International Crops Summary

International Crops Summary

Agricultural commodity prices are considerably lower than two years ago, and are expected to bottom out in 2014/15 or 2015/16, depending on the specific commodity. Nevertheless, underlying costs will remain elevated, requiring higher output prices to maintain production in the long-term. However, petroleum costs have fallen dramatically in the last half of 2014 and into 2015, and will provide some cost relief before rising in the long term. The second consecutive record U.S. corn crop is driving prices lower and rebuilding stocks in 2014/15. Furthermore, the increase in the annual demand pull from ethanol is slowing. A more than 40% decline in corn prices is expected from the record level of 2012/13. Wheat and barley are typically produced in the same regions with similar variation in production and prices. It is taking longer for wheat and barley supplies to recover from the 2012/13 global production decline. Wheat and barley prices are both expected to decline nearly one-third from 2012/13 levels as they reach their respective low points in 2015/16. Oilseeds compete with major grains for area. As a result, weather impacts soybeans, rapeseed, and sunflowerseed similarly to grain and other crops grown in the same regions. The same general price movements expected for grains will also be exhibited by oilseeds. Soybean prices will follow a pattern similar to corn over the baseline period. Lower corn prices allow soybeans to compete for area, pushing soybean prices lower, as well. Consistent crops from South American producers will also pressure soybean prices lower. Soybeans will exhibit a more than 30% decline in prices in 2014/15 from two years earlier. In major producing regions, rapeseed competes with wheat and barley. But on the demand side, rapeseed products compete with those of other oilseeds. Rapeseed is expected to take a little longer than soybeans to find new price levels. By 2015/16, rapeseed prices are projected to see a 30% decline from 2012/13 prices, and a 40% decline from the peak of 2010/11. Sunflowerseed prices are mirroring the movements of rapeseed, falling 28% from 2012/13 and 37% from the high point reached in 2010/11. Soybean, rapeseed, and sunflowerseed meal prices reflect prices of other major livestock feed components. With the fall in grain prices, meal prices will move lower, even with expanding livestock production. Additionally, the decline in soybean, rapeseed, and sunflowerseed prices will aid meal price declines. Because the oilseeds are the largest cost categories for protein meal and vegetable oil production, the decline in oilseed prices will reduce meal and oil costs, allowing lower output prices while maintaining crushers margins. Soybean, rapeseed, and sunflowerseed meals are all expected to fall more than 30% of the peaks of recent years.

Because soybean, rapeseed, and sunflowerseed oils are co-products with their respective meal counterparts, some common costs underlie both products. As a result, oil prices are expected to fall with the lower oilseed input costs while still allowing crushers to maintain long-run profitability. Vegetable oil prices hit peaks in 2010/11, two years earlier than grains or their protein meal counterparts. From their zeniths soy, rapeseed, sunflowerseed, and palm oil prices are expected to exhibit declines of approximately 40% to 45%. In addition to a lower cost structure for vegetable oils, the boom in palm oil production has resulted in rapidly increasing supplies on the world market, driving prices lower. Palm oil prices have adjusted back to a more typical relationship with other vegetable oils as production has recovered from constrained production in 2012/13. The combination of factors in the Chinese cotton market that began with reduced area and production in 2009, leading to that country dominating global trade for several years has subsided. As a result, global markets are again able to come into balance at much lower prices. The abnormally high levels of Chinese imports of the past three years enabled China to quadruple ending stocks. That country now holds approximately 60% of global inventories. Stock accumulation has ended, and China s imports have dropped dramatically. China now adds even more uncertainty to the cotton market. Depending on whether they continue to hold the current extremely high stocks will determine if imports stabilize or perhaps fall in the next few years if China decides to draw stocks down without a corresponding hike in domestic use. The increase in global cropped area that quickened in recent years is expected to slow. Lower prices will provide less incentive to expand plantings, especially if it requires new ground to be broken. There are still some regions that have available land for expansion, particularly in South American soybean and grain producing countries such as Argentina and Brazil. Area expansion will occur primarily in oilseeds and feedgrains, crops that are largely used to feed livestock. Even with yield growth at or slightly exceeding global population growth, current area will be inadequate to meet demand for income-driven livestock and dairy products. Wheat and rice, crops that are primarily utilized for human consumption, are traditional staples that are driven more by population growth than increases in income. Per capita consumption for these grains is nearly flat, and future demand will be met through yield growth. As a result, area of these grains is not expected to increase significantly through the baseline period.

