PRX Grain Market Overview

PRX The ProExporter Network Grain, Oilseed & Biofuel Fundamentals Updated 4/1/18 PRX Grain Market Overview US Major Grains Crop Years 217/18 & 218/19 with USDA Apr 1, 218 WASDE PRX_Overview, SDU, Apr-1-18 218 PRX Report not intended as trade recommendation. Analysis based in part on public data and PRX best judgement. Page 1

PRX Forecast Summary, Major Crops, New Crop Year PRX_Overview, SDU, Apr-1-18 US CORN US SORGHUM US SOYBEANS US WHEAT Item PRX PRX PRX PRX PRX PRX PRX PRX Unit 17-18 18-19 17-18 18-19 17-18 18-19 17-18 18-19 Carry-in mil bu 2295 2172 33 28 31 584 1181 171 Area planted thou ac 9167 8826 5626 5932 9142 88982 4612 47339 Area harvested thou ac 8273 8857 545 5236 89522 88264 37586 38931 Yield bu/ac 176.6 173. 72.1 66.5 49.1 47.6 46.3 46.9 Production mil bu 1464 13985 364 348 4392 422 1741 1826 Imports mil bu 5 5 25 25 155 125 Supply mil bu 16949 1628 397 376 4718 4811 377 322 Feed/Residual Use mil bu 547 547 119 95 148 148 125 18 Industrial Use mil bu 78 71 5 63 196 197 955 955 of which, fuel ethanol mil bu 5635 5613 5 63 mil gals 1587 15864 14 21 Total Domestic Use mil bu 1255 1257 169 158 218 2118 18 1135 Foreign Exports mil bu 2225 2 2 2 226 2225 925 975 Total Use mil bu 14775 1457 369 358 4134 4343 25 211 Carry-out mil bu 2172 1732 28 18 584 468 171 912 US Farm Price cts/bu 335 34 32 325 93 95 465 5 PRX supply-demand factors are based on independent analysis, and will frequently be different than USDA's. 218 PRX Report not intended as trade recommendation. Analysis based in part on public data and PRX best judgement. Page 2

Soybean and Corn Area Planted & Value, 1976-218 PRX_Overview, SDU, Apr-1-18 Item 75-76 8-81 85-86 9-91 95-96 -1 5-6 13-14 14-15 15-16 16-17 17-18 18-19 Area Planted Soybeans mil ac 55 7 63 58 63 74 72 76.8 83.3 82.7 83.4 9.1 89. Corn mil ac 79 84 83 74 72 8 82 95.4 9.6 88. 94. 9.2 88. Subtotal mil ac 133 154 147 132 134 154 154 172.2 173.9 17.7 177.4 18.3 177. Supply Soybeans bil bu 1.7 2.2 2.4 2.2 2.5 3.1 3.3 3.6 4.1 4.1 4.5 4.7 4.8 Corn bil bu 6.4 8.7 1.5 9.3 9. 11.6 13.2 14.7 15.5 15.4 16.9 16.9 16.2 Farm Price Soybeans $/bu 4.92 7.57 5.5 5.74 6.77 4.54 5.66 13. 1.1 8.95 9.47 9.3 9.5 Corn $/bu 2.54 3.12 2.23 2.28 3.24 1.85 2. 4.46 3.7 3.61 3.36 3.35 3.4 Crop Supply Value Soybeans $bil 9 16 12 12 17 14 19 46 41 37 43 44 46 Corn $bil 16 27 23 21 29 22 26 66 57 56 57 57 55 Subtotal $bil 25 43 36 34 46 35 45 112 98 93 1 11 11 Value Soy + Corn $/acre 186 282 244 255 344 23 295 65 565 543 562 558 57 Area Planted Principal Crops* mil ac 318 329 318 325 326 319 319 319 318 Share Soy + Corn pct 4% 47% 48% 53.% 53.3% 53.5% 55.6% 56.5% 55.7% *USDA-NASS current data series for "Principal Crops" begins in 1993 Area planted of corn and soybeans falls 3.3 million acres from last year. 218 PRX Report not intended as trade recommendation. Analysis based in part on public data and PRX best judgement. Page 3

