Price Reactions after USDA Crop Reports

0
431
United States Department of Agriculture
 

ISSN: 1949-1905

Price Reactions After USDA Crop Reports

March 2015

Contents

Crop Reports and Price Reactions Overview.................................................  4

Price Reactions to USDA Crop Reports by Crop and Report...................................  5

Corn Price Changes Following Crop Production Reports - United States: 1985-2014...........  6

Corn Price Changes Following Grain Stocks Reports - United States: 1984-2014.............. 10

Soybean Price Changes Following Crop Production Reports - United States: 1985-2014........ 14

Soybean Price Changes Following Grain Stocks Reports - United States: 1984-2014........... 18

Wheat Price Changes Following Crop Production Reports - United States: 1987-2014.......... 22

Wheat Price Changes Following Grain Stocks Reports - United States: 1984-2014............. 26

Upland Cotton Price Changes Following Crop Production Reports - United States: 1989-2014.. 30

Information Contacts...................................................................... 34
 
Crop Reports and Price Reactions Overview

This report contains corn, soybean, wheat, and Upland cotton price reactions 
to the USDA Crop Production and Grain Stocks reports. Each year, estimates of 
corn, soybean, wheat, and cotton production are published in the monthly Crop 
Production reports. Corn and soybean estimates are published in the August, 
September, October, and November Crop Production reports and the January Crop 
Production Annual Summary. Wheat estimates are published in the May, June, 
July, and August Crop Production reports and the September Small Grains 
Annual Summary. Cotton estimates are included in the August, September, 
October, November, and December Crop Production reports and the January Crop 
Production Annual Summary. Estimates of corn, soybean, and wheat stocks are 
published in the Grain Stocks report issued in March, June, September, and 
January. This report does not imply that NASS reports are solely responsible 
for changes to the price level for commodities referenced in the publication. 
The price level for any commodity can potentially be affected by other 
information available to the market at that time but ultimately is determined 
by supply and demand.  
	
The prices in this report for corn, soybeans, wheat, and cotton represent 
sales from producers to first buyers at major markets as reported by the USDA 
Agricultural Marketing Service (AMS). The price data series used for each 
commodity is described below:

Commodity	AMS Market News Price Used
Corn	The closing cash price for Southern Iowa #2 yellow corn.
Soybeans		The average price paid at Southern Iowa points by processors.
Wheat		The closing cash price for Kansas City #1 hard winter wheat 
(ordinary protein).
Upland cotton	The 7-Market Average Base Quotations for Upland cotton (the 
Upland cotton base quality is color 41, leaf grade 4, staple 
34).

Before May 1994, the quarterly Grain Stocks report, the monthly Crop 
Production report, as well as the Annual Crop Production and Small Grains 
Summaries were all published at 3:00 p.m. ET. Therefore, the "prior closing 
price," referred to in the tables of this report, is the closing price the 
day of the release since the U.S. markets were already closed at 3:00 p.m. ET 
and did not have a chance to react on that day. Referring to data in this 
publication, if a report was published on Thursday at 3:00 p.m. ET, the 
"prior closing price" is Thursday's closing price. The "day after price" is 
the closing price on Friday and the "week after price" is the following 
Thursday's closing price.

However, starting in May 1994, the release time for all reports mentioned 
previously was changed to 8:30 a.m. ET. Therefore, the "prior closing price," 
referred to in the tables of this report, is the previous day's closing price 
since the U.S. markets had not yet opened on the day of the release. The "day 
after" and "week after" prices are then published to reflect the same number 
of days after report publication as when the report was released at 3:00 p.m. 
ET. Referring again to data in this publication, if a report was published on 
Tuesday at 8:30 a.m. ET, the "prior closing price" is Monday's closing price. 
The "day after price" is the closing price on Tuesday since the U.S. markets 
were open after the report was released and the "week after price" is the 
following Monday's closing price.

Beginning in January 2013, the release time for publications referenced in 
this report was changed to 12:00 p.m. ET. This change did not affect the 
"prior closing price" or "day after price" definitions described in the 
previous paragraph.

Due to the lapse in federal funding in October 2013, the National 
Agricultural Statistics Service (NASS) 2013 October Crop Production report 
was cancelled. Additionally, Agricultural Marketing Service (AMS) Market News 
price reports were also cancelled. As a result, no data is available for a 
price comparison for the 2013 Small Grain Annual Summary or the 2013 
September Grain Stocks report.

Price Reactions to USDA Crop Reports by Crop and Report
------------------------------------------------------------------------------------------------
     Crop, USDA report,     :        Day after report         :        Week after report        
             and            :-------------------------------------------------------------------
       price reaction       :    Reaction    :    Average     :    Reaction    :    Average     
                            :                :price change 1/ :                :price change 1/ 
------------------------------------------------------------------------------------------------
                            :     number      cents per bushel      number      cents per bushel
                            :                                                                   
Corn                        :                                                                   
Crop Production (1985-2014) :                                                                   
  Price increases ..........:       64               7.9              77               12.3     
  No price change ..........:       18               (X)               1                (X)     
  Price decreases ..........:       67              -7.1              71              -13.3     
  Total ....................:      149               (X)             149                (X)     
                            :                                                                   
Grain Stocks (1984-2014)    :                                                                   
  Price increases ..........:       55               8.7              60               16.4     
  No price change ..........:        7               (X)               5                (X)     
  Price decreases ..........:       62              -9.8              59              -17.2     
  Total ....................:      124               (X)             124                (X)     
                            :                                                                   
Soybeans                    :                                                                   
Crop Production (1985-2014) :                                                                   
  Price increases ..........:       73              15.4              76               23.4     
  No price change ..........:        4               (X)               2                (X)     
  Price decreases ..........:       72             -15.1              71              -27.2     
  Total ....................:      149               (X)             149                (X)     
                            :                                                                   
Grain Stocks (1984-2014)    :                                                                   
  Price increases ..........:       53              15.9              54               25.7     
  No price change ..........:        2               (X)               1                (X)     
  Price decreases ..........:       69             -17.0              69              -25.8     
  Total ....................:      124               (X)             124                (X)     
                            :                                                                   
Wheat                       :                                                                   
Crop Production (1987-2014) :                                                                   
  Price increases ..........:       70               7.9              80               14.7     
  No price change ..........:        9               (X)               4                (X)     
  Price decreases ..........:       74              -7.1              69              -17.8     
  Total ....................:      153               (X)             153                (X)     
                            :                                                                   
Grain Stocks (1984-2014)    :                                                                   
  Price increases ..........:       55               9.3              54               16.4     
  No price change ..........:        7               (X)               5                (X)     
  Price decreases ..........:       62             -11.6              65              -16.6     
  Total ....................:      124               (X)             124                (X)     
                            :                                                                   
Upland cotton               :                                                                   
Crop Production (1989-2014) :                                                                   
  Price increases ..........:       73              95.1              87              193.7     
  No price change ..........:        0               (X)               1                (X)     
  Price decreases ..........:       82             -96.1              67             -197.4     
  Total ....................:      155               (X)             155                (X)     
------------------------------------------------------------------------------------------------
(X) Not applicable.                                                                             
1/  Cotton price changes displayed in points per pound.                                         

Corn Price Changes Following Crop Production Reports - United States: 1985-2014
-------------------------------------------------------------------------------------
               :                Price 1/                 :      Price change 2/      
               :---------------------------------------------------------------------
      Date     :    Prior    :  Day after  : Week after  :  Day after  : Week after  
               :   closing   :   report    :   report    :   report    :   report    
-------------------------------------------------------------------------------------
               :   -------- dollars per bushel -------         cents  per bushel     
               :                                                                     
1985           :                                                                     
August ........:      (NA)          (NA)          (NA)           0            +5     
September .....:      (NA)          (NA)          (NA)          -5           -13     
October .......:      (NA)          (NA)          (NA)          -3            -7     
November ......:      (NA)          (NA)          (NA)          +2            +8     
Annual ........:      (NA)          (NA)          (NA)          -1            -2     
               :                                                                     
1986           :                                                                     
August ........:      (NA)          (NA)          (NA)           0            -6     
September .....:      (NA)          (NA)          (NA)           0            -1     
October .......:      (NA)          (NA)          (NA)          -1            -4     
November ......:      (NA)          (NA)          (NA)           0            +2     
Annual ........:      (NA)          (NA)          (NA)          +2            +4     
               :                                                                     
1987           :                                                                     
August ........:      1.48          1.48          1.51           0            +3     
September .....:      1.57          1.56          1.61          -1            +4     
October .......:      1.54          1.54          1.66           0           +12     
November ......:      1.74          1.78          1.79          +4            +5     
Annual ........:      1.86          1.89          1.90          +3            +4     
               :                                                                     
1988           :                                                                     
August ........:      2.77          2.68          2.78          -9            +1     
September .....:      2.78          2.78          2.67           0           -11     
October .......:      2.81          2.81          2.75           0            -6     
November ......:      2.70          2.63          2.58          -7           -12     
Annual ........:      2.70          2.70          2.56           0           -14     
               :                                                                     
1989           :                                                                     
August ........:      2.33          2.40          2.42          +7            +9     
September .....:      2.42          2.36          2.30          -6           -12     
October .......:      2.33          2.32          2.40          -1            +7     
November ......:      2.34          2.35          2.40          +1            +6     
Annual ........:      2.32          2.36          2.34          +4            +2     
               :                                                                     
1990           :                                                                     
August ........:      2.55          2.54          2.58          -1            +3     
September .....:      2.36          2.30          2.26          -6           -10     
October .......:      2.34          2.27          2.25          -7            -9     
November ......:      2.33          2.32          2.25          -1            -8     
Annual ........:      2.31          2.35          2.39          +4            +8     
               :                                                                     
1991           :                                                                     
August ........:      2.56          2.53          2.36          -3           -20     
September .....:      2.46          2.44          2.40          -2            -6     
October .......:      2.42          2.42          2.34           0            -8     
November ......:      2.45          2.48          2.46          +3            +1     
Annual ........:      2.47          2.49          2.51          +2            +4     
               :                                                                     
1992           :                                                                     
August ........:      2.20          2.22          2.26          +2            +6     
September .....:      2.22          2.24          2.16          +2            -6     
October .......:      2.06          2.05          2.04          -1            -2     
November ......:      2.03          2.06          2.14          +3           +11     
Annual ........:      2.16          2.12          2.16          -4             0     
               :                                                                     
1993           :                                                                     
August ........:      2.30          2.23          2.24          -7            -6     
September .....:      2.24          2.25          2.26          +1            +2     
October .......:      2.30          2.36          2.37          +6            +7     
November ......:      2.61          2.72          2.78         +11           +17     
Annual ........:      3.04          3.08          2.96          +4            -8     
-------------------------------------------------------------------------------------
See footnote(s) at end of table.                                          --continued