Yields of major grains, oilseeds, and fiber crops are expected to continue growing at long-term trend rates. This means productivity will expand around one percent per year, at or slightly above the global population growth rate, which is projected to dip below 1% per year around 2020. One percent yield growth will be sufficient for crops where demand is largely driven by population growth. As global per capita consumption of wheat, rice, and cotton are projected to increase little in the coming ten years, little area increase over the baseline period is expected. For crops that are driven by both population and income growth, increased production required to meet global demand will come from a combination of yield and area growth. As such, yield growth alone will be insufficient for oilseeds and feedgrains such as corn. As staples, global wheat and rice consumption and trade will increase primarily with population, regardless of rising incomes in most regions. The only regions that will see a positive income effect will be in the least developed nations that are currently moving out of subsistence diets to being able to purchase small amounts on local markets. Because wheat consumption is distributed well beyond major global production areas, it has been the most widely traded commodity among grains and oilseeds. In recent years, approximately 18% of global demand has been met by redistributing wheat from surplus nations to deficit areas. This percentage is maintained throughout the baseline. Rice production and consumption are much more geographically aligned than wheat. While consumption and trade occur around the world, Asia is by far the primary region for both supply and demand of rice. As a result, rice consuming nations are much more self-sufficient, on average than wheat consumers. Only around 4% of global rice consumption is met by trade. Demand and trade of corn that is used primarily in livestock feed rations is growing rapidly as meat and dairy product consumption is driven by income growth as well as population. However, corn production is not distributed as widely as consumption, and trade is expanding rapidly. The percentage of global demand met by trade is rising and will average around 11% over the next ten years. While sorghum is considered a feedgrain in the U.S., it is a traditional staple crop in areas such as Africa. As incomes increase and diets in rural areas shift away from sorghum, demand and trade for this grain will show only slow increases over the next decade. Barley trade is expected to rise very slowly throughout the projection period. There is expected to be some increase in demand for livestock feeding in producing countries of Eastern Europe and the former Soviet Union. This use will be the primary source of demand growth. However, global food use, especially for brewing is expected to be stable, at best, as demand for beer has weakened in recent years.

With the increase of livestock, especially poultry and hogs, and dairy product consumption around the world, the demand for protein meals and oilseeds has risen dramatically. Some countries import soybeans, rapeseed, sunflowerseed and other oilseeds and crush them, meeting the majority of their meal and oil needs. However, trade in oilseed products is also increasing at a rapid pace. Soybeans account for the largest share of global oilseed demand, but the U.S., Argentina, and Brazil account for the majority of global production. As demand for soybeans and products increased, exports from these nations skyrocketed. Over the next ten years, more than 35% of global consumption of soybeans and nearly 30% of soymeal is expected to be met by trade. Rapeseed and products are much less dependent on global markets as consumption occurs more in producing regions, however, trade is also expanding. In the next ten years, almost 15% of global rapeseed demand will be met through trade, and approximately 12% of rapeseed meal. Canada supplies the majority of global rapeseed and rapeseed meal trade. The EU-28 has emerged as the world s largest exporter of sunflowerseed. However, trade is not as important in the sunflowerseed market, with only about 1% being sold on the world market. However, sunflowerseed meal consumption around the world is more dependent on trade, with nearly one-third of global consumption coming from the world market. Ukraine is the largest exporter. Palm oil has captured the largest share of global vegetable oil trade. Unlike soybean or rapeseed oil, palm oil is not a co-product with other oilseed products. The trees are fast growing in low-cost areas of the Pacific Rim and Asia and production has exploded. Two-thirds of global palm oil production is sold on the world market, coming primarily from Indonesia and Malaysia. Strength in international protein meal markets will help soybean oil trade to recover in coming years. Because soybean oil comprises 18% of the soybean, soybean crushers can more readily absorb the low prices that will be required to move soybean oil production, as long as meal prices remain relatively strong. In large part because Argentina produces for the world market, more than 15% of global production is sold internationally. Rapeseed crushers cannot absorb the competition from palm oil prices in the baseline as readily as soybean processors, as rapeseed has a nearly 40% oil content. As a result, rapeseed production and crushing will be somewhat constrained and rapeseed oil trade will increase relatively slowly.

