GREAT AMERICAN GROUP ADVISORY & VALUATION SERVICES

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1 GREAT AMERICAN GROUP ADVISORY & VALUATION SERVICES In this Issue: Overview 4 Recent Appraisal Trends 5 Monitoring Points 5 Pricing Trends 6 Food Reference Sheet 14 Introduction Welcome to the seventh issue of the Food Monitor from Great American Group Advisory & Valuation Services ( GA ). This publication will provide you with market value trends for a variety of segments within the food industry. The enclosed information represents a composite of GA s industry expertise, well-respected industry publications, liquidation and appraisal experience, and conversations with industry specialists. Due to the commodity nature of certain food products, timely reporting is necessary to understand an ever-changing marketplace. GA strives to contextualize important indicators in order to provide a more in-depth perspective of the market as a whole. In this issue of the Food Monitor, we have included market pricing and trends for beef, pork, poultry, dairy, fruits and vegetables, seafood, commodity goods, and wholesale distributors and their relation to the valuation process. The food industry is currently in a state of alarm, fueled by recent drought conditions that have plagued a substantial portion of U.S. crops. The dry spell has impacted nearly 60% of the continental U.S., representing the largest drought area since the 1930s and 1950s. As a result of the drought, corn prices have skyrocketed in recent weeks in anticipation of low supplies. This is expected to have a strong impact on the industry in the coming months as the effects of the drought translate into higher retail prices for meats and dairy products. Food Monitor August Volume 7 Trend Tracker NOLVs Sales Trends Gross Margin Inventory Pricing Trends in Recovery Values Mixed Increasing Mixed Decreasing Increasing Net orderly liquidation values ( NOLVs ) have been mixed for the second quarter versus the prior appraisal period. NOLVs have ranged from increases of one to three percentage points to declines of four to six percentage points, based on a particular company s ability to pass along price increases to customers and its ability to reduce underperforming SKUs for processed foods. Sales have increased overall, but vary by company and market position. Most companies have been able to raise their pricing enough to offset rising raw material prices. Raw materials and finished goods inventory levels have declined overall, with many companies finding it difficult to engage in strategic buys due to rising prices, coupled with the limited supply of certain goods due to the drought. Further price increases could result in declines in gross margins. GA internally tracks recovery ranges for numerous commodity food segments, as well as finished and cooked products and trends in food service, retail, and food distribution, but we are mindful to adhere to your request for a simple reference document. Should you need any further information or wish to discuss recovery ranges for a particular segment, please feel free to 1 contact your GA Business Development Officer.

2 ABOUT GREAT AMERICAN GROUP GA is a leading provider of asset disposition solutions and valuation and appraisal services to a wide range of retail, wholesale, and industrial clients, as well as lenders, capital providers, private equity investors and professional services firms. In addition to the Food Monitor, GA also provides clients with industry expertise in the form of monitors for the metals, building materials, auto parts/oil and fuel, and chemicals, plastics, and packaging industries, among many others. EXPERIENCE Headquarters: Burbank Blvd. Suite 300 South Woodland Hills, CA GREAT Atlanta Boston Charlotte Chicago Dallas London Los Angeles New York San Francisco GA has been involved in the liquidation of several food processing and distribution companies, including Metropolitan Foods; BSB, Inc.; New Sam Woo Trading; Markel Johnson; and Gulf Shrimp Company, as well as food processing, storage, and distribution equipment for companies such as Winn Dixie, Maui Pineapple Company, Humboldt Creamery, Loeb Equipment, and Webvan. Food processing, storage, and distribution equipment liquidated included blow molding lines, bagging machines, bottle conveyors, milk separators and pasteurizers, filling lines, pizza manufacturing lines, vacuum sealers, freezers and coolers, stainless steel tanks, liquid lines, and frozen and refrigerated box trucks. Liquidation results were positive, as stainless steel equipment recoveries have been strong due to elevated steel prices that have made new equipment more expensive. There is a limited supply of equipment less than five years old in the marketplace and those assets are in high demand during liquidations. GA has worked with and appraised many large and well-known companies within the food service industries. While our clients remain confidential, they have included meat processors and distributors, leading fresh and processed fruit and vegetable distributors, and specialty and prepared food distributors servicing restaurants, retailers, food service companies, and wholesalers across the U.S. GA s extensive list of appraisal experience includes: One of the nation s largest independent canning and frozen food companies, which maintains production facilities throughout the country and exceeds $700 million in sales annually; One of the world s largest producers of fresh and packaged fruits and vegetables, which exceeds $800 million in annual sales; Processors of both conventional and organic frozen vegetables; A manufacturer and distributor of frozen and canned vegetable and fruit products, including greens, beans, fruit, peanuts, and assorted vegetables; Multiple importers and distributors of fresh and frozen seafood products to large national food wholesalers; Leading portion-controlled beef and poultry cutting operations for the casual dining and quick serve restaurant segments; A distributor of sweeteners, non-dairy creamers, croutons, crunchy toppings, stuffing, breadcrumbs/cracker meals, foodservice stuffing mixes, snacks, and snack mixes; A producer and distributor of ice cream and related frozen products; Vertically-integrated producers of high-quality coffees for the restaurant and supermarket industries; A producer and distributor of various fruit juices, as well as vitamin-enriched water and cocktail mixers; Producers and distributors of desserts, such as frozen cheesecakes, gourmet cakes, mini desserts, and brownies, as well as batters, fillings, frozen dough, icings, and spreads; A processor, packager, and distributor of nuts such as pecans, cashews, almonds, and peanuts; and Distributors of specialty food products, including pasta, sauces, marinades, and fine artisan cheeses. In addition to our internal personnel, GA maintains contacts within the food industry that we utilize for insight and perspective on recovery values. 2