Corn Price Changes Following Crop Production Reports - United States:
1985-2014 (continued)
-------------------------------------------------------------------------------------
               :                Price 1/                 :      Price change 2/      
               :---------------------------------------------------------------------
      Date     :    Prior    :  Day after  : Week after  :  Day after  : Week after  
               :   closing   :   report    :   report    :   report    :   report    
-------------------------------------------------------------------------------------
               :    ------ dollars per bushel ------           cents  per bushel     
               :                                                                     
1994           :                                                                     
August ........:    2.20          2.20          2.25             0            +5     
September .....:    2.18          2.11          2.05            -7           -13     
October .......:    2.01          2.02          1.98            +1            -3     
November ......:    2.08          2.10          2.12            +2            +4     
Annual ........:    2.33          2.34          2.35            +1            +2     
               :                                                                     
1995           :                                                                     
August ........:    2.65          2.65          2.67             0            +2     
September .....:    2.75          2.79          2.84            +4            +9     
October .......:    3.02          3.04          3.07            +2            +5     
November ......:    3.23          3.19          3.18            -4            -5     
Annual ........:    3.61          3.55          3.54            -6            -7     
               :                                                                     
1996           :                                                                     
August ........:    4.91          4.82          4.53            -9           -38     
September .....:    3.74          3.60          3.24           -14           -50     
October .......:    2.99          2.91          2.90            -8            -9     
November ......:    2.70          2.70          2.64             0            -6     
Annual ........:    2.53          2.60          2.67            +7           +14     
               :                                                                     
1997           :                                                                     
August ........:    2.50          2.63          2.59           +13            +9     
September .....:    2.66          2.56          2.54           -10           -12     
October .......:    2.70          2.73          2.67            +3            -3     
November ......:    2.76          2.71          2.70            -5            -6     
Annual ........:    2.49          2.63          2.70           +14           +21     
               :                                                                     
1998           :                                                                     
August ........:    2.06          2.03          1.99            -3            -7     
September .....:    1.86          1.81          1.75            -5           -11     
October .......:    1.93          1.98          2.05            +5           +12     
November ......:    2.10          2.20          2.15           +10            +5     
Annual ........:    2.12          2.11          2.11            -1            -1     
               :                                                                     
1999           :                                                                     
August ........:    1.88          1.74          1.81           -14            -7     
September .....:    1.86          1.83          1.75            -3           -11     
October .......:    1.69          1.64          1.75            -5            +6     
November ......:    1.95          1.88          1.91            -7            -4     
Annual ........:    1.91          1.97          2.06            +6           +15     
               :                                                                     
2000           :                                                                     
August ........:    1.54          1.56          1.57            +2            +3     
September .....:    1.67          1.66          1.51            -1           -16     
October .......:    1.80          1.84          1.86            +4            +6     
November ......:    1.97          1.99          1.98            +2            +1     
Annual ........:    2.11          2.04          2.00            -7           -11     
               :                                                                     
2001           :                                                                     
August ........:    2.09          2.09          2.02             0            -7     
September .....:    2.02          1.96          1.96            -6            -6     
October .......:    1.91          1.85          1.85            -6            -6     
November ......:    1.97          1.97          2.02             0            +5     
Annual ........:    1.97          2.00          2.01            +3            +4     
               :                                                                     
2002           :                                                                     
August ........:    2.44          2.53          2.65            +9           +21     
September .....:    2.79          2.69          2.58           -10           -21     
October .......:    2.39          2.35          2.44            -4            +5     
November ......:    2.26          2.29          2.40            +3           +14     
Annual ........:    2.33          2.24          2.22            -9           -11     
-------------------------------------------------------------------------------------
See footnote(s) at end of table.                                          --continued

Corn Price Changes Following Crop Production Reports - United States:
1985-2014 (continued)
-------------------------------------------------------------------------------------
               :                Price 1/                 :      Price change 2/      
               :---------------------------------------------------------------------
      Date     :    Prior    :  Day after  : Week after  :  Day after  : Week after  
               :   closing   :   report    :   report    :   report    :   report    
-------------------------------------------------------------------------------------
               :    ------ dollars per bushel ------           cents  per bushel     
               :                                                                     
2003           :                                                                     
August ........:    2.16          2.23          2.31            +7           +15     
September .....:    2.38          2.26          2.15           -12           -23     
October .......:    2.15          2.09          2.11            -6            -4     
November ......:    2.31          2.36          2.35            +5            +4     
Annual ........:    2.43          2.56          2.61           +13           +18     
               :                                                                     
2004           :                                                                     
August ........:    2.25          2.22          2.28            -3            +3     
September .....:    2.17          2.13          1.95            -4           -22     
October .......:    1.82          1.79          1.85            -3            +3     
November ......:    1.77          1.84          2.00            +7           +23     
Annual ........:    1.96          1.91          1.88            -5            -8     
               :                                                                     
2005           :                                                                     
August ........:    2.11          2.04          1.98            -7           -13     
September .....:    1.75          1.73          1.66            -2            -9     
October .......:    1.54          1.61          1.62            +7            +8     
November ......:    1.86          1.86          1.87             0            +1     
Annual ........:    1.98          1.97          1.97            -1            -1     
               :                                                                     
2006           :                                                                     
August ........:    2.14          2.01          1.98           -13           -16     
September .....:    2.14          2.09          2.22            -5            +8     
October .......:    2.54          2.67          2.91           +13           +37     
November ......:    3.43          3.38          3.52            -5            +9     
Annual ........:    3.54          3.67          3.86           +13           +32     
               :                                                                     
2007           :                                                                     
August ........:    3.07          3.07          2.90             0           -17     
September .....:    2.95          3.02          2.94            +7            -1     
October .......:    3.13          3.21          3.50            +8           +37     
November ......:    3.78          3.74          3.66            -4           -12     
Annual ........:    4.37          4.49          4.68           +12           +31     
               :                                                                     
2008           :                                                                     
August ........:    4.66          4.78          5.11           +12           +45     
September .....:    4.88          5.17          4.76           +29           -12     
October .......:    3.86          3.61          3.43           -25           -43     
November ......:    3.26          3.40          3.43           +14           +17     
Annual ........:    3.77          3.49          3.56           -28           -21     
               :                                                                     
2009           :                                                                     
August ........:    3.40          3.40          3.23             0           -17     
September .....:    3.12          3.15          3.28            +3           +16     
October .......:    3.48          3.44          3.54            -4            +6     
November ......:    3.36          3.49          3.76           +13           +40     
Annual ........:    3.78          3.48          3.26           -30           -52     
               :                                                                     
2010           :                                                                     
August ........:    3.58          3.71          3.85           +13           +27     
September .....:    4.24          4.36          4.53           +12           +29     
October .......:    4.61          4.81          5.26           +20           +65     
November ......:    5.53          5.43          5.39           -10           -14     
Annual ........:    5.86          6.10          6.37           +24           +51     
               :                                                                     
2011           :                                                                     
August ........:    6.95          7.16          7.08           +21           +13     
September .....:    7.08          7.19          6.65           +11           -43     
October .......:    6.30          6.26          6.38            -4            +8     
November ......:    6.56          6.53          6.44            -3           -12     
Annual ........:    6.36          5.96          5.81           -40           -55     
-------------------------------------------------------------------------------------
See footnote(s) at end of table.                                          --continued

Corn Price Changes Following Crop Production Reports - United States:
1985-2014 (continued)
-------------------------------------------------------------------------------------
               :                Price 1/                 :      Price change 2/      
               :---------------------------------------------------------------------
      Date     :    Prior    :  Day after  : Week after  :  Day after  : Week after  
               :   closing   :   report    :   report    :   report    :   report    
-------------------------------------------------------------------------------------
               :   -------- dollars per bushel -------         cents  per bushel     
               :                                                                     
2012           :                                                                     
August ........:      8.11          7.91          7.90         -20           -21     
September .....:      7.55          7.45          7.12         -10           -43     
October .......:      7.17          7.57          7.29         +40           +12     
November ......:      7.21          7.22          7.14          +1            -7     
Annual ........:      7.01          7.05          7.22          +4           +21     
               :                                                                     
2013           :                                                                     
August ........:      5.69          5.78          5.86          +9           +17     
September .....:      4.64          4.58          4.42          -6           -22     
October .......:      (NA)          (NA)          (NA)        (NA)          (NA)     
November ......:      4.16          4.22          4.27          +6           +11     
Annual ........:      4.11          4.31          4.26         +20           +15     
               :                                                                     
2014           :                                                                     
August ........:      3.65          3.69          3.71          +4            +6     
September .....:      3.36          3.31          3.28          -5            -8     
October .......:      3.03          2.93          3.11         -10            +8     
November ......:      3.33          3.30          3.46          -3           +13     
Annual ........:      3.76          3.80          3.69          +4            -7     
-------------------------------------------------------------------------------------
(NA) Not available.                                                                  
1/   Closing cash price for Southern Iowa #2 yellow corn as reported by AMS Grain    
     Market News.                                                                    
2/   The price change is indicated by the difference between the prior closing price 
     and the price for the day or week after each report.                            

Corn Price Changes Following Grain Stocks Reports - United States: 1984-2014
-------------------------------------------------------------------------------------
               :                Price 1/                 :      Price change 2/      
               :---------------------------------------------------------------------
      Date     :    Prior    :  Day after  : Week after  :  Day after  : Week after  
               :   closing   :   report    :   report    :   report    :   report    
-------------------------------------------------------------------------------------
               :   -------- dollars per bushel -------          cents per bushel     
               :                                                                     
1984           :                                                                     
January .......:      (NA)          (NA)          (NA)          -4            -4     
April .........:      (NA)          (NA)          (NA)         -10           -19     
June ..........:      (NA)          (NA)          (NA)          -1           -10     
October .......:      (NA)          (NA)          (NA)          -1            -2     
               :                                                                     
1985           :                                                                     
January .......:      (NA)          (NA)          (NA)           0             0     
April .........:      (NA)          (NA)          (NA)          +1            -2     
June ..........:      (NA)          (NA)          (NA)          -2            +4     
October .......:      (NA)          (NA)          (NA)          +2            +8     
               :                                                                     
1986           :                                                                     
January .......:      (NA)          (NA)          (NA)          -1            -2     
April .........:      (NA)          (NA)          (NA)          +2            +6     
June ..........:      (NA)          (NA)          (NA)          -9           -32     
September .....:      (NA)          (NA)          (NA)          -3           -16     
December ......:      (NA)          (NA)          (NA)          +2            +4     
               :                                                                     
1987           :                                                                     
March .........:      (NA)          (NA)          (NA)          -1            -6     
June ..........:      (NA)          (NA)          (NA)          -6             0     
September .....:      1.60          1.66          1.59          +6            -1     
December ......:      1.86          1.89          1.90          +3            +4     
               :                                                                     
1988           :                                                                     
March .........:      2.02          2.00          2.01          -2            -1     
June ..........:      2.90          3.00          2.94         +10            +4     
September .....:      2.73          2.78          2.80          +5            +7     
December ......:      2.70          2.70          2.56           0           -14     
               :                                                                     
1989           :                                                                     
March .........:      2.68          2.62          2.68          -6             0     
June ..........:      2.69          2.73          2.77          +4            +8     
September .....:      2.28          2.28          2.36           0            +8     
December ......:      2.32          2.36          2.34          +4            +2     
               :                                                                     
1990           :                                                                     
March .........:      2.61          2.64          2.69          +3            +8     
June ..........:      2.92          2.91          2.81          -1           -11     
September .....:      2.24          2.24          2.26           0            +2     
December ......:      2.31          2.35          2.39          +4            +8     
               :                                                                     
1991           :                                                                     
March .........:      2.56          2.58          2.58          +2            +2     
June ..........:      2.38          2.32          2.38          -6             0     
September .....:      2.32          2.41          2.44          +9           +12     
December ......:      2.47          2.49          2.51          +2            +4     
               :                                                                     
1992           :                                                                     
March .........:      2.62          2.57          2.60          -5            -2     
June ..........:      2.55          2.60          2.51          +5            -4     
September .....:      2.13          2.11          2.06          -2            -7     
December ......:      2.16          2.12          2.16          -4             0     
               :                                                                     
1993           :                                                                     
March .........:      2.33          2.32          2.36          -1            +3     
June ..........:      2.25          2.33          2.40          +8           +15     
September .....:      2.24          2.23          2.26          -1            +2     
December ......:      3.04          3.08          2.96          +4            -8     
-------------------------------------------------------------------------------------
See footnote(s) at end of table.                                          --continued