The increase in cotton trade from 2011/12 through 2013/14 is not expected to be sustained. In those years, China imported large quantities to build their inventories. Thus far in 2014/15, it appears that China s buying spree has subsided. The big question is what will China do with more than one year s inventories on hand? Will that nation continue to carry this level of stocks and therefore have little further impact on trade? Or will China draw down supplies and dampen global cotton trade in the short to medium term? Approximately 20% of global cotton production is expected to be sold on the world market over the next ten years, similar to the proportion traded prior to the run-up in trade over the past several years. The U.S. will remain the largest exporter over the projection period. Even with lower imports by China, that country is still expected to remain the world s largest importer. However, Bangladesh has been consistently increasing cotton utilization and imports and will be a source of growth in global cotton markets. The U.S. will remain the largest exporter over the projection period. Accompanying the recent decline in the prices of agricultural commodities has been a recovery in previously low inventories of several agricultural commodities, especially cotton, corn, and soybeans. Looking at global totals can give a distorted view of the ability of global markets to absorb domestic production shortfalls or spikes in domestic demand. China s grain policies encourage holding inventories to buffer against shortfalls. As a result, China s stocks-to-use ratios are considerably higher than the rest of the world. Stocks held in China are generally not available to the rest of the world to buffer year-to-year supply swings. Global inventories of cotton appear adequate even without considering those held by China. But how and when China decides to allocate those inventories will have potentially large impacts on the global cotton market.

Agricultural Commodity Prices 03/04 04/05 05/06 06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14 (Dollars per metric ton) Wheat SRW, U.S. Gulf 146 141 138 171 310 206 187 282 261 309 268 HRW, U.S. Gulf 155 150 165 200 333 264 205 284 290 332 309 Standard grade, Rouen 140 138 130 204 360 213 179 321 276 333 272 No. 2, Argentina 161 127 140 192 298 244 227 302 271 330 327 Soft white, Australia 259 234 261 296 357 321 209 273 249 324 280 No. 1 CWS, Canada 188 202 204 230 447 350 280 394 416 359 331 Corn No. 2 yellow, U.S. Gulf 116 97 106 155 218 173 163 277 284 298 203 Sorghum No. 2 yellow, U.S. Gulf 120 97 111 163 216 158 171 263 272 279 200 Barley Barley Unit Value, Alberta 98 97 84 96 155 189 156 149 193 236 252 Feed barley, Rouen 155 130 133 181 322 180 147 264 270 302 245 Soybeans No. 1 yellow, Central Illinois 294 214 202 264 452 365 357 482 505 537 487 for Rio Grande, Brazil 277 232 228 279 472 403 390 508 549 538 514 for Buenos Aires, Argentina 285 228 227 279 469 392 395 511 533 543 517 