16.67 $16.67 $16.67 $16.67 $16.67 Residual for Growth $17.14 $28.23 $33.77 $39.32 $6.05 $0.51 -$5.04 -$10.58 $51,420 $84,687 $101,320 $117,954 $18,153 $1,519 -$15,114 -$31,747 53

36 Keys to Farm Survival in a Downturn Must Have a Strong Equity Position - because they will not get the profits Must have: Marketing Management Expertise Financial Management Adaptable to Change Low Machinery Cost Low Overhead Cost & Low Family Living Low Debt Load 54

37 55

38 USMCA 56

39 USMCA Review clause: The USMCA includes a 16-year expiration date Provision that requires a review of the deal every six years, when it can be extended. Dispute settlement: NAFTA's disputesettlement system, will remain the same, a key win for the Canadians. The investor-state dispute-settlement system, will be phased out for the US and Canada 58

40 Grains Outlook 80

41 700 Total Wheat and Coarse Grains: Supply and Demand / / / / / / / / / / / / / / / / / / / / / / / / / / / / / /19 81

42 Wheat 82

43 US Wheat Associates 83

44 Global Wheat Production (MMT) Production (million metric tons) Domestic disappearance (million metric tons) 85

45 86

46 US Wheat Associates 87

47

48 US Wheat Associates 89

49 US Wheat Associates 90

50 91

51 92

52 The Rise of Russian Wheat Production 93

53 94

54 Russian Wheat Production / / / / /19 96

55 97

56 Russian Wheat Exports 36.5 Million Tons 98

57 99

58 101

59 Russian Wheat Production In 80s the USSR was the largest grain and wheat importer (Soviet Russia was the largest consumer but it s hard to separate its imports from other member of the Union). In 1985 the country imported 46 mmt of grain including 21 mmt of wheat In 2017, the country has harvested 85.8 mmt of wheat, which is a new all-time record. 103

60 Russian Wheat Production The collapse of the Soviet Union Farmers became entrepreneurs The freedom to: Produce what they want To sell it to any buyer at any price Land Reforms Long Term Lease & Land Ownership With Freedom, Russian Farmers have invested in Agri-Technologies 104

61 Russian Wheat Production Foreign trade liberalisation Farmers have received the access to huge world market Global Warming In Russia where annual temperatures are increasing faster than average world ones it led to milder winters and expansion of area under higher yielding winter wheat. Since 2016 Russia is sowing more winter wheat than spring wheat. 20 years ago the spring wheat acreage was exceeding winter wheat one by percent 105

62 Russian Wheat Production Rapid devaluation of ruble in 2014 We believe that medium term we see a lot of investments coming into grain exports infrastructure. In 2017 & 2018 terminal owners are likely to make a fortune - will definitely encourage investors to pour more money into the sector 106

63 US Wheat Associates 107

64 US Wheat Associates 108

65 US Dark Northern Spring US $/Bus (Minneapolis )

66 116

67 117

68 118

69 Wheat January 25, [f] [f] Area seeded (kha) 7,020 7,570 8,260 Area harvested (kha) 6,895 7,425 8,040 Yield Production (kt) 25,022 26,024 28,100 Imports (b) Total supply (kt) 30,125 30,800 32,180 Exports (kt) [c] 17,480 18,700 18,500 Food and Industrial Use (kt) [d] 3,119 3,180 3,250 Feed, Waste & Dockage (kt) 4,051 4,073 4,103 Total Domestic Use (kt) [e] 7,949 8,100 8,180 Carry-out Stocks (kt) 4,696 4,000 5,500 Average Price ($/t) [g] Source: Statistics Canada (STC) and Agriculture and Agri-Food Canada (AAFC) 119

70 World Wheat World all wheat (including durum) production is forecast to increase by 12 Mt to 745 Mt due to a higher seeded area. Supply is projected to be unchanged at 1,013 Mt due to lower carry in stocks. Total use is expected to increase by 8 Mt to 753 Mt because of growing use for food. Carry out stocks are forecast to fall by 8 Mt to 260 Mt. Excluding China, world all wheat stocks are expected to fall by 11 Mt to 114 Mt. 120

71 Canadian Wheat For , the area seeded to wheat in Canada is forecast to increase by 9% from as a 4% decrease for winter wheat is more than offset by a 10% increase for spring wheat. The spring wheat area is forecast to increase because of relatively good prices for wheat and a shift out of durum and winter wheat in Western Canada. Production is projected to rise by 8%. Supply is forecast to increase by 5% due to lower carry-in stocks. Exports are forecast to fall slightly due to higher world production. Carry-out stocks are forecast to increase by 37% to 5.5 Mt. 121

72 /6/2016 2/3/2016 3/2/2016 3/30/2016 4/27/2016 5/25/2016 6/22/2016 7/20/2016 8/17/2016 9/14/ /12/ /9/ /7/2016 1/4/2017 2/1/2017 3/1/2017 3/29/2017 4/26/2017 5/24/2017 6/21/2017 7/19/2017 8/16/2017 9/6/ /4/ /1/ /29/ /27/2017 1/24/2018 2/21/2018 3/21/2018 4/18/2018 5/16/2018 6/13/2018 7/11/2018 8/8/2018 9/5/ /3/ /31/ /28/ /26/2018 Wheat 1 CPS Red 122

73 Minneapolis Hard Red Spring Wheat Futures March Contract Feb 13,

74 335 Wheat 1 CWRS /6/2016 2/17/2016 3/30/2016 5/11/2016 6/22/2016 8/3/2016 9/14/ /26/ /7/2016 1/18/2017 3/1/2017 4/12/2017 5/24/2017 7/5/2017 8/16/2017 9/20/ /1/ /13/2017 1/24/2018 3/7/2018 4/18/2018 5/30/2018 7/11/2018 8/22/ /3/ /14/ /26/