US Major Field Crops Area Planted, 99- to 18-19 Crop Years PRX_Overview, SDU, Apr-1-18 Crop All Feedgrains Oilseeds Corn + Total All Hay Principal Total year Wheat Corn Sorghum Barley Oats Total Soy Sunseed Canola Total Soy Cotton Major & Other Crops CRP w/crp mil ac mil ac mil ac mil ac mil ac mil ac mil ac mil ac mil ac mil ac mil ac mil ac mil ac mil ac mil ac mil ac mil ac 99-62.7 77.4 9.3 5.2 4.7 96.5 73.7 3.6 1.1 78.4 151.1 14.9 252.5 63.2 329.3 29.9 359.1-1 62.5 79.6 9.2 5.9 4.5 99.1 74.3 2.8 1.6 78.7 153.8 15.5 255.8 6.4 328.7 31.4 36.1 1-2 59.4 75.7 1.3 5. 4.4 95.3 74.1 2.6 1.5 78.2 149.8 15.8 248.7 63.5 324.6 33.6 358.2 2-3 6.3 78.9 9.6 5. 5. 98.5 74. 2.6 1.5 78. 152.9 14. 25.8 63.9 327.3 34. 361.2 3-4 62.1 78.6 9.4 5.4 4.6 98. 73.4 2.3 1.1 76.8 152. 13.5 25.4 63.4 325.7 34.1 359.8 4-5 59.6 8.9 7.5 4.5 4.1 97. 75.2 1.9.9 77.9 156.1 13.7 248.3 61.9 322.3 34.7 357. 5-6 57.2 81.8 6.5 3.9 4.2 96.3 72. 2.7 1.2 75.9 153.8 14.2 243.6 61.6 317.6 34.9 352.5 6-7 57.3 78.3 6.5 3.5 4.2 92.5 75.5 2.2.9 78.6 153.8 15.3 243.7 6.6 315.6 36. 351.6 7-8 6.5 93.5 7.7 4. 3.8 19.1 64.7 2.1 1.2 68. 158.3 1.8 248.3 61. 32.4 36.8 357.2 8-9 63.2 86. 8.3 4.2 3.2 11.7 75.7 2.5 1. 79.2 161.7 9.5 253.6 6.1 325. 33.7 358.7 9-1 59.2 86.4 6.6 3.6 3.4 1. 77.5 2..8 8.3 163.8 9.1 248.6 59.8 319.3 31.3 35.6 1-11 53.6 88.2 5.4 2.9 3.1 99.6 77.4 2. 1.4 8.8 165.6 11. 244.9 59.9 316.7 31.2 347.9 11-12 54.4 91.9 5.5 2.6 2.5 12.5 75. 1.5 1.1 77.7 167. 14.7 249.3 55.7 315.1 31.1 346.3 12-13 55.3 97.3 6.2 3.6 3. 11.2 77.2 1.9 1.8 8.9 174.5 12.3 258.7 56.3 326.3 29.5 355.8 13-14 56.2 95.4 8.1 3.5 3. 11. 76.8 1.6 1.3 79.8 172.2 1.4 256.4 57.9 324.9 26.8 351.7 14-15 56.8 9.6 7.1 3. 3. 13.7 83.3 1.6 1.7 86.6 173.9 11. 258.1 57.1 326.4 25.4 351.9 15-16 55. 88. 8.5 3.3 2.9 12.6 82.7 1.9 1.8 86.3 17.7 8.6 252.5 54.4 319. 24.2 343.2 16-17 5.1 94. 6.7 3.1 2.8 16.6 83.4 1.6 1.7 86.7 177.4 1.1 253.5 53.5 319.2 23.9 343.1 17-18 46. 9.2 5.6 2.5 2.6 1.9 9.1 1.4 2.1 93.6 18.3 12.6 253.1 53.8 319.1 23.4 342.6 18-19 47.3 88. 5.9 2.3 2.7 99. 89. 1.4 2.1 92.4 177. 13.5 252.2 53.7 318. 23.5 341.5 Change from previous year, based on PRX forecast 1.3-2.1.3 -.2.1-1.9-1.2.. -1.2-3.3.9 -.9 -.1-1.2.1-1.1 Latest crop year based on latest USDA-NASS suvey data and best judgment of PRX. 218 PRX Report not intended as trade recommendation. Analysis based in part on public data and PRX best judgement. Page 4

Corn Area Planted Change, 18-19 vs. Previous Year Corn Area Planted, Ac State 217 218 Change 1 IA 133 133 KS 55 51-4 MN 85 75-55 MO 34 34 ND 342 35-37 NE 955 93-25 SD 57 57 WI 39 385-5 WCB 5282 512-162 IL 112 11-2 IN 535 51-25 KY 132 128-4 MI 225 225 OH 34 345 5 ECB 2352 238-44 1-1 -5-5 -37-55 -5 2 5 2-25 -4-2 5-25 -4 4-3 -4-4 1-4 -5 3-1 4-3 1-5 -5-5 NE 3679 3644-35 SE 1855 19 45 SC 519 55-14 West 2965 35 4 For 218 US Corn Area Planted is forecast to be down -2141 thou acres. US 9167 8826-2141 218 PRX Report not intended as trade recommendation. Analysis based in part on public data and PRX best judgement. Page 5

Bushels per acre 2 19 18 17 US Corn Yield & Trends, 197-217 PRX_Overview, SDU, Apr-1-18 Share by Stacked Varieties, percent 15 Stacked Gene 14 Varieties, share of all seeds 13 (USDA-NASS) Actual, or latest 173. 12 PRX 16 15 14 13 12 11 1 9 8 7 6 11 1 9 8 7 6 5 4 3 2 1 PRX adopted trend, 1975-217 United States Forecast Adoption of GMO seeds begins in mid-9s, stacked genes in 2s, slowed in 21, big jump in 213. 5 7-71 75-76 8-81 85-86 9-91 95-96 -1 5-6 1-11 15-16 2-21 The corn yield trend is increasing about 1.9 bushel/acre. 218 PRX Report not intended as trade recommendation. Analysis based in part on public data and PRX best judgement. Page 6

Corn Production Change, 18-19 vs. Previous Year Corn Production, Mil Bu State 217 218 Change IA 266 257-99 KS 686 699 12 MN 148 1349-132 MO 553 51-42 ND 449 4-49 NE 1683 1657-26 SD 737 813 76 WI 51 487-23 WCB 874 8422-282 IL 221 223-178 IN 934 867-68 KY 217 192-25 MI 31 31 9 OH 554 541-13 ECB 427 3932-275 3 3-49 3-132 -3 76-23 1 9-99 -9-26 -3-178 -13 1-68 -13 5 13-8 12-42 -1-1 -25-13 -12 2 1 5 1-8 -1-5 7-2 -11 NE 395 363-32 -1 SE 252 233-19 SC 767 724-43 West 28 312 32 For 218 US Corn Production is forecast to be down 619 mil bu. US 1464 13985-619 218 PRX Report not intended as trade recommendation. Analysis based in part on public data and PRX best judgement. Page 7

