1 July 10, World Supply and Demand Estimates Corn Projected 2015/16 U.S. feed grain supplies are lowered this month with reductions in corn beginning stocks and production. Corn beginning stocks for 2015/16 are down 97 million bushels as increases in 2014/15 feed and residual use, use in ethanol production, and exports more than offset a small increase in imports. Corn production for 2015/16 is projected down 100 million bushels reflecting the lower planted and harvested areas from the June 30 Acreage. Projected 2015/16 U.S. corn use is lowered with reductions for feed and residual use and exports more than offsetting higher expected corn use in ethanol production. Projected feed and residual use is reduced 25 million bushels with lower production, higher expected supplies of distillers grains, and the higher price outlook. Exports are lowered 25 million bushels with increased competition expected from larger supplies in Brazil. Use for ethanol is raised 25 million bushels with higher forecasts for 2015 and 2016 gasoline consumption in the latest outlook from the Energy Information Administration. The higher gasoline consumption outlook also boosts expected 2014/15 corn use for ethanol by 25 million bushels. This month s higher projections for 2014/15 corn feed and residual use and exports reflect the latest indications of disappearance from the June 1 stocks estimate and reported export shipments and sales to date. Corn ending stocks for 2015/16 are projected 172 million bushels lower. Projected season-average prices received by producers for 2015/16 are higher for all the feed grains with corn up 25 cents to $3.45 to $4.05 per bushel. This is up 5 cents per bushel, at the midpoint, from this month s higher forecast for 2014/15. At $3.60 to $3.80 per bushel, the 2014/15 corn price range is raised 5 cents on both ends. Global coarse grain supplies for 2015/16 are projected down with much of the reduction from lower corn beginning stocks in the United States. Foreign coarse grain beginning stocks are also lower with Brazil corn stocks down 59 million bushels. Brazil corn exports for 2014/15 are increased, outpacing this month s increase in 2014/15 production. Globally, corn production for 2015/16 is lowered 87 million bushels with reductions in the United States and EU only partly offset by increases for Brazil and China. EU corn production is lowered 94 million bushels as recent excessive heat and developing dryness across major growing areas reduces yield prospects. Corn production is lowered 12 million bushels for neighboring Serbia where heat and dryness are also concerns. Brazil corn production is raised 79 million bushels for 2015/16 with higher expected area for the crop that will be planted in the coming months. China corn production is raised 39 million bushels also on higher area. Global 2015/16 coarse grain consumption is raised. Corn feeding is raised for EU supported by larger imports as domestic grain supplies decline. Brazil corn exports are raised for 2014/15 and 2015/16, up 98 million bushels and 39 million bushels, respectively. EU corn imports are raised in both years. Global 2015/16 corn ending stocks are projected 205 million bushels lower mostly on the reduction expected for the United States. Corn ending stocks are also expected lower for EU and Brazil.