cif Rotterdam 323 277 261 335 550 421 429 549 562 592 542 Soybean Meal Decatur, IL, 48% 282 202 192 226 370 365 343 381 434 516 540 for Rio Grande, Brazil 211 172 176 199 337 333 327 383 442 489 500 for Buenos Aires, Argentina 188 157 158 181 299 290 311 386 442 506 509 cif Rotterdam 273 231 215 276 469 401 391 418 461 538 533 Soybean Oil Decatur, IL 661 507 516 684 1,147 709 793 1,173 1,144 1,039 843 for Rio Grande, Brazil 567 466 474 673 1,190 740 848 1,210 1,162 1,012 871 for Buenos Aires, Argentina 542 471 467 667 1,191 741 829 1,211 1,164 1,014 870 Dutch fob 633 545 573 771 1,327 826 924 1,306 1,241 1,098 950 Rapeseed (canola) cif Hamburg 317 262 292 375 644 393 419 647 616 579 505 Export, West Coast, Canada 291 249 238 337 520 419 396 555 631 600 546 Rapeseed Meal for Hamburg 178 131 129 184 298 195 221 278 295 353 323 Rapeseed Oil cif Rotterdam 670 660 770 852 1,410 868 927 1,367 1,258 1,127 954 Sunflowerseed cif Rotterdam 321 313 291 401 745 364 452 661 593 580 466 Sunflowerseed Meal cif Rotterdam 149 120 122 178 298 178 228 254 263 318 315 Sunflowerseed Oil fob NW Europe 663 703 635 846 1,639 837 956 1,404 1,254 1,189 929 Palm Oil Malaysia 481 392 416 655 1,058 633 793 1,154 1,032 791 803 Cotton Adjusted World Price 1215 858 928 985 1276 961 1351 3089 1739 1482 1522

Agricultural Commodity Prices 14/15 15/16 16/17 17/18 18/19 19/20 20/12 21/22 22/23 23/24 24/25 (Dollars per metric ton) Wheat SRW, U.S. Gulf 250 210 214 223 231 235 237 233 229 224 220 HRW, U.S. Gulf 267 226 230 239 247 252 254 250 245 240 236 Standard grade, Rouen 271 227 231 241 249 255 257 252 248 242 237 No. 2, Argentina 263 220 224 234 242 247 249 245 241 235 231 Soft white, Australia 280 253 260 269 276 281 283 280 276 271 267 No. 1 CWS, Canada 372 317 332 351 374 398 420 433 443 453 460 Corn No. 2 yellow, U.S. Gulf 173 182 185 190 196 198 199 198 194 190 185 Sorghum No. 2 yellow, U.S. Gulf 177 167 171 176 181 182 182 181 179 177 174 Barley Barley Unit Value, Alberta 192 161 165 169 176 179 177 175 171 167 163 Feed barley, Rouen 245 207 212 221 228 232 234 231 227 222 218 Soybeans No. 1 yellow, Central Illinois 354 363 377 393 400 399 399 392 384 379 373 for Rio Grande, Brazil 398 398 416 435 445 448 452 448 443 441 437 for Buenos Aires, Argentina 431 380 399 419 430 432 437 434 430 428 424 cif Rotterdam 489 419 439 460 471 474 479 476 471 469 466 Soybean Meal Decatur, IL, 48% 392 369 370 382 397 404 401 395 383 378 368 for Rio Grande, Brazil 371 350 350 362 376 383 380 374 363 358 349 for Buenos Aires, Argentina 381 360 361 373 385 392 390 384 373 368 360 cif Rotterdam 436 389 389 401 415 421 419 413 402 397 388 Soybean Oil Decatur, IL 722 665 695 714 731 728 756 774 780 784 791 for Rio Grande, Brazil 761 705 735 753 770 767 794 812 818 822 828 for Buenos Aires, Argentina 768 706 738 758 777 774 804 823 830 834 841 Dutch fob 845 770 805 827 847 844 876 897 904 909 916 Rapeseed (canola) cif Hamburg 419 394 408 419 429 439 443 439 434 432 427 Export, West Coast, Canada 