3 APPRAISAL & VALUATION TEAM BUSINESS DEVELOPMENT Mike Marchlik National Sales & Marketing Director Drew Jakubek Managing Director, Sponsor Coverage Bill Soncini Senior Vice President - Midwest Region bsoncini@greatamerican.com Jennie Kim Client Services Manager jkim@greatamerican.com OPERATIONS Ryan Mulcunry Executive Vice President - Northeast Region, Canada & Europe rmulcunry@greatamerican.com David Seiden Executive Vice President - Southeast Region dseiden@greatamerican.com Ken Bloore Chief Operating Officer kbloore@greatamerican.com Jonathan Deptula Project Manager jdeptula@greatamerican.com

4 OVERVIEW Overall food prices as reported by the Consumer Price Index remained above average in June 2012, increasing 0.2% from May figures. Major grocery store food groups showed mixed results, with some increasing while others declined. The food at home index increased 2.6% for the 12 months ended June 2012, while the index for food away from home increased 2.9% during that period. The following table illustrates CPI changes by category for the month of June 2012 as compared to 2011: Category CPI Index Fruits and vegetables 1.3% Fresh vegetables 3.2% Meats, poultry, fish, and eggs 0.2% Cereals and bakery products (0.4%) RESTAURANTS The National Restaurant Association s ( NRA ) Restaurant Performance Index ( RPI ), which tracks the strength of the U.S. restaurant industry via a composite of various indicators, stood at in June, representing the eighth consecutive month in which the RPI was above 100. Readings above 100 indicate expansion in key industry indicators. Restaurant operators reported brisk customer traffic and positive same-store sales for the month. The industry remains on a positive trend, with improved customer traffic and same-store sales. Restaurant industry sales are expected to increase 3.5% at year-end 2012 versus 2011 to reach a record $632 billion. This will mark the second consecutive year in which industry sales exceeded $600 billion. The NRA expects that quick service restaurants ( QSRs ) will experience a sales increase of 3.3% to reach $167.7 billion, while full-service restaurant sales are projected to increase 3.1% to reach $194.6 billion. Dairy products (0.3%) SUPERMARKETS According to the latest American Farm Bureau Federation Marketbasket Survey, retail food prices at supermarkets decreased by 3% during the second quarter of 2012 as compared to the prior quarter. Of the 16 items surveyed, average prices for 12 items declined and four increased, driven by lower retail prices for sliced meats and dairy products, such as shredded cheddar cheese and sliced deli ham, as well as breakfast items such as orange juice, cereal, and bacon. Dairy products were also down year-over-year as a result of increased production. The four items showing increases were ground chuck, russet potatoes, white bread, and vegetable oil. Year-over-year, overall grocery prices actually increased 2.7% in June, according to CPI figures. Prices are expected to increase more substantially in the coming months and throughout 2013, fueled by the ongoing drought conditions. In particular, retail prices for beef and dairy products are expected to post large increases as the cost of corn continues to rise and cattle herds are further impacted by the drought. OUTLOOK As mentioned in the previous Food Monitor, overall food prices are expected to increase 2.5% to 3.5% through yearend, with increases expected in all categories. Grocery store prices remain on track to increase between 2.5% and 3.5%, while restaurant prices are predicted to rise by 2.0% to 3.0%. As mentioned, any increases may be magnified by the length of the drought period. 4