Corn Price Changes Following Grain Stocks Reports - United States:
1984-2014 (continued)
-------------------------------------------------------------------------------------
               :                Price 1/                 :      Price change 2/      
               :---------------------------------------------------------------------
      Date     :    Prior    :  Day after  : Week after  :  Day after  : Week after  
               :   closing   :   report    :   report    :   report    :   report    
-------------------------------------------------------------------------------------
               :    ------ dollars per bushel ------            cents per bushel     
               :                                                                     
1994           :                                                                     
March .........:    2.75          2.72          2.78            -3            +3     
June ..........:    2.46          2.49          2.35            +3           -11     
September .....:    2.00          2.03          2.07            +3            +7     
December ......:    2.33          2.34          2.35            +1            +2     
               :                                                                     
1995           :                                                                     
March .........:    2.48          2.48          2.47             0            -1     
June ..........:    2.66          2.70          2.78            +4           +12     
September .....:    2.93          2.93          2.94             0            +1     
December ......:    3.61          3.55          3.54            -6            -7     
               :                                                                     
1996           :                                                                     
March .........:    4.05          4.14          4.26            +9           +21     
June ..........:    4.77          5.00          5.15           +23           +38     
September .....:    3.18          3.01          2.94           -17           -24     
December ......:    2.53          2.60          2.67            +7           +14     
               :                                                                     
1997           :                                                                     
March .........:    3.01          3.03          2.89            +2           -12     
June ..........:    2.41          2.43          2.36            +2            -5     
September .....:    2.48          2.47          2.52            -1            +4     
December ......:    2.49          2.63          2.70           +14           +21     
               :                                                                     
1998           :                                                                     
March .........:    2.63          2.56          2.46            -7           -17     
June ..........:    2.33          2.40          2.34            +7            +1     
September .....:    1.84          1.80          1.85            -4            +1     
December ......:    2.12          2.11          2.11            -1            -1     
               :                                                                     
1999           :                                                                     
March .........:    2.26          2.20          2.11            -6           -15     
June ..........:    2.00          2.00          1.76             0           -24     
September .....:    1.88          1.80          1.71            -8           -17     
December ......:    1.91          1.97          2.06            +6           +15     
               :                                                                     
2000           :                                                                     
March .........:    2.20          2.21          2.16            +1            -4     
June ..........:    1.69          1.65          1.62            -4            -7     
September .....:    1.61          1.65          1.83            +4           +22     
December ......:    2.11          2.04          2.00            -7           -11     
               :                                                                     
2001           :                                                                     
March .........:    1.93          1.86          2.00            -7            +7     
June ..........:    1.78          1.79          1.89            +1           +11     
September .....:    1.86          1.82          1.84            -4            -2     
December ......:    1.97          2.00          2.01            +3            +4     
               :                                                                     
2002           :                                                                     
March .........:    2.03          2.00          1.98            -3            -5     
June ..........:    2.22          2.20          2.26            -2            +4     
September .....:    2.50          2.40          2.47           -10            -3     
December ......:    2.33          2.24          2.22            -9           -11     
               :                                                                     
2003           :                                                                     
March .........:    2.30          2.38          2.40            +8           +10     
June ..........:    2.35          2.30          2.29            -5            -6     
September .....:    2.13          2.08          2.10            -5            -3     
December ......:    2.43          2.56          2.61           +13           +18     
-------------------------------------------------------------------------------------
See footnote(s) at end of table.                                          --continued

Corn Price Changes Following Grain Stocks Reports - United States:
1984-2014 (continued)
-------------------------------------------------------------------------------------
               :                Price 1/                 :      Price change 2/      
               :---------------------------------------------------------------------
      Date     :    Prior    :  Day after  : Week after  :  Day after  : Week after  
               :   closing   :   report    :   report    :   report    :   report    
-------------------------------------------------------------------------------------
               :    ------ dollars per bushel ------            cents per bushel     
               :                                                                     
2004           :                                                                     
March .........:    3.06          3.11          3.19            +5           +13     
June ..........:    2.68          2.58          2.51           -10           -17     
September .....:    1.70          1.68          1.75            -2            +5     
December ......:    1.96          1.91          1.88            -5            -8     
               :                                                                     
2005           :                                                                     
March .........:    2.07          2.04          1.97            -3           -10     
June ..........:    2.04          2.01          2.21            -3           +17     
September .....:    1.58          1.61          1.57            +3            -1     
December ......:    1.98          1.97          1.97            -1            -1     
               :                                                                     
2006           :                                                                     
March .........:    2.13          2.14          2.23            +1           +10     
June ..........:    2.09          2.11          2.18            +2            +9     
September .....:    2.36          2.26          2.33           -10            -3     
December ......:    3.54          3.67          3.86           +13           +32     
               :                                                                     
2007           :                                                                     
March .........:    3.65          3.48          3.42           -17           -23     
June ..........:    3.25          3.11          3.18           -14            -7     
September .....:    3.46          3.30          2.93           -16           -53     
December ......:    4.37          4.49          4.68           +12           +31     
               :                                                                     
2008           :                                                                     
March .........:    5.14          5.23          5.61            +9           +47     
June ..........:    6.97          6.63          6.46           -34           -51     
September .....:    4.56          4.29          3.65           -27           -91     
December ......:    3.77          3.49          3.56           -28           -21     
               :                                                                     
2009           :                                                                     
March .........:    3.73          3.91          3.95           +18           +22     
June ..........:    3.78          3.51          3.41           -27           -37     
September .....:    3.27          3.25          3.39            -2           +12     
December ......:    3.78          3.48          3.26           -30           -52     
               :                                                                     
2010           :                                                                     
March .........:    3.34          3.35          3.37            +1            +3     
June ..........:    3.19          3.43          3.52           +24           +33     
September .....:    4.70          4.58          4.50           -12           -20     
December ......:    5.86          6.10          6.37           +24           +51     
               :                                                                     
2011           :                                                                     
March .........:    6.32          6.77          7.45           +45          +113     
June ..........:    6.87          6.43          6.38           -44           -49     
September .....:    6.10          5.70          5.89           -40           -21     
December ......:    6.36          5.96          5.81           -40           -55     
               :                                                                     
2012           :                                                                     
March .........:    5.97          6.40          6.58           +43           +61     
June ..........:    6.61          6.79          7.62           +18          +101     
September .....:    6.84          7.20          7.31           +36           +47     
December ......:    7.01          7.05          7.22            +4           +21     
-------------------------------------------------------------------------------------
See footnote(s) at end of table.                                          --continued

Corn Price Changes Following Grain Stocks Reports - United States:
1984-2014 (continued)
-------------------------------------------------------------------------------------
               :                Price 1/                 :      Price change 2/      
               :---------------------------------------------------------------------
      Date     :    Prior    :  Day after  : Week after  :  Day after  : Week after  
               :   closing   :   report    :   report    :   report    :   report    
-------------------------------------------------------------------------------------
               :   -------- dollars per bushel -------         cents  per bushel     
               :                                                                     
2013           :                                                                     
March .........:      7.49          7.09          6.53         -40           -96     
June ..........:      7.00          6.96          6.67          -4           -33     
September .....:      (NA)          (NA)          (NA)        (NA)          (NA)     
December ......:      4.11          4.31          4.26         +20           +15     
               :                                                                     
2014           :                                                                     
March .........:      4.90          5.00          4.97         +10            +7     
June ..........:      4.45          4.25          4.15         -20           -30     
September .....:      2.83          2.77          2.89          -6            +6     
December ......:      3.76          3.80          3.69          +4            -7     
-------------------------------------------------------------------------------------
(NA) Not available.                                                                  
1/   Closing cash price for Southern Iowa #2 yellow corn as reported by AMS Grain    
     Market News.                                                                    
2/   The price change is indicated by the difference between the prior closing price 
     and the price for the day or week after each report.                            

Soybean Price Changes Following Crop Production Reports - United States: 1985-2014
-------------------------------------------------------------------------------------
               :                Price 1/                 :      Price change 2/      
               :---------------------------------------------------------------------
      Date     :    Prior    :  Day after  : Week after  :  Day after  : Week after  
               :   closing   :   report    :   report    :   report    :   report    
-------------------------------------------------------------------------------------
               :   -------- dollars per bushel -------          cents per bushel     
               :                                                                     
1985           :                                                                     
August ........:      (NA)          (NA)          (NA)          -4           -10     
September .....:      (NA)          (NA)          (NA)          +5            +2     
October .......:      (NA)          (NA)          (NA)          -3            +1     
November ......:      (NA)          (NA)          (NA)          -5           -30     
Annual ........:      (NA)          (NA)          (NA)          -1            -3     
               :                                                                     
1986           :                                                                     
August ........:      (NA)          (NA)          (NA)          +3             0     
September .....:      (NA)          (NA)          (NA)          +3           -14     
October .......:      (NA)          (NA)          (NA)          +2            +1     
November ......:      (NA)          (NA)          (NA)          -1            -4     
Annual ........:      (NA)          (NA)          (NA)          +1            +1     
               :                                                                     
1987           :                                                                     
August ........:      (NA)          (NA)          (NA)          +2            +3     
September .....:      (NA)          (NA)          (NA)          +3            +5     
October .......:      (NA)          (NA)          (NA)          -4            -3     
November ......:      (NA)          (NA)          (NA)          +2           +12     
Annual ........:      (NA)          (NA)          (NA)         +11            +6     
               :                                                                     
1988           :                                                                     
August ........:      (NA)          (NA)          (NA)         -10           +33     
September .....:      (NA)          (NA)          (NA)          +3            +5     
October .......:      (NA)          (NA)          (NA)          -4            -3     
November ......:      (NA)          (NA)          (NA)         -26           -51     
Annual ........:      (NA)          (NA)          (NA)         -36           -63     
               :                                                                     
1989           :                                                                     
August ........:      6.10          6.20          6.14         +10            +4     
September .....:      6.00          5.70          5.69         -30           -31     
October .......:      5.42          5.34          5.56          -8           +14     
November ......:      5.62          5.52          5.84         -10           +22     
Annual ........:      5.66          5.62          5.54          -4           -12     
               :                                                                     
1990           :                                                                     
August ........:      6.13          6.23          6.26         +10           +13     
September .....:      6.33          6.25          6.09          -8           -24     
October .......:      6.15          6.12          6.00          -3           -15     
November ......:      5.84          5.74          5.68         -10           -16     
Annual ........:      5.55          5.57          5.76          +2           +21     
               :                                                                     
1991           :                                                                     
August ........:      5.62          5.55          5.35          -7           -27     
September .....:      5.88          5.88          5.92           0            +4     
October .......:      5.68          5.46          5.36         -22           -32     
November ......:      5.54          5.62          5.66          +8           +12     
Annual ........:      5.58          5.51          5.60          -7            +2     
               :                                                                     
1992           :                                                                     
August ........:      5.47          5.57          5.54         +10            +7     
September .....:      5.57          5.51          5.42          -6           -15     
October .......:      5.22          5.27          5.15          +5            -7     
November ......:      5.40          5.51          5.55         +11           +15     
Annual ........:      5.68          5.70          5.68          +2             0     
               :                                                                     
1993           :                                                                     
August ........:      6.73          6.44          6.46         -29           -27     
September .....:      6.38          6.20          6.24         -18           -14     
October .......:      6.00          5.98          5.96          -2            -4     
November ......:      6.28          6.57          6.76         +29           +48     
Annual ........:      6.98          7.22          7.08         +24           +10     
-------------------------------------------------------------------------------------
See footnote(s) at end of table.                                          --continued

