McKeany-Flavell Hot Commodity Podcast Series

Legacy vs. disaggregated report Long format vs. short format Futures only vs. futures and options Commercial vs. non-commercial Managed money vs. other report tables The supplemental CIT report Save the date for our next webinar! Seasonal Market Outlook Webinar: Summer Crop Estimates & Market Direction Wed., June 25, 11am PT / 2pm ET Look for your invite going out the week of June 9 or sign up now on mckeany-flavell.com Host: Michael Caughlan, President & CEO Expert: Shawn Bingham, Director of Commodity Risk Management

Memorial Day is here, and current conditions in the U.S. are ideal Spring row crops off to a good start A pattern switch to more warmth and dryness is still expected Hurricane season begins Jun. 1 Another active year is forecasted Missed our 2025 Spring Market Seminar in April? IQ Premier-level subscribers may now watch presentation videos here! Not an IQ platform subscriber? Contact us to learn more! Host: Michael Caughlan, President & CEO   Expert: Eric Thornton, Senior Commodity Advisor

What's new this year at the Sweets and Snacks Expo? Sugary treats vs. chocolate offerings: Who's winning? Freeze-dried candy: Even bigger than last year! Lots of talk around new regulations for artificial dyes and possible challenges Wheat Wheat crop tour in Kansas showing good potential Some risk of virus and disease Could use an end to the rains in June before harvest H2 2025 wheat futures: Buy now? Missed our 2025 Spring Market Seminar in April? IQ Premier-level subscribers may now watch presentation videos here! Not an IQ platform subscriber? Contact us to learn more! Our next webinar is fast approaching! Economy Update Webinar: Economic Growth, Employment, Inflation, & Global Trade Wed., May 21, 11 am PT / 2 pm ET Look for your invite or sign up now on mckeany-flavell.com Host: Kevin Combs, Vice President – Global Sweeteners Specialist Expert: Michael Caughlan, President & CEO Expert: Eric Thornton, Senior Commodity Advisor

Corn and soy complex Initial 2025/26 corn and soybean projections present headscratchers for consumption Higher YOY consumption for 2025/26 in corn for feed, exports, and soybean oil for biofuel and food Wheat New crop 2025/26 wheat stocks projected to reach a six-year high Many questions on wheat supply: Perhaps too optimistic out of the gate? Global wheat production reaches a record, while stocks remain flat Sugar 2024/25 deliveries for food use lowered by how much? Initial 2025/26 beet production forecast for beet and cane Missed our 2025 Spring Market Seminar in April? IQ Premier-level subscribers may now watch presentation videos here! Not an IQ platform subscriber? Contact us to learn more! Our next webinar Economy Update Webinar: Economic Growth, Employment, Inflation, & Global Trade Wed., May 21, 11am PT / 2pm ET Look for your invite or sign up now on mckeany-flavell.com Host/Expert: Kevin Combs, Vice President – Global Sweeteners Specialist Expert: Nicole Thomas, Vice President – Information Services Expert: Eric Thornton, Senior Commodity Advisor

Sugar beet plantings are nearly complete What are the initial 2025/26 WASDE beet estimates likely to be? 2026 contracting is picking up pace, at about 50% complete Missed our 2025 Spring Market Seminar in April? IQ Premier-level subscribers may now watch presentation videos here! Not an IQ platform subscriber? Contact us to learn more! Our next webinar is coming up! Economy Update Webinar: Economic Growth, Employment, Inflation, & Global Trade Wed., May 21, 11 am PT / 2 pm ET Look for your invite or sign up now on mckeany-flavell.com Host: Michael Caughlan, President & CEO Expert: Kevin Combs, Vice President – Global Sweeteners Specialist

GDP contracts for the first time since March 2022 Unemployment rate unchanged, with an increase to month-over-month non-farm jobs What were the job winners? Why are manufacturing jobs remaining problematic? Thanks to all who participated in our 2025 Spring Market Seminar! Videos available soon on our IQ platform for IQ subscribers who attended! Save the date for our next webinar! Economy Update Webinar: Economic Growth, Employment, Inflation, & Global Trade Wed., May 21, 11 am PT / 2 pm ET Look for your invite going out next week or sign up now on mckeany-flavell.com Host: Michael Caughlan, President & CEO Expert: Nicole Thomas, Vice President – Information Services Expert: Shawn Bingham, Director of Commodity Risk Management