75 BLACK SOIL ZONE CROP PRODUCTION COSTS ($/ACRE) 2018 Crops Spring Spring Spring CPS CPS CPS Winter Winter Winter Wheat Wheat Wheat Wheat Wheat Wheat Wheat Wheat Wheat Plus 20% Neg 20% Plus 20% Neg 20% Plus 20% Neg 20% REVENUE PER ACRE Estimated Yield (bu./ac.,lb./ac.) (A) Estimated On Farm Market Price/bu.,lb. (B) Estimated Gross Revenue/ac EXPENSES PER ACRE Variable Expenses/acre Seed Fertilizer - Nitrogen Phosphorus Sulphur and Other Chemical - Herbicides Insecticides/Fungicides Seed Treatments/Inoculants Machinery Operating - Fuel Repair Custom Work and Hired Labour Crop Insurance Premium Utilities and Miscellaneous Interest on Variable Expenses Total Variable Expenses Other Expenses/acre Building Repair Property Taxes Business Overhead Total Other Expenses (E) Total Expenses Farm Living Off Farm Income Farm Debt Total Residual For Growth

76 DARK BROWN SOIL ZONE CROP PRODUCTION COSTS ($/ACRE) 2018 Spring Spring Spring Durum Durum Durum CPS CPS CPS Winter Winter Winter Wheat Wheat Wheat Wheat Wheat Wheat Wheat Wheat Wheat Wheat Wheat Wheat REVENUE PER ACRE Estimated Yield (bu./ac.,lb./ac.) (A) Estimated On Farm Market Price/bu.,lb. (B) Estimated Gross Revenue/ac (AxB)=(C) EXPENSES PER ACRE Variable Expenses/acre Seed Fertilizer - Nitrogen Phosphorus Sulphur and Other Chemical - Herbicides Insecticides/Fungicides Seed Treatments/Inoculants Machinery Operating - Fuel Repair Custom Work and Hired Labour Crop Insurance Premium Utilities and Miscellaneous Interest on Variable Expenses Total Variable Expenses (D) Other Expenses/acre Building Repair Property Taxes Business Overhead Total Other Expenses Farm Living Off Farm Income Farm Debt Total Total Expenses Net Farm Income Crops

77 Global Durum Production (Million Bus) 129

78 130

79 131

80 132

81 133

82 Global Durum World durum production increased by 1 Mt from to 38 Mt, according to the International Grains Council. The largest increases in production were for Algeria, Canada and the US, with smaller increases for Morocco and Tunisia. This was partly offset by decreases for the EU, Mexico, Australia, Turkey and Syria. Supply rose by only 0.8 Mt to 47.8 Mt because of lower carry-in stocks. Use is expected to increase by 0.2 Mt to 37.5 Mt as higher food use is partly offset by lower feed use. Carry-out stocks are forecast to increase by 0.5 Mt to 10.3 Mt. 134

83 Canadian Durum Wheat For , Canadian durum production increased by 16% from to million tonnes (Mt), according to Statistics Canada (STC), as a 19% increase in seeded area was partly offset by lower yields. The final production estimate was 0.39 Mt higher than the previous estimate. Saskatchewan accounted for 80% of the total production, Alberta for 19.7%, and Manitoba for 0.3%. Total supply increased by 6%, as the higher production was partly offset by lower carry-in stocks. 135

84 Canadian Durum Wheat Exports are forecast to decrease by 4%. Slower than expected exports for the first four months of the crop year and expectations that the low prices will result in higher producer carry-out stocks and significantly lower seeded area for Total domestic use is forecast to increase by 10% as the low prices will encourage more use of durum for feed. Carry-out stocks are forecast to rise by 35% to 2 Mt, 41% higher than the past five year average of 1.42 Mt. 136

85 Durum [f] Area seeded (kha) 2,469 2,106 2,503 Area harvested (kha) 2,333 2,088 2,456 Yield (t/ha) Production (kt) 7,762 4,962 5,745 Imports (kt) [b] Total supply (kt) 8,873 6,798 7,232 Exports (kt) [c] 4,534 4,387 4,200 Food and Industrial Use (kt) [d] Feed, Waste & Dockage (kt) 2, Total Domestic Use (kt) [e] 2, ,032 Carry-out Stocks (kt) 1,828 1,477 2,000 Average Price ($/t) [g] f: forecasts by AAFC. For , area, yield and production are from the STC survey but imports and dispositions are forecast by AAFC. Source: Statistics Canada (STC) and Agriculture and Agri-Food Canada (AAFC) 137

86 335 Wheat 1 CWAD /6/2016 2/17/2016 3/30/2016 5/11/2016 6/22/2016 8/3/2016 9/14/ /26/ /7/2016 1/18/2017 3/1/2017 4/12/2017 5/24/2017 7/5/2017 8/16/2017 9/20/ /1/ /13/2017 1/24/2018 3/7/2018 4/18/2018 5/30/2018 7/11/2018 8/22/ /3/ /14/ /26/

87 139

88 BARLEY 140

89 World Barley Production (TMT) 149, , , , , / / / / /19Dec 141

90 World Barley Consumption , , , , , / / / / /19Dec 142

91 Global Barley Production ICG Grains 143

92 World Barley: Situation & Outlook World barley stocks are historically low as nearly all of the world major producers and exporters had smaller crops and, in many cases, quality was also lower than normal. To-date for this crop year, the average price for feed barley has been at a US$75/tonne (t) premium to the world average FOB corn price, the highest in the last 10 years. Lower world supplies of malting barley, and especially quality malt, is also pushing these prices higher. 144