408 416 431 449 456 455 456 448 440 435 428 Rapeseed Meal for Hamburg, $/mt 267 245 247 259 271 278 274 268 260 253 243 Rapeseed Oil cif Rotterdam 825 765 790 812 830 832 859 877 885 892 900 Sunflowerseed cif Rotterdam 442 418 425 443 457 461 465 462 456 448 444 Sunflowerseed Meal cif Rotterdam 281 224 225 236 251 254 248 242 234 226 215 Sunflowerseed Oil fob NW Europe 881 819 834 856 871 874 904 922 929 933 944 Palm Oil Malaysia 680 618 630 657 672 672 702 722 731 739 747 Cotton Adjusted World Price 1073 1110 1151 1179 1237 1244 1249 1267 1319 1303 1322

Global Area Harvested 03/04 04/05 05/06 06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14 (Million hectares) Grains Wheat 207.6 215.8 217.6 211.6 217.1 224.2 225.5 216.7 220.7 216.3 220.9 Rice 149.3 151.8 154.0 154.6 154.7 158.1 155.8 158.2 160.3 158.2 160.9 Corn 141.7 145.4 145.4 150.3 160.4 158.7 158.5 164.6 172.1 177.6 180.6 Sorghum 44.0 40.0 42.5 42.7 43.8 44.1 40.5 41.1 43.7 38.0 40.5 Barley 58.4 57.5 55.3 56.4 55.9 55.2 54.4 47.2 49.4 50.2 50.7 Total grains modeled 601.0 610.5 614.9 615.7 631.9 640.3 634.6 627.8 646.2 640.2 653.6 Oilseeds Soybeans 88.6 93.4 93.1 94.6 90.9 96.4 102.6 103.4 103.1 109.3 113.3 Rapeseed 25.5 26.7 27.3 26.4 28.3 31.0 31.4 33.8 34.1 36.3 36.1 Sunflowerseed 23.0 20.8 22.8 23.4 21.0 23.6 22.9 22.9 24.8 23.8 24.7 Total oilseeds modeled 137.1 140.9 143.2 144.4 140.1 151.1 156.9 160.1 162.1 169.4 174.1 Cotton 32.3 35.7 34.8 34.6 32.9 30.6 30.2 33.5 36.0 34.4 32.8 Total crops modeled 770.5 787.1 792.8 794.7 804.9 822.1 821.7 821.5 844.2 844.0 860.5 Global Trade 03/04 04/05 05/06 06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14 (Million metric tons) Grains 185.1 190.8 204.3 202.0 221.6 230.3 236.7 227.6 275.8 234.6 307.1 Wheat 83.8 91.3 95.4 83.9 90.6 117.9 111.9 109.2 129.4 113.3 140.6 Rice 16.4 15.2 15.9 18.0 17.5 13.1 14.1 17.1 20.2 20.5 23.5 Corn 65.7 65.6 71.2 82.1 92.9 75.9 88.6 81.8 105.1 81.2 117.6 Sorghum 5.9 5.3 5.3 5.1 9.2 5.8 6.4 6.5 6.2 4.9 7.1 Barley 13.2 13.3 16.6 12.9 11.5 17.5 15.7 13.1 14.9 14.6 18.4 Oilseeds 57.2 64.9 65.6 71.0 77.8 82.9 95.6 95.2 96.5 102.8 117.2 Soybeans 53.5 61.8 61.4 66.7 72.9 73.0 87.8 87.6 86.5 92.8 104.6 Rapeseed 3.1 2.6 3.7 3.5 4.4 9.0 6.8 6.6 8.8 9.2 11.6 Sunflowerseed 0.7 0.4 0.5 0.8 0.5 0.9 1.0 1.0 1.2 0.8 0.9 Protein meals 48.3 49.0 54.0 57.7 60.0 56.9 59.7 64.2 65.9 63.4 66.7 Soybean meal 43.5 44.6 48.7 52.1 53.8 50.4 53.1 55.6 55.1 54.6 56.3 Rapeseed meal 2.1 1.9 2.1 2.4 3.1 2.6 2.8 4.3 4.4 4.1 4.6 Sunflowerseed meal 2.6 2.5 3.2 3.2 3.1 4.0 3.8 4.3 6.4 4.7 5.8 Vegetable oils 29.5 33.3 37.6 39.0 42.1 44.1 45.0 46.0 49.0 52.5 53.8 Soybean oil 7.4 7.8 8.7 9.5 9.6 7.8 7.6 7.9 6.4 7.0 6.9 Rapeseed oil 0.7 0.7 0.9 1.2 1.2 1.6 1.8 2.2 2.7 2.5 2.5 Sunflowerseed oil 2.0 1.9 3.3 3.3 2.7 3.7 3.7 3.6 5.4 4.5 5.8 Palm oil 19.4 22.9 24.8 25.1 28.7 31.0 32.0 32.3 34.4 38.5 38.6 (Million bales) Cotton 17.5 19.7 29.7 24.1 27.8 21.7 25.9 25.6 35.0 34.1 29.6 Figures are the sums of net exports by exporting countries.