Cocoa Why is cocoa remaining a commodity headache? Q1 2025 cocoa bean grinds were better than expectations U.S. cocoa bean stocks improve Sugar Brawley, CA sugar beet plant to close What does it mean for the sugar market? Thanks to all who participated in our 2025 Spring Market Seminar! Host: Michael Caughlan, President & CEO Expert: Eric Thornton, Senior Commodity Advisor

The dreaded “T” word and its impact on a few edible oil categories Why the bullishness in soybean oil futures? Join us next Wednesday, April 23! McKeany-Flavell's 2025 Spring Market Seminar: Industry Trends & Consumption Live online event! Free for all clients! Not a client? It's only $395 per person to attend! Visit mckeany-flavell.com to register today! Host: Craig Ruffolo, Vice President – Commodity Specialist Expert: Nicole Thomas, Vice President – Information Services

Soy complex Slight change to soybean ending stocks Production increases in soybean oil along with decreases to biofuels and food use were mostly offset by an increase to exports Wheat Significant increases to hard red winter and spring wheat How has the market reacted? Corn Corn use up putting ending stocks-to-use down Sugar Beet production up to a record, while cane production is lowered High-tier imports increased McKeany-Flavell's 2025 Spring Market Seminar: Industry Trends & Consumption Live online event! Free for all clients! Wednesday, April 23, 2025 Visit mckeany-flavell.com to register today! Host: Michael Caughlan, President & CEO Expert: Shawn Bingham, Director of Commodity Risk Management Expert: Kevin Combs, Vice President – Global Sweeteners Specialist

Recent avian flu hits & spring migration Egg supply & current demand  A sneak peek at eggs being covered at our Spring Seminar McKeany-Flavell's 2025 Spring Market Seminar: Industry Trends & Consumption Live online event! Free for all clients! Wednesday, April 23, 2025 Have you registered? Visit mckeany-flavell.com to get it done! Host: Eric Thornton, Senior Commodity Advisor Expert: Marilyn Adutwum, Data Analyst

Corn and soybeans Corn, soybean acreage relatively in line with pre-report estimates Less corn, soybeans in on-farm storage than last year Wheat Second fewest planted wheat acres on record Hard red spring wheat down how much? Wheat stocks come in slightly bearish and above expectations Sugar Beet planting area forecast to increase Minnesota and North Dakota both up McKeany-Flavell's 2025 Spring Market Seminar: Industry Trends & Consumption Live online event! Free for all clients! Wednesday, April 23, 2025 Have you registered? Visit mckeany-flavell.com to get it done! Host/Expert: Kevin Combs, Vice President – Global Sweeteners Specialist Expert: Nicole Thomas, Vice President – Information Services Expert: Eric Thornton, Senior Commodity Advisor

Market expects more corn acreage vs. soybeans, but just how much? Wheat acres could see a small increase vs. last year Wheat futures also reach fresh contract lows today: Great buying opportunity! Grain stocks may surprise more than the acreage report, so too could the Apr. 2 tariff deadline McKeany-Flavell's 2025 Spring Market Seminar: Industry Trends & Consumption Live online event! Free for all clients! Wednesday, April 23, 2025 Visit mckeany-flavell.com to register today! Host: Michael Caughlan, President & CEO Expert: Eric Thornton, Senior Commodity Advisor

