What's Working?

Confidential – Not to be shared without permission

What’s working?

Presentation February 8, 2012

February 8, 2012

1 responsive responsive

rooted rooted

focused focused

enduring enduring

evolving evolving

diversified diversified

progressive progressive

resourceful resourceful

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U.S. Debt as % of GDP

2 responsive

rooted

focused

enduring

evolving

diversified

progressive

resourceful

Confidential – Not to be shared without permission

Eurozone Debt as % of GDP

3 responsive

rooted

focused

enduring

evolving

diversified

progressive

resourceful

Confidential – Not to be shared without permission

Baltic (Dry) Freight Index

4 responsive

rooted

focused

enduring

evolving

diversified

progressive

resourceful

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Total Harvested Acres China (white) vs. U.S. (orange)

5 responsive

rooted

focused

enduring

evolving

diversified

progressive

resourceful

Confidential – Not to be shared without permission

Yield per Bushel China (white) vs. U.S. (orange)

6 responsive

rooted

focused

enduring

evolving

diversified

progressive

resourceful

Confidential – Not to be shared without permission

Total Production (Mil Bushels) China (white) vs. U.S. (orange)

7 responsive

rooted

focused

enduring

evolving

diversified

progressive

resourceful

Confidential – Not to be shared without permission

% of Global production

8 responsive

rooted

focused

enduring

evolving

diversified

progressive

resourceful

Confidential – Not to be shared without permission

Crude Value vs. Corn Value

9 responsive

rooted

focused

enduring

evolving

diversified

progressive

resourceful

Confidential – Not to be shared without permission

U.S. Farm Net Income ($billions)

10 responsive

rooted

focused

enduring

evolving

diversified

progressive

resourceful

Confidential – Not to be shared without permission

1 Bushel of wheat makes :

73 loaves of bread or 440 bagels or 910 chocolate chip cookies 11

responsive

rooted

focused

enduring

evolving

diversified

progressive

resourceful

Confidential – Not to be shared without permission

U.S. Corn-Based Ethanol    

VEETC gone, finally!

Competing world-wide without subsidy.

Cellulosic subsidies – a waste of time & money.

High corn prices will virtually eliminate direct payment subsidies.

responsive

rooted

focused

enduring

evolving

diversified

progressive

resourceful

Confidential – Not to be shared without permission

Ethanol, Food and Prices  Don't use 3.5B bu of corn for ethanol? (YES – 3.5B)  That would make cheap food ???  If 3.5B bu was not grown for ethanol, would it be grown?  Need more supply not less!  8-10MM acres of CRP that we pay $1B not to plant.  Adding 1 - 1.5B bu would drive prices to ???

responsive

rooted

focused

enduring

evolving

diversified

progressive

resourceful

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Monthly Nat Gas price since 1990

14 responsive

rooted

focused

enduring

evolving

diversified

progressive

resourceful

Confidential – Not to be shared without permission

Nutrient Use in U.S. Corn Production

15 responsive

rooted

focused

enduring

evolving

diversified

progressive

resourceful

Confidential – Not to be shared without permission

U.S. Retail Unleaded Gas Price

16 responsive

rooted

focused

enduring

evolving

diversified

progressive

resourceful