Global Area Harvested 14/15 15/16 16/17 17/18 18/19 19/20 20/12 21/22 22/23 23/24 24/25 (Million hectares) Grains Wheat 222.3 223.8 224.1 223.6 224.2 224.8 225.2 225.4 225.1 225.0 224.8 Rice 160.6 162.1 160.5 161.2 161.0 161.7 161.8 162.6 163.0 163.3 163.2 Corn 177.9 178.9 180.0 180.3 180.8 181.6 182.6 183.3 183.9 184.3 184.3 Sorghum 39.9 40.3 40.3 40.6 40.8 41.0 41.2 41.5 41.6 41.8 41.9 Barley 49.2 50.4 50.0 50.1 50.2 50.4 50.6 50.6 50.6 50.4 50.3 Total grains modeled 649.9 655.6 654.9 655.7 657.0 659.6 661.4 663.2 664.2 664.8 664.6 Oilseeds Soybeans 118.0 118.5 118.4 119.3 120.5 121.8 122.9 124.1 125.1 126.2 127.2 Rapeseed 36.4 36.5 36.4 36.8 37.1 37.4 37.7 38.0 38.3 38.6 38.9 Sunflowerseed 23.9 25.3 25.8 26.1 26.3 26.5 26.7 26.9 27.0 27.1 27.2 Total oilseeds modeled 178.2 180.3 180.7 182.2 183.9 185.7 187.3 189.0 190.4 191.8 193.2 Cotton 34.3 34.0 34.3 34.5 34.5 34.5 34.4 34.4 34.4 34.5 34.5 Total crops modeled 862.3 869.9 869.9 872.4 875.4 879.8 883.2 886.6 889.1 891.1 892.3 Global Trade 14/15 15/16 16/17 17/18 18/19 19/20 20/12 21/22 22/23 23/24 24/25 (Million metric tons) Grains 282.9 275.9 284.0 292.3 300.0 306.7 312.6 317.6 322.7 327.7 333.0 Wheat 130.9 127.8 129.6 131.5 133.5 135.3 136.9 137.6 138.6 139.8 140.9 Rice 23.1 22.1 22.5 23.7 24.1 24.7 25.2 25.7 26.0 26.3 26.7 Corn 100.8 100.7 106.0 110.9 115.3 119.1 122.4 125.8 129.0 131.8 135.0 Sorghum 8.9 8.1 8.0 8.1 8.1 8.1 8.2 8.3 8.4 8.5 8.7 Barley 19.1 17.2 17.8 18.2 18.9 19.5 19.9 20.2 20.7 21.2 21.7 Oilseeds 120.2 127.5 129.8 133.5 136.2 139.3 142.1 145.1 147.5 149.8 152.2 Soybeans 109.6 117.1 118.8 122.1 124.5 127.4 129.8 132.4 134.5 136.4 138.7 Rapeseed 9.5 9.4 9.9 10.3 10.6 10.8 11.3 11.5 11.8 12.1 12.3 Sunflowerseed 1.1 1.0 1.1 1.1 1.1 1.1 1.1 1.2 1.2 1.3 1.3 Protein meals 70.1 72.4 74.7 76.5 78.5 79.8 81.2 82.4 83.7 85.4 87.0 Soybean meal 60.2 62.3 64.3 65.9 67.5 68.6 69.8 70.7 71.7 73.1 74.4 Rapeseed meal 4.4 4.6 4.6 4.6 4.7 4.7 4.8 4.9 5.0 5.1 5.3 Sunflowerseed meal 5.5 5.5 5.7 6.0 6.2 6.5 6.7 6.9 7.1 7.2 7.4 Vegetable oils 55.8 58.0 59.9 61.4 63.3 65.0 66.6 68.6 70.6 72.6 74.8 Soybean oil 7.1 7.6 8.1 8.2 8.6 8.8 9.1 9.3 9.5 9.7 9.9 Rapeseed oil 2.8 2.8 2.9 2.9 2.9 3.0 3.0 3.1 3.2 3.3 3.2 Sunflowerseed oil 5.4 5.4 5.7 6.0 6.2 6.4 6.7 6.9 7.1 7.3 7.5 Palm oil 40.5 42.2 43.2 44.4 45.6 46.7 47.8 49.2 50.8 52.3 54.3 (Million bales) Cotton 23.2 24.7 25.6 26.0 26.4 26.6 26.8 27.3 28.0 28.4 29.0 Figures are the sums of net exports by exporting countries.