5 RECENT APPRAISAL TRENDS RECENT RECOVERY TRENDS NOLVs in the second quarter have varied by company, ranging from increases of one to three percentage points to declines of four to six percentage points. As mentioned, positive or negative trends in NOLVs are based on a particular company s ability to pass along price increases to customers and the ability to reduce underperforming SKUs, particularly for processed foods. A decline in the spread between market prices and raw material costs has caused raw material values to decrease. Margins have been mixed, as some companies have been able to implement multiple price increases due to the continued rising raw material costs. This will be particularly important as prices continue to rise in the midst of the ongoing drought. Many customers have generated positive margins by focusing on purchasing raw materials at favorable prices. However, companies with fixed price contracts have experienced margin declines in response to increased commodity prices. MONITORING POINTS Monitoring Point Monitor acquisition prices for raw materials and gross margin results. Monitor raw material and finished good inventory levels. Monitor aged/slow-moving inventory levels. Monitor USDA and ERS market prices for commodity traded products such as meats, dairy, and corn; and the International Coffee Institute for coffee prices. Monitor customer contracts and relationships. Monitor weather patterns. INDUSTRY/SALES OVERVIEW Sales have increased overall, as companies have been able to gain additional business with existing customers or expand into new market segments. Some companies have benefited from increased consumer demand by offering additional products to the market. Weather conditions will be an important factor in the coming months for most food companies, particularly those within the meat and dairy industries. TRENDS IN MARKET PRICES/INVENTORY Higher raw material prices resulted in the inability of some companies to make strategic purchases, which have ultimately led to lower inventory levels. For raw materials, rising prices have led to a decline in the spread between cost and market values. Companies continue to focus on stocking products that have immediate sales needs and to eliminate any underperforming SKUs. Impact Increased raw material prices could result in margin compression, despite the active practice of price increases to limit margin exposure. As inventory costs increase, higher inventory levels could impact liquidity and recovery values. As the sale of aged or slow-moving inventory results in lower recovery values in a liquidation, the level of slowmoving goods as a percentage of total on-hand inventory could negatively impact collateral value. These products will typically require additional discounting in a liquidation. The spread between current inventory values and market values, such as the current situation with corn, could negatively impact overall recoveries. As customer relationships are key to success during a liquidation, it is important to understand the contract relationships with current customers and the likelihood of their participation. A continued lack of rain in the U.S. will be detrimental to crop development. This will result in a lack of supply and higher prices for raw materials and crops, thereby impacting margins. 5

6 PRICING TRENDS BEEF AND CATTLE Beef prices remain well above historical levels due to an ongoing drought that has devastated parts of the U.S. and resulted in a shrinking supply of cattle, coupled with higher costs for feed and fuel. The USDA s all-fresh beef retail value reached an all-time high of $4.71 per pound in June, with further increases expected in the coming months. The average retail price for USDA choice grade sirloin steak in June increased to $6.82 per pound, from $6.42 in the previous month. Similarly, ground beef increased to $3.01 per pound and round roast increased to $4.72 per pound. Ground chuck increased from $3.38 per pound in May to $3.45 per pound in June. On a quarter-to-quarter basis, ground chuck increased $0.12 to $3.65 per pound. The wholesale meat markets anticipate stronger sales in the coming weeks as retailers gear up for grilling and the beginning of the football season. The USDA's choice-grade beef index on July 31 increased $0.68 per hundred pounds to $177.62, while choice beef increased $0.75 to $ on 150 total loads. This follows seasonal lows for both indexes during the prior week. The drought continues to cause alarm in the beef industry, as cows are starving from lack of pasture and farmers are faced with the additional challenge of increased corn prices. As corn is a primary feed source for cattle, there is great concern that farmers will be unable to maintain their animals in the coming months. As a result, the USDA predicts a sharp increase in beef prices through year-end and well into $3.00 Monthly Choice Beef Wholesale Value Per Pound of Retail Equivalent July June 2012 $2.95 $2.90 $2.85 $2.80 $2.75 $2.70 $2.65 6