Wheat U.S. winter wheat crop has endured challenges Will April rains be welcomed? Weather La Niña expected to fade in the coming weeks U.S. Midwest dealing with more drought and dryness headed into spring planting season Economy Fed holds rates steady but eases via treasury holdings FOMC lowers 2025 growth forecast and raises inflation forecast With two opposite battles to find, will Chairman Powell likely choose slowing growth as the most eminent problem? Join us next Wednesday, March 26 for our Seasonal Market Outlook webinar! Look out for your invite or sign up now on mckeany-flavell.com McKeany-Flavell's 2025 Spring Market Seminar: Industry Trends & Consumption Live online event! Free for all clients! Wednesday, April 23, 2025 Visit mckeany-flavell.com to register today! Host: Michael Caughlan, President & CEO Expert: Eric Thornton, Senior Commodity Advisor Expert: Shawn Bingham, Director of Commodity Risk Management

Inflation, while elevated, is taking a back seat to tariff troubles Consumer sentiment and spending is declining, raising questions about future demand Wall Street and others are lowering their U.S. growth forecasts: Will this spread globally? Time to talk 2026 sugar with your suppliers May the Luck O' the Irish be with you! Our next webinar: Seasonal Market Outlook Wednesday, March 26, 2025 Look for your invite next week, or sign up now on mckeany-flavell.com McKeany-Flavell's 2025 Spring Market Seminar: Industry Trends & Consumption Live online event! Free for all clients! Wednesday, April 23, 2025 Visit mckeany-flavell.com to register today! Host/Expert: Craig Ruffolo, Vice President – Commodity Specialist Expert: Shawn Bingham, Director of Commodity Risk Management

Corn and soy complex U.S. corn, soybean balance sheets unchanged with much in the way of consumption uncertainty Global S&D for corn and soybeans both show declining ending stocks vs. last month's report Wheat USDA cuts exports due to slower sales and shipments Global wheat ending stocks FINALLY deviate from the 257 MMT stranglehold! Sugar Sugar deliveries lowered Beet production increased to a record amount Our next webinar: Seasonal Market Outlook Wednesday, March 26, 2025 Look for your email invite, or sign up now on mckeany-flavell.com McKeany-Flavell's 2025 Spring Market Seminar: Industry Trends & Consumption Live online event! Free for all clients! Wednesday, April 23, 2025 Visit mckeany-flavell.com to register today! Host: Michael Caughlan, President & CEO Expert: Nicole Thomas, Vice President – Information Services Expert: Eric Thornton, Senior Commodity Advisor Expert: Kevin Combs, Vice President – Global Sweeteners Specialist

Outlining risks and impacts in the short- and long-term for grains and softs Import tariffs and agricultural products coming in… Impact on some edible oil, corn-derivative, cocoa, and sugar markets Retaliatory tariffs and agricultural products going out… Impact on corn, wheat, soy complex, and meat exports Wheat Impacts net bearish long term, but regional basis could rise without Canadian wheat imports Cocoa Cocoa products from Canada subject to “pantry loading” ahead of tariffs—or users pushing out orders to avoid tariffs Sugar Mexican sugar imports at risk of tariffs—longer-term price implications Bearish corn, soybeans, and soybean meal but very supportive for soybean oil Smaller and niche edible oil markets most impacted by import tariffs Our next webinar: Seasonal Market Outlook Wednesday, March 26, 2025 Look for your invite next week, or sign up now on mckeany-flavell.com McKeany-Flavell's 2025 Spring Market Seminar: Industry Trends & Consumption Live online event! Free for all clients! Wednesday, April 23, 2025 Visit mckeany-flavell.com to register today! Host/Expert: Nicole Thomas, Vice President – Information Services Expert: Eric Thornton, Senior Commodity Advisor

Corn Acreage near expectations Ending stocks to grow Will we see growth in consumption in 2025/26? Soybeans Small reduction in yield Ending stocks to decline, but consumption remains a question Wheat U.S. wheat acreage target vs. 2024 Some questions around spring wheat acres and yield being too high Ending stocks could offer a small surplus McKeany-Flavell's 2025 Spring Market Seminar: Industry Trends & Consumption Live online event! Free for all clients! Wednesday, April 23, 2025 Visit mckeany-flavell.com to register today! Host: Michael Caughlan, President & CEO Expert: Nicole Thomas, Vice President – Information Services Expert: Eric Thornton, Senior Commodity Advisor