93 Canadian Barley For , seeded area is forecast to be higher than due to high barley prices and low carry-in stocks. Production is forecast to increase by 6% to 8.9 Mt due to the higher area and an average total yield. Despite the lower carry-in stocks, total supply is forecast to increase by 3% to 10.0 Mt. Total domestic use is forecast to increase by 2% due to slightly higher feed use in cattle and hog production. Exports are forecast to increase slightly due to higher domestic supplies and a return to normal trade patterns. With a higher supply, barley carry-out stocks are forecast to increase by 10% to 1.3 Mt but it's still below the previous five-year averages. The Lethbridge cash feed barley price is forecast to decrease by 12% from

94 Barley January 25, [f] [f] Area seeded (kha) 2,334 2,628 2,800 Area harvested (kha) 2,114 2,395 2,482 Yield (t/ha) Production (kt) 7,891 8,380 8,899 Imports (kt) [b] Total supply (kt) 10,072 9,701 9,974 Exports (kt) [c] 2,824 2,450 2,500 Food and Industrial Use (kt) [d] Feed, Waste & Dockage (kt) 5,715 5,940 5,912 Total Domestic Use (kt) [e] 5,992 6,251 6,224 Carry-out Stocks (kt) 1,256 1,000 1,250 Average Price ($/t) [g] Source: Statistics Canada 146

95 #1 CW Barley Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec

96 Saskatchewan Feed Barley Price Dec-09 Apr-10 Aug-10 Dec-10 Apr-11 Aug-11 Dec-11 Apr-12 Aug-12 Dec-12 Apr-13 Aug-13 Dec-13 Apr-14 Aug-14 Dec-14 Apr-15 Aug-15 Dec-15 Apr-16 Aug-16 Dec-16 Apr-17 Aug-17 Dec-17 Apr-18 Aug

97 BLACK SOIL ZONE CROP PRODUCTION COSTS ($/ACRE) 2019 Malt Malt Malt Feed Feed Feed Barley Barley Barley Barley Barley Barley REVENUE PER ACRE Estimated Yield (bu./ac.,lb./ac.) (A) 66.0 Plus 20% Neg 20% 77.0 Plus 20% Neg 20% Estimated On Farm Market Price/bu.,lb. (B) Estimated Gross Revenue/ac (AxB)=(C) EXPENSES PER ACRE Variable Expenses/acre Seed Fertilizer - Nitrogen Phosphorus Sulphur and Other Chemical - Herbicides Insecticides/Fungicides Seed Treatments/Inoculants Machinery Operating - Fuel Repair Custom Work and Hired Labour Crop Insurance Premium Utilities and Miscellaneous Interest on Variable Expenses Total Variable Expenses (D) Other Expenses/acre Building Repair Property Taxes Business Overhead Total Other Expenses (E) Farm Living Off Farm Income Farm Debt Total Total Expenses Residual For Growth

98 Dark Brown Malt Malt Malt Feed Feed Feed Barley Barley Barley Barley Barley Barley REVENUE PER ACRE 60.0 Plus 20% Neg 20% 64.0 Plus 20% Neg 20% Estimated Yield (bu./ac.,lb./ac.) (A) Estimated On Farm Market Price/bu.,lb. (B) Estimated Gross Revenue/ac (AxB)=(C) EXPENSES PER ACRE Variable Expenses/acre Seed Fertilizer - Nitrogen Phosphorus Sulphur and Other Chemical - Herbicides Insecticides/Fungicides Seed Treatments/Inoculants Machinery Operating - Fuel Repair Custom Work and Hired Labour Crop Insurance Premium Utilities and Miscellaneous Interest on Variable Expenses Total Variable Expenses (D) Other Expenses/acre Building Repair Property Taxes Business Overhead Total Other Expenses (E) Farm Living Off Farm Income Farm Debt Total Total Expenses Residual For Growth

99 Oats 164

100 Major Oat Producers By Country (MMT) 2014/ / / / /19Dec Production United States Australia Canada Russia European Union

101 Major Oat Consumers (MMT) 2014/ / / / /19Dec Australia Brazil Canada United States Russia European Union

102 Major Oat Producing Country Ending Stocks (MMT) 2014/ / / / /19Dec Brazil Kazakhstan Australia Argentina Russia United States European Union Canada

103 Canadian Oats: Situation & Outlook For , Canadian oat production decreased by 8% from to 3.4 Mt, due to lower harvested area and lower average yield. Production in Western Canada averaged 3.18 Mt 53% was in Saskatchewan, 22% in Manitoba, 22% in Alberta 2% in BC. Production in Eastern Canada averaged 0.27 Mt 63% was in Quebec, 25% in Ontario 12% in the Maritimes. 168

104 Canadian Oats: Situation & Outlook Due to lower production, total supply decreased by 5% to 4.2 Mt despite higher carry-in stocks. Total domestic use is forecast to decrease by 17% due to significantly lower feed use. Oat grain and product exports are forecast to increase by 6%. Carry-out stocks are forecast to decrease by 17% to 0.7 Mt and remain largely below the previous three and five-year averages. 169

105 Canadian Oats: Situation & Outlook For , seeded area is forecast to increase by 5% from due to good US oat futures price levels. Based on the 5 year average for abandonment and yield, Canadian oat production is forecast to increase slightly to 3.5 Mt but, due to lower carry-in stocks, supply is expected to decrease marginally. Total domestic use is forecast to decrease slightly due to lower feed, waste and dockage as food and industrial use remains flat. Exports of oat grain and products are forecast to be slightly lower than due to lower supplies. Carry-out stocks are forecast to remain unchanged from , at 0.7 Mt, remaining below the previous three and five-year averages. The Canadian oat price is forecast to increase due to higher coarse grain prices in the US and the weak Canadian dollar. 170