7 PRICING TRENDS PORK U.S. pork production is expected to rise approximately 2% through year-end 2012, primarily due to productivity gains and possible rebuilding of domestic herds. However, this figure may be revised based on the impact of the drought. In June, the monthly average USDA pork wholesale value per pound of retail increased as compared to May. The retail price for pork chops increased to $3.97 per pound, from $3.90 in the previous month. Similarly, boneless hams increased from $3.70 per pound to $3.74 per pound as consumers have begun to purchase pork as a substitute for higher-priced beef. On a quarter-to-quarter basis, retail prices for bacon decreased $0.17 to $4.04 per pound. This compares with the high of $4.79 per pound experienced in June Similarly, sliced deli ham decreased $0.19 to $5.24 per pound on a quarter-to-quarter basis. Pork prices are expected to rise 2.5% to 3.5% in 2013, which is slightly above average, according to the USDA. All meat categories are predicted to increase due to the effects of the drought and high corn prices. In terms of exports, shipments to the top three largest foreign destinations for U.S. pork (Japan, Mexico, and Canada) remained slow to steady in the second quarter as compared to Exports to Russia increased 103%, driven by a lower amount of European exports to this country. U.S. exports to China also increased, although export volumes appeared to have stabilized by quarter end. $1.75 Monthly Average Pork Wholesale Value Per Pound of Retail Equivalent July June 2012 $1.70 $1.65 $1.60 $1.55 $1.50 $1.45 $1.40 7

8 PRICING TRENDS POULTRY According to the USDA, U.S. broiler meat chicken production for the first half of 2012 decreased 1% from the same period in 2011, resulting from a smaller number of birds being slaughtered. This was partially offset by higher average weights at slaughter, which increased 0.7% to 5.83 pounds as compared to Broiler production is expected to decrease in the second half of 2012 and into 2013 due to increased grain prices and the soft economy. As a result, the USDA s production estimate for 2013 has been reduced by 400 million pounds to 37.1 billion pounds. Increased grain prices are also expected to negatively impact both chicken and turkey production in the coming months. In terms of wholesale pricing, whole bird prices fell to an average of 85.9 cents per pound during the second-quarter of Despite the decline, these prices remained 4% higher than the same period in Retail prices, however, have increased in several categories, driven by strong export demand and the use of poultry as a substitute for higher-priced beef. Prices for boneless/skinless breast meat in the Northeast market averaged $1.38 per pound in June, an 11% increase from Leg quarters and thigh meat increased 7% and 4%, respectively, in June 2012 as compared to Wing prices skyrocketed during June, increasing 105% from the previous year to reach $1.80 per pound. Similar to other meats, poultry prices are expected to increase further as a result of the drought conditions and high corn prices. Monthly Wholesale Broiler Composite Per Pound July June 2012 $0.90 $0.85 $0.80 $0.75 $0.70 $0.65 8

9 PRICING TRENDS DAIRY According to the USDA, overall dairy prices fell 0.3% from May to June, which followed a 0.4% decrease from April to May, primarily due to an increase in production. Year-overyear, however, dairy prices in June were 1.5% above 2011 levels. The U.S. drought is expected to have a direct impact on the dairy industry in the coming months, as cows are producing less milk due to the oppressive heat and a lack of food. According to the Daily Dairy Report, retail milk prices may increase by as much as $0.25 per gallon by Christmas. Cheese prices are expected to follow a similar trend. Milk prices in June 2012 were down 0.6% as compared to May, and were 1.4% below 2011 levels. Fluid milk prices have been down for most of 2012 due to the increase in production coupled with a decrease in exports. Similarly, butter prices decreased 1.4% from May to June and were 10.4% below 2011 levels. Overall cheese prices decreased 0.1% in June and were 2% above last June's level. From May to June, American processed cheese fell from $4.22 per pound to $4.03 per pound, while cheddar decreased from $5.57 per pound to $5.48 per pound. $3.80 Average Monthly Milk Retail Prices Fresh, Whole Fortified Per Gallon July June 2012 $3.75 $3.70 $3.65 $3.60 $3.55 $3.50 $3.45 $3.40 $3.35 9