Soybeans Price Changes Following Crop Production Reports - United States:
1985-2014 (continued)
-------------------------------------------------------------------------------------
               :                Price 1/                 :      Price change 2/      
               :---------------------------------------------------------------------
               :    Prior    :  Day after  : Week after  :  Day after  : Week after  
      Date     :   closing   :   report    :   report    :   report    :   report    
-------------------------------------------------------------------------------------
               :    ------ dollars per bushel ------            cents per bushel     
               :                                                                     
1994           :                                                                     
August ........:    5.70          5.71          5.69            +1            -1     
September .....:    5.65          5.68          5.36            +3           -29     
October .......:    5.08          5.16          5.20            +8           +12     
November ......:    5.51          5.56          5.63            +5           +12     
Annual ........:    5.59          5.56          5.51            -3            -8     
               :                                                                     
1995           :                                                                     
August ........:    5.83          5.74          5.84            -9            +1     
September .....:    6.11          6.12          6.36            +1           +25     
October .......:    6.32          6.39          6.27            +7            -5     
November ......:    6.76          6.70          6.66            -6           -10     
Annual ........:    7.41          7.31          7.39           -10            -2     
               :                                                                     
1996           :                                                                     
August ........:    7.95          8.16          8.10           +21           +15     
September .....:    8.19          8.17          7.99            -2           -20     
October .......:    7.27          6.94          6.81           -33           -46     
November ......:    6.88          6.94          7.05            +6           +17     
Annual ........:    6.94          7.20          7.39           +26           +45     
               :                                                                     
1997           :                                                                     
August ........:    7.15          7.35          7.34           +20           +19     
September .....:    6.96          6.89          6.61            -7           -35     
October .......:    6.67          6.88          6.89           +21           +22     
November ......:    7.34          7.20          7.23           -14           -11     
Annual ........:    6.54          6.63          6.67            +9           +13     
               :                                                                     
1998           :                                                                     
August ........:    5.58          5.53          5.59            -5            +1     
September .....:    5.19          5.19          5.13             0            -6     
October .......:    5.19          5.40          5.28           +21            +9     
November ......:    5.60          5.74          5.66           +14            +6     
Annual ........:    5.34          5.24          5.15           -10           -19     
               :                                                                     
1999           :                                                                     
August ........:    4.63          4.30          4.48           -33           -15     
September .....:    4.85          4.95          4.66           +10           -19     
October .......:    4.54          4.54          4.63             0            +9     
November ......:    4.70          4.56          4.64           -14            -6     
Annual ........:    4.60          4.62          4.85            +2           +25     
               :                                                                     
2000           :                                                                     
August ........:    4.49          4.54          4.58            +5            +9     
September .....:    4.86          4.84          4.49            -2           -37     
October .......:    4.59          4.56          4.53            -3            -6     
November ......:    4.65          4.60          4.71            -5            +6     
Annual ........:    4.79          4.66          4.55           -13           -24     
               :                                                                     
2001           :                                                                     
August ........:    5.13          5.19          5.01            +6           -12     
September .....:    4.76          4.68          4.73            -8            -3     
October .......:    4.43          4.27          4.26           -16           -17     
November ......:    4.34          4.38          4.43            +4            +9     
Annual ........:    4.20          4.30          4.39           +10           +19     
               :                                                                     
2002           :                                                                     
August ........:    5.56          5.79          5.92           +23           +36     
September .....:    5.89          5.78          5.72           -11           -17     
October .......:    5.14          5.18          5.41            +4           +27     
November ......:    5.63          5.57          5.64            -6            +1     
Annual ........:    5.66          5.42          5.38           -24           -28     
-------------------------------------------------------------------------------------
See footnote(s) at end of table.                                          --continued

Soybeans Price Changes Following Crop Production Reports - United States:
1985-2014 (continued)
-------------------------------------------------------------------------------------
               :                Price 1/                 :      Price change 2/      
               :---------------------------------------------------------------------
               :    Prior    :  Day after  : Week after  :  Day after  : Week after  
      Date     :   closing   :   report    :   report    :   report    :   report    
-------------------------------------------------------------------------------------
               :    ------- dollars per bushel ------           cents per bushel     
               :                                                                     
2003           :                                                                     
August ........:     5.48          5.61          5.87          +13           +39     
September .....:     6.01          6.13          6.07          +12            +6     
October .......:     6.68          6.99          7.16          +31           +48     
November ......:     7.67          7.61          7.74           -6            +7     
Annual ........:     7.80          8.09          8.17          +29           +37     
               :                                                                     
2004           :                                                                     
August ........:     5.55          5.92          5.97          +37           +42     
September .....:     5.69          5.54          5.36          -15           -33     
October .......:     5.16          4.93          5.03          -23           -13     
November ......:     5.12          5.20          5.58           +8           +46     
Annual ........:     5.37          5.26          5.07          -11           -30     
               :                                                                     
2005           :                                                                     
August ........:     6.25          6.25          5.91            0           -34     
September .....:     5.43          5.40          5.33           -3           -10     
October .......:     4.97          5.12          5.14          +15           +17     
November ......:     5.73          5.75          5.66           +2            -7     
Annual ........:     5.55          5.42          5.44          -13           -11     
               :                                                                     
2006           :                                                                     
August ........:     5.22          5.16          5.19           -6            -3     
September .....:     5.10          5.04          5.24           -6           +14     
October .......:     5.21          5.39          5.71          +18           +50     
November ......:     6.45          6.40          6.30           -5           -15     
Annual ........:     6.37          6.76          6.75          +39           +38     
               :                                                                     
2007           :                                                                     
August ........:     7.96          7.87          7.39           -9           -57     
September .....:     8.30          8.48          8.88          +18           +58     
October .......:     9.14          9.01          9.33          -13           +19     
November ......:     9.99         10.12         10.35          +13           +36     
Annual ........:    11.88         12.15         11.96          +27            +8     
               :                                                                     
2008           :                                                                     
August ........:    11.76         11.91         12.54          +15           +78     
September .....:    11.33         11.50         10.67          +17           -66     
October .......:     9.27          8.64          8.22          -63          -105     
November ......:     8.78          9.05          8.68          +27           -10     
Annual ........:     9.94          9.24          9.50          -70           -44     
               :                                                                     
2009           :                                                                     
August ........:    11.87         11.93         10.07           +6          -180     
September .....:     9.42          9.18          9.59          -24           +17     
October .......:     9.46          9.66          9.85          +20           +39     
November ......:     9.23          9.14          9.80           -9           +57     
Annual ........:     9.72          9.43          9.08          -29           -64     
               :                                                                     
2010           :                                                                     
August ........:    10.23         10.32         10.41           +9           +18     
September .....:    10.18         10.02         10.04          -16           -14     
October .......:    10.28         10.84         11.41          +56          +113     
November ......:    12.30         12.92         12.74          +62           +44     
Annual ........:    13.29         13.85         13.81          +56           +52     
               :                                                                     
2011           :                                                                     
August ........:    12.90         13.18         13.50          +28           +60     
September .....:    13.65         13.31         12.85          -34           -80     
October .......:    12.02         12.10         12.36           +8           +34     
November ......:    11.67         11.53         11.78          -14           +11     
Annual ........:    11.77         11.58         11.62          -19           -15     
-------------------------------------------------------------------------------------
See footnote(s) at end of table.                                          --continued

Soybeans Price Changes Following Crop Production Reports - United States:
1985-2014 (continued)
-------------------------------------------------------------------------------------
               :                Price 1/                 :      Price change 2/      
               :---------------------------------------------------------------------
               :    Prior    :  Day after  : Week after  :  Day after  : Week after  
      Date     :   closing   :   report    :   report    :   report    :   report    
-------------------------------------------------------------------------------------
               :   -------- dollars per bushel -------         cents per bushel      
               :                                                                     
2012           :                                                                     
August ........:     16.62         16.74         16.63         +12            +1     
September .....:     16.78         17.22         16.13         +44           -65     
October .......:     15.11         15.37         14.97         +26           -14     
November ......:     14.82         13.97         13.97         -85           -85     
Annual ........:     13.80         13.71         14.29          -9           +49     
               :                                                                     
2013           :                                                                     
August ........:     12.97         13.40         13.52         +43           +55     
September .....:     13.93         14.20         13.43         +27           -50     
October .......:      (NA)          (NA)          (NA)        (NA)          (NA)     
November ......:     12.78         13.06         13.18         +28           +40     
Annual ........:     12.67         12.72         13.11          +5           +44     
               :                                                                     
2014           :                                                                     
August ........:     11.98         11.87         11.95         -11            -3     
September .....:     10.48         10.27         10.02         -21           -46     
October .......:      9.24          8.99          9.45         -25           +21     
November ......:     10.28         10.08          9.91         -20           -37     
Annual ........:     10.32          9.97          9.76         -35           -56     
-------------------------------------------------------------------------------------
(NA) Not available.                                                                  
1/   Average prices paid at Southern Iowa points by processors as reported by AMS    
     Grain Market News.                                                              
2/   The price is indicated by the difference between the prior closing price and the
     price for the day or week after each report.                                    

Soybean Price Changes Following Grain Stocks Reports - United States: 1984-2014
-------------------------------------------------------------------------------------
               :                Price 1/                 :      Price change 2/      
               :---------------------------------------------------------------------
      Date     :    Prior    :  Day after  : Week after  :  Day after  : Week after  
               :   closing   :   report    :   report    :   report    :   report    
-------------------------------------------------------------------------------------
               :   -------- dollars per bushel -------          cents per bushel     
               :                                                                     
1984           :                                                                     
January .......:      (NA)          (NA)          (NA)         +19            +7     
April .........:      (NA)          (NA)          (NA)         +11           -17     
June ..........:      (NA)          (NA)          (NA)         -30           -87     
September .....:      (NA)          (NA)          (NA)          +6           +15     
               :                                                                     
1985           :                                                                     
January .......:      (NA)          (NA)          (NA)         -10           -11     
April .........:      (NA)          (NA)          (NA)          -6           -17     
June ..........:      (NA)          (NA)          (NA)          -2            -9     
September .....:      (NA)          (NA)          (NA)          -4            +1     
               :                                                                     
1986           :                                                                     
January .......:      (NA)          (NA)          (NA)          -1            -3     
April .........:      (NA)          (NA)          (NA)         +15            -3     
June ..........:      (NA)          (NA)          (NA)          -8            -7     
September .....:      (NA)          (NA)          (NA)          +2           -18     
December ......:                                                +1            +1     
               :                                                                     
1987           :                                                                     
March .........:      (NA)          (NA)          (NA)          +3            +7     
June ..........:      (NA)          (NA)          (NA)          -1           +14     
September .....:      (NA)          (NA)          (NA)         +13            +3     
December ......:      (NA)          (NA)          (NA)         +11            +6     
               :                                                                     
1988           :                                                                     
March .........:      (NA)          (NA)          (NA)         +17           +18     
June ..........:      (NA)          (NA)          (NA)          +5           -35     
September .....:      (NA)          (NA)          (NA)          +4           -22     
December ......:      (NA)          (NA)          (NA)         -36           -63     
               :                                                                     
1989           :                                                                     
March .........:      (NA)          (NA)          (NA)         -18           -23     
June ..........:      (NA)          (NA)          (NA)         +11           +20     
September .....:      5.58          5.58          5.63           0            +5     
December ......:      5.66          5.62          5.54          -4           -12     
               :                                                                     
1990           :                                                                     
March .........:      5.84          5.73          5.82         -11            -2     
June ..........:      6.07          6.22          6.26         +15           +19     
September .....:      6.06          6.04          6.07          -2            +1     
December ......:      5.55          5.57          5.76          +2           +21     
               :                                                                     
1991           :                                                                     
March .........:      5.80          6.01          5.91         +21           +11     
June ..........:      5.60          5.41          5.43         -19           -17     
September .....:      5.68          5.71          5.71          +3            +3     
December ......:      5.58          5.51          5.60          -7            +2     
               :                                                                     
1992           :                                                                     
March .........:      5.88          5.77          5.76         -11           -12     
June ..........:      6.08          6.04          5.83          -4           -25     
September .....:      5.33          5.26          5.23          -7           -10     
December ......:      5.68          5.70          5.68          +2             0     
               :                                                                     
1993           :                                                                     
March .........:      5.84          5.88          5.93          +4            +9     
June ..........:      6.50          6.56          7.02          +6           +52     
September .....:      6.08          5.98          5.93         -10           -15     
December ......:      6.98          7.22          7.08         +24           +10     
-------------------------------------------------------------------------------------
See footnote(s) at end of table.                                          --continued