Focus: What's happening in the sugar industry and with sugar negotiations Big question: How are negotiations at this year's Colloquium comparing to the past few years? Patient vs. pushing Are we seeing the “first buy is the best buy” mentality this year? Big topics: Upcoming crop outlook Tariffs, demand, and weight-loss drugs Will the sugar still flow? What about sugar-containing products? Possible situation with domestic production and consumption? It's going to be an interesting round of negotiations over the next few months! Shout-out to Craig Ruffolo and Shawn Bingham for their fantastic presentations! McKeany-Flavell's 2025 Spring Market Seminar: Industry Trends & Consumption Live online event! Free for all clients! Wednesday, April 23, 2025 Visit mckeany-flavell.com to register Host: Michael Caughlan, President & CEO Expert: Kevin Combs, Vice President – Global Sweeteners Specialist

Wheat Assessing winterkill risk on wheat HRW: What does the 10-year harvested area average look like? How does this winter compare to years past? Commodity index funds Inflation worries are driving new investor money into commodity index funds Top diversified commodity funds are seeing strong growth in new assets Update on allocations to agricultural commodities as part of a diversified fund portfolio  How much have these funds contributed to new long positions in corn, wheat, and sugar futures from last year's lows? 2025 International Sweetener Colloquium Kicks of this Sunday, Feb. 23 Seven representatives of McKeany-Flavell will be in attendance Watch Craig Ruffolo speak on the North American Sweetener Market Outlook panel on Feb. 24! Watch Shawn Bingham speak on Risk Management in Volatile Markets on Feb. 25! McKeany-Flavell's 2025 Spring Market Seminar: Industry Trends & Consumption Live online event! Free for all clients! Wednesday, April 23, 2025 Visit mckeany-flavell.com to register Host: Michael Caughlan, President & CEO Expert: Eric Thornton, Senior Commodity Advisor Expert: Shawn Bingham, Director of Commodity Risk Management

Cocoa arrival numbers and weather tell of a promising season ahead Major cocoa and chocolate producers are concerned about how cocoa prices can affect their financial performance and projections for the year Q4 2024 grind showed a decline in demand: Will Q1 2025 grind help with the trajectory? McKeany-Flavell's 2025 Spring Market Seminar: Industry Trends & Consumption Live online event! Wednesday, April 23, 2025 Registration is now open! Host: Eric Thornton, Senior Commodity Advisor Expert: Marilyn Adutwum, Data Analyst

Corn and soy complex USDA leaves U.S. corn/soybean balance sheet unchanged Wheat Limited changes to note for wheat U.S. wheat food demand increases, but was it justified? Global endings stocks: How much lower vs. last year? Sugar Sugar deliveries now compared to last year TRQ imports lowered McKeany-Flavell's 2025 Spring Market Seminar: Industry Trends & Consumption Live online event! Wednesday, April 23, 2025 Registration is now open! Host: Michael Caughlan, President & CEO Expert: Nicole Thomas, Vice President – Information Services Expert: Eric Thornton, Senior Commodity Advisor Expert: Kevin Combs, Vice President – Global Sweeteners Specialist

Jobs number disappoints slightly but revisions to prior months were positive Unemployment rate falls to lowest in eight months Wage growth is accelerating but will it keep the Fed sidelined? Final tariff policy and impact still a big unknown: Leaning towards inflationary? McKeany-Flavell's 2025 Spring Market Seminar: Industry Trends & Consumption Live online event! Wednesday, April 23, 2025 Registration is now open! Host: Kevin Combs, Vice President – Global Sweeteners Specialist Expert: Shawn Bingham, Director of Commodity Risk Management

Will Mexico production fall below the 5.094 MMT forecast? How tariffs on Mexico may impact sugar trade McKeany-Flavell's 2025 Spring Market Seminar: Industry Trends & Consumption Live online event! Wednesday, April 23, 2025 Registration is now open! Host: Michael Caughlan, President & CEO Expert: Kevin Combs, Vice President – Global Sweeteners Specialist