Global Stocks-To-Use 03/04 04/05 05/06 06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14 World (Percent) Grains Wheat 23.3 25.8 25.0 21.7 21.0 26.4 30.9 30.3 28.5 25.4 26.7 Rice 19.8 18.2 18.5 18.0 19.0 21.2 21.7 22.5 23.4 23.6 22.4 Corn 16.1 19.0 17.6 15.2 17.0 18.8 17.9 15.2 15.5 15.9 18.2 Sorghum 9.4 8.3 8.7 7.0 9.8 9.8 8.0 9.8 8.2 8.1 9.1 Barley 16.1 23.1 20.2 15.0 15.3 22.0 25.8 18.1 16.7 15.7 17.7 Oilseeds Soybeans 20.3 23.8 25.0 28.0 22.9 19.4 25.3 28.1 21.0 21.9 24.3 Rapeseed 6.1 12.2 12.1 11.0 8.0 13.4 15.0 13.8 10.4 7.8 9.6 Sunflowerseed 12.5 11.2 11.5 13.7 13.6 12.0 8.2 7.4 6.0 7.4 7.9 Protein meals Soybean meal 4.4 4.3 4.2 4.7 4.6 3.2 4.1 4.9 5.5 5.4 5.6 Rapeseed meal 2.3 1.4 2.3 1.1 1.1 0.8 1.4 1.5 1.6 1.0 1.1 Sunflowerseed meal 2.1 2.2 2.9 2.3 2.7 5.0 5.2 5.4 7.8 3.1 5.2 Vegetable oils Soybean oil 9.1 10.3 11.6 11.4 10.2 9.3 9.4 10.0 9.6 8.6 7.1 Rapeseed oil 2.6 3.1 4.1 3.1 4.5 4.8 7.1 5.3 7.1 11.8 14.4 Sunflowerseed oil 8.5 11.1 11.4 9.4 10.9 16.1 12.7 9.4 16.6 13.2 14.1 Palm oil 14.6 14.6 14.4 14.3 11.7 12.1 12.5 12.9 14.6 13.5 12.9 Cotton 49.1 55.6 52.8 50.8 50.3 56.3 39.5 43.7 70.9 83.5 93.2 World, excluding China (Percent) Grains Wheat 19.3 23.3 23.3 18.5 17.7 23.1 27.0 25.5 24.8 21.4 21.9 Rice 13.5 12.7 13.9 13.5 14.4 17.8 18.0 18.5 19.6 19.7 18.1 Corn 11.5 17.0 15.6 12.7 14.9 15.3 14.6 12.0 11.1 10.5 12.9 Sorghum 8.6 7.4 7.4 5.6 9.1 9.3 7.8 9.4 7.8 8.0 9.6 Barley 16.5 23.8 20.6 15.1 15.5 22.4 26.2 18.5 16.8 15.9 18.2 Oilseeds Soybeans 23.5 26.8 28.8 34.2 27.8 20.9 26.4 30.2 20.6 24.2 26.9 Rapeseed 8.8 17.7 17.0 14.9 10.5 14.4 15.3 15.2 12.3 9.4 11.2 Sunflowerseed 13.4 11.8 12.3 14.4 14.1 12.7 8.7 7.3 5.4 7.5 8.1 Protein meals Soybean meal 5.2 5.2 5.2 5.7 5.7 4.1 5.4 6.6 7.6 7.6 7.8 Rapeseed meal 3.3 2.1 3.3 1.5 1.5 1.1 1.9 2.2 2.3 1.4 1.6 Sunflowerseed meal 2.2 2.3 3.1 2.4 2.8 5.2 5.4 5.7 8.1 3.3 5.5 Vegetable oils Soybean oil 10.4 12.3 14.3 14.1 13.0 10.8 10.5 12.9 11.4 8.7 7.1 Rapeseed oil 3.7 4.5 5.6 4.1 5.9 4.4 5.9 5.2 4.9 3.7 5.8 Sunflowerseed oil 8.9 11.5 11.9 9.7 11.1 16.7 13.3 9.7 17.2 14.1 15.1 Palm oil 16.7 16.9 16.9 16.7 13.5 12.6 13.5 14.1 16.0 14.3 13.8 Cotton 44.2 59.9 54.5 57.4 57.4 61.5 47.4 57.3 64.7 55.2 52.2