Soybean Price Changes Following Grain Stocks Reports - United States:
1984-2014 (continued)
-------------------------------------------------------------------------------------
               :                Price 1/                 :      Price change 2/      
               :---------------------------------------------------------------------
      Date     :    Prior    :  Day after  : Week after  :  Day after  : Week after  
               :   closing   :   report    :   report    :   report    :   report    
-------------------------------------------------------------------------------------
               :    ------ dollars per bushel ------            cents per bushel     
               :                                                                     
1994           :                                                                     
March .........:    6.83          6.54          6.58           -29           -25     
June ..........:    6.56          6.55          6.13            -1           -43     
September .....:    5.27          5.24          5.14            -3           -13     
December ......:    5.59          5.56          5.51            -3            -8     
               :                                                                     
1995           :                                                                     
March .........:    5.68          5.69          5.77            +1            +9     
June ..........:    5.79          5.70          6.09            -9           +30     
September .....:    6.27          6.28          6.17            +1           -10     
December ......:    7.41          7.31          7.39           -10            -2     
               :                                                                     
1996           :                                                                     
March .........:    7.35          7.46          7.57           +11           +22     
June ..........:    7.55          7.73          7.75           +18           +20     
September .....:    7.86          7.51          7.19           -35           -67     
December ......:    6.94          7.20          7.39           +26           +45     
               :                                                                     
1997           :                                                                     
March .........:    8.47          8.46          8.31            -1           -16     
June ..........:    7.99          7.62          7.20           -37           -79     
September .....:    6.26          6.20          6.38            -6           +12     
December ......:    6.54          6.63          6.67            +9           +13     
               :                                                                     
1998           :                                                                     
March .........:    6.48          6.44          6.36            -4           -12     
June ..........:    6.12          6.30          6.29           +18           +17     
September .....:    5.10          4.93          5.00           -17           -10     
December ......:    5.34          5.24          5.15           -10           -19     
               :                                                                     
1999           :                                                                     
March .........:    4.83          4.68          4.64           -15           -19     
June ..........:    4.38          4.41          4.02            +3           -36     
September .....:    4.66          4.61          4.56            -5           -10     
December ......:    4.60          4.62          4.85            +2           +25     
               :                                                                     
2000           :                                                                     
March .........:    5.19          5.23          5.14            +4            -5     
June ..........:    4.89          4.81          4.71            -8           -18     
September .....:    4.68          4.58          4.66           -10            -2     
December ......:    4.79          4.66          4.55           -13           -24     
               :                                                                     
2001           :                                                                     
March .........:    4.28          4.19          4.32            -9            +4     
June ..........:    4.60          4.80          4.90           +20           +30     
September .....:    4.44          4.32          4.39           -12            -5     
December ......:    4.20          4.30          4.39           +10           +19     
               :                                                                     
2002           :                                                                     
March .........:    4.69          4.71          4.56            +2           -13     
June ..........:    5.24          5.37          5.67           +13           +43     
September .....:    5.64          5.40          5.32           -24           -32     
December ......:    5.66          5.42          5.38           -24           -28     
               :                                                                     
2003           :                                                                     
March .........:    5.80          5.74          5.91            -6           +11     
June ..........:    6.30          6.21          6.19            -9           -11     
September .....:    6.69          6.62          6.66            -7            -3     
December ......:    7.80          8.09          8.17           +29           +37     
-------------------------------------------------------------------------------------
See footnote(s) at end of table.                                          --continued

Soybean Price Changes Following Grain Stocks Reports - United States:
1984-2014 (continued)
-------------------------------------------------------------------------------------
               :                Price 1/                 :      Price change 2/      
               :---------------------------------------------------------------------
      Date     :    Prior    :  Day after  : Week after  :  Day after  : Week after  
               :   closing   :   report    :   report    :   report    :   report    
-------------------------------------------------------------------------------------
               :    ------- dollars per bushel ------           cents per bushel     
               :                                                                     
2004           :                                                                     
March .........:    10.18          9.96         10.08          -22           -10     
June ..........:     9.01          8.95          9.42           -6           +41     
September .....:     5.06          4.98          4.98           -8            -8     
December ......:     5.37          5.26          5.07          -11           -30     
               :                                                                     
2005           :                                                                     
March .........:     6.28          6.12          6.03          -16           -25     
June ..........:     6.53          6.34          6.80          -19           +27     
September .....:     5.15          5.15          5.06            0            -9     
December ......:     5.55          5.42          5.44          -13           -11     
               :                                                                     
2006           :                                                                     
March .........:     5.63          5.43          5.39          -20           -24     
June ..........:     5.52          5.60          5.75           +8           +23     
September .....:     5.19          5.04          5.21          -15            +2     
December ......:     6.37          6.76          6.75          +39           +38     
               :                                                                     
2007           :                                                                     
March .........:     7.37          7.21          7.20          -16           -17     
June ..........:     7.56          7.92          7.92          +36           +36     
September .....:     9.40          9.19          8.75          -21           -65     
December ......:    11.88         12.15         11.96          +27            +8     
               :                                                                     
2008           :                                                                     
March .........:    11.80         11.02         12.24          -78           +44     
June ..........:    15.37         15.50         15.27          +13           -10     
September .....:    10.38          9.76          8.61          -62          -177     
December ......:     9.94          9.24          9.50          -70           -44     
               :                                                                     
2009           :                                                                     
March .........:     9.02          9.49          9.90          +47           +88     
June ..........:    12.23         12.25         12.02           +2           -21     
September .....:     9.22          9.27          9.21           +5            -1     
December ......:     9.72          9.43          9.08          -29           -64     
               :                                                                     
2010           :                                                                     
March .........:     9.55          9.22          9.24          -33           -31     
June ..........:     9.48          9.46          9.55           -2            +7     
September .....:    10.68         10.71         10.23           +3           -45     
December ......:    13.29         13.85         13.81          +56           +52     
               :                                                                     
2011           :                                                                     
March .........:    13.36         13.73         13.49          +37           +13     
June ..........:    13.26         12.99         13.24          -27            -2     
September .....:    11.68         11.21         11.15          -47           -53     
December ......:    11.77         11.58         11.62          -19           -15     
               :                                                                     
2012           :                                                                     
March .........:    13.51         13.98         14.30          +47           +79     
June ..........:    14.77         15.21         16.29          +44          +152     
September .....:    15.37         15.64         15.27          +27           -10     
December ......:    13.80         13.71         14.29           -9           +49     
-------------------------------------------------------------------------------------
See footnote(s) at end of table.                                          --continued

Soybean Price Changes Following Grain Stocks Reports - United States:
1984-2014 (continued)
-------------------------------------------------------------------------------------
               :                Price 1/                 :      Price change 2/      
               :---------------------------------------------------------------------
      Date     :    Prior    :  Day after  : Week after  :  Day after  : Week after  
               :   closing   :   report    :   report    :   report    :   report    
-------------------------------------------------------------------------------------
               :   -------- dollars per bushel -------         cents  per bushel     
               :                                                                     
2013 .......   :                                                                     
March .........:     14.69         14.25         14.05         -44           -64     
June ..........:     15.27         15.82         15.89         +55           +62     
September .....:      (NA)          (NA)          (NA)        (NA)          (NA)     
December ......:     12.67         12.72         13.11          +5           +44     
               :                                                                     
2014           :                                                                     
March .........:     14.31         14.60         14.66         +29           +35     
June ..........:     14.38         14.04         13.65         -34           -73     
September .....:      8.78          8.56          9.05         -22           +27     
December ......:     10.32          9.97          9.76         -35           -56     
-------------------------------------------------------------------------------------
(NA) Not available.                                                                  
1/   Average prices paid at Southern Iowa points by processors, except for March 2010
     which used average prices paid at Northern Iowa points by processors, as        
     reported by AMS Grain Market News.                                              
2/   The price change is indicated by the difference between the prior closing price 
     and the price for the day or week after each report.                            

Wheat Price Changes Following Crop Production Reports - United States: 1987-2014
-------------------------------------------------------------------------------------
               :                Price 1/                 :      Price change 2/      
               :---------------------------------------------------------------------
      Date     :    Prior    :  Day after  : Week after  :  Day after  : Week after  
               :   closing   :   report    :   report    :   report    :   report    
-------------------------------------------------------------------------------------
               :   -------- dollars per bushel -------          cents per bushel     
               :                                                                     
1987           :                                                                     
May ...........:      (NA)          (NA)          (NA)          -2           -36     
June ..........:      (NA)          (NA)          (NA)          +4            +6     
July ..........:      (NA)          (NA)          (NA)          -1            -8     
August ........:      2.59          2.66          2.69          +7           +10     
September .....:      2.84          2.83          2.81          -1            -3     
October .......:      2.84          2.82          2.90          -2            +6     
Annual ........:      3.22          3.22          3.18           0            -4     
               :                                                                     
1988           :                                                                     
May ...........:      3.05          3.09          3.21          +4           +16     
June ..........:      3.59          3.74          3.83         +15           +24     
July ..........:      3.78          3.94          3.81         +16            +3     
August ........:      3.77          3.72          3.81          -5            +4     
September .....:      4.03          4.09          3.95          +6            -8     
October .......:      4.25          4.22          4.15          -3           -10     
Annual ........:      4.38          4.29          4.45          -9            +7     
               :                                                                     
1989           :                                                                     
May ...........:      4.61          4.61          4.55           0            -6     
June ..........:      4.40          4.47          4.41          +7            +1     
July ..........:      4.25          4.27          4.27          +2            +2     
August ........:      4.21          4.25          4.28          +4            +7     
September .....:      4.21          4.14          4.09          -7           -12     
October .......:      4.22          4.20          4.33          -2           +11     
Annual ........:      4.34          4.32          4.33          -2            -1     
               :                                                                     
1990           :                                                                     
May ...........:      3.89          3.78          3.76         -11           -13     
June ..........:      3.81          3.77          3.43          -4           -38     
July ..........:      3.08          3.11          3.05          +3            -3     
August ........:      2.98          2.93          2.92          -5            -6     
September .....:      2.86          2.82          2.78          -4            -8     
October .......:      2.80          2.77          2.74          -3            -6     
Annual ........:      2.69          2.65          2.69          -4             0     
               :                                                                     
1991           :                                                                     
May ...........:      3.00          3.04          3.02          +4            +2     
June ..........:      3.00          3.03          2.97          +3            -3     
July ..........:      2.80          2.86          2.85          +6            +5     
August ........:      3.07          3.10          2.94          +3           -13     
September .....:      3.29          3.30          3.36          +1            +7     
October .......:      3.50          3.56          3.60          +6           +10     
Annual ........:      4.23          4.26          4.38          +3           +15     
               :                                                                     
1992           :                                                                     
May ...........:      3.93          3.92          3.84          -1            -9     
June ..........:      4.22          4.12          3.74         -10           -48     
July ..........:      3.49          3.48          3.52          -1            +3     
August ........:      3.16          3.19          3.21          +3            +5     
September .....:      3.51          3.45          3.57          -6            +6     
October .......:      3.53          3.49          3.62          -4            +9     
Annual ........:      3.84          3.91          4.09          +7           +25     
               :                                                                     
1993           :                                                                     
May ...........:      3.48          3.65          3.52         +17            +4     
June ..........:      3.48          3.48          3.16           0           -32     
July ..........:      3.12          3.07          3.23          -5           +11     
August ........:      3.20          3.14          3.24          -6            +4     
September .....:      3.22          3.19          3.25          -3            +3     
October .......:      3.34          3.34          3.38           0            +4     
Annual ........:      3.92          3.94          3.77          +2           -15     
-------------------------------------------------------------------------------------
See footnote(s) at end of table.                                          --continued