GRAIN ETHANOL BUSHEL CONVERSIONS FOR CROP YEAR 17-18 PRX 218, File PRX_BS_Assumptions_Ryan, Apr-1-18 Days Months Ethanol Production Ethanol Prdn & Forecast USDA PRX per of EIA Petroleum Supply EIA Short-Term WASDE Blue Sky Month Crop Monthly Energy Outlook Estimates Latest Year (PSM) (STEO) Forecast Apr-18 Apr-18 Apr-18 Apr-18 Monthly Annual- Monthly Annual- Annual- Annualized ized ized ized mil gal mil gal mil gal mil gal mil gal mil gal 3 Sep-17 1284 15627 1284 15627 31 Oct-17 1347 15862 1347 15862 3 Nov-17 1364 16592 1364 16592 31 Dec-17 1378 16225 1378 16225 31 Jan-18 1362 1636 1362 1636 28 Feb-18 1225 15962 31 Mar-18 1351 1591 3 Apr-18 1238 1562 31 May-18 1355 15953 3 Jun-18 1321 1675 31 Jul-18 1345 15837 USDA PRX 31 Aug-18 1347 15857 Formula Formula Crop Yr Crop Yr Crop Yr Crop Yr YTD Average 1668 EIA Estimate 15917 EIA Est 15917 EIA Est 15917 Milo mil bu Milo mil bu 5 5 Milo gal/bu Milo gal/bu 2.8 2.8 Milo mil gal Milo mil gal The EIA's PSM reports monthly in barrels per day, and does not make projections. 14 14 The EIA's STEO projects in barrels per day per month, Corn mil gal Corn mil gal and actual months do not always agree with PSM. 15777 15777 The USDA may adopt STEO gallons, convert sorghum bushels to gallons, then corn gallons to bushels, and then applies judgment. Corn gal/bu 2.832 Corn gal/bu 2.816 PRX projects annual production of fuel ethanol from STEO in mil gals, Corn mil bu Corn mil bu then removes sorghum ethanol to estimate corn required for ethanol production 557 563 Adopt Adopt: 5575 5635 Total mil gal 15931 Total mil gal 15917 218 PRX Report not intended as trade recommendation. Analysis based in part on public data and PRX best judgement. Page 8

UNITED STATES Corn Supply-Demand, 21-218 PRX_Overview, SDU, Apr-1-18 Item Unit Crop Year 1-11 11-12 12-13 13-14 14-15 15-16 16-17 17-18 18-19 Carry-in mil bu 178 1128 989 821 1232 1731 1737 2295 2172 Area planted mil ac 88.2 91.9 97.3 95.4 9.6 88. 94. 9.2 88. Area harvested mil ac 81.4 84. 87.4 87.5 83.1 8.8 86.7 82.7 8.9 Yield bu/ac 152.8 147.2 123.1 158.1 171. 168.4 174.6 176.6 173. Production mil bu 12447 1236 1755 13829 14216 1362 15148 1464 13985 Imports mil bu 28 29 16 36 32 68 5 5 5 Supply mil bu 14182 13516 1194 14686 15479 1541 16935 16949 1628 Carry-out mil bu 1128 989 821 1232 1731 1737 2295 2172 1732 Disappearance (Use) mil bu 1355 12527 1183 13454 13748 13664 1464 14777 14476 Processing use mil bu 6323 633 591 6387 662 6671 6882 78 71 of which, Fuel Eth mil bu 4939 493 4537 58 5248 5273 5479 5635 5613 bil gal 13.8 13.8 12.8 14.1 14.7 15.1 15.7 16. 16.1 Exports mil bu 1834 1543 73 192 1864 191 2295 2225 2 Feed/Residual Use mil bu 4898 4682 4443 5147 5265 591 5472 547 547 Total Use mil bu 1355 12527 1183 13454 13748 13664 1464 14777 14476 Carry-out mil bu 1128 989 821 1232 1731 1737 2295 2172 1732 Carryout-to-Use Ratio pct 8.6% 7.9% 7.4% 9.2% 12.6% 12.7% 15.7% 14.7% 12.% Farm Price $/bu 5.18 6.22 6.89 4.46 3.7 3.61 3.36 3.35 3.22 218 PRX Report not intended as trade recommendation. Analysis based in part on public data and PRX best judgement. Page 9

Corn Farm Price vs. Carryout-to- Use Ratio Farm Price, cents per bushel 8 Farm Price Carryout-to-use 7 6 Carryout-to-use ratio, percent.% 4.% 8.% 5 12.% 4 16.% 3 2.% 2 24.% PRX_Overview, SDU, Apr-1-18 1 28.% 9-91 95-96 -1 5-6 1-11 15-16 2-21 32.% Corn Carryout-to-Use & Farm Price Display Changing Relationship 218 PRX Report not intended as trade recommendation. Analysis based in part on public data and PRX best judgement. Page 1

