DISCLAIMER: This information is not to be construed as an offer to sell or a solicitation or an offer to buy the commodities herein named. The factual information of this report has been obtained from sources believed to be reliable, but is not necessarily all-inclusive and is not guaranteed as to the accuracy, and is not to be construed as representation by our firm. The risk of loss when trading futures and options is substantial. Each investor must consider whether this is a suitable investment. Past performance isnot indicative of future results.

January 1, 2011	2011	2012	2012 as % of 2011
CATTLE & CALVES	92,682	90,768	98
Cows and Heifers that have calved beef cows milk cows	39,999 30,849 9,149	39,112 29,882 9,229	98 97 101
Heifers 500 lbs and over Beef Cow replacement expected to calve Milk Cow Replacement expected to calve Other Heifers	19,575 5,138 3164 4,568 3056 9,869	19,387 5,211 3201 4,527 3029 9,649	99 101 101 99 99 98
Steers 500 lbs and over Bulls 500 lbs and over Calves 500 lbs and underr	16,397 2,155 14,555	16,071 2,052 14,144	98 95 97
-	2010	2011	2010 % of 2010
Total Calf Crop	35,694	35,313	99