2 Market Reaction: September 2015 corn futures closed up 6 cents at $4.34 ¾ with a trading range for the day of $4.24 ¼ to $4.39 ¼. December 2015 corn futures closed up 6 cents at $4.45 with a trading range for the day of $4.34 ¼ to $4.49. Corn yields were left unchanged from the June WASDE at bu/acre. The will likely decrease corn yields on the August WASDE due to the challenging growing conditions in many areas. Significant decreases in domestic and global corn ending stocks were presented, however these were largely anticipated. Overall the Report was supportive to corn prices. Acres Planted (Million Acres) Acres Harvested (Million Acres) U.S. Average Yield (Bu/Acre) 2009/ / / / /14 Supply 2014/15 Estimate 2015/16 Projected June 2015/16 Projected July Supply (Million Bushels) Beg. 1,673 1,708 1, ,232 1,876 1,779 Production 13,092 12,447 12,360 10,755 13,829 14,216 13,630 13,530 Imports Total Supply 14,774 14,182 13,517 11,904 14,686 15,474 15,531 15,334 Use (Million Bushels) Feed and Residual 5,125 4,792 4,557 4,315 5,034 5,300 5,300 5,275 Ethanol 4,591 5,021 5,000 4,641 5,134 5,200 5,200 5,225 Food, Seed & Industrial 1,370 1,407 1,428 1,397 1,369 1,346 1,360 1,360 Exports 1,980 1,835 1, ,917 1,850 1,900 1,875 Total Use 13,066 13,054 12,528 11,083 13,454 13,696 13,760 13,735 U.S. Ending 1,708 1, ,232 1,779 1,771 1,599 Foreign 4,040 3,919 4,237 4,619 5,581 5,880 5,913 5,880 Price and to Use Ratio U.S. Avg. Season Price ($/Bu) $3.55 $5.18 $6.22 $6.89 $4.46 $3.60- $3.80 $3.20- $3.80 $3.45- $4.05 U.S. /Use 13.07% 8.64% 7.89% 7.41% 9.16% 12.99% 12.87% 11.64% Source: -WASDE July 10, 2015
3 Country / Region World Corn Supply and Use (Million Bushels) 2015/16 (July) Beginning Production Imports Feed Total Exports Ending World 7,635 38,861 4,757 23,993 39,018 4,825 7,478 US 1,779 13, ,275 11,860 1,875 1,599 Foreign 5,857 25,331 4,732 18,718 27,158 2,950 5,880 Argentina Brazil 739 3, ,968 2, South Africa Egypt EU 348 2, ,401 3, Japan Mexico , Southeast Asia 180 1, ,169 1, South Korea Canada China 3,148 9, ,220 8, ,618 Ukraine 93 1, ROW 912 5,371 1,898 3,934 6, Country / Region World Corn Supply and Use (Million Bushels) 2015/16 (July-June) Beginning Production Imports Feed Total Exports Ending World US Foreign Argentina Brazil South Africa Egypt EU Japan Mexico Southeast Asia South Korea Canada China Ukraine ROW Source: -WASDE July 10, 2015
4 Cotton The U.S. cotton projections for 2015/16 show marginally lower beginning and ending stocks. The production forecast of 14.5 million bales is unchanged from last month, as lower expected abandonment and slightly higher yields offset the reduced planted area indicated in the Acreage report. mill use and exports are both revised slightly, based on changes made in the 2014/15 balance sheet, which reflect recent activity. The 2015/16 projected ending stocks are 4.2 million bales, down 200,000 from last month and unchanged from the beginning level. The projected range for the marketing year average price received by producers of 54 to 70 cents per pound is raised 4 cents on the lower end, with a midpoint of 62 cents. This month s world cotton supply and demand estimates indicate lower consumption and higher ending stocks for both 2014/15 and 2015/16 relative to last month. China s consumption is reduced sharply in both years due to continued strong competition from both polyester and imported cotton products. At the same time, 2015/16 s projected growth in world cotton consumption remains above 3 percent, as this month s reductions in consumption by China, Brazil, Bangladesh, and Pakistan are partially offset by increases for India and Vietnam. World production is about unchanged, but world trade is raised, as lower imports by China, Pakistan, and Bangladesh are more than offset by an increase for Vietnam. Projected 2015/16 world ending stocks are raised by more than 2.0 million bales; however, with the expected China carryover 2.5 million bales above last month, stocks outside of China are projected lower. Market Reaction: December 2015 cotton futures closed down 0.34 cents at with a trading range for the day of to March 2015 cotton futures closed down 0.25 cents at with a trading range for the day of to Chinese stocks were up and use was down which was not supportive for prices. ally, lower planted acreage (from the June 30 Acreage Report) was offset by reduced abandonment and higher yields, leaving production unchanged from the June estimate.