10 PRICING TRENDS FRUITS AND VEGETABLES While many food categories are being negatively impacted by the drought, the market for fruits and vegetables appears to be thriving. Unseasonably warm weather resulted in favorable growing conditions that have yielded plentiful supplies and lower prices. As a result, overall prices decreased 1.3% in June as compared to the prior month. Since last year at this time, fresh vegetable prices have decreased 3.6%, with declines in pricing for potatoes (3.4%), lettuce (6.4%), tomatoes (6.9%), and other fresh vegetables (1.8%). The fresh vegetable index increased 1.8% in June, which was the first increase of 2012, while the fresh fruit index increased 3.3%. As a result, prices are expected to remain relatively stable, or increase up to 3% due to inflation and fuel costs, through the early part of This is due to the fact that fruits and vegetables that are sold in supermarkets are generally irrigated by farms and therefore not as likely to be impacted by drought conditions. Additionally, many fruits and vegetables sold in the U.S. are imported from other countries; as a result, grocers are able to maintain supplies and keep prices stable. The USDA notes that fruits and vegetables are considered a loss leader for supermarkets, which sell these goods at a loss in order to attract shoppers to their stores. Processed fruit and vegetable prices increased 0.4% in June 2012 versus the previous month and were 5.1% above the June 2011 level. According to the USDA, these prices reflect increased fuel and commodity costs; additionally, the USDA notes that inflation for processed goods is currently above that of fresh fruits and vegetables. The USDA reports that, while meat and dairy prices will rise in the coming months due to the ongoing drought, retail prices for fruits and vegetables are not expected to be significantly impacted. 8% Monthly Consumer Price Indexes - Processed Fruits and Vegetables (December 1997 = 100) Percent Change - July 2011 through June % 6% 5% 4% 3% 2% 10

11 PRICING TRENDS CORN AND SOYBEANS In response to the drought conditions that have plagued more than half of the U.S. this year, year-over-year corn prices as of July month-end were 23.3% above the same period in Soybean prices have also followed this trend. According to Tom Vilsack, Secretary of Agriculture, approximately 78% of this year's corn crop and 77% of the soybean crop are in areas designated as drought impacted. Rick Tolman, CEO of the National Corn Growers Association, described the situation as a disaster. Tolman noted that farmers began the season anticipating a record 14 billion bushel corn crop. The drought, however, is expected to reduce production by approximately three billion bushels. Corn is often utilized as a feed source for livestock farmers, who in turn sell these animals for slaughter. The increase in feed prices for farmers and ranchers will therefore result in significant increases in food costs to consumers. According to the USDA, food prices typically increase by approximately 1% for every 50% increase in average corn prices. Beef, dairy, poultry and egg, and pork prices are likely to be significantly higher in 2013 as a result of the increase in corn prices. Similar to corn, soybean prices rose nearly 25% from early June to mid July. Soybeans for November delivery (the most active contract) increased over 2% to $16.90 per bushel in late July. U.S. No. 2 Yellow Corn Prices - $ Per Metric Ton August 2011 through July 2012 $ $ $ $ $ $ $ $

12 PRICING TRENDS SEAFOOD According to the USDA, overall seafood prices increased 0.4% in June 2012 as compared to May, with prices 1.6% above the same period in While Japanese output is expected to continue to recover through year end, seafood prices are expected to remain stable. Certain products, however, including lobster, salmon, and shrimp, are currently experiencing pricing declines due to an overabundant supply in the market. LOBSTER Due to oversupply, lobster prices have fallen significantly in recent weeks in the Northeast. According to a July report by The Boston Globe, in Massachusetts, fishermen are selling lobster for less than $3 a pound, which is roughly 33% lower than in summer Maine prices are down to the $2 per pound range. The Boston Globe reports that the decline in pricing is largely due to an early arrival of soft shell lobsters, which arrived several months ahead of schedule due to warm water temperatures. Prices are so low that some fishermen have decided to discontinue fishing until supplies fall and prices are high enough to support costs. Retail prices have also fallen significantly. Grocers and restaurants in the Northeast have witnessed a recent run on lobster by budget-conscious consumers eager to find a good deal on a gourmet product. SALMON Salmon has followed a similar trend. An unusually robust supply and lower demand from Europe have resulted in falling salmon prices in recent months. In San Francisco, fishermen have received as little as $2.75 per pound for caught salmon in the Bay area, where levels are higher than they had been in 16 years. Similar to the lobster situation, some fisherman have opted to hang up their nets until profitability returns to the market. SHRIMP New supplies of white shrimp from Vietnam and India, coupled with a resurgence in production in Thailand after the floods of 2011, have resulted in abundant supplies of shrimp and falling prices in the U.S. Prices for Mexican exported shrimp in July were more than 21% below the same period in U.S. shrimp imports from January to May 2012 increased to 197,263 tons as compared to 187,435 tons in the same period in While Thailand remained the primary exporter to the U.S., the amount declined from 61,640 tons in the first half of 2011 to 48,128 tons this year. Exports from Ecuador and Indonesia increased, with 35,547 tons and 31,991 tons, respectively, shipped from January through May. Costa Rican exports also increased more than 50% during this period. CATFISH Farm-raised catfish processed during June 2012 totaled 23.9 million pounds round weight, representing a 2% decrease from June According to USDA data, the average price paid to producers for June 2012 was $0.93 per pound, down $0.10 cents from May and $0.30 cents from June Net pounds of processed fish sold during June 2012 totaled 12.5 million pounds, which was a slight increase from June Sales of fresh fish increased 2% to 4.69 million pounds and accounted for 38% of total fish sales. Frozen fish sales decreased 1% to 7.77 million pounds and represented the remaining 62% of sales. The fresh and frozen average price for June 2012 totaled $3.10, a decline of $0.36 from the prior year. The average price received by processors for total fresh fish decreased $0.43 to total $3.01 per pound. 12