106 Oats [a]: January 25, [f] [f] Area seeded (kha) 1,295 1,235 1,300 Area harvested (kha) 1,052 1,005 1,039 Yield (t/ha) Production (kt) 3,733 3,436 3,546 Imports (kt) [b] Total supply (kt) 4,451 4,241 4,216 Exports (kt) [c] 2,351 2,500 2,475 Food and Industrial Use (kt) [d] Feed, Waste & Dockage (kt) 1, Total Domestic Use (kt) [e] 1,315 1,091 1,091 Carry-out Stocks (kt) Average Price ($/t) [g] Source: Statistics Canada 171

107 Oat Futures Feb 13,

108 Feed Oats /6/2016 2/24/2016 4/13/2016 6/1/2016 7/20/2016 9/7/ /26/ /14/2016 2/1/2017 3/22/2017 5/10/2017 6/28/2017 8/16/2017 9/27/ /15/2017 1/3/2018 2/21/2018 4/11/2018 5/30/2018 7/18/2018 9/5/ /24/ /12/

109 Oats Black REVENUE PER ACRE Estimated Yield (bu./ac.,lb./ac.) (A) Plus 20% Neg 20% Estimated On Farm Market Price/bu.,lb. (B) Estimated Gross Revenue/ac (AxB)=(C) EXPENSES PER ACRE Variable Expenses/acre Seed Fertilizer - Nitrogen Phosphorus Sulphur and Other 0.00 Chemical - Herbicides Insecticides/Fungicides Seed Treatments/Inoculants 3.95 Machinery Operating - Fuel Repair Custom Work and Hired Labour Crop Insurance Premium 8.98 Utilities and Miscellaneous 4.97 Interest on Variable Expenses 4.51 Total Variable Expenses (D) Other Expenses/acre Building Repair 0.84 Property Taxes 7.46 Business Overhead 3.37 Total Other Expenses (E) Farm Living Off Farm Income Farm Debt Total Total Expenses Residual For Growth

110 Oats Dark Brown REVENUE PER ACRE Estimated Yield (bu./ac.,lb./ac.) (A) Plus 20% Neg 20% Estimated On Farm Market Price/bu.,lb. (B) Estimated Gross Revenue/ac (AxB)=(C) EXPENSES PER ACRE Variable Expenses/acre Seed Fertilizer - Nitrogen Phosphorus Sulphur and Other 0.00 Chemical - Herbicides Insecticides/Fungicides Seed Treatments/Inoculants 3.29 Machinery Operating - Fuel Repair 9.38 Custom Work and Hired Labour Crop Insurance Premium 8.43 Utilities and Miscellaneous 4.31 Interest on Variable Expenses 3.70 Total Variable Expenses (D) Other Expenses/acre Building Repair 0.62 Property Taxes 4.92 Business Overhead 2.87 Total Other Expenses (E) Farm Living Off Farm Income Farm Debt Total Total Expenses Residual For Growth

111 Soybeans 177

112 Projected U.S. 2019/20 Crop Margins 178

113 184

114 186

115 Canadian Soybeans For , soybean production is estimated at 7.3 Mt, a drop of 0.45 Mt from last year, based on a harvested area of 2.54 mln ha and yields of 2.86 t/ha. In Western Canada, the province of Manitoba is the second largest soybean producing province, at 1.6 Mt, down sharply from the 2.2 Mt grown last year, while in Saskatchewan soybean output is estimated at 0.2 Mt. 187

116 March Soybean Futures as of Feb 13,

117 Black Soybean REVENUE PER ACRE Estimated Yield (bu./ac.,lb./ac.) (A) 26.0 Plus 20% Neg 20% Estimated On Farm Market Price/bu.,lb. (B) Estimated Gross Revenue/ac (AxB)=(C) EXPENSES PER ACRE Variable Expenses/acre Seed Fertilizer - Nitrogen Phosphorus Sulphur and Other 0.00 Chemical - Herbicides Insecticides/Fungicides Seed Treatments/Inoculants Machinery Operating - Fuel Repair Custom Work and Hired Labour Crop Insurance Premium 7.67 Utilities and Miscellaneous 4.97 Interest on Variable Expenses 5.68 Total Variable Expenses (D) * Other Expenses/acre Building Repair 0.84 Property Taxes 7.46 Business Overhead 3.37 Total Other Expenses (E) Total Expenses (D+E+F)=(G) Farm Living Off Farm Income Farm Debt Total Total Expenses Residual For Growth

118 Canola 193

119 World Canola Production Vs Ending Stocks (MMT) / / / / / / /19 Production Ending Stocks 0 194

120 World Canola Production / / /19 Meal Rapeseed Oil Rapeseed Oilseed Rapeseed 195

121 World Canola Imports ,528 15,151 5,886 6,121 6,125 4,391 4,499 4,765 16, / / /19 Meal Rapeseed Oil Rapeseed Oilseed Rapeseed 196

122 World Canola Exports (TMT) ,800 16,355 17, ,031 6,340 6,162 4,522 4,620 4, / / /19 Meal Rapeseed Oil Rapeseed Oilseed Rapeseed 197

123 World Canola Consumption (TMT) , , , , , , , , , / / /19 Meal Rapeseed Oil Rapeseed Oilseed Rapeseed 198

124 World Canola Ending Stocks (TMT) ,030 4, $4, $6, $5, , , / / /19 Meal Rapeseed Oil Rapeseed Oilseed Rapeseed 199

125 World Canola: Situation & Outlook World canola-rapeseed production is estimated at 63.0 Mt by Oil World compared to 65.5 Mt in and the 63.2 Mt in Canada is the world's largest grower of canola at 20.3 Mt followed by the European Union at 19.6 Mt. India is a distant third, growing 6.3 Mt of canola-rapeseed, followed by China at 4.8 Mt. Australian rapeseed production fell by almost 40%, to 2.2 Mt due to drought. Ukrainian and Russian production are estimated at 3.0 Mt and 2.1 Mt, respectively. Production in other countries was 3.1 Mt up from slightly under 3.1 Mt. 202

