Argentina Corn Production

February 27, 2014 Informa Economics South American Crop Reporting Service Argentina February Production Update and Weekly Crop Condition Report Informa Economics conducted its February yield survey for corn and soybeans between February 24 and February 26. Based on the findings of this survey, combined with Informa s other analytical tools, Argentina s 2013/14 corn production is forecast at 22.6 million tonnes and soybeans at 54.0 million tonnes. USDA s World Agricultural Outlook Board will issue its next report on March 10. Argentina s Ministry of Agriculture is expected to issue its next monthly report on March 20. Corn Production Unchanged at 22.6 Million Tonnes Argentina s 2013/14 corn harvest is forecast at 22.6 million tonnes, which is unchanged from Informa s previous forecast but, if realized, would be 3.9 million lower than last year. Argentina s corn yield is forecast to average 6.65 tonnes per hectare, which would be 24 percent above last season. Informa s corn forecast is also 1.4 million lower than USDA s February forecast. The Ministry of Agriculture has not issued a production forecast for the 2013/14 harvest. 000 Tonnes 28,000 26,000 24,000 22,000 20,000 18,000 16,000 14,000 Argentina Corn Production 775 Ridge Lake Boulevard, Suite 400 ~ Memphis, Tennessee 38120-9403 ~ Telephone 901.202.4600 ~ Fax 901.766.4402 http://www.informaecon.com

February 27, 2014 Page 2 Corn planting was last reported at 98 percent complete on February 6; which, although this was equal to average, the bulk of the 2013/14 crop was planted about four weeks later than normal. About 80 percent of the corn has reached the silking stage with just over 50 percent in the filling stage. Almost 10 percent of Argentina s corn is mature and ready for harvest. Although corn harvest has not yet been reported by the Ministry of Agriculture, it is likely underway with less than 5 percent collected. Given this year s delayed planting, corn harvest is expected to run about three to four weeks behind average. Corn Rating Declines Slightly Argentina s corn condition declined since last week with 73 percent rated in good to excellent condition versus last week s 74 percent. Slight reductions in Cordoba and Santa Fe were tempered by a slight improvement in Buenos Aires. Argentina Corn Condition (in percent) Very Poor Poor Fair Good Excellent Current Condition Index Previous Report Index Buenos Aires 0 18 48 27 7 78.4 78.0 Cordoba 0 0 4 60 36 94.7 95.2 Entre Rios 0 0 5 85 10 90.8 90.8 Santa Fe 0 0 5 53 42 95.5 96.1 4 Reporting Provinces 0 7 20 48 25 88.7 88.9 Previous Year 0 4 22 54 20 88.5 Buenos Aires, Cordoba, Entre Rios, and Santa Fe account for over 80 percent of Argentina's corn production. 100 Argentina Corn Condition Condition Index 98 96 94 92 90 2012 / 2013 88 5-Dec 12-Dec 19-Dec 26-Dec 2-Jan 9-Jan 16-Jan 23-Jan 30-Jan 6-Feb 13-Feb 20-Feb 27-Feb 6-Mar 13-Mar 20-Mar 27-Mar 3-Apr 2013 / 2014

February 27, 2014 Page 3 Soybean Production Reduced 3 Million Tonnes Argentina s 2013/14 soybean production is forecast at 54.0 million tonnes, which is down 3 million from Informa s previous forecast due to a combination of fewer hectares planted and reduced yield potential. Soybean area was estimated by the Ministry of Agriculture last week at 20.3 million hectares, which was 350 thousand below Informa s previous estimate. Informa further reduced its abandoned area estimate 250 thousand hectares due to reports that soybeans in low areas were damaged by above-normal rains. Soybean yields are forecast to average 2.76 tonnes per hectare, down 2 percent from last month. Informa s soybean production forecast is equal to USDA s early February forecast. Argentina s Ministry of Agriculture has not issued a forecast for the 2013/14 soybean harvest. Soybean plantings were completed in early February. Eighty percent of the soybean crop was in the blooming stage or beyond and 50 percent was in the pod-filling stage by February 20. Argentina s soybean harvest normally begins in mid-march with 10 to 15 percent collected by April 1. 55,000 Argentina Soybean Production 50,000 000 Tonnes 45,000 40,000 35,000 30,000 Soybeans Rating Declines Argentina s soybean rating declined for the third consecutive week with 82 percent rated in good to excellent condition versus last week s 85 percent. Ratings declined in Santa Fe, Buenos Aires, and Cordoba with Entre Rios showing a slight improvement. Although the condition rating has been declining, it is rated above last season when 33 percent of the crop was in fair condition and 9 percent was categorized as poor to very poor.