13 PRICING TRENDS COFFEE According to the International Coffee Organization s ( ICO ) most recent Monthly Coffee Market Report, coffee prices continued their downward trend in June. The monthly average of the ICO composite indicator price decreased 7.8% to its lowest level since The decline in Robusta prices was less dramatic than that of Arabicas. In July, however, prices began to rally, driven by increased consumption coupled with export demand, particularly for Robusta blends. Futures prices are also up, driven by concern about weather factors in the third quarter in many coffee-growing areas. According to Reuters, El Nino is a major concern for coffee growing regions. SUGAR Sugar prices decreased in June as compared to the prior month, falling from $0.302 cents per pound to $0.289 cents per pound. The global market may experience higher prices in the coming months, as weather patterns in India are threatening to limit crop production in that country, which is the second largest sugar producer in the world. U.S. prices are unlikely to be impacted, however, as the majority of U.S. sugar is grown domestically. Lower supplies are also expected to contribute to pricing increases. Total production for the crop year 2011/12 is predicted at million bags, representing a 2.3% decline as compared to the prior year. Production is expected to decrease in Mexico, Central America, and South America, which collectively accounted for 61% of total production during crop year 2010/11. U.S. Raw Sugar Prices Per Pound - Duty Fee Paid New York July 2011 through June 2012 $0.42 $0.40 $0.38 $0.36 $0.34 $0.32 $0.30 $

14 FOOD REFERENCE SHEET Choice Beef Values, Price Spread, and All-Fresh Retail Value Dollars per pound of retail equivalent June 2012 May 2012 June 2011 Retail Value Wholesale Value Net Farm Value Beef Price Spreads Wholesale to Retail Farm to Wholesale Total All-Fresh Beef Retail Value Source: ERS/USDA Pork Values and Spreads Dollars per pound of retail equivalent June 2012 May 2012 June 2011 Retail Value Wholesale Value Net Farm Value Pork Price Spreads Wholesale to Retail Farm to Wholesale Total Source: ERS/USDA 14

15 FOOD REFERENCE SHEET Retail Prices for Poultry Cuts Dollars per pound June 2012 May 2012 June 2011 Retail Broiler Composite Wholesale Broiler Composite Wholesale-Retail Broiler Spread Chicken, Fresh, Whole Chicken, legs, bone-in Chicken, boneless breast Turkey, frozen, whole Source: ERS/USDA Retail Prices for Dairy Products June 2012 May 2012 June 2011 Milk, fresh, whole, fortified-gal. ($/gal.) American processed cheese ($/lb) Cheddar cheese, natural ($/lb) Source: ERS/USDA 15

16 FOOD REFERENCE SHEET Coffee: ICO Indicators and Futures Prices (New York Market) Dollars per pound July 2012 June 2012 July2011 ICO Composite Colombian Milds Other Mild Arabicas Brazilian Natural Arabicas Robustas Source: International Coffee Organization Durum Wheat: Prices received by Farmers, Monthly and Marketing Year Average, Montana, USA (USDA) Dollars per bushel Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Source: NASS/USDA Corn and Sorghum: Average Prices Received by Farmers Dollars per bushel June 2012 May 2012 June 2011 Corn Sorghum Source: ERS/USDA 16