126 World Canola: Situation & Outlook World exports of canola-rapeseed is estimated at 16.6 Mt up slightly from the 16.2 Mt shipped around the world in but down from the 17.1 Mt exported in Canada is the world's largest exporter, accounting for slightly over two-thirds of the world trade in canola. Australia is forecast to export 1.6 Mt of canola, versus the 2.4 Mt shipped in and 3.5 Mt exported in Ukraine is forecast to export 2.3 Mt of rapeseed, similar to Exports from other countries are estimated at 1.4 Mt, vs 1.1 Mt for and 0.7 Mt in

127 Canadian Canola: Situation & Outlook For , seeded area in Canada is forecast to increase by 1% to 9.4 million hectares (Mha), on a shift out of soybeans and lentils across Western Canada, expected steady yields and a projected slight strengthening of prices. The gains in area will be limited by competition from burdensome world soybean and palm oil supplies and continued large carry-out stocks. Harvested area is forecast at 9.3 Mha while yields are projected at 2.2 tonnes per hectare (t/ha). Production is forecast to rise to 20.5 Mt, versus the 20.3 Mt grown in Total supply is forecast marginally down to 22.9 Mt, as a lower carry-in stocks offsets the rise in output. 204

128 Canadian Canola: Situation & Outlook Exports are forecast up by 2% to 11.2 Mt on support by the slow but steady growth in world consumption of vegetable oils and high oil content oilseeds, with the rate of growth constrained by stiff competition from burdensome world supplies of oilseeds and oilseed coproducts. Domestic crush is forecast to fall slightly to 9.1 Mt, due to competition from large world supplies of competing soybean oil and palm oil. Carry-out stocks are forecast unchanged at 2.3 Mt for a stocks-to-use ratio of 11% while canola prices are expected to rise slightly in the range of $ /t. 205

129 Canola : January 25, [f] [f] Area seeded (kha) 9,313 9,232 9,350 Area harvested (kha) 9,273 9,120 9,258 Yield (t/ha) Production (kt) 21,328 20,343 20,500 Imports (kt) [b] Total supply (kt) 22,777 22,948 22,900 Exports (kt) [c] 10,723 11,000 11,200 Food and Industrial Use (kt) [d] Feed, Waste & Dockage (kt) 9,269 9,200 9, Total Domestic Use (kt) [e] 9,548 9,648 9,400 Carry-out Stocks (kt) 2,506 2,300 2,300 Average Price ($/t) [g] Source: Statistics Canada (STC) and Agriculture and Agri-Food Canada (AAFC) 206

130 520 Canola 1 Canada Cash /3/2018 1/17/2018 1/31/2018 2/14/2018 2/28/2018 3/14/2018 3/28/2018 4/11/2018 4/25/2018 5/9/2018 5/23/2018 6/6/2018 6/20/2018 7/4/2018 7/18/2018 8/1/2018 8/15/2018 8/29/2018 9/12/2018 9/26/ /10/ /24/ /7/ /21/ /5/ /19/2018 1/2/2019 1/9/

131 March Soybean Futures as of Feb 4,

132 March Canola Futures Feb 13,

133 March Canola Futures Jan 28,

134 Black Canola REVENUE PER ACRE Estimated Yield (bu./ac.,lb./ac.) (A) 40.0 Plus 20% Neg 20% Estimated On Farm Market Price/bu.,lb. (B) Estimated Gross Revenue/ac (AxB)=(C) EXPENSES PER ACRE Variable Expenses/acre Seed Fertilizer - Nitrogen Phosphorus Sulphur and Other 5.64 Chemical - Herbicides Insecticides/Fungicides Seed Treatments/Inoculants 0.00 Machinery Operating - Fuel Repair Custom Work and Hired Labour Crop Insurance Premium Utilities and Miscellaneous 4.97 Interest on Variable Expenses 6.65 Total Variable Expenses (D) Other Expenses/acre Building Repair 0.84 Property Taxes 7.46 Business Overhead 3.37 Total Other Expenses (E) Total Expenses (D+E+F)=(G) Farm Living Off Farm Income Farm Debt Total Total Expenses Residual For Growth

135 Dark Brown Canola REVENUE PER ACRE Estimated Yield (bu./ac.,lb./ac.) (A) 40.0 Plus 20% Neg 20% Estimated On Farm Market Price/bu.,lb. (B) Estimated Gross Revenue/ac (AxB)=(C) EXPENSES PER ACRE Variable Expenses/acre Seed Fertilizer - Nitrogen Phosphorus Sulphur and Other 5.43 Chemical - Herbicides Insecticides/Fungicides Seed Treatments/Inoculants 0.00 Machinery Operating - Fuel Repair 9.38 Custom Work and Hired Labour Crop Insurance Premium Utilities and Miscellaneous 4.31 Interest on Variable Expenses 6.52 Total Variable Expenses (D) Other Expenses/acre Building Repair 0.62 Property Taxes 4.92 Business Overhead 2.87 Total Other Expenses (E) Total Expenses (D+E+F)=(G) Farm Living Off Farm Income Farm Debt Total Total Expenses Residual For Growth

136 Flax 215

137 Canadian Flax: Situation & Outlook 2019 For , flaxseed production is estimated at 0.49 Mt on a harvested area of 0.34 million hectares (mln ha) and yields of 1.4 t/ha. Total supplies of flaxseed are forecast to fall by slightly over 20%, to 0.63 Mt, as a decline in carry-in stocks supplements the drop in production. Exports are forecast at 0.40 Mt while total domestic use falls to 0.13 Mt on a drop in feed, waste and dockage. Carry-out stocks are forecast to fall to 0.10 Mt for a stocks-to-use ratio of 19%. The average flaxseed price is expected to rise to $ /t. 216