February 27, 2014 Page 4 Argentina Soybean Condition (in percent) Very Poor Poor Fair Good Excellent Current Condition Index Previous Report Index Buenos Aires 0 2 29 61 8 86.2 87.1 Cordoba 0 1 8 55 36 94.0 94.6 Entre Rios 0 0 15 60 25 91.5 90.8 Santa Fe 0 0 7 55 38 94.7 96.6 4 Reporting Provinces 0 1 17 58 24 90.8 91.6 Previous Year 1 8 33 47 11 83.9 Buenos Aires, Cordoba, Entre Rios and Santa Fe account for 85 percent of Argentina's soybean production. Condition Index 100 98 96 94 92 90 88 86 84 82 5-Dec 12-Dec 19-Dec 26-Dec Argentina Soybean Condition 2-Jan 9-Jan 16-Jan 23-Jan 30-Jan 6-Feb 13-Feb 20-Feb 27-Feb 6-Mar 13-Mar 2012 / 2013 2013 / 2014 20-Mar 27-Mar 3-Apr 10-Apr 17-Apr WTM:blg This copyrighted material is intended for the use of clients of Informa Economics, Inc., only and may not be reproduced or electronically transmitted to other companies or individuals, whole or in part, without the prior written permission of Informa Economics, Inc. The information contained herein is believed to be reliable and the views expressed within this document reflect judgments at this time and are subject to change without notice. Informa Economics, Inc. does not guarantee that the information contained herein is accurate or complete and it should not be relied upon as such.

February 27, 2014 Page 5 Argentina: Harvested Area (thousand hectares) 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 Corn 2,783 2,440 2,800 3,412 2,353 2,904 3,748 3,695 4,960 3,400 Sorghum 558 498 594 619 450 751 1,000 1,000 1,150 1,000 Barley 275 267 355 453 633 503 750 1,160 1,500 1,270 All Wheat 6,430 5,470 6,210 5,778 4,266 3,273 4,532 4,494 3,300 3,250 Rice 165 169 162 183 194 215 257 235 233 232 Soybean 14,400 15,200 16,300 16,371 16,767 18,130 18,745 17,577 19,418 19,600 Sunseed 1,923 2,167 2,351 2,569 1,820 1,495 1,743 1,823 1,623 1,325 Cotton 374 305 400 310 300 440 605 530 360 350 Argentina: Yields (tons/hectare), except cotton kilos lint/hectare 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 Corn 7.36 5.92 7.77 6.45 6.59 8.61 6.72 5.74 5.34 6.65 Sorghum 5.19 4.67 4.71 4.74 3.69 4.83 4.40 4.20 4.35 4.40 Barley 3.25 2.99 3.75 3.53 3.33 2.70 3.93 3.88 3.33 3.74 All Wheat 2.63 2.52 2.62 3.22 2.58 3.67 3.80 3.45 2.58 3.08 Rice 4.14 4.52 4.27 4.43 4.47 3.28 4.35 4.29 4.35 4.20 Soybean 2.71 2.66 2.99 2.82 1.85 3.01 2.61 2.28 2.54 2.76 Sunseed 1.90 1.74 1.49 1.81 1.76 1.64 2.11 2.03 1.73 2.04 Cotton 393 446 435 494 435 495 486 411 454 638 Argentina: Production (thousand metric tons), except cotton in 480 pound bales 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 Corn 20,483 14,446 21,755 22,017 15,500 25,000 25,201 21,197 26,500 22,600 Sorghum 2,894 2,328 2,795 2,937 1,660 3,629 4,400 4,200 5,000 4,400 Barley 895 799 1,330 1,600 2,110 1,356 2,950 4,500 5,000 4,750 Wheat 16,900 13,800 16,300 18,600 11,000 12,000 17,200 15,500 8,500 10,000 Rice (Milled) 683 764 691 810 867 706 1,118 1,008 1,014 975 Soybean 39,000 40,500 48,800 46,200 30,993 54,500 48,876 40,100 49,303 54,000 Sunseed 3,662 3,780 3,498 4,650 3,200 2,450 3,670 3,700 2,800 2,700 Cotton 675 625 800 703 600 1,000 1,350 1,000 750 1,025 Informa Forecasts and Estimates in Bold Feb 27, 2014