5 Acres Planted (Million Acres) Acres Harvested (Million Acres) U.S. Average Yield (lbs/acre) 2009/ / / / / /15 Supply 2015/16 Projected June 2015/16 Projected July Supply (Million Bales) Beg Production Imports Total Supply Use (Million Bales) Exports Total Use U.S. Ending Foreign Chinese U.S. Avg. Season Price ($/lb) Price and to Use Ratio $0.63 $0.82 $0.88 $0.73 $0.779 $0.605 $0.50- $0.70 $0.54- $0.70 U.S. /Use 19.03% 14.22% 22.32% 22.99% 17.40% 28.87% 30.34% 28.87% Chinese /Use 30.50% 23.04% 81.79% % % % % % Source: -WASDE July 10, 2015
6 World Cotton Supply and Use (Million 480 lb Bales) 2015/16 (July) Country / Region Beginning Production Imports Use Exports Loss Ending World US Foreign Central Asia Afr. Fr. Zone Australia Brazil India Mexico China EU Turkey Pakistan Indonesia Thailand Bangladesh Vietnam ROW World Cotton Supply and Use (Million 480 lb Bales) (July-June) Country / Region Beginning Production Imports Use Exports Loss Ending World US Foreign Central Asia Afr. Fr. Zone Australia Brazil India Mexico China EU Turkey Pakistan Indonesia Thailand Bangladesh Vietnam ROW Source: -WASDE July 10, 2015
7 Soybeans U.S. oilseed production for 2015/16 is projected up mainly on higher soybean production. Soybean production is projected at 3,885 million bushels, up 35 million due to increased harvested area. Harvested area, forecast at 84.4 million acres in the Acreage report, is 0.7 million above the June forecast. The soybean yield is projected at 46.0 bushels per acre, unchanged from last month. Despite increased production, soybean supplies are reduced 40 million bushels on account of lower beginning stocks. Soybean crush is projected at 1,840 million bushels, up 10 million reflecting increased domestic soybean meal disappearance in line with adjustments for 2014/15. Soybean ending stocks are projected at 425 million bushels, down 50 million. U.S. soybean crush for 2014/15 is raised 15 million bushels to 1,830 million on increased domestic soybean meal use. Soybean exports are projected at 1,825 million bushels, up 15 million reflecting shipments and outstanding sales through early July. Seed and residual use are each raised based on indications from the Acreage and Grain reports, respectively. Soybean ending stocks for 2014/15 are projected at 255 million bushels, down 75 million from last month. The U.S. season-average soybean price for 2015/16 is projected at $8.50 to $10.00 per bushel, up 25 cents on both ends of the range. Soybean meal prices are projected at $315 to $355 per short ton, up 10 dollars on both ends. The soybean oil price projection is unchanged at 30.5 to 33.5 cents per pound. Global oilseed production for 2015/16 is projected down fractionally from last month. Global soybean production is projected at billion bushels, up 48 million mostly due to higher production in the United States and Bolivia. Other changes include reduced soybean production for Turkey. Global oilseed ending stocks for 2015/16 are projected down mostly reflecting lower soybean stocks in the United States and reduced rapeseed stocks in Australia, Canada, and EU. South America soybean stock changes are mostly offsetting. Futures Market Reaction: August 2015 soybean futures closed up 5 ¾ cents at $10.32 with a trading range for the day of $10.22 to $10.48 ¼. November 2015 soybean futures closed up 6 ½ cents at $10.22 ¼ with a trading range for the day of $10.10 ½ to $10.36 ¾. The did not adjust soybean yields on the July report (as some were expecting), leaving them at the previously reported 46 bu/acre. It is very likely, due to the wet crop conditions, that the will drop estimated soybean yields on the August WASDE. Reduction of 2014/15 marketing year ending stocks to 255 million was slightly lower than pre-report estimates. Remember, ending stocks on the September 2014 WASDE report were 475 million bushels.
8 Acres Planted (Million Acres) Acres Harvested (Million Acres) U.S. Average Yield (Bu/Acre) 2009/ / / / / /15 Supply 2015/16 Projected June 2015/16 Projected July Supply (Million Bushels) Beg Production 3,359 3,329 3,094 3,042 3,358 3,969 3,850 3,885 Imports Total Supply 3,512 3,495 3,325 3,252 3,570 4,091 4,210 4,170 Use (Million Bushels) Crushing 1,752 1,648 1,703 1,689 1,734 1,830 1,830 1,840 Exports 1,499 1,501 1,365 1,317 1,647 1,825 1,775 1,775 Seed and Residual Total Use 3,361 3,280 3,155 3,111 3,478 3,836 3,734 3,744 U.S. Ending Foreign 2,082 2,361 1,797 1,948 2,330 2,794 2,950 2,948 U.S. Average Season Price ($/Bu) Price and to Use Ratio $9.59 $11.30 $12.50 $14.40 $13.00 $10.05 $8.25- $9.75 $ U.S. /Use 4.49% 6.55% 5.36% 4.53% 2.65% 6.65% 12.72% 11.35% Source: -WASDE July 10, 2015