138 Flaxseed [f] Area seeded (kha) Area harvested (kha) Yield (t/ha) Production (kt) Imports (kt) [b] Total supply (kt) Exports (kt) [c] Food and Industrial Use (kt) [d] Feed, Waste & Dockage (kt) Total Domestic Use (kt) [e] Carry-out Stocks (kt) Average Price ($/t) [g] f: forecasts by AAFC. For , area, yield and production are from the STC survey but imports and dispositions are forecast by AAFC. Source: Statistics Canada 217

139 Flax /6/2016 2/17/2016 3/30/2016 5/11/2016 6/22/2016 8/3/2016 9/14/ /26/ /7/2016 1/18/2017 3/1/2017 4/12/2017 5/24/2017 7/5/2017 8/16/2017 9/20/ /1/ /13/2017 1/24/2018 3/7/2018 4/18/2018 5/30/2018 7/11/2018 8/22/ /3/ /14/ /26/

140 Black Flax REVENUE PER ACRE Estimated Yield (bu./ac.,lb./ac.) (A) 26.0 Plus 20% Neg 20% Estimated On Farm Market Price/bu.,lb. (B) Estimated Gross Revenue/ac (AxB)=(C) EXPENSES PER ACRE Variable Expenses/acre Seed Fertilizer - Nitrogen Phosphorus Sulphur and Other 0.00 Chemical - Herbicides Insecticides/Fungicides Seed Treatments/Inoculants 1.86 Machinery Operating - Fuel Repair Custom Work and Hired Labour Crop Insurance Premium Utilities and Miscellaneous 4.97 Interest on Variable Expenses 5.07 Total Variable Expenses (D) Other Expenses/acre Building Repair 0.84 Property Taxes 7.46 Business Overhead 3.37 Total Other Expenses (E) Farm Living Off Farm Income Farm Debt Total Total Expenses Residual For Growth

141 Dark Brown Flax REVENUE PER ACRE Estimated Yield (bu./ac.,lb./ac.) (A) 24.0 Plus 20% Neg 20% Estimated On Farm Market Price/bu.,lb. (B) Estimated Gross Revenue/ac (AxB)=(C) EXPENSES PER ACRE Variable Expenses/acre Seed Fertilizer - Nitrogen Phosphorus Sulphur and Other 0.00 Chemical - Herbicides Insecticides/Fungicides Seed Treatments/Inoculants 1.76 Machinery Operating - Fuel Repair 9.38 Custom Work and Hired Labour Crop Insurance Premium 8.76 Utilities and Miscellaneous 4.31 Interest on Variable Expenses 4.93 Total Variable Expenses (D) Other Expenses/acre Building Repair 0.62 Property Taxes 4.92 Business Overhead 2.87 Total Other Expenses (E) Farm Living Off Farm Income Farm Debt Total Total Expenses Residual For Growth

142 Peas 222

143 Peas: Situation & Outlook 2019 For , production decreased by 13% to 3.6 million tonnes (Mt) due to lower harvested area, particularly in Saskatchewan and Alberta. Yields were similar to the previous year. Yellow and green pea types are expected to account for about 3.0 Mt and 0.4 Mt, respectively, with the remainder spread across other varieties. Supply has decreased by only marginally, to 4.2 Mt, due to higher carry-in stocks. Exports are forecast at 2.6 Mt, largely due to lower imports by India. This is expected to be partly offset by record exports to China. Carry-out stocks are forecast to increase due to lower export forecast. The average price is expected to be similar to , with lower yellow pea prices offset by higher green pea prices. There are expectations for an increase in carry-out stocks in

144 Peas: Situation & Outlook 2019 For , seeded area is forecast to be relatively unchanged from at 1.46 Mha, because of good returns relative to other crops. Dry peas continue to be recognised as a beneficial part of a crop rotation plan. Production is expected to rise marginally to 3.6 Mt, with an expectation of trend yields. Supply is forecast to rise marginally to 4.3 Mt due to similar carry-in stocks. Despite the tariff in India, exports to other countries are expected to rise from and carry-out stocks are expected to fall. The average price is expected to be marginally lower than , due to lower green pea prices and ample world supply. 224

145 Dry Peas January 25, [f] 2020[f] Area seeded (kha) 1,656 1,463 1,460 Area harvested (kha) 1,642 1,431 1,435 Yield (t/ha) Production (kt) 4,112 3,581 3,600 Imports (kt) [b] Total supply (kt) 4,424 4,251 4,265 Exports (b) 3,083 2,700 2,800 Total Domestic Use (c) Carry-out Stocks (kt) Stocks-to-Use Ratio Average Price (d) Source: Statistics Canada (STC) and Agriculture and Agri-Food Canada (AAFC) 225

146 Field Peas Green (dollars/bu) /4/2017 2/1/2017 3/1/2017 3/29/2017 4/26/2017 5/24/2017 6/21/2017 7/19/2017 8/16/2017 9/13/ /11/ /8/ /6/2017 1/3/2018 1/31/2018 2/28/2018 3/28/2018 4/25/2018 5/23/2018 6/20/2018 7/18/2018 8/15/2018 9/12/ /10/ /7/ /5/2018 1/2/

147 Field Peas Yellow (dollars/bu) /4/2017 2/1/2017 3/1/2017 3/29/2017 4/26/2017 5/24/2017 6/21/2017 7/19/2017 8/16/2017 9/13/ /11/ /8/ /6/2017 1/3/2018 1/31/2018 2/28/2018 3/28/2018 4/25/2018 5/23/2018 6/20/2018 7/18/2018 8/15/2018 9/12/ /10/ /7/ /5/2018 1/2/