Wheat Price Changes Following Crop Production Reports - United States:
1987-2014 (continued)
----------------------------------------------------------------------------------
            :                Price 1/                 :      Price change 2/      
            :---------------------------------------------------------------------
    Date    :    Prior    :  Day after  : Week after  :  Day after  : Week after  
            :   closing   :   report    :   report    :   report    :   report    
----------------------------------------------------------------------------------
            :    ------ dollars per bushel ------            cents per bushel     
            :                                                                     
1994        :                                                                     
May ........:    3.61          3.58          3.54            -3            -7     
June .......:    3.68          3.66          3.69            -2            +1     
July .......:    3.38          3.43          3.46            +5            +8     
August .....:    3.55          3.58          3.70            +3           +15     
Annual .....:    4.00          3.98          4.16            -2           +16     
            :                                                                     
1995        :                                                                     
May ........:    4.07          4.10          4.07            +3             0     
June .......:    4.36          4.31          4.42            -5            +6     
July .......:    4.59          4.65          4.88            +6           +29     
August .....:    4.61          4.70          4.54            +9            -7     
Annual .....:    4.98          5.05          5.01            +7            +3     
            :                                                                     
1996        :                                                                     
May ........:    7.23          7.44          7.03           +21           -20     
June .......:    6.27          6.16          6.03           -11           -24     
July .......:    5.64          5.56          5.33            -8           -31     
August .....:    5.02          5.13          4.92           +11           -10     
Annual .....:    4.77          4.75          4.67            -2           -10     
            :                                                                     
1997        :                                                                     
May ........:    4.56          4.48          4.64            -8            +8     
June .......:    4.28          4.17          3.92           -11           -36     
July .......:    3.34          3.36          3.43            +2            +9     
August .....:    3.76          3.74          3.69            -2            -7     
Annual .....:    3.63          3.59          3.61            -4            -2     
            :                                                                     
1998        :                                                                     
May ........:    3.21          3.23          3.25            +2            +4     
June .......:    2.98          3.00          3.06            +2            +8     
July .......:    2.95          2.93          2.88            -2            -7     
August .....:    2.72          2.68          2.66            -4            -6     
Annual .....:    2.88          2.83          2.94            -5            +6     
            :                                                                     
1999        :                                                                     
May ........:    2.76          2.84          2.78            +8            +2     
June .......:    2.85          2.79          2.69            -6           -16     
July .......:    2.40          2.39          2.38            -1            -2     
August .....:    2.65          2.57          2.67            -8            +2     
Annual .....:    2.81          2.71          2.62           -10           -19     
            :                                                                     
2000        :                                                                     
May ........:    2.78          2.80          2.69            +2            -9     
June .......:    2.74          2.76          2.73            +2            -1     
July .......:    2.94          2.93          2.79            -1           -15     
August .....:    2.64          2.65          2.72            +1            +8     
Annual .....:    3.18          3.27          3.27            +9            +9     
            :                                                                     
2001        :                                                                     
May ........:    3.34          3.42          3.50            +8           +16     
June .......:    3.27          3.29          3.24            +2            -3     
July .......:    3.01          3.03          3.16            +2           +15     
August .....:    3.03          3.03          3.03             0             0     
Annual .....:    3.12          3.10          3.04            -2            -8     
            :                                                                     
2002        :                                                                     
May ........:    3.10          3.08          3.11            -2            +1     
June .......:    3.40          3.48          3.54            +8           +14     
July .......:    3.83          3.83          3.93             0           +10     
August .....:    4.15          4.23          4.22            +8            +7     
Annual .....:    5.08          5.12          5.05            +4            -3     
----------------------------------------------------------------------------------
See footnote(s) at end of table.                                       --continued

Wheat Price Changes Following Crop Production Reports - United States:
1987-2014 (continued)
----------------------------------------------------------------------------------
            :                Price 1/                 :      Price change 2/      
            :---------------------------------------------------------------------
    Date    :    Prior    :  Day after  : Week after  :  Day after  : Week after  
            :   closing   :   report    :   report    :   report    :   report    
----------------------------------------------------------------------------------
            :    ------ dollars per bushel ------            cents per bushel     
            :                                                                     
2003        :                                                                     
May ........:    3.81          3.91          3.95           +10           +14     
June .......:    3.89          3.84          3.36            -5           -53     
July .......:    2.99          3.02          3.16            +3           +17     
August .....:    3.62          3.70          3.97            +8           +35     
Annual .....:    3.66          3.70          3.57            +4            -9     
            :                                                                     
2004        :                                                                     
May ........:    4.14          4.08          4.03            -6           -11     
June .......:    4.01          3.94          3.92            -7            -9     
July .......:    3.84          3.89          3.95            +5           +11     
August .....:    3.53          3.47          3.48            -6            -5     
Annual .....:    3.90          3.79          3.73           -11           -17     
            :                                                                     
2005        :                                                                     
May ........:    3.57          3.54          3.60            -3            +3     
June .......:    3.62          3.62          3.71             0            +9     
July .......:    3.73          3.71          3.88            -2           +15     
August .....:    3.81          3.84          3.90            +3            +9     
Annual .....:    4.38          4.48          4.50           +10           +12     
            :                                                                     
2006        :                                                                     
May ........:    4.96          5.05          5.30            +9           +34     
June .......:    5.08          5.03          4.88            -5           -20     
July .......:    5.42          5.34          5.05            -8           -37     
August .....:    4.85          4.76          4.72            -9           -13     
Annual .....:    5.21          5.21          5.30             0            +9     
            :                                                                     
2007        :                                                                     
May ........:    5.37          5.42          5.44            +5            +7     
June .......:    5.80          6.10          6.51           +30           +71     
July .......:    6.07          6.11          6.01            +4            -6     
August .....:    6.55          6.50          6.48            -5            -7     
Annual .....:    9.00          9.07          8.88            +7           -12     
            :                                                                     
2008        :                                                                     
May ........:    9.13          8.96          8.72           -17           -41     
June .......:    8.46          8.67          9.26           +21           +80     
July .......:    8.54          8.70          8.39           +16           -15     
August .....:    8.08          8.10          8.73            +2           +65     
Annual .....:    6.70          6.77          5.93            +7           -77     
            :                                                                     
2009        :                                                                     
May ........:    6.30          6.34          6.40            +4           +10     
June .......:    6.73          6.55          6.30           -18           -43     
July .......:    5.28          5.24          5.37            -4            +9     
August .....:    4.90          4.94          4.74            +4           -16     
Annual .....:    4.24          4.37          4.41           +13           +17     
            :                                                                     
2010        :                                                                     
May ........:    4.53          4.55          4.40            +2           -13     
June .......:    3.98          4.03          4.30            +5           +32     
July .......:    5.02          4.93          5.21            -9           +19     
August .....:    6.40          6.60          6.40           +20             0     
Annual .....:    6.37          6.28          6.48            -9           +11     
            :                                                                     
2011        :                                                                     
May ........:    9.26          8.97          8.88           -29           -38     
June .......:    8.85          8.71          8.19           -14           -66     
July .......:    7.41          7.63          7.91           +22           +50     
August .....:    7.92          8.23          8.42           +31           +50     
Annual .....:    7.57          7.21          7.15           -36           -42     
----------------------------------------------------------------------------------
See footnote(s) at end of table.                                       --continued

Wheat Price Changes Following Crop Production Reports - United States:
1987-2014 (continued)
----------------------------------------------------------------------------------
            :                Price 1/                 :      Price change 2/      
            :---------------------------------------------------------------------
    Date    :    Prior    :  Day after  : Week after  :  Day after  : Week after  
            :   closing   :   report    :   report    :   report    :   report    
----------------------------------------------------------------------------------
            :   -------- dollars per bushel -------         cents per bushel      
            :                                                                     
2012        :                                                                     
May ........:      6.64          6.63          7.02          -1           +38     
June .......:      7.10          7.04          7.19          -6            +9     
July .......:      8.26          8.35          8.97          +9           +71     
August .....:      9.40          9.18          9.08         -22           -32     
Annual .....:      9.03          9.53          9.12         +50            +9     
            :                                                                     
2013        :                                                                     
May ........:      8.50          8.30          8.15         -20           -35     
June .......:      8.05          7.92          7.94         -13           -11     
July .......:      7.84          7.84          7.78           0            -6     
August .....:      7.67          7.70          7.83          +3           +16     
Annual .....:      (NA)          (NA)          (NA)        (NA)          (NA)     
            :                                                                     
2014        :                                                                     
May ........:      9.48          9.33          8.84         -15           -64     
June .......:      8.11          7.94          8.23         -17           +12     
July .......:      7.57          7.46          7.59         -11            +2     
August .....:      7.14          7.03          7.08         -11            -6     
Annual .....:      6.87          6.78          7.11          -9           +24     
----------------------------------------------------------------------------------
(NA) Not available.                                                               
1/   Closing cash price for Kansas City #1 hard winter wheat (ordinary protein)   
     reported by AMS Grain Market News.                                           
2/   The price change is indicated by the difference between the prior closing    
     price and the price for the day or week after each report.                   

Wheat Price Changes Following Grain Stocks Reports - United States: 1984-2014
-------------------------------------------------------------------------------------
               :                Price 1/                 :      Price change 2/      
               :---------------------------------------------------------------------
      Date     :    Prior    :  Day after  : Week after  :  Day after  : Week after  
               :   closing   :   report    :   report    :   report    :   report    
-------------------------------------------------------------------------------------
               :   -------- dollars per bushel -------         cents  per bushel     
               :                                                                     
1984           :                                                                     
January .......:      (NA)          (NA)          (NA)           0            -4     
April .........:      (NA)          (NA)          (NA)          -3            -8     
June ..........:      (NA)          (NA)          (NA)          -2            -8     
October .......:      (NA)          (NA)          (NA)          +2            -2     
               :                                                                     
1985           :                                                                     
January .......:      (NA)          (NA)          (NA)          +1            -6     
April .........:      (NA)          (NA)          (NA)           0            -8     
June ..........:      (NA)          (NA)          (NA)           0            -5     
October .......:      (NA)          (NA)          (NA)          -1             0     
               :                                                                     
1986           :                                                                     
January .......:      (NA)          (NA)          (NA)          +3            +9     
April .........:      (NA)          (NA)          (NA)         +13           -18     
June ..........:      (NA)          (NA)          (NA)          -2            -7     
September .....:      (NA)          (NA)          (NA)           0            -6     
December ......:      (NA)          (NA)          (NA)          +1            +3     
               :                                                                     
1987           :                                                                     
March .........:      (NA)          (NA)          (NA)          -2            +3     
June ..........:      (NA)          (NA)          (NA)          +1            +8     
September .....:      2.73          2.79          2.78          +6            +5     
December ......:      3.22          3.22          3.18           0            -4     
               :                                                                     
1988           :                                                                     
March .........:      3.08          3.06          3.13          -2            +5     
June ..........:      3.85          3.97          3.82         +12            -3     
September .....:      4.04          4.09          4.22          +5           +18     
December ......:      4.38          4.29          4.45          -9            +7     
               :                                                                     
1989           :                                                                     
March .........:      4.41          4.40          4.30          -1           -11     
June ..........:      4.36          4.31          4.37          -5            +1     
September .....:      4.15          4.21          4.24          +6            +9     
December ......:      4.34          4.32          4.33          -2            -1     
               :                                                                     
1990           :                                                                     
March .........:      4.03          4.05          4.08          +2            +5     
June ..........:      3.32          3.26          3.24          -6            -8     
September .....:      2.83          2.86          2.85          +3            +2     
December ......:      2.69          2.65          2.69          -4             0     
               :                                                                     
1991           :                                                                     
March .........:      2.97          3.03          2.97          +6             0     
June ..........:      2.88          2.91          2.82          +3            -6     
September .....:      3.39          3.45          3.52          +6           +13     
December ......:      4.23          4.26          4.38          +3           +15     
               :                                                                     
1992           :                                                                     
March .........:      4.32          4.19          4.12         -13           -20     
June ..........:      3.69          3.65          3.56          -4           -13     
September .....:      3.67          3.68          3.57          +1           -10     
December ......:      3.84          3.91          4.09          +7           +25     
               :                                                                     
1993           :                                                                     
March .........:      3.74          3.75          3.65          +1            -9     
June ..........:      2.97          3.03          3.18          +6           +21     
September .....:      3.26          3.24          3.31          -2            +5     
December ......:      3.92          3.94          3.77          +2           -15     
-------------------------------------------------------------------------------------
See footnote(s) at end of table.                                          --continued