What impacts did we see from the harsh winter weather this week? Louisiana cane crop concerns Winter wheat threatened Rumors of peace negotiations between Russia and Ukraine Next week! Don't miss our Key Ingredients in 2025 webinar Wednesday, January 29, 2025 at 11 am PT / 2 pm ET Register now at mckeany-flavell.com or look for your invite starting next week Host: Kevin Combs, Vice President – Global Sweeteners Specialist Expert: Eric Thornton, Senior Commodity Advisor

December jobs boost economic expectations December FOMC points to higher inflation and fewer rate cuts Policy decisions to ban future oil drilling and add new sanctions to Russia, along with threats from Canada, spike crude prices January WASDE bullish to grain market? No shortage of volatility ahead of next Monday's Inauguration Day! Our next webinar: Key Ingredients in 2025 Wednesday, January 29, 2025 at 11 am PT / 2 pm ET Register now at mckeany-flavell.com or if you're a client, look for an invite in your inbox Host: Nicole Thomas, Vice President – Information Services Expert: Shawn Bingham, Director of Commodity Risk Management

Corn and soy complex USDA surprises with reduced U.S. production for corn, soybeans Domestic soybean oil balance sheet is likely more ominous than ending stocks would indicate Wheat Winter wheat acres on the rise! Up how much from 2024? Grain stocks and WASDE about as expected Sugar Beet production increased A boost to stocks-to-use ratio Our next webinar: Key Ingredients in 2025 Wednesday, January 29, 2025 at 11 am PT / 2 pm ET Register now at mckeany-flavell.com or look for your invite starting next week Our thoughts and prayers are with those affected by the LA fires Host: Michael Caughlan, President & CEO Expert: Nicole Thomas, Vice President – Information Services Expert: Eric Thornton, Senior Commodity Advisor Expert: Kevin Combs, Vice President – Global Sweeteners Specialist

Commodity trading advisor (CTA) assets under management  Down from 2022 peak but still significant Large CTAs trade as many as 250 futures contracts globally Which category manages the majority of assets? Between January 2021 and February 2024, fund managers rode corn from record-long to record-short positions How many contracts did they sell? How were speculators positioned in last year's soybean oil market? Lack of speculator liquidity likely helped fuel cocoa rally in 2024 Mark your calendars for our next webinar! Not to be missed! Key Ingredients in 2025 January 29, 2025 11am PT / 2pm ET Registration opens soon at mckeany-flavell.com Host: Michael Caughlan, President & CEO Expert: Shawn Bingham, Director of Commodity Risk Management

Corn Corn acres will go up on better returns than soybeans Feed demand may shrink due to continued issues of avian flu Exports are being front-loaded but could stall in the second half Could ending stocks equal 2024? Sugar At what prices will sugar futures be trading in 2025? Strong supplies and slightly lower demand in 2025 to pressure 2026 contracting, but by how much? Wheat Ditto or status quo on 2025 vs. 2024? What to expect from 2025/26 U.S. stocks surplus, as well as global stocks Expectations for 2025/26 U.S. wheat exports Two more countries will approve HB4 GMO wheat: Guesses as to who Soy complex & edible oils Prevailing prediction: Volatility! Uncertain biofuel and economic pictures provide a broad range of price possibilities Does avian flu spreading to mammals fill more of the conversation in 2025? Economy & energy Let's talk basis cuts from the Fed How will the CPI and GDP hold up? Observations for WTI crude oil: What to expect Happy New Year! Host: Michael Caughlan, President & CEO Expert: Craig Ruffolo, Vice President – Commodity Specialist Expert: Kevin Combs, Vice President – Global Sweeteners Specialist Expert: Eric Thornton, Senior Commodity Advisor Expert: Nicole Thomas, Vice President – Information Services Expert: Shawn Bingham, Director of Commodity Risk Management

Find a warm, cozy spot and listen to Nicole showcase her annual holiday poem, as only she can do.  Happy Holidays! Host: Michael Caughlan, President & CEO Expert: Nicole Thomas, Vice President – Information Services