UNITED STATES Corn Supply-Demand, 21-218 PRX_Overview, SDU, Apr-1-18 Item Unit Crop Year 1-11 11-12 12-13 13-14 14-15 15-16 16-17 17-18 18-19 Carry-in mil bu 178 1128 989 821 1232 1731 1737 2295 2172 Area planted mil ac 88.2 91.9 97.3 95.4 9.6 88. 94. 9.2 88. Area harvested mil ac 81.4 84. 87.4 87.5 83.1 8.8 86.7 82.7 8.9 Yield bu/ac 152.8 147.2 123.1 158.1 171. 168.4 174.6 176.6 173. Production mil bu 12447 1236 1755 13829 14216 1362 15148 1464 13985 Supply mil bu 14182 13516 1194 14686 15479 1541 16935 16949 1628 Disappearance (Use) mil bu 1355 12527 1183 13454 13748 13664 1464 14777 14476 Feed/Residual Use mil bu 4898 4682 4443 5147 5265 591 5472 547 547 Residual use mil bu 638 487 352 773 962 884 1213 998 995 Feed use in US mil bu 426 4195 491 4374 433 427 4259 4472 4475 Dairy mil bu 792 779 777 839 819 797 86 834 834 Beef cattle mil bu 1217 12 1138 1191 1162 1128 1142 1183 1183 Hogs mil bu 95 948 942 985 17 17 12 1121 1124 Poultry mil bu 125 1174 1138 1256 1217 1179 1194 1234 1234 Other mil bu 97 95 95 12 99 96 97 1 1 Processing use mil bu 6323 633 591 6387 662 6671 6882 78 71 Fuel ethanol by wet mill mil bu 481 481 481 481 481 481 543 556 533 Fuel ethanol by dry mill mil bu 4458 4422 457 4527 4767 4793 4935 579 581 Total fuel ethanol mil bu 4939 493 4537 58 5248 5273 5479 5635 5613 bil gal 13.8 13.8 12.8 14.1 14.7 15.1 15.7 16. 16.1 Total domestic use mil bu 1355 12527 1183 13454 13748 13664 1464 14777 14476 Foreign Exports mil bu -1834-1543 -73-192 -1864-191 -2295-2225 -2 Carry-out mil bu 1128 989 821 1232 1731 1737 2295 2172 1732 Note. DDG Disposition (na until 6-7), with ruminants 3% ration @ 1. feed value of corn; hogs 2% @.8; poultry 5% @.5. DDG production thou mt 3746 3746 3746 3746 Corn displcd by DDG mil bu 965 965 965 965 DDG fed to all animals thou mt 25724 25724 25724 25724 DDG exports to foreign thou mt 11682 11682 11682 11682 Corn displcd by DDG &CGF mil bu 1137 1137 1216 1216 218 PRX Report not intended as trade recommendation. Analysis based in part on public data and PRX best judgement. Page 11

Corn Net Exports (+) and Net Imports (-), 18-19 Mil Bu Canada Corn Exports Rail & Truck Lakes Total 16-17 22 13 35 17-18 22 12 33-384 -1 18-19 22 11 3-25 Change -1-4 US Lakes Pacific NW Corn Exports Corn Exports -38 16-17 3 16-17 453 17-18 28 17-18 433-13 131 18-19 25 18-19 384-25 -18 Change -3 614 Change -49-55 345 147-4 14 418-32 478 636 175 6 127-6 -27 27-1 -355 25-59 196 Total Foreign 58 Corn Exports US Atlantic -28-26 16-17 2295-113 Corn Exports 17-18 2225-51 -36-56 -2-15 16-17 23 18-19 2 17-18 22 Change -225-189 -58-14 18-19 2-312 59 Change -3 Rail Mexico Corn Exports 16-17 333 17-18 336 18-19 313-313 -1239 Change -22 All Gulf Corn Exports Total Mexico Current net export pattern depends on successful domestic use of DDG to displace whole corn according to PRX calculated formulas. -11 16-17 1434 241 17-18 1384 243 18-19 1239 227 Change -145-16 218 PRX Report not intended as trade recommendation. Analysis based in part on public data and PRX best judgement. Page 12

Soybean Area Planted Change, 18-19 vs. Previous Year Soybean Area Planted, Ac State 217 218 Change IA 1 98-2 KS 515 49-25 MN 815 79-25 MO 595 59-5 ND 71 71 NE 57 56-1 SD 565 56-5 WI 215 22 5 WCB 4985 49-85 -25 5-5 5-13 -2 1-1 5-25 -5 15-2 -25-5 3 5 IL 16 16 IN 595 61 15 KY 195 2 5 MI 228 215-13 OH 51 485-25 ECB 2588 257-18 -85-5 7 5 1-9 15-2 -1 NE 2247 2317 7 SE 262 2515-15 SC 9545 945-95 West US 9142 88982-116 For 218 US Soybean Area Planted is forecast to be down 116 thou acres. 218 PRX Report not intended as trade recommendation. Analysis based in part on public data and PRX best judgement. Page 13

Bushels per acre US Soybean Yield & Trends, 197-217 PRX_Overview, SDU, Apr-1-18 6. 55. 5. 47.6 45. 4. 35. Actual, or latest PRX PRX adopted trend, 1975-217 United States Forecast 3. 25. 2. 7-71 75-76 8-81 85-86 9-91 95-96 -1 5-6 1-11 15-16 2-21 The soybean trend yield is increasing at about.5 bushels per acre per year. 218 PRX Report not intended as trade recommendation. Analysis based in part on public data and PRX best judgement. Page 14