9 Country / Region World Soybean Supply and Use (Million Bushels) 2015/16 (July) Beginning Production Imports Crush Total Exports Ending World 3,001 11,718 4,438 9,850 11,252 4,532 3,373 US 255 3, ,840 1,969 1, Foreign 2,746 7,833 4,408 8,010 9,283 2,757 2,948 Argentina 1,260 2, ,525 1, ,322 Brazil 794 3, ,451 1,570 1, Paraguay China ,848 2,840 3, EU Japan Mexico ROW 131 1, ,293 1, World Soybean Supply and Use (Million Bushels) 2015/16 (July-June) Country / Region Beginning Production Imports Crush Total Exports Ending World US Foreign Argentina Brazil Paraguay China EU Japan Mexico ROW Source: -WASDE July 10, 2015
10 Wheat Projected U.S. wheat supplies for 2015/16 are raised 58 million bushels this month on larger beginning stocks and production. A 10-million-bushel decrease in imports is partially offsetting. Production is raised on increased spring wheat production that more than offsets decreases for Hard Red Winter, Soft Red Winter, and White Wheat. Overall yields for spring wheat are forecast above average. Feed and residual use for all wheat in 2015/16 is raised 5 million bushels to 200 million on the larger crop. All wheat exports for 2015/16 are raised 25 million bushels to 950 million on increased U.S. supplies and reduced wheat production in Canada. These exports would be up 11 percent from the low level of 2014/15, but still well below the 5-year average. Ending stocks are raised 28 million bushels to 842 million, the largest since the 2010/11. Despite higher stocks, the season-average price is raised 35 cents to $4.75 to $5.75 per bushel on recently higher cash and futures prices and the rising outlook for corn prices, particularly in the summer months when a majority of this year s wheat crop will be marketed. Global wheat supplies for 2015/16 are raised 445 million bushels primarily on increased beginning stocks. China beginning stocks are raised 419 million bushels on reductions to feed and residual use. China wheat feeding fell substantially starting with the 2013/14 market year as wheat prices became uncompetitive with corn. Partly offsetting is a 73-million-bushel decrease for 2015/16 Australia beginning stocks mostly on a 59-million-bushel revision to 2013/14 production as reported by the Australian Bureau of Statistics. Foreign 2015/16 production is lowered slightly as increased production in the Black Sea region is more than offset by reductions for EU and Canada. Total world production is raised to billion bushels; down from last year s record but still the second largest. Global wheat consumption for 2015/16 is lowered 198 million bushels primarily on the reduced feed and residual use for China. Canada and EU wheat feed and residual use are reduced 26 and 18 million bushels, respectively. Partly offsetting is a 51-million-bushel increase in India food use. Global wheat exports are lowered 11 million bushels to billion, down nearly 4 percent from the previous year. The largest import reduction is for Iran, which is lowered 37 million bushels on large supplies. EU imports are raised 37 million bushels with the smaller crop and more expected imports of feed-quality wheat from Ukraine. China imports are raised 29 million bushels on increased purchases. Exports are raised 37 million bushels each for Russia and Ukraine on larger crops and less competition from EU. The largest exporter reductions are 55 million bushels for EU and 37 million bushels for Canada, both on smaller crops. Global ending stocks for 2015/16 are raised 639 million bushels to a record billion bushels, mostly reflecting the 632-million-bushel increase in China. Futures Market Reaction: September 2015 wheat futures closed down 2 cents at $5.76 with a trading range for the day of $5.68 ½ to $5.88 ¼. July 2016 wheat futures closed down 2 ½ cents at $5.92 ½ with a trading range for the day of $5.82 ½ to $6.00. Overall the report was bearish for wheat with increased domestic yield, area harvested, and ending stocks. Additionally, global stocks were increased substantially due primarily to adjustments in Chinese beginning stocks. In Tennessee, winter