February 27, 2014 Page 6 Corn - Area, Yield and Production by Provinces, Argentina 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 Area Planted (000 HA) Buenos Aires 1,147 1,041 1,133 1,428 1,589 1,604 1,200 Catamarca 10 10 10 10 10 3 5 Chaco 131 95 113 133 136 149 130 Cordoba 1,440 1,146 998 1,143 1,272 1,802 1,250 Corrientes 16 12 14 12 12 12 10 Entre Rios 222 165 155 191 218 249 175 Formosa 18 10 10 10 10 10 10 Jujuy 5 5 5 5 5 5 5 La Pampa 433 340 353 375 310 318 300 Misiones 32 32 33 34 35 35 25 Salta 48 47 71 148 156 162 125 San Luis 114 86 82 140 155 393 165 Santa Fe 454 365 492 567 648 704 500 Santiago Del Estero 130 105 150 303 395 616 400 Tucuman 39 39 53 61 50 52 50 TOTAL 4,239 3,498 3,671 4,561 5,001 6,114 4,350 Area Harvested (000 HA) Buenos Aires 937 722 928 1,206 1,204 1,255 925 Catamarca 8 8 8 8 7 3 5 Chaco 130 54 93 114 56 90 80 Cordoba 1,277 964 844 962 866 1575 1050 Corrientes 12 12 11 12 12 10 Entre Rios 204 75 147 176 200 235 165 Formosa 18 10 10 10 10 10 10 Jujuy 5 4 4 5 5 4 5 La Pampa 182 89 99 119 108 125 95 Misiones 29 5 32 33 14 33 25 Salta 48 43 64 136 156 88 100 San Luis 74 65 64 116 118 350 140 Santa Fe 335 236 412 488 553 635 420 Santiago Del Estero 114 40 133 303 340 500 330 Tucuman 39 39 53 60 46 45 40 TOTAL 3,412 2,353 2,904 3,748 3,695 4,960 3,400 Yield (Tonnes/HA) Buenos Aires 7.55 5.92 9.64 7.47 6.34 6.37 5.95 Catamarca 5.00 5.88 5.63 5.63 5.83 6.67 6.00 Chaco 3.25 2.14 3.75 4.47 2.95 4.67 4.00 Cordoba 6.85 7.82 8.83 6.53 5.54 4.86 7.50 Corrientes 2.05 3.26 2.74 3.00 2.21 3.00 Entre Rios 5.53 3.54 9.09 5.66 5.85 5.96 6.06 Formosa 3.81 3.38 4.00 4.50 3.00 4.30 4.50 Jujuy 4.36 5.10 4.85 5.54 5.24 6.63 6.00 La Pampa 4.30 3.50 5.04 4.63 4.27 3.20 4.00 Misiones 0.54 0.20 2.33 2.41 0.72 1.48 2.00 Salta 4.50 5.16 6.06 5.87 5.05 8.75 8.00 San Luis 3.43 5.90 5.75 5.63 4.12 4.00 5.00 Santa Fe 7.58 8.07 10.72 7.93 6.93 6.61 9.05 Santiago Del Estero 4.24 2.50 5.18 6.11 4.59 3.80 5.45 Tucuman 5.02 7.53 6.29 7.54 3.64 4.33 6.00 TOTAL 6.45 6.59 8.61 6.72 5.74 5.34 6.65 Production (000 MT) Buenos Aires 7,077 4,275 8,950 9,015 7,630 8,000 5,500 Catamarca 40 47 45 45 41 20 30 Chaco 422 115 350 510 165 420 320 Cordoba 8,749 7,530 7,450 6,275 4,795 7,650 7,875 Corrientes 25 40 31 36 27 30 Entre Rios 1,129 265 1,335 995 1,169 1,400 1,000 Formosa 69 35 40 45 30 43 45 Jujuy 22 21 20 25 26 27 30 La Pampa 783 310 500 550 461 400 380 Misiones 16 1 75 80 10 49 50 Salta 216 220 390 800 788 770 800 San Luis 254 385 365 655 486 1,400 700 Santa Fe 2,539 1,900 4,420 3,870 3,831 4,200 3,800 Santiago Del Estero 483 101 690 1,850 1,561 1,900 1,800 Tucuman 196 295 330 455 168 195 240 TOTAL 22,017 15,500 25,000 25,201 21,197 26,500 22,600 Informa projections are bold. Feb 27, 2014