148 7 Field Peas Feed (dollars/bu) /4/2017 2/1/2017 3/1/2017 3/29/2017 4/26/2017 5/24/2017 6/21/2017 7/19/2017 8/16/2017 9/13/ /11/ /8/ /6/2017 1/3/2018 1/31/2018 2/28/2018 3/28/2018 4/25/2018 5/23/2018 6/20/2018 7/18/2018 8/15/2018 9/12/ /10/ /7/ /5/2018 1/2/

149 229

150 Lentils: Situation & Outlook For , production decreased by 18% to 2.1 Mt due to lower harvested area and yields. Large green lentil production is estimated to have risen from last year to 0.6 Mt and red lentil production fell to about 1.2 Mt. Production of the other remaining lentil types is estimated to have risen to 0.3 Mt. Supply, however, increased marginally due to large carry-in stocks. Exports are forecast to increase to 1.8 Mt. 230

151 Lentils: Situation & Outlook To-date Mexico, United Arab Emirates and India are the top export markets. Imports are expected to be lower than the previous year due to the above average grade distribution. Carry-out stocks are expected to fall due to the increase in exports. The overall average price is forecast to fall below the levels achieved in due to weaker world demand, larger domestic carry-out stocks and an above average proportion of grade distribution at the No.1 or 2 grade. 231

152 Lentils: Situation & Outlook For , area seeded in Canada is expected to fall 11% to 1.35 Mha, due to weak prices for the No.1 grades the previous year. Production is forecast to fall by 4% to 2.0 Mt. With lower carry-in stocks, supply is expected to fall to 2.8 Mt, the lowest since Exports are forecast to rise from to 1.8 Mt with a lower exportable supply. Carry-out stocks are expected to fall sharply. With the assumption of an average grade distribution and grade discounts, the overall lentil price is forecast to rise from

153 Lentils [a]: January 25, [f] [f] Area seeded (kha) 1,783 1,525 1,350 Area harvested (kha) 1,774 1,499 1,335 Yield (t/ha) Production (kt) 2,559 2,092 2,000 Imports (kt) [b] Total supply (kt) 2,908 2,984 2,820 Exports (b) 1,537 1,700 1,800 Total Domestic Use (c) Carry-out Stocks (kt) Stocks-to-Use Ratio Average Price (d) Source: Statistics Canada (STC) and Agriculture and Agri-Food Canada (AAFC) 234

154 235

155 236

156 70 Lentils Large Green /4/2017 2/1/2017 3/1/2017 3/29/2017 4/26/2017 5/24/2017 6/21/2017 7/19/2017 8/16/2017 9/13/ /11/ /8/ /6/2017 1/3/2018 1/31/2018 2/28/2018 3/28/2018 4/25/2018 5/23/2018 6/20/2018 7/18/2018 8/15/2018 9/12/ /10/ /7/ /5/2018 1/2/

157 60 Lentils Medium Green /4/2017 2/1/2017 3/1/2017 3/29/2017 4/26/2017 5/24/2017 6/21/2017 7/19/2017 8/16/2017 9/13/ /11/ /8/ /6/2017 1/3/2018 1/31/2018 2/28/2018 3/28/2018 4/25/2018 5/23/2018 6/20/2018 7/18/2018 8/15/2018 9/12/ /10/ /7/ /5/2018 1/2/

158 70 Lentils Small Green /4/2017 2/8/2017 3/15/2017 4/19/2017 5/24/2017 6/28/2017 8/2/2017 9/6/ /11/ /15/ /20/2017 1/24/2018 2/28/2018 4/4/2018 5/9/2018 6/13/2018 7/18/2018 8/22/2018 9/26/ /31/ /5/2018 1/9/

159 60 Lentils French Green /4/2017 2/1/2017 3/1/2017 3/29/2017 4/26/2017 5/24/2017 6/21/2017 7/19/2017 8/16/2017 9/13/ /11/ /8/ /6/2017 1/3/2018 1/31/2018 2/28/2018 3/28/2018 4/25/2018 5/23/2018 6/20/2018 7/18/2018 8/15/2018 9/12/ /10/ /7/ /5/2018 1/2/

160 Lentils Red /4/2017 2/1/2017 3/1/2017 3/29/2017 4/26/2017 5/24/2017 6/21/2017 7/19/2017 8/16/2017 9/13/ /11/ /8/ /6/2017 1/3/2018 1/31/2018 2/28/2018 3/28/2018 4/25/2018 5/23/2018 6/20/2018 7/18/2018 8/15/2018 9/12/ /10/ /7/ /5/2018 1/2/

161 Mustard 242

162 Mustard For , production rose sharply to 173 kt, due to higher area and yields. Production of yellow and brown types of mustard increased and oriental types fell. Supply, however, increased by only 8% due to lower carryin stocks. Exports are expected to be higher than last year at 115 kt. Due to larger supply, carry-out stocks are forecast to increase. The US and the EU are expected to remain the main export markets for Canadian mustard seed. The average price is forecast to fall due to higher Canadian and world carry-out stocks. 243

163 Mustard For , the area seeded is expected to remain unchanged due to improved yields from the previous year. Production, however, is forecast to 180 kt due to similar expected yields. Supply is expected to be higher due to larger carry-in stocks and production. Exports are expected to be higher at 120 kt and carryout stocks are forecast to increase and pressure prices. The average price is forecast to fall when compared to

164 50 Mustard Brown /4/2017 2/1/2017 3/1/2017 3/29/2017 4/26/2017 5/24/2017 6/21/2017 7/19/2017 8/16/2017 9/13/ /11/ /8/ /6/2017 1/3/2018 1/31/2018 2/28/2018 3/28/2018 4/25/2018 5/23/2018 6/20/2018 7/18/2018 8/15/2018 9/12/ /10/ /7/ /5/2018 1/2/