11 wheat yield was decreased from 71to 67 bu/acre with harvested acreage left unchanged at 410,000 acres. Acres Planted (Million Acres) Acres Harvested (Million Acres) U.S. Average Yield (Bu/Acre) 2009/ / / / /14 Supply 2014/15 Estimated 2015/16 Projected June 2015/16 Projected July Supply (Million Bushels) Beg Production 2,218 2,207 1,999 2,252 2,135 2,026 2,121 2,148 Imports Total Supply 2,993 3,279 2,974 3,118 3,021 2,760 2,973 3,031 Use (Million Bushels) Food Seed Feed Exports ,051 1,012 1, Total Use 2,018 2,417 2,231 2,400 2,431 2,007 2,159 2,189 U.S. Ending Foreign 6,427 6,446 6,567 5,735 6,182 6,675 6,623 7,235 U.S. Avg. Season Price ($/Bu) Price and to Use Ratio $4.87 $5.70 $7.24 $7.77 $6.87 $5.99 $4.40- $5.40 $4.75- $5.75 U.S. /Use 48.36% 35.66% 33.30% 29.92% 24.27% 37.52% 37.70% 38.47% Source: -WASDE July 10, 2015
12 Country / Region World Wheat Supply and Use (Million Bushels) 2015/16 (July) Beginning Production Imports Feed Total Exports Ending World 7,792 26,527 5,705 4,894 26,242 5,808 8,077 US 753 2, , Foreign 7,039 24,379 5,575 4,694 25,003 4,858 7,235 Argentina Australia Canada 187 1, EU 541 5, ,021 4,556 1, Brazil China 2,730 4, , ,262 Sel. Mideast , N. Africa , Pakistan Southeast Asia India 632 3, , Russia 254 2, , Kazakhstan Ukraine ROW 848 2,477 2, , Country / Region World Wheat Supply and Use (Million Bushels) 2015/16 (July-June) Beginning Production Imports Feed Total Exports Ending World US Foreign Argentina Australia Canada EU Brazil China Sel. Mideast N. Africa Pakistan Southeast Asia India Russia Kazakhstan Ukraine ROW Source: -WASDE July 10, 2015
13 2015 Estimated Returns Non-irrigated The profitability outlook has been updated after the release of the July 10, 2015 WASDE reports. The profitability outlook changed slightly with corn up, soybeans and wheat/soybeans down and milo even since the June 30 th reports. Negative margins are still projected at average yields and considering variable, land and fixed cost. State average wheat yields for 2015 were lowered 4 bushels per acre to 67 bushels and is reflected in these numbers. I would like to point out the cotton price of 70 cents that is being used in the profitability outlook. I would guess that there has been very little cotton priced for The price of 70 cents is made up of a cash price of cents and gin rebates (seed & hauling) of 7-8 cents. The cash price of cents is composed of a loan rate of 52 cents or 53 cents with a slight premium and a 10 cent equity from the buyer. This 70 cent price has been used for the last few months even while cotton prices have changed up and down. Basically, this is a result of the way the cotton marketing loan program works. As long as cotton prices stay in a roughly cent December futures range, cotton equities most likely will stay in that 10 cent range. My observations and discussions with cotton buyers would indicate that if futures move above cents, then the prices to the producers would start to move up penny for penny. Where favorable, producers might also want to consider locking in at least the basis on grain sorghum. Producers should look at these returns as what could be if no adjustments are made in their operation and consider it a warning sign that adjustments will need to be made in 2015 to be sustainable. These estimates do not consider any or crop insurance payments from the new farm bill. Please contact your local County Extension office or Area Specialist Farm Management for assistance in developing your own budget or farm financial plan. This table below should be used as a guide as yields, prices, and expenses will vary among producers and locations. Expenses will vary among producers and production systems. Cotton prices include revenue for cottonseed and hauling. For reference, in variable expenses below, fertilizer expense per acre is estimated as follows: Cotton - $ 120, Soybeans - $43, Corn - $161 (includes 170 units of N), Milo - $103, and Wheat/Soybeans - $117. Cost of production will continue to be adjusted as information becomes available. Weed control costs with resistant weeds have also been difficult to estimate. These costs will vary greatly among producers and individual fields. Production costs are estimates based on the 2015 University of Tennessee Crop Budgets with adjustments made where needed. Please visit with your farm supplier on estimated cost in your area. Producers with owned land and or cash rent can use Returns Over Variable as a guide in decision making. Producers with share rent ground should use Returns Over Variable and Land Costs as a guide with their appropriate share rent calculated. A land cost of 25% of revenue minus 25% of crop insurance cost is used in the table as a guide or method of comparison and should not be construed as the appropriate rent for a particular area. Producers who are not making major equipment changes can use UT budgets and this table as a guide in developing their own cropping decision budgets.