February 27, 2014 Page 7 Soybeans - Area, Yield and Production by Provinces, Argentina 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 Area Planted (000 HA) Buenos Aires 4,217 5,444 5,676 5,935 5,969 6,734 6,750 Catamarca 50 50 53 53 37 24 50 Chaco 754 703 669 701 690 548 630 Cordoba 4,699 5,197 5,129 5,054 5,014 5,349 5,250 Corrientes 25 20 20 17 25 15 15 Entre Rios 1423 1241 1468 1468 1332 1,419 1,470 Formosa 6 6 6 6 12 10 10 Jujuy 6 8 11 12 12 9 9 La Pampa 232 300 405 402 397 447 505 Misiones 1 1 1 1 1 1 1 Salta 477 575 586 600 600 558 555 San Luis 105 125 155 171 171 399 390 Santa Fe 3,492 3,441 3,079 3,108 3,108 3,174 3,160 Santiago Del Estero 826 629 812 1100 1073 1,148 1,300 Tucuman 290 293 274 255 231 200 205 TOTAL 16,604 18,033 18,343 18,883 18,671 20,036 20,300 Area Harvested (000 HA) Buenos Aires 4,148 5,109 5,610 5,843 5,795 6,625 6,535 Catamarca 50 50 53 53 37 22 50 Chaco 754 601 642 699 386 424 535 Cordoba 4,661 5,128 5,034 5,040 4,858 5,256 5,100 Corrientes 25 20 20 17 25 15 15 Entre Rios 1,410 947 1,462 1,465 1,325 1,418 1,400 Formosa 6 3 3 3 12 10 10 Jujuy 6 8 11 12 12 8 9 La Pampa 225 245 398 393 384 435 490 Misiones 1 1 Salta 477 575 586 600 528 318 550 San Luis 105 125 155 171 171 394 380 Santa Fe 3,427 3,355 3,075 3,095 3,008 3,168 3,050 Santiago Del Estero 802 306 808 1100 807 1,133 1,275 Tucuman 290 293 273 254 227 193 200 TOTAL 16,387 16,767 18,130 18,745 17,577 19,418 19,600 Yield (Tonnes/HA) Buenos Aires 2.95 1.32 3.16 2.65 2.66 2.69 2.68 Catamarca 3.00 2.30 2.51 2.20 1.90 1.10 2.10 Chaco 2.32 1.09 2.49 2.37 0.76 1.31 2.43 Cordoba 2.74 2.18 2.66 2.43 2.01 2.49 2.60 Corrientes 1.80 1.40 1.80 1.75 1.00 1.20 1.67 Entre Rios 2.33 1.21 2.86 2.46 2.34 2.49 2.57 Formosa 1.99 1.50 1.61 1.50 0.95 1.20 1.50 Jujuy 2.75 2.39 2.72 2.85 2.52 1.54 2.78 La Pampa 1.94 1.08 2.01 1.52 2.68 1.76 2.30 Misiones 1.61 0.00 Salta 3.04 2.28 2.90 2.96 1.26 0.84 2.45 San Luis 2.46 1.77 2.35 1.74 1.72 1.97 Santa Fe 3.35 2.41 3.51 3.15 2.72 3.32 3.80 Santiago Del Estero 1.93 1.29 3.80 2.24 1.08 1.56 2.20 Tucuman 2.77 2.60 2.80 2.89 1.51 1.41 2.78 TOTAL 2.82 1.85 3.01 2.61 2.28 2.54 2.76 Production (000 MT) Buenos Aires 12,246 6,743 17,700 15,465 15,396 17,813 17,500 Catamarca 150 115 133 117 70 24 105 Chaco 1,750 655 1,600 1,655 295 554 1,300 Cordoba 12,750 11,172 13,400 12,252 9,784 13,081 13,250 Corrientes 45 28 36 29 25 18 25 Entre Rios 3,289 1,144 4,180 3,597 3,100 3,529 3,600 Formosa 12 5 5 5 11 12 15 Jujuy 17 20 29 35 31 12 25 La Pampa 436 264 800 600 1,031 765 1,125 Misiones 2 2 0 Salta 1,450 1,311 1,700 1,775 668 268 1,350 San Luis 258 296 275 402 297 678 750 Santa Fe 11,480 8,083 10,800 9,741 8,177 10,509 11,600 Santiago Del Estero 1,550 394 3,075 2,468 873 1,768 2,800 Tucuman 804 763 765 735 343 272 555 TOTAL 46,238 30,993 54,500 48,876 40,100 49,303 54,000 Informa projections are bold. Feb 27, 2014