Wheat Price Changes Following Grain Stocks Reports - United States:
1984-2014 (continued)
-------------------------------------------------------------------------------------
               :                Price 1/                 :      Price change 2/      
               :---------------------------------------------------------------------
      Date     :    Prior    :  Day after  : Week after  :  Day after  : Week after  
               :   closing   :   report    :   report    :   report    :   report    
-------------------------------------------------------------------------------------
               :    ------ dollars per bushel ------           cents  per bushel     
               :                                                                     
1994           :                                                                     
March .........:    3.45          3.48          3.56            +3           +11     
June ..........:    3.39          3.40          3.35            +1            -4     
September .....:    4.00          3.98          4.16            -2           +16     
December ......:    4.03          4.02          3.97            -1            -6     
               :                                                                     
1995           :                                                                     
March .........:    3.78          3.75          3.73            -3            -5     
June ..........:    5.11          5.08          4.82            -3           -29     
September .....:    4.98          5.05          5.01            +7            +3     
December ......:    5.25          5.19          5.13            -6           -12     
               :                                                                     
1996           :                                                                     
March .........:    5.59          5.68          5.88            +9           +29     
June ..........:    5.72          5.63          5.46            -9           -26     
September .....:    4.77          4.75          4.67            -2           -10     
December ......:    4.51          4.52          4.57            +1            +6     
               :                                                                     
1997           :                                                                     
March .........:    4.59          4.53          4.32            -6           -27     
June ..........:    3.48          3.39          3.34            -9           -14     
September .....:    3.63          3.59          3.61            -4            -2     
December ......:    3.42          3.53          3.54           +11           +12     
               :                                                                     
1998           :                                                                     
March .........:    3.42          3.38          3.26            -4           -16     
June ..........:    2.97          3.03          2.97            +6             0     
September .....:    2.88          2.83          2.94            -5            +6     
December ......:    3.20          3.16          3.05            -4           -15     
               :                                                                     
1999           :                                                                     
March .........:    3.09          2.97          2.97           -12           -12     
June ..........:    2.67          2.63          2.46            -4           -21     
September .....:    2.81          2.71          2.62           -10           -19     
December ......:    2.64          2.66          2.70            +2            +6     
               :                                                                     
2000           :                                                                     
March .........:    2.64          2.71          2.65            +7            +1     
June ..........:    2.98          2.89          2.78            -9           -20     
September .....:    3.18          3.27          3.27            +9            +9     
December ......:    3.50          3.52          3.43            +2            -7     
               :                                                                     
2001           :                                                                     
March .........:    3.25          3.18          3.25            -7             0     
June ..........:    3.03          3.06          3.06            +3            +3     
September .....:    3.12          3.10          3.04            -2            -8     
December ......:    3.20          3.23          3.26            +3            +6     
               :                                                                     
2002           :                                                                     
March .........:    3.22          3.19          3.29            -3            +7     
June ..........:    3.63          3.59          3.74            -4           +11     
September .....:    5.08          5.12          5.05            +4            -3     
December ......:    4.15          3.96          3.93           -19           -22     
               :                                                                     
2003           :                                                                     
March .........:    3.68          3.78          3.78           +10           +10     
June ..........:    3.12          3.06          2.98            -6           -14     
September .....:    3.66          3.70          3.57            +4            -9     
December ......:    4.20          4.38          4.30           +18           +10     
-------------------------------------------------------------------------------------
See footnote(s) at end of table.                                          --continued

Wheat Price Changes Following Grain Stocks Reports - United States:
1984-2014 (continued)
-------------------------------------------------------------------------------------
               :                Price 1/                 :      Price change 2/      
               :---------------------------------------------------------------------
      Date     :    Prior    :  Day after  : Week after  :  Day after  : Week after  
               :   closing   :   report    :   report    :   report    :   report    
-------------------------------------------------------------------------------------
               :    ------- dollars per bushel ------          cents  per bushel     
               :                                                                     
2004           :                                                                     
March .........:     4.46         4.40           4.44           -6            -2     
June ..........:     3.81         3.79           3.83           -2            +2     
September .....:     3.90         3.79           3.73          -11           -17     
December ......:     4.05         4.07           4.02           +2            -3     
               :                                                                     
2005           :                                                                     
March .........:     3.72         3.71           3.58           -1           -14     
June ..........:     3.73         3.60           3.75          -13            +2     
September .....:     4.38         4.48           4.50          +10           +12     
December ......:     4.34         4.42           4.27           +8            -7     
               :                                                                     
2006           :                                                                     
March .........:     4.46         4.54           4.63           +8           +17     
June ..........:     5.28         5.29           5.36           +1            +8     
September .....:     5.21         5.21           5.30            0            +9     
December ......:     5.06         5.30           5.20          +24           +14     
               :                                                                     
2007           :                                                                     
March .........:     5.22         5.07           5.19          -15            -3     
June ..........:     6.17         6.05           6.09          -12            -8     
September .....:     9.00         9.07           8.88           +7           -12     
December ......:     8.99         9.29          10.00          +30          +101     
               :                                                                     
2008           :                                                                     
March .........:    10.52         9.95          10.64          -57           +12     
June ..........:     9.20         8.91           8.55          -29           -65     
September .....:     6.70         6.77           5.93           +7           -77     
December ......:     6.71         6.15           6.29          -56           -42     
               :                                                                     
2009           :                                                                     
March .........:     5.72         5.90           6.20          +18           +48     
June ..........:     5.80         5.55           5.27          -25           -53     
September .....:     4.24         4.37           4.41          +13           +17     
December ......:     5.35         5.03           4.75          -32           -60     
               :                                                                     
2010           :                                                                     
March .........:     4.52         4.34           4.54          -18            +2     
June ..........:     4.13         4.45           4.71          +32           +58     
September .....:     6.37         6.28           6.48           -9           +11     
December ......:     7.86         8.00           8.25          +14           +39     
               :                                                                     
2011           :                                                                     
March .........:     8.14         8.60           8.92          +46           +78     
June ..........:     7.85         7.28           7.68          -57           -17     
September .....:     7.57         7.21           7.15          -36           -42     
December ......:     7.62         7.33           7.18          -29           -44     
               :                                                                     
2012           :                                                                     
March .........:     6.89         7.32           6.97          +43            +8     
June ..........:     7.70         7.60           8.47          -10           +77     
September .....:     9.03         9.53           9.12          +50            +9     
December ......:     8.62         8.72           9.02          +10           +40     
-------------------------------------------------------------------------------------
See footnote(s) at end of table.                                          --continued

Wheat Price Changes Following Grain Stocks Reports - United States:
1984-2014 (continued)
-------------------------------------------------------------------------------------
               :                Price 1/                 :      Price change 2/      
               :---------------------------------------------------------------------
      Date     :    Prior    :  Day after  : Week after  :  Day after  : Week after  
               :   closing   :   report    :   report    :   report    :   report    
-------------------------------------------------------------------------------------
               :   -------- dollars per bushel -------         cents  per bushel     
               :                                                                     
2013           :                                                                     
March .........:      8.34          7.87          8.00         -47           -34     
June ..........:      7.77          7.67          7.70         -10            -7     
September .....:      (NA)          (NA)          (NA)        (NA)          (NA)     
December ......:      7.44          7.31          7.35         -13            -9     
               :                                                                     
2014           :                                                                     
March .........:      8.89          8.89          8.49           0           -40     
June ..........:      8.37          8.15          8.07         -22           -30     
September .....:      6.87          6.78          7.11          -9           +24     
December ......:      6.86          6.76          6.69         -10           -17     
-------------------------------------------------------------------------------------
(NA) Not available.                                                                  
1/   Closing cash price for Kansas City #1 hard winter wheat (ordinary protein)      
     reported by AMS Grain Market News.                                              
2/   The price change is indicated by the difference between the prior closing price 
     and the price for the day or week after each report.                            

Upland Cotton Price Changes Following Crop Production Reports -
United States: 1989-2014
-------------------------------------------------------------------------------------
               :                Price 1/                 :      Price change 2/      
               :---------------------------------------------------------------------
      Date     :    Prior    :  Day after  : Week after  :  Day after  : Week after  
               :   closing   :   report    :   report    :   report    :   report    
-------------------------------------------------------------------------------------
               :    -------- cents per pound --------          points per pound      
               :                                                                     
1989           :                                                                     
August ........:    70.23         70.04         68.81          -19          -142     
September .....:    67.41         68.84         69.44         +143          +203     
October .......:    69.71         70.29         68.34          +58          -137     
November ......:    70.78         68.15         68.21         -263          -257     
December ......:    62.99         63.71         62.84          +72           -15     
Annual ........:    62.18         62.21         62.43           +3           +25     
               :                                                                     
1990           :                                                                     
August ........:    78.86         79.93         72.68         +107          -618     
September .....:    70.79         70.44         71.39          -35           +60     
October .......:    70.28         70.52         70.22          +24            -6     
November ......:    69.55         69.12         69.64          -43            +9     
December ......:    70.42         69.79         69.76          -63           -66     
Annual ........:    69.80         69.68         70.84          -12          +104     
               :                                                                     
1991           :                                                                     
August ........:    66.46         64.46         65.69         -200           -77     
September .....:    62.48         62.21         61.35          -27          -113     
October .......:    58.39         58.76         58.03          +37           -36     
November ......:    54.41         53.76         55.14          -65           +73     
December ......:    54.00         54.14         54.18          +14           +18     
Annual ........:    52.36         50.91         51.29         -145          -107     
               :                                                                     
1992           :                                                                     
August ........:    57.57         56.59         56.69          -98           -88     
September .....:    54.07         55.09         56.29         +102          +222     
October .......:    50.40         49.61         50.69          -79           +29     
November ......:    49.55         49.11         50.22          -44           +67     
December ......:    52.86         52.50         51.33          -36          -153     
Annual ........:    53.91         54.02         54.46          +11           +55     
               :                                                                     
1993           :                                                                     
August ........:    52.70         51.48         52.44         -122           -26     
September .....:    53.25         54.69         53.96         +144           +71     
October .......:    55.58         54.66         53.76          -92          -182     
November ......:    53.61         54.55         55.74          +94          +213     
December ......:    59.62         59.10         60.09          -52           +47     
Annual ........:    65.18         64.91         66.89          -27          +171     
               :                                                                     
1994           :                                                                     
August ........:    71.50         71.23         68.13          -27          -337     
September .....:    73.46         73.23         71.06          -23          -240     
October .......:    66.86         67.14         67.80          +28           +94     
November ......:    71.06         70.25         72.50          -81          +144     
December ......:    81.14         81.07         82.31           -7          +117     
Annual ........:    87.19         88.56         88.84         +137          +165     
               :                                                                     
1995           :                                                                     
August ........:    80.69         81.86         85.75         +117          +506     
September .....:    87.61         89.04         92.99         +143          +538     
October .......:    86.06         84.74         81.68         -132          -438     
November ......:    83.33         82.52         85.75          -81          +242     
December ......:    84.51         83.39         81.75         -112          -276     
Annual ........:    81.21         80.66         79.64          -55          -157     
               :                                                                     
1996           :                                                                     
August ........:    73.61         76.29         75.41         +268          +180     
September .....:    73.96         76.07         74.32         +211           +36     
October .......:    73.71         71.57         70.95         -214          -276     
November ......:    68.87         68.00         70.48          -87          +161     
December ......:    72.30         72.61         71.99          +31           -31     
Annual ........:    70.15         69.69         70.54          -46           +39     
-------------------------------------------------------------------------------------
See footnote(s) at end of table.                                          --continued