U.S. winter wheat crop conditions are strong heading into winter Is La Niña still forecasted? Speculators may liquidate hefty short positions Russia/Ukraine war full of uncertainty and will enhance volatility What to expect from commodities in 2025? Keep an eye out for our 2025 predictions podcast coming to you soon! Host: Michael Caughlan, President & CEO Expert: Eric Thornton, Senior Commodity Advisor

Wheat Wheat exports increase Stocks fall Soy complex Soybean balance sheet unchanged for U.S. Global stocks still huge Corn Production down globally Stronger use for corn in the U.S. How's ethanol demand looking? Sugar USDA raises import level: How disappointed will Mexico be? Believe it or not, the International Sweetener Colloquium is right around the corner! (February 23-26, 2025): See you there! Keep an eye out for our 2025 predictions podcast! Coming to you soon. Host: Michael Caughlan, President & CEO Expert: Eric Thornton, Senior Commodity Specialist Expert: Kevin Combs, Vice President – Global Sweeteners Specialist

Market fundamentals Global markets European production issues for crops Domestic markets Latest crush report shows 10-year lows How likely are we to see sustained price relief for vegetable oils? The incoming U.S. administration spells lots of uncertainty Biofuel policy, imports, tariffs, and even TikTok Used cooking oil and its effect on soybean oil usage in biofuels Interested in learning more about coconut oil products? Head over to mckeany-flavell.com to watch our video, “Going Coconuts”! Host: Michael Caughlan, President & CEO Expert: Nicole Thomas, Vice President – Information Services

Contracting is nearing its completion Results are a mixed bag Corn prices were not a factor Product demand assisted in price offers for 2025 Wet mill operations show little change New production at Ft. Dodge and Shenandoah U.S. Corn Wet Milling Industry Study, 2023 Edition! What buyers, consumers, and investors need to know Processes, products, pricing, and growth potential Visit us at mckeany-flavell.com to purchase your copy today! Happy Thanksgiving! Host: Shawn Bingham, Director of Commodity Risk Management Expert: Craig Ruffolo, Vice President – Commodity Specialist

Little change in total U.S. herd: Where are we sitting now? Yield or productivity per cow at the farm level How has total milk output been measured on a cumulative YTD basis through October? Missed our webinar on Wednesday? Watch now on IQ! Revisiting Systematic Timing Models: A Secret Weapon for Procurement Risk Management Not an IQ subscriber but want to learn more? Reach out to McKeany-Flavell to find out how an IQ subscription can benefit you and your company today. Host: Michael Caughlan, President & CEO Expert: Jeffrey Rasinski, Consultant

Weather NOAA's latest odds of a La Niña are declining: Will it actually arrive? Winter weather expectations may not be as threatening to crops like wheat The markets CPI sees three consecutive months of increases How much did the PPI move over the last three months? Fed Powell surprises market with hawkish comments Don't forget to register for next Wednesday's webinar! Revisiting Systematic Timing Models: A Secret Weapon for Procurement Risk Management November 20, 11am PT / 2pm ET Register at mckeany-flavell.com today! Host/Expert: Shawn Bingham, Director of Commodity Risk Management Expert: Eric Thornton, Senior Commodity Advisor

Sugar USDA adjusts for early harvest sugar Shifts in old crop numbers Wheat Few changes for wheat, global stocks remain steady at 257 MMT Shout out to Kazakhstan with a 2 MMT increase to production! Corn & Soy Complex Both U.S. corn and soybean yields reduced (and much more for the latter). Ending stocks of soybean oil growing more ominous for 2024/25 Register for our next webinar on November 20, 2024 at 2:00 PM ET! Revisiting Systematic Timing Models Visit mckeany-flavell.com to reserve your seat today! Host/Expert: Nicole Thomas, Vice President – Information Services  Experts: Kevin Combs, Vice President – Global Sweeteners Specialist                Eric Thornton, Senior Commodity Advisor

With hefty chocolate prices scaring consumers, will we see a bias for sugar-based confectionery treats? Prices at the grocery store: Chocolate candies vs. sugar, candy, and gum Retailers are promoting more aggressively to move products Will price increases continue to insulate most companies on earnings/sales? Mark your calendars for our next webinar! Revisiting Systematic Timing Models with Dir. of Risk Management, Shawn Bingham Wednesday, Nov. 20, 2024 Registration opens week of Nov. 4 at mckeany-flavell.com Clients check your inboxes Host: Michael Caughlan, President & CEO Expert: Jeffrey Rasinski, Consultant