Soybean Production Change, 18-19 vs. Previous Year Soybean Production, Mil Bu State 217 218 Change IA 562 54-22 KS 189 188-1 MN 38 37-1 MO 29 257-33 ND 24 257 18 NE 326 315-11 SD 241 238-3 WI 11 16 6 WCB 2328 2271-57 IL 612 57-42 IN 321 325 5 KY 13 94-9 MI 96 1 3 OH 252 244-8 ECB 1384 1334-5 NE 15 99-6 18-1 -3 6 4 3-11 -22-42 -8 5-2 -5-1 -1-33 -9-2 -4-14 -11-15 -4-1 -3-9 -14-3 SE 15 86-19 SC 469 411-58 West For 218 US Soybean Production is forecast to be down 189 mil bu. US 4392 422-189 218 PRX Report not intended as trade recommendation. Analysis based in part on public data and PRX best judgement. Page 15

UNITED STATES Soybean Supply-Demand PRX_Overview, SDU, Apr-1-18 Item Unit Crop year (Sep-Aug) 8-9 9-1 1-11 11-12 12-13 13-14 14-15 15-16 16-17 17-18 18-19 Carry-in mil bu 25 138 151 215 169 141 92 191 197 31 584 Area planted thou ac 75718 77451 7744 7546 77198 7684 83276 8265 83433 9142 88982 Area harvested thou ac 74681 76372 7661 73776 76144 76252 82593 81732 82696 89522 88264 Yield bu/ac 39.7 44. 43.5 41.9 4. 44. 47.5 48. 52. 49.1 47.6 Production mil bu 2967 3359 3329 394 342 3358 3926 3926 4296 4392 422 Supply mil bu 3185 3512 3494 3325 3252 3571 452 4141 4515 4718 4811 Disappearance (Use) mil bu 347 3361 3279 3156 3111 3479 3861 3944 4213 4134 4343 Seed/Residual Use mil bu 16 11 148 89 15 14 145 123 148 148 148 Crush mil bu 1662 1752 163 173 1689 1734 1873 1886 1899 196 197 Domestic Use mil bu 1768 1862 1778 1792 1794 1838 218 29 247 218 2118 Foreign Exports mil bu -1279-1499 -151-1364 -1317-1641 -1843-1935 -2166-226 -2225 (Minus indicates exports from US) Foreign exports (-) up by 199 mil bu, crush up by 1 mil bu. Carry-out mil bu 138 151 215 169 141 92 191 197 31 584 468 Farm Price, Sales weighted annual average US Farm Price cts/bu 997 959 113 125 144 13 11 895 947 93 95 218 PRX Report not intended as trade recommendation. Analysis based in part on public data and PRX best judgement. Page 16

UNITED STATES Soybean Meal Supply-Demand PRX_Overview, SDU, Apr-1-18 Item Unit Crop year (Sep-Aug) 8-9 9-1 1-11 11-12 12-13 13-14 14-15 15-16 16-17 17-18 18-19 Soybean crush mil bu 1662 1752 163 173 1689 1734 1873 1886 1899 196 197 Yield lbs/bu 47.4 47.2 47.7 47.9 47.7 47.7 47.5 47.3 46.9 47.3 47.3 Soymeal production thou st 39416 41338 38879 481 4283 41356 44517 44593 44413 46476 46569 Soymeal supply thou st 39832 41654 39152 491 4613 4166 44717 44932 44688 46829 47342 Soymeal domestic use thou st 3845 3469 344 3172 28892 29815 31668 32957 32622 33873 335 Soymeal exports thou st 8671 1912 98 9143 11471 11615 1271 117 11713 12183 13 Soymeal total use thou st 39516 41381 3952 4863 4363 4143 44378 44657 44335 4656 465 Soymeal carry-out thou st 316 273 1 47 25 176 339 275 353 773 842 HPCAUs mil 136. 134.4 134.8 135.5 132.2 132. 134.1 135.4 135.4 135.4 137.2 Soymeal fed per HPCAU st.227.227.223.234.219.226.236.243.241.25.249 Avg price, Decatur, actl $/st 331 311 346 394 468 49 368 325 317 Avg price, Decatur, model $/st 331 311 346 331 45 42 368 351 34 373 343 Protein fed, total thou st 37452 37236 37972 39771 36731 3776 3976 4995 4698 42274 42925 of which, Dairy thou st 4837 4757 487 5122 4836 4966 524 5346 5265 544 5522 Beef cattle thou st 6514 6483 6626 6874 6265 6297 661 6849 6752 6976 781 Hogs thou st 723 713 7298 7787 7327 7286 7993 8443 8628 9138 9293 Poultry thou st 18568 18534 18842 19637 1797 18816 19545 19996 19696 235 2655 Other thou st 33 332 337 351 333 342 354 363 357 369 375 Non-soy olsd meal fed thou st 3573 3573 3573 3573 3573 3573 3573 3573 3573 3573 3573 Animal protein fed thou st 2883 2883 2883 2883 2883 2883 2883 2883 2883 2883 2883 Gluten feed & meal fed thou st 151 311 1472 1595 1383 1435 1582 1582 162 1945 2269 Soymeal fed thou st 3845 3469 344 3172 28892 29815 31668 32957 32622 33873 342 Soymeal production thou st 39416 41338 38879 481 4283 41356 44517 44593 44413 46476 46569 Net Soymeal exports thou st -8671-1912 -98-9143 -11471-11615 -1271-117 -11713-12183 -13 218 PRX Report not intended as trade recommendation. Analysis based in part on public data and PRX best judgement. Page 17