14 If equipment changes are being made, then a whole farm financial plan would be better suited as a decision aid Estimated Returns Non-irrigated Cotton Soybeans Corn Milo Wheat/Soybeans Yield 864 lbs. 42 bu. 131 bu. 85 bu. 67 bu./30 bu. Price (as of 7/10/15) $0.70 lb. $10.11 bu. $4.29 bu. $4.61 bu. $5.68 bu./$10.11 bu. Revenue $605 $425 $562 $392 $684 Variable Expenses $459 $285 $412 $234 $448 Returns Over Variable $146 $140 $150 $157 $236 Land Costs (25% of Revenue-25% crop insurance) Returns Over Variable and Land Costs Fixed Costs Depreciation & interest on machinery $149 $104 $137 $97 $167 -$3 $36 $13 $60` $69 $142 $76 $73 $69 $107 Returns Over Specified Costs -$145 -$40 -$60 -$9 -$38 Breakeven Price at Average Yield and Specified Cost $0.87 $11.06 $4.75 $4.71 $6.07/$10.57
15 2015 Estimated Returns Irrigated As with dryland production, lower prices have squeezed profit margins in the irrigated crops creating negative margins for all crops considering variable, land and fixed cost. Producers should look at these returns as what could be if no adjustments are made in their operation and consider it a warning sign that adjustments will need to be made in 2015 to be sustainable. The table below is an estimate of returns for crops under irrigation. Since irrigated yields are not as of yet kept separate in Tennessee, yields below are an estimate of irrigated yields. Irrigation fixed costs and energy costs will vary greatly among producers and systems. These projections include in variable expenses energy costs for irrigation of $21 per acre and $11 per acre of irrigation repairs and maintenance. Fixed costs of $88 per acre for irrigation equipment are used. Please contact your local County Extension office or Area Specialist Farm Management for assistance in developing your own budget or farm financial plan. This table below should be used as a guide as yields, prices, and expenses will vary among producers and locations. Expenses will vary among producers and production systems. Cotton prices include revenue for cottonseed and hauling. For reference, in variable expenses below, fertilizer expense per acre is estimated as follows: Cotton - $ 125, Soybeans - $43, Corn - $206 (includes 225 units of N), Milo - $135, and Wheat/Soybeans - $117. Cost of production will continue to be adjusted as information becomes available. Weed control costs with resistant weeds have also been difficult to estimate. These costs will vary greatly among producers and individual fields. Production costs are estimates based on the 2015 University of Tennessee Crop Budgets with adjustments made where needed. Please visit with your farm supplier on estimated cost in your area. Producers with owned land and or cash rent can use Returns Over Variable and Fixed IR Costs as a guide in decision making. Producers with share rent ground should use Returns Over Variable, Fixed IR Costs and Land Costs as a guide with their appropriate share rent calculated. A land cost of 25% of revenue minus 25% of crop insurance cost minus 25% of the irrigation equipment fixed cost is used in the table as a guide or method of comparison and should not be construed as the appropriate rent for a particular area. A management cost of $30 per acre is included in Fixed Costs management labor, depreciation & interest on machinery. This is an additional $15 above the dryland crop management labor. Producers who are not making major equipment changes can use UT budgets and this table as a guide in developing their own cropping decision budgets. If equipment changes are being made, then a whole farm financial plan would be better suited as a decision aid.
16 2015 Estimated Returns - Irrigated Cotton Soybeans Corn Milo Wheat/Soybeans Yield 1100 lbs. 60 bu. 190 bu. 130 bu. 67 bu./45 bu. Price (as of 7/10/15) $0.70 lb. $10.11 bu. $4.29 bu. $4.61 bu. $5.68 bu./$10.11 bu. Revenue $770 $607 $815 $599 Variable Expenses( include energy cost) $836 $502 $317 $504 $300 $481 Fixed Irrigation Costs per Acre $88 $88 $88 $88 $88 Returns Over Variable & Fixed IR Costs Land Costs (25% of Revenue-25% crop insurance-25% fixed irrigation costs) Returns Over Variable, IR Fixed Cost and Land Costs Fixed Costs- management labor, depreciation & interest on machinery $180 $202 $223 $211 $267 $168 $127 $178 $127 $183 $12 $75 $45 $84 $84 $151 $91 $86 $84 $122 Returns Over Specified Costs -$139 -$16 -$41 $0 -$38 Breakeven Price at Average Yield and Specified Cost $0.83 $10.38 $4.54 $4.60 $6.07/$10.57