Weather trending more bullish by the month for wheat U.S. wheat exports up YOY, but pace is slowing Global supply tightening leading to elevated edible oils prices Geopolitical factors, election outcome, and consumer behavior are impactful unknowns for vegetable oil consumption U.S. Corn Wet Milling Industry Study, 2023 Edition! What buyers, consumers, and investors need to know Processes, products, pricing, and growth potential Visit us at mckeany-flavell.com to purchase your copy today! Missed this week's Fall Market Outlook webinar? If you're an IQ subscriber, watch it now on the IQ Platform! Not a subscriber? Reach out for a trial subscription today! Host/Expert: Eric Thornton, Senior Commodity Specialist Expert: Nicole Thomas, Vice President – Information Services

Energy volatility has been heightened by the ongoing events in the Middle East Disruption to the flow of crude through the Strait of Hormuz remains the biggest risk U.S. oil production reaches a new peak Could global economic slowing see WTI spend more time below $70 than above? Webinar next week! Fall Market Outlook Wednesday, October 23 Registration is now open! Check your email or visit mckeany-flavell.com Host: Michael Caughlan, President & CEO Expert: Shawn Bingham, Director of Risk Management

Wheat U.S. wheat stocks decline, but still up YOY Soy complex Soybean & soybean oil balance sheets unchanged Corn See soy complex Sugar Beet sugar production up 2023/23 high-tier raised by how much? Now available for purchase! McKeany-Flavell's U.S. Corn Wet Milling Industry Study, 2023 Edition What buyers, consumers, and investors need to know Visit us at mckeany-flavell.com to learn more Don't forget to register for our next webinar! Fall Market Outlook on October 23, 2024 Registration is now open! Check your email or visit mckeany-flavell.com Host/Expert: Kevin Combs, Vice President – Global Sweeteners Specialist Expert: Eric Thornton, Commodity Specialist

The strike is off! (at least for now…) Good jobs report with some points of consideration Turmoil in the Middle East putting at least a temporary floor beneath futures prices Don't forget to register for our next webinar Fall Market Outlook on October 23, 2024 Registration opens week of Oct. 7 at mckeany-flavell.com Clients check your inboxes Host/Expert: Shawn Bingham, Director of Risk Management Expert: Nicole Thomas, Vice President – Information Services

September stock revisions Net bullish for corn Neutral for soybeans Wheat production fell by how much? Harvested area for wheat increases, while yield falls Next webinar! Fall Market Overview Wednesday, Oct. 23, 2024 Registration opens week of Oct. 7 at mckeany-flavell.com Clients check your inboxes Host: Michael Caughlan, President & CEO Expert: Eric Thornton, Commodity Specialist

Would you like cheese, butter, nuts, eggs, or frozen fruit? What makes butter inventory so key this time of the year? The key differences between butter: U.S. vs. Europe Can New Zealand step up and potentially supply product to Europe? Butter in cold storage is in decline, but what's the whole story? Are butter prices relaxing? Let's talk cheese inventories Next webinar! Fall Market Overview Wednesday, Oct. 23, 2024 Registration opens week of Oct. 7 at mckeany-flavell.com Clients check your inboxes Now available for purchase! McKeany-Flavell's U.S. Corn Wet Milling Industry Study, 2023 Edition What buyers, consumers, and investors need to know Visit us at mckeany-flavell.com to learn more Host: Michael Caughlan, President & CEO Expert: Jeffrey Rasinski, Consultant

#11 raw sugar futures rallying, up 5 cents in last month Dryness in Brazil reducing 2025 production expectations India not expected to export sugar despite industry calls to do so Don't forget to register for next week's webinar! Energy Markets Update on September 25, 2024 Registration is now open! Check your email or visit mckeany-flavell.com Host: Michael Caughlan, President & CEO Expert: Kevin Combs, Vice President – Global Sweeteners Specialist