165 45 Yellow Mustard /4/2017 2/1/2017 3/1/2017 3/29/2017 4/26/2017 5/24/2017 6/21/2017 7/19/2017 8/16/2017 9/13/ /11/ /8/ /6/2017 1/3/2018 1/31/2018 2/28/2018 3/28/2018 4/25/2018 5/23/2018 6/20/2018 7/18/2018 8/15/2018 9/12/ /10/ /7/ /5/2018 1/2/

166 36 Mustard Oriental /4/2017 2/1/2017 3/1/2017 3/29/2017 4/26/2017 5/24/2017 6/21/2017 7/19/2017 8/16/2017 9/13/ /11/ /8/ /6/2017 1/3/2018 1/31/2018 2/28/2018 3/28/2018 4/25/2018 5/23/2018 6/20/2018 7/18/2018 8/15/2018 9/12/ /10/ /7/ /5/2018 1/2/

167 Mustard Seed [a]: January 25, [f] 2020[f] Area seeded (kha) Area harvested (kha) Yield (t/ha) Production (kt) Imports (kt) [b] Total supply (kt) Exports (b) Total Domestic Use (c) Carry-out Stocks (kt) Stocks-to-Use Ratio Average Price (d) Source: Statistics Canada (STC) and Agriculture and Agri-Food Canada (AAFC) 248

168 Canary 249

169 Canary Seed For , production fell sharply to 118 kt due to lower area and yields. Exports are expected to be lower than last year. The EU and Mexico are forecast to remain the main export markets, followed by Brazil and the US. The average price is forecast to be higher than the level. 250

170 Canary Seed For , the area seeded is forecast to be higher than the previous year due to good potential returns compared to other crops. Production is expected to rise slightly as higher area seeded is partly offset by slightly lower yields; supply is also forecast to decrease. Exports are expected to be lower than in and carry-out stocks are expected to remain tight. The average price is forecast to be lower than the previous year. 251

171 Canary Seed [a]: January 25, [f] [f] Area seeded (kha) Area harvested (kha) Yield (t/ha) Production (kt) Imports (kt) [b] Total supply (kt) Exports (b) Total Domestic Use (c) Carry-out Stocks (kt) Stocks-to-Use Ratio Average Price (d) Source: Statistics Canada (STC) and Agriculture and Agri-Food Canada (AAFC) 252

172 26 Canary Seed /4/2017 2/1/2017 3/1/2017 3/29/2017 4/26/2017 5/24/2017 6/21/2017 7/19/2017 8/16/2017 9/13/ /11/ /8/ /6/2017 1/3/2018 1/31/2018 2/28/2018 3/28/2018 4/25/2018 5/23/2018 6/20/2018 7/18/2018 8/15/2018 9/12/ /10/ /7/ /5/2018 1/2/

173 254

174 255

175 Cattle 262

176 Canadian Dollar US /1/2014 3/19/2014 6/4/2014 8/20/ /5/2014 1/21/2015 4/8/2015 6/24/2015 9/9/ /25/2015 2/10/2016 4/27/2016 7/13/2016 9/28/ /14/2016 3/1/2017 5/17/2017 8/2/ /18/2017 1/3/2018 3/21/2018 6/6/2018 8/22/ /7/

177 264

178 1.5% increase in US Beef Cows in 2019 = 475,845 head 265

179 266

180 267

181 U.S. Cattle on Feed Cattle and calves on feed for the slaughter market in the United States for feedlots with capacity of 1,000 or more head totaled 11.7 million head on December 1, The inventory was 2 percent above December 1, Placements in feedlots during November totaled 2.00 million head, 5 percent below Net placements were 1.92 million head. During November, placements of cattle and calves weighing less than 600 pounds were 550,000 head, pounds were 495,000 head, pounds were 416,000 head, pounds were 315,000 head, pounds were 115,000 head, and 1,000 pounds and greater were 105,000 head. Marketings of fed cattle during November totaled 1.87 million head, 1 percent above Marketings were the highest for November since the series began in

182 269

183 270

184 271

185 272

186 273

187 274

188 275

189 276

190 March Futures as of Jan 29,

191 278

192 Live Cattle Futures April

193 280

194 Total cattle inventories, July 1, 2017 & 2018, Proj 2019 Jan 1 thousands of head 2018 inventories 2017 inventories 2019 Proj Canada 12, , ,505 Alberta 5, , ,105 Saskatchewan 2, , ,613 Ontario 1, , ,610 Quebec 1, , ,145 Manitoba 1, , ,125 British Columbia Atlantic provinces

195 282

196 283

197 Feeder Steers /3/2018 1/17/2018 1/31/2018 2/14/2018 2/28/2018 3/14/2018 3/28/2018 4/11/2018 4/25/2018 5/9/2018 5/23/2018 6/6/2018 6/20/2018 7/4/2018 7/18/2018 8/1/2018 8/15/2018 8/29/2018 9/12/2018 9/26/ /10/ /24/ /7/ /21/ /5/

198 285

199 286

200 Feeder Steers /6/2010 5/12/2010 9/15/2010 1/19/2011 5/25/2011 9/28/2011 2/1/2012 6/6/ /10/2012 2/13/2013 6/19/ /23/2013 2/26/2014 7/2/ /5/2014 3/11/2015 7/15/ /18/2015 3/23/2016 7/27/ /30/2016 4/5/2017 8/9/ /13/2017 4/18/2018 8/22/ /26/

201 Feeder Steers /3/2018 1/17/2018 1/31/2018 2/14/2018 2/28/2018 3/14/2018 3/28/2018 4/11/2018 4/25/2018 5/9/2018 5/23/2018 6/6/2018 6/20/2018 7/4/2018 7/18/2018 8/1/2018 8/15/2018 8/29/2018 9/12/2018 9/26/ /10/ /24/ /7/ /21/ /5/ /19/

202 289

203 290

World Wheat. Source: US Wheat Associates

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