February 27, 2014 Page 8 Argentina: Row Crop Harvest Progress, Percent Area Harvested Crop/ Feb Feb Mar Mar Mar Mar Apr Apr Apr Apr May May May May May Jun Jun Jun Crop Year 20 27 06 13 20 27 03 10 17 24 01 08 15 22 29 05 12 19 Corn 2008/09 1 3 7 14 24 34 43 54 65 74 79 84 87 90 91 92 93 2009/10 3 5 11 17 23 31 38 45 50 56 63 68 72 75 79 83 87 2010/11 1 3 6 12 18 25 32 40 48 54 62 69 74 77 79 82 85 2011/12 3 5 6 9 16 20 24 33 40 47 52 54 57 58 60 63 69 73 2012/13 2 4 9 13 20 25 31 36 43 50 54 58 62 66 69 74 80 85 2013/14 5-Year Avg 3 3 5 9 16 22 29 36 44 52 58 63 68 71 74 77 81 85 Sunflowers 2008/09 29 35 46 56 78 89 96 98 99 99 100 100 100 100 2009/10 16 20 29 40 58 69 82 92 97 99 99 99 99 99 2010/11 21 24 31 50 66 82 93 97 99 2011/12 26 28 39 56 69 87 95 98 99 99 2012/13 35 39 44 59 77 87 94 96 99 99 2013/14 25 5-Year Avg 25 29 38 52 70 83 92 96 99 99 100 100 100 100 Soybeans 2008/09 5 12 25 38 55 66 77 84 92 96 97 98 99 99 2009/10 2 4 15 28 42 54 67 77 86 90 92 95 98 99 2010/11 1 3 9 21 34 52 67 74 82 88 92 95 97 98 2011/12 1 3 7 16 29 41 57 68 79 84 87 89 94 97 98 2012/13 1 7 13 25 38 55 66 74 85 90 94 97 99 99 2013/14 5-Year Avg 1 2 7 16 28 43 57 69 79 86 91 93 96 98 99 Source: Ministry of Agriculture Feb 27, 2014 100 Argentina Corn Harvest Progress 5-Year Average with Comparisons 90 80 70 Percent Complete 60 50 40 30 20 10 0 Feb 20 Feb 27 Mar 06 Mar 13 Mar 20 Mar 27 Apr 03 Apr 10 Apr 17 Apr 24 May 01 May 08 May 15 May 22 May 29 Jun 05 Jun 12 Jun 19 20-Yr Range 5-Year Average 2010/11 2011/12 2012/13 2013/14

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