Wheat Tame WASDE for wheat No change on the U.S. balance sheet EU production cut 4 MMT: Is it enough? Corn and soy complex Corn and soybeans are snoozers Will bearish conditions continue for now? Sugar The old crop is finalizing, while the new crop is just getting started 2023/24 sugar stocks up! 2024/25 Mexican imports lowered? U.S. Corn Wet Milling Industry Study, 2023 Edition! What buyers, consumers, and investors need to know Processes, products, pricing, and growth potential Visit us at mckeany-flavell.com to purchase your copy today! Don't forget to register for our next webinar! Energy Markets Update on September 25, 2024 Registration is now open! Check your email or visit mckeany-flavell.com Host: Michael Caughlan, President & CEO Expert: Eric Thornton, Commodity Specialist Expert: Kevin Combs, Vice President – Global Sweeteners Specialist Expert: Nicole Thomas, Vice President – Information Services

Acreage expectations: the case could be made for more wheat acres for 2025/26 Current conditions are not ideal and La Nina's influence could cause issue this winter McKeany-Flavell's U.S. Corn Wet Milling Industry Study, 2023 Edition All industrial buyers and consumers of corn-derived products, as well as investors in that field, should understand the corn wet milling process, product portfolio, pricing, and industry growth potential.  Now available for purchase at mckeany-flavell.com!

Two theories for the shape of the forward curve What is a normal forward curve? Risk-free arbitrage Over and under supplied markets Corn, soybeans, and wheat The importance of a meat thermometer this holiday weekend Now available for purchase! McKeany-Flavell's U.S. Corn Wet Milling Industry Study, 2023 Edition What buyers, consumers, and investors need to know Visit us at mckeany-flavell.com to learn more

Most recent changes made by USDA on milk production and herd size How have revisions USDA has made to prior numbers affected the outlook? Where we stand on YTD milk output What do dairy buyers need to be on the lookout for? Next webinar! Economy and Energy Wednesday, Sep. 25, 2024 Registration opens on Sep. 11 at mckeany-flavell.com Clients, check your inboxes Now available for purchase! McKeany-Flavell's U.S. Corn Wet Milling Industry Study, 2023 Edition What buyers, consumers, and investors need to know Visit us at mckeany-flavell.com to learn more   Host: Michael Caughlan, President & CEO Expert: Jeffrey Rasinski, Consultant

What's the global oilseed outlook for 2024/25? How are prices trending? Coverage advice Avian flu observations Impact on feed consumption? U.S. Corn Wet Milling Industry Study, 2023 Edition! What buyers, consumers, and investors need to know Processes, products, pricing, and growth potential Visit us at mckeany-flavell.com to purchase your copy today! Host: Michael Caughlan, President & CEO Expert: Nicole Thomas, Vice President – Information Services

Wheat Wheat acres take a big hit! Ending stocks drop but still up vs. last year Corn and soy complex Soy snatches acreage from corn brethren! But do both appear amply supplied for 2024/25? Sugar 2024/25 beet production increased to a new record Old crop and new crop sugar deliveries for food use lowered U.S. Corn Wet Milling Industry Study, 2023 Edition! What buyers, consumers, and investors need to know Processes, products, pricing, and growth potential Visit us at mckeany-flavell.com to purchase your copy today! Host: Michael Caughlan, President & CEO Expert: Eric Thornton, Commodity Specialist Expert: Nicole Thomas, Vice President – Information Services Expert: Kevin Combs, Vice President – Global Sweeteners Specialist

Farm Bill Possible to get this passed before the November elections? Beet sugar Harvest for 2024/25 crop is upon us! Signs of a sizable crop? Cane sugar Florida crop predictions: Could it surpass Louisiana? U.S. Corn Wet Milling Industry Study, 2023 Edition! What buyers, consumers, and investors need to know Processes, products, pricing, and growth potential Visit us at mckeany-flavell.com to purchase your copy today! Host: Michael Caughlan, President & CEO Expert: Craig Ruffolo, Vice President – Commodity Specialist