UNITED STATES Soybean Oil Supply-Demand PRX_Overview, SDU, Apr-1-18 Item Unit Crop year (Sep-Aug) 8-9 9-1 1-11 11-12 12-13 13-14 14-15 15-16 16-17 17-18 18-19 Soybean crush mil bu 1662 1752 163 173 1689 1734 1873 1886 1899 196 197 Yield lbs/bu 11.3 11.1 11.4 11.4 11.6 11.6 11.2 11.5 11.6 11.6 11.6 Soyoil production mil lbs 18846 19453 18585 19414 19592 2114 2168 21685 2195 2276 2286 Soyoil supply mil lbs 21415 22494 21888 21846 22253 21824 22245 23215 23936 24138 24394 Soyoil domestic use mil lbs 16286 15847 16383 17799 18576 18934 18964 19479 259 26 19562 Soyoil net exports mil lbs 288 3344 373 1489 1967 1713 175 1955 25 195 125 Soyoil total use mil lbs 18374 19191 19456 19288 2543 2647 2713 21433 22558 22549 2812 Soyoil carry-out mil lbs 341 333 2432 2558 171 1177 1531 1782 1378 1588 3581 US population mil 299.2 32. 34.8 37.6 31.4 313.2 316. 318.8 321.6 324.4 327.2 Domestic SBO per cap lbs 54.4 52.5 53.8 57.9 59.8 6.5 6. 61.1 63.8 63.5 63. Avg price, Decatur, actl cents/lb 32.2 36. 53.2 51.9 47.3 5.6 29.9 28.9 3. 29.8 3.4 Avg price, Decatur, model cents/lb 32.2 36. 53.2 51.9 47.3 5.6 29.9 28.9 3. 29.8 3.4 Estimated domestic: Soyoil food use mil lbs 14386 13647 13433 14699 1413 13924 13926 1389 14537 14571 135 Soyoil industrial use mil lbs 19 22 295 31 4446 51 538 567 5972 629 663 Biodiesel mil gals 26 31 44 425 69 686 69 777 818 826 831 Estimated crush margin (Central IL): Soyoil price cents/bu 32.2 36. 53.2 51.9 47.3 5.6 29.9 28.9 3. 29.8 3.4 Soyoil yield per bu lbs/bu 11.3 11.1 11.4 11.4 11.6 11.6 11.2 11.5 11.6 11.6 11.6 Soyoil value per bu cents/bu 365 399 67 592 548 587 336 333 347 345 352 Soymeal price, Decatur $/st 331 311 346 331 45 42 368 351 34 373 343 Soymeal yield per bu lbs/bu 43.8 43.8 43.8 43.8 43.8 43.8 43.8 43.8 43.8 43.8 43.8 Soymeal value per bu cents/bu 725 682 757 725 887 919 85 768 744 817 752 Soybean price, Decatur cents/bu 997 959 113 125 144 13 11 895 947 93 95 Oil & meal value per bu cents/bu 19 181 1363 1317 1436 156 1142 111 191 1162 114 Crush margin proxy* cents/bu 93 122 233 67-4 229-145 151 66 395 299 * Crush margin proxy does not include local elevation and transportation costs to the processor and should be adjusted for local costs. 218 PRX Report not intended as trade recommendation. Analysis based in part on public data and PRX best judgement. Page 18

Soybean Net Exports (+) and Net Imports (-), 18-19 Mil Bu PRX_Overview, SDU, Apr-1-18 Pacific NW US Lakes Soybean Exports Soybean Exports 16-17 579 16-17 32 17-18 55 17-18 3 18-19 592 18-19 32 Change 42 Change 2-32 -592 253 28 221 126 98-67 -62 US Atlantic Rail Mexico Soybean Exports 4 27 Soybean Exports 16-17 117 16-17 99 17-18 111 17-18 96 18-19 119 18-19 14-14 Change 8 Change 9-1377 All Gulf Soybean Exports Total Mexico 16-17 1346 7 17-18 1278 67 18-19 1377 74 Change 99 6 Current net export pattern depends on other oilseed meals and proteins. 14 179 114 82 14 13 273 127 9 66 49 13-18 27 4-4 -8-15 6-119 218 PRX Report not intended as trade recommendation. Analysis based in part on public data and PRX best judgement. Page 19

Wheat Area Planted Change, 18-19 vs. Previous Year Wheat Area Planted, Ac State 217 218 Change IA 21 2-1 KS 76 77 1 MN 1195 1631 436 MO 64 66 2 ND 668 749 81 NE 112 17-5 SD 1887 1889 2 WI 21 23 2 WCB 19353 269 1337 IL 5 56 6 IN 29 3 1 KY 48 44-4 MI 48 53 5 OH 46 49 3 ECB 221 232 11 NE 171 972-99 15 35 8-2 -13-19 2 152 81 436 2 2 5-1 -5-1 -3 6 3 1-8 3 1 2-2 -4 2-2 3 3-2 -15 5 4 2-5 SE 87 95 8 5 SC 9835 9645-19 CO 226 2412 152 MT 514 495-19 West 12673 12762 89 US 4612 47339 1327 For 218 US Wheat Area Planted is forecast to be up 1327 thou acres. 218 PRX Report not intended as trade recommendation. Analysis based in part on public data and PRX best judgement. Page 2