Upland Cotton Price Changes Following Crop Production Reports - United States:
1989-2014 (continued)
-------------------------------------------------------------------------------------
               :                Price 1/                 :      Price change 2/      
               :---------------------------------------------------------------------
      Date     :    Prior    :  Day after  : Week after  :  Day after  : Week after  
               :   closing   :   report    :   report    :   report    :   report    
-------------------------------------------------------------------------------------
               :    -------- cents per pound --------          points per pound      
               :                                                                     
1997           :                                                                     
August ........:    71.29         72.35         71.36         +106            +7     
September .....:    70.43         71.40         71.17          +97           +74     
October .......:    69.26         69.49         69.41          +23           +15     
November ......:    70.05         69.93         68.58          -12          -147     
December ......:    64.75         64.45         63.64          -30          -111     
Annual ........:    63.64         62.74         62.48          -90          -116     
               :                                                                     
1998           :                                                                     
August ........:    69.99         71.39         72.84         +140          +285     
September .....:    71.39         71.79         71.47          +40            +8     
October .......:    71.18         69.52         66.64         -166          -454     
November ......:    67.89         67.39         64.14          -50          -375     
December ......:    61.10         60.08         59.32         -102          -178     
Annual ........:    56.21         56.06         56.24          -15            +3     
               :                                                                     
1999           :                                                                     
August ........:    50.00         51.11         51.43         +111          +143     
September .....:    48.28         49.05         48.04          +77           -24     
October .......:    47.19         48.77         50.94         +158          +375     
November ......:    48.17         47.84         47.34          -33           -83     
December ......:    46.79         46.89         45.95          +10           -84     
Annual ........:    50.47         51.02         51.72          +55          +125     
               :                                                                     
2000           :                                                                     
August ........:    57.97         58.88         59.68          +91          +171     
September .....:    61.82         60.45         60.24         -137          -158     
October .......:    61.11         61.61         58.98          +50          -213     
November ......:    62.86         61.97         61.76          -89          -110     
December ......:    62.98         61.10         60.57         -188          -241     
Annual ........:    56.09         56.49         57.19          +40          +110     
               :                                                                     
2001           :                                                                     
August ........:    37.04         35.04         35.43         -200          -161     
September .....:    33.71         33.00         32.66          -71          -105     
October .......:    29.09         29.01         28.20           -8           -89     
November ......:    29.50         29.99         31.87          +49          +237     
December ......:    31.78         32.61         33.04          +83          +126     
Annual ........:    32.68         32.35         33.33          -33           +65     
               :                                                                     
2002           :                                                                     
August ........:    38.64         39.74         39.04         +110           +40     
September .....:    38.08         36.88         38.00         -120            -8     
October .......:    38.49         37.89         39.17          -60           +68     
November ......:    44.91         44.16         45.51          -75           +60     
December ......:    44.87         46.52         46.29         +165          +142     
Annual ........:    48.11         48.46         48.91          +35           +80     
               :                                                                     
2003           :                                                                     
August ........:    51.93         50.99         51.07          -94           -86     
September .....:    56.14         59.00         60.14         +286          +400     
October .......:    64.89         66.14         69.10         +125          +421     
November ......:    71.18         68.47         68.56         -271          -262     
December ......:    63.65         63.96         64.23          +31           +58     
Annual ........:    68.23         68.29         68.80           +6           +57     
               :                                                                     
2004           :                                                                     
August ........:    43.16         41.19         45.25         -197          +209     
September .....:    49.36         48.07         45.44         -129          -392     
October .......:    44.09         42.35         44.48         -174           +39     
November ......:    42.16         42.81         43.40          +65          +124     
December ......:    41.40         40.94         42.11          -46           +71     
Annual ........:    43.29         43.60         43.40          +31           +11     
-------------------------------------------------------------------------------------
See footnote(s) at end of table.                                          --continued

Upland Cotton Price Changes Following Crop Production Reports - United States:
1989-2014 (continued)
-------------------------------------------------------------------------------------
               :                Price 1/                 :      Price change 2/      
               :---------------------------------------------------------------------
      Date     :    Prior    :  Day after  : Week after  :  Day after  : Week after  
               :   closing   :   report    :   report    :   report    :   report    
-------------------------------------------------------------------------------------
               :   --------- cents per pound --------           points per pound     
               :                                                                     
2005           :                                                                     
August ........:    44.49         44.31         44.19          -18            -30    
September .....:    47.39         47.07         45.81          -32           -158    
October .......:    51.41         52.25         52.09          +84            +68    
November ......:    48.22         47.89         48.61          -33            +39    
December ......:    49.11         49.09         49.36           -2            +25    
Annual ........:    51.52         51.60         51.19           +8            -33    
               :                                                                     
2006           :                                                                     
August ........:    49.63         48.67         48.11          -96           -152    
September .....:    46.00         46.74         47.84          +74           +184    
October .......:    44.34         44.66         44.34          +32              0    
November ......:    46.01         46.24         46.76          +23            +75    
December ......:    48.02         49.14         50.11         +112           +209    
Annual ........:    49.42         49.96         49.88          +54            +46    
               :                                                                     
2007           :                                                                     
August ........:    55.21         54.21         50.34         -100           -487    
September .....:    54.75         55.79         58.32         +104           +357    
October .......:    58.56         58.69         60.04          +13           +148    
November ......:    60.78         60.74         59.95           -4            -83    
December ......:    58.64         58.27         59.64          -37           +100    
Annual ........:    61.65         64.08         65.80         +243           +415    
               :                                                                     
2008           :                                                                     
August ........:    60.76         61.16         58.94          +40           -182    
September .....:    56.96         57.41         54.97          +45           -199    
October .......:    48.03         46.24         46.12         -179           -191    
November ......:    39.16         38.35         38.97          -81            -19    
December ......:    40.60         41.44         42.86          +84           +226    
Annual ........:    44.91         42.30         44.68         -261            -23    
               :                                                                     
2009           :                                                                     
August ........:    56.89         56.74         52.08          -15           -481    
September .....:    54.10         54.33         58.34          +23           +424    
October .......:    58.46         58.01         61.92          -45           +346    
November ......:    63.29         64.54         65.48         +125           +219    
December ......:    67.80         67.30         69.43          -50           +163    
Annual ........:    67.74         66.71         64.93         -103           -281    
               :                                                                     
2010           :                                                                     
August ........:    81.01         83.39         84.01         +238           +300    
September .....:    86.84         87.19         90.81          +35           +397    
October .......:    99.07        106.66        110.87         +759          +1180    
November ......:   142.84        147.84        134.12         +500           -872    
December ......:   131.57        132.62        141.26         +105           +969    
Annual ........:   140.87        141.05        138.56          +18           -231    
               :                                                                     
2011           :                                                                     
August ........:    99.76         96.42        106.66         -334           +690    
September .....:   107.36        107.66        105.84          +30           -152    
October .......:    99.51         96.26         97.02         -325           -249    
November ......:    94.80         94.38         99.26          -42           +446    
December ......:    89.25         87.66         83.06         -159           -619    
Annual ........:    90.26         89.06         90.66         -120            +40    
-------------------------------------------------------------------------------------
See footnote(s) at end of table.                                          --continued

Upland Cotton Price Changes Following Crop Production Reports - United States:
1989-2014 (continued)
-------------------------------------------------------------------------------------
               :                Price 1/                 :      Price change 2/      
               :---------------------------------------------------------------------
      Date     :    Prior    :  Day after  : Week after  :  Day after  : Week after  
               :   closing   :   report    :   report    :   report    :   report    
-------------------------------------------------------------------------------------
               :   --------- cents per pound ---------         points per pound      
               :                                                                     
2012           :                                                                     
August ........:     71.42         68.71         68.12        -271          -330     
September .....:     70.24         68.84         70.84        -140           +60     
October .......:     66.93         65.54         72.97        -139          +604     
November ......:     65.11         63.41         69.54        -170          +443     
December ......:     69.11         70.46         71.43        +135          +232     
Annual ........:     70.86         71.01         73.13         +15          +227     
               :                                                                     
2013           :                                                                     
August ........:     84.96         85.97         89.14        +101          +418     
September .....:     81.36         82.41         82.06        +105           +70     
October .......:      (NA)          (NA)          (NA)        (NA)          (NA)     
November ......:     74.33         74.41         73.87          +8           -46     
December ......:     77.15         77.53         80.09         +38          +294     
Annual ........:     79.40         79.17         82.46         -23          +306     
               :                                                                     
2014           :                                                                     
August ........:     64.63         63.06         63.14        -157          -149     
September .....:     69.10         69.64         64.91         +54          -419     
October .......:     63.85         63.96         63.26         +11           -59     
November ......:     62.76         61.24         57.95        -152          -481     
December ......:     58.56         58.34         58.77         -22           +21     
Annual ........:     59.36         58.41         58.13         -95          -123     
-------------------------------------------------------------------------------------
(NA) Not available.                                                                  
1/   7-Market average base quotations for Upland cotton as reported by AMS Market    
     News (the Upland cotton base quality is color 41, leaf grade 4, staple 34).     
2/   The price change is indicated by the difference between the prior closing price 
     and the price for the day or week after each report.                            

Information Contacts

Listed below are the commodity statisticians in the Crops Branch of the 
National Agricultural Statistics Service to contact for additional 
information. E-mail inquiries may be sent to [email protected]

Lance Honig, Chief, Crops Branch........................... (202) 720-2127

Anthony Prillaman, Head, Field Crops Section............... (202) 720-2127
     Brent Chittenden - Oats, Rye, Wheat................... (202) 720-8068
     Angie Considine - Cotton, Cotton Ginnings, Sorghum.... (202) 720-5944
     Tony Dahlman - Crop Weather, Barley................... (202) 720-7621
     Chris Hawthorn - Corn, Flaxseed, Proso Millet......... (202) 720-9526
     James Johanson - County Estimates, Hay................ (202) 690-8533
     Bianca Pruneda - Peanuts, Rice........................ (202) 720-7688
     Travis Thorson - Soybeans, Sunflower, Other Oilseeds.. (202) 720-7369

Access to NASS Reports

For your convenience, you may access NASS reports and products the following 
ways:

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http://www.nass.usda.gov and in the "Follow NASS" box under "Receive 
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For more information on NASS surveys and reports, call the NASS Agricultural 
Statistics Hotline at (800) 727-9540, 7:30 a.m. to 4:00 p.m. ET, or e-mail: 
[email protected]. 
  
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