Global Stocks-To-Use 14/15 15/16 16/17 17/18 18/19 19/20 20/12 21/22 22/23 23/24 24/25 World (Percent) Grains Wheat 27.7 27.7 27.8 27.6 27.5 27.6 27.6 27.6 27.5 27.4 27.4 Rice 20.9 21.1 21.2 21.0 21.0 21.0 21.0 20.9 20.8 20.8 20.7 Corn 19.6 19.5 19.8 19.7 19.6 19.6 19.7 19.9 20.0 20.1 20.3 Sorghum 7.9 7.5 7.5 7.5 7.5 7.6 7.6 7.7 7.9 8.0 8.1 Barley 18.0 18.3 18.1 18.0 17.8 17.7 17.8 18.0 18.4 18.8 19.1 Oilseeds Soybeans 31.4 31.8 31.7 31.4 31.3 31.2 31.3 31.3 31.4 31.5 31.5 Rapeseed 10.0 9.0 8.9 8.9 9.0 9.1 9.3 9.4 9.5 9.7 9.8 Sunflowerseed 6.3 6.2 6.2 6.1 6.1 6.2 6.2 6.3 6.4 6.5 6.6 Protein meals Soybean meal 5.5 5.7 5.7 5.6 5.6 5.5 5.5 5.5 5.5 5.5 5.6 Rapeseed meal 1.3 1.2 1.2 1.2 1.1 1.0 1.0 1.1 1.1 1.1 1.2 Sunflowerseed meal 4.9 4.9 5.0 4.9 4.9 4.9 5.0 5.0 5.1 5.2 5.3 Vegetable oils Soybean oil 7.3 7.6 7.5 7.5 7.5 7.5 7.5 7.4 7.4 7.4 7.3 Rapeseed oil 13.4 13.4 13.4 13.6 13.6 13.7 13.8 13.8 13.9 14.0 14.2 Sunflowerseed oil 11.8 12.3 12.5 12.6 12.6 12.6 12.5 12.5 12.4 12.4 12.5 Palm oil 13.3 13.3 13.2 13.1 13.0 13.0 12.9 12.7 12.7 12.6 12.5 Cotton 95.5 94.6 93.6 93.1 92.8 92.5 92.2 91.8 91.5 91.4 91.4 World, excluding China (Percent) Grains Wheat 22.9 22.9 22.6 22.3 22.2 22.1 22.0 22.1 22.2 22.3 22.4 Rice 16.1 16.2 16.1 16.1 16.1 16.1 16.0 15.9 15.9 15.9 15.8 Corn 14.8 14.0 13.9 13.8 13.6 13.5 13.6 13.6 13.8 14.1 14.3 Sorghum 8.4 7.7 7.7 7.7 7.6 7.7 7.7 7.8 8.0 8.1 8.3 Barley 18.4 18.7 18.4 18.3 18.1 18.0 18.1 18.3 18.7 19.1 19.5 Oilseeds Soybeans 37.8 38.3 38.3 37.9 37.7 37.6 37.7 37.7 37.8 37.8 37.8 Rapeseed 11.6 10.3 10.1 10.1 10.2 10.4 10.7 10.8 11.0 11.2 11.3 Sunflowerseed 6.4 6.4 6.3 6.3 6.3 6.3 6.4 6.5 6.6 6.7 6.8 Protein meals Soybean meal 7.8 8.1 8.1 8.1 8.0 8.0 8.0 8.0 8.1 8.2 8.2 Rapeseed meal 1.8 1.7 1.7 1.6 1.5 1.5 1.5 1.5 1.6 1.6 1.7 Sunflowerseed meal 5.1 5.1 5.2 5.2 5.1 5.1 5.2 5.3 5.3 5.4 5.5 Vegetable oils Soybean oil 7.5 7.9 7.8 7.8 7.8 7.9 7.8 7.7 7.7 7.6 7.6 Rapeseed oil 5.0 5.2 5.3 5.5 5.5 5.6 5.6 5.6 5.6 5.6 5.7 Sunflowerseed oil 12.6 13.2 13.4 13.5 13.5 13.5 13.4 13.4 13.3 13.3 13.4 Palm oil 14.2 14.2 14.1 14.0 13.9 13.9 13.8 13.6 13.5 13.4 13.4 Cotton 58.1 58.8 58.6 58.6 58.5 58.4 58.2 58.0 57.9 57.9 58.0