Bushels per acre 6 US Wheat Yield & Trends, 197-217 PRX_Overview, SDU, Apr-1-18 56 52 48 44 4 46.9 Actual, or latest PRX PRX adopted trend, 1975-217 United States Forecast 36 32 28 24 2 7-71 75-76 8-81 85-86 9-91 95-96 -1 5-6 1-11 15-16 2-21 The long-term trend wheat yield shows a gain of about.4 bushels/acre. 218 PRX Report not intended as trade recommendation. Analysis based in part on public data and PRX best judgement. Page 21

Wheat Production Change, 18-19 vs. Previous Year Wheat Production, Mil Bu State 217 218 Change IA 1 KS 334 296-38 MN 76 87 11 MO 37 32-4 ND 238 3 62 NE 47 43-4 SD 42 59 17 WI 12 14 2 WCB 785 831 46 IL 36 36 IN 18 18 1 KY 24 21-3 MI 34 38 4 OH 32 35 3 ECB 143 148 5 NE 48 45-3 SE 36 39 4 SC 195 188-7 1 31-1 13 3-6 62 11 17 2-1 4-4 -2 3 1-2 -38-4 -3 2 2-15 1 7 1 CO 88 81-6 MT 127 159 31 West 534 575 41 US 1741 1826 85 For 218 US Wheat Production is forecast to be up 85 mil bu. 218 PRX Report not intended as trade recommendation. Analysis based in part on public data and PRX best judgement. Page 22

UNITED STATES All Wheat Supply-Demand, 8-9 to 18-19 PRX_Overview, SDU, Apr-1-18 Item Unit Crop year (Jun-May) 8-9 9-1 1-11 11-12 12-13 13-14 14-15 15-16 16-17 17-18 18-19 Carry-in mil bu 36 657 976 862 743 718 59 752 976 1181 171 Area planted thou ac 63193 59168 53593 5449 55666 56236 56822 54999 5119 4612 47339 Area harvested thou ac 55699 49893 47628 4575 48921 45332 46381 47316 4385 37586 38931 Yield bu/ac 44.9 44.5 46.3 43.7 46.3 47.1 43.7 43.6 52.7 46.3 46.9 Production mil bu 2499 2218 227 1999 2266 2135 226 262 239 1741 1826 Imports mil bu 127 12 97 112 122 168 149 113 118 155 125 Supply mil bu 2932 2995 328 2973 3131 321 2764 2927 342 377 322 Disappearance (Use) mil bu 2275 219 2418 223 2413 2431 212 1951 2221 25 211 Feed/Residual Use mil bu 335 22 24 24 461 34 2 219 218 125 18 Processing in state mil bu 925 919 925 94 945 951 958 957 949 955 955 Domestic Use mil bu 126 1139 1129 118 146 1255 1158 1176 1167 18 1135 Foreign Exports mil bu -115-88 -1289-15 -17-1176 -854-775 -154-925 -975 (Minus indicates exports from US) New crop exports (-) up by 5 mil bu. Carry-out mil bu 657 976 862 743 718 59 752 976 1181 171 912 Farm Price, Sales weighted annual average US Farm Price cts/bu 678 487 57 724 777 687 599 489 389 465 5 218 PRX Report not intended as trade recommendation. Analysis based in part on public data and PRX best judgement. Page 23

UNITED STATES Sorghum Supply-Demand, 8-9 to 18-19 Master Blue Sky Forecast, SDU, Apr-1-18 Item Unit Crop year (Sep-Aug) 8-9 9-1 1-11 11-12 12-13 13-14 14-15 15-16 16-17 17-18 18-19 Carry-in mil bu 53 55 41 27 23 15 34 18 37 33 28 Area planted thou ac 8273 6633 544 5481 6244 876 7138 8459 669 5626 5932 Area harvested thou ac 7268 552 4813 3929 4955 6585 641 7851 6163 545 5236 Yield bu/ac 65 69 72 56 5 61 68 76 78 72 66 Production mil bu 472 383 346 214 247 392 433 597 48 364 348 Supply mil bu 525 438 387 241 27 48 466 615 517 397 376 Disappearance (Use) mil bu 47 397 36 218 255 374 448 578 485 369 358 Feed/Residual Use mil bu 232 127 125 78 92 93 8 123 167 119 95 Industrial Use mil bu 95 15 83 85 92 7 18 14 118 5 63 Total Use mil bu 327 232 28 163 184 163 98 263 285 169 158 Foreign Exports mil bu -143-165 -152-55 -71-211 -35-315 -2-2 -2 Carry-out mil bu 55 41 27 23 15 34 18 37 33 28 18 US Farm Price cts/bu 32 322 52 599 633 428 43 331 279 32 325 As share of corn pct 79% 91% 97% 96% 92% 96% 19% 92% 83% 96% 96% 218 PRX Report not intended as trade recommendation. Analysis based in part on public data and PRX best judgement. Page 24

Forecast Comparison: USDA versus PRX, OLD CROP PRX_Overview, SDU, Apr-1-18 US Corn US Soybeans US Wheat Item PRX USDA PRX USDA PRX USDA Unit 17-18 17-18 17-18 17-18 17-18 17-18 Carry-in mil bu 2295 2293 31 32 1181 1181 Area planted thou ac 9167 92 9142 91 4612 46 Area harvested thou ac 8273 827 89522 895 37586 376 Yield bu/ac 176.6 176.6 49.1 49.1 46.3 46.3 Production mil bu 1464 1464 4392 4392 1741 1741 Imports mil bu 5 5 25 25 155 155 Supply mil bu 16949 16947 4718 4718 377 376 Feed/Residual Use mil bu 547 55 148 133 125 132 Industrial Use mil bu 78 74 196 197 955 955 of which, corn ethanol mil bu 5635 5575 Total Domestic Use mil bu 1255 1254 218 213 18 187 Foreign Exports mil bu 2225 2225 226 265 925 925 Total Use mil bu 14775 14765 4134 4168 25 212 Carry-out mil bu 2172 2182 584 55 171 164 US Farm Price cts/bu 335 335 93 93 465 465 218 PRX Report not intended as trade recommendation. Analysis based in part on public data and PRX best judgement. Page 25

Forecast Comparison: USDA versus PRX, NEW CROP PRX_Overview, SDU, Apr-1-18 US Corn US Soybeans US Wheat Item PRX USDA PRX USDA PRX USDA Unit 18-19 18-19 18-19 18-19 18-19 18-19 Carry-in mil bu 2172 NA 584 NA 171 NA Area planted thou ac 8826 NA 88982 NA 47339 NA Area harvested thou ac 8857 NA 88264 NA 38931 NA Yield bu/ac 173. NA 47.6 NA 46.9 NA Production mil bu 13985 NA 422 NA 1826 NA Imports mil bu 5 NA 25 NA 125 NA Supply mil bu 1628 NA 4811 NA 322 NA Feed/Residual Use mil bu 547 NA 148 NA 18 NA Industrial Use mil bu 71 NA 197 NA 955 NA of which, corn ethanol mil bu 5613 NA Total Domestic Use mil bu 1257 NA 2118 NA 1135 NA Foreign Exports mil bu 2 NA 2225 NA 975 NA Total Use mil bu 14476 NA 4343 NA 211 NA Carry-out mil bu 1732 NA 468 NA 912 NA US Farm Price cts/bu 34 NA 95 NA 5 NA USDA WAOB estimates for 18/19 marketing year won't be available until May. 218 PRX Report not intended as trade recommendation. Analysis based in part on public data and PRX best judgement. Page 26

World Corn, Supply-Demand (USDA WASDE) W_World_wjh.xls, SDU, Apr-1-18 Crop Beg. Pro- Im- Sup- Ex- Feed Food & Total End Stocks Year* Stocks duction ports ply ports Use Ind. Use Use Stocks to Use mmt mmt mmt mmt mmt mmt mmt mmt mmt ratio 14-15 175 113 123 1188 142 584 255 98 28.21 15-16 21 963 14 1173 12 599 242 961 212.22 16-17 214 175 136 1289 16 632 267 159 231.22 17-18 231 136 147 1267 153 65 267 169 198.18 Change from previous year 17-39 11-22 -7 18 11-33 -.3-3.7% 8.1% -4.5% 1.% -14.3% *Aggregate of local marketing years. China stocks and use data before 1985 not revised by USDA..8 Corn Stocks to Use Ratios World.6 US.4 World corn stocks to use ratio down in 217-18.2. 7-71 75-76 8-81 85-86 9-91 95-96 -1 5-6 1-11 15-16 2-21 218 PRX Report not intended as trade recommendation. Analysis based in part on public data and PRX best judgement. Page 27

World Soybean, Supply-Demand (USDA WASDE) W_World_wjh.xls, SDU, Apr-1-18 Crop Beg. Pro- Im- Sup- Ex- Crush Food & Total End Stocks Year* Stocks duction ports ply ports Use Ind. Use Use Stocks to Use mmt mmt mmt mmt mmt mmt mmt mmt mmt ratio 14-15 62 32 122 381 126 262 38 3 78.26 15-16 78 313 133 391 132 275 39 315 77.25 16-17 79 351 144 429 147 288 41 329 97.29 17-18 97 335 152 432 15 299 43 342 91.27 Change from previous year 18-16 7 2 3 11 2 13-6 -.3-4.5% 5.1% 2.% 3.8% -6.1% *Aggregate of local marketing years, except Argentina and Brazil adjusted to Oct-Sep..5 Soybean Stocks to Use Ratios.4 World US Brazil + Argentina.3.2 World soybean stocks to use ratio down in 217-18.1. 7-71 75-76 8-81 85-86 9-91 95-96 -1 5-6 1-11 15-16 2-21 218 PRX Report not intended as trade recommendation. Analysis based in part on public data and PRX best judgement. Page 28

World Wheat, Supply-Demand (USDA WASDE) W_World_wjh.xls, SDU, Apr-1-18 Crop Beg. Pro- Im- Sup- Ex- Feed Food & Total End Stocks Year* Stocks duction ports ply ports Use Ind. Use Use Stocks to Use mmt mmt mmt mmt mmt mmt mmt mmt mmt ratio 14-15 194 725 159 919 164 131 41 75 215.3 15-16 218 735 17 953 173 137 42 711 242.34 16-17 243 751 179 993 183 147 48 739 255.34 17-18 255 76 182 114 182 146 415 743 271.36 Change from previous year 1.1 1..9.8.7.6.5.4.3.2.1 12 9 3 21-1 -1 7 4 17.2 1.2% 1.5% -.7%.6% 6.5% *Aggregate of local marketing years. China stocks and use data before 1985 not revised by USDA. 1.2 Wheat Stocks to Use Ratios World US China World wheat stocks to use ratio up in 217-18. 7-71 75-76 8-81 85-86 9-91 95-96 -1 5-6 1-11 15-16 2-21 218 PRX Report not intended as trade recommendation. Analysis based in part on public data and PRX best judgement. Page 29