Grain Production and CarryOut
Release Date:  July 11, 2012


USDA 2011-2012
U.S. Grain CarryOver
Jul
2011-2012 Est

Analyst Est

Range
Jun
2011-2012 Est

2010-2011

Corn
Soybean

.903
.170

.840
.170

.750-.905
.145-.200

.851
.175

1.128
.215



USDA 2012-2013
U.S. Grain CarryOver
Jul
2012-2013 Est

Analyst Est

Range
Jun
2012-2013 Est

2011-2012

Corn
Soybean
Wheat
Cotton

1.183
0.130
0.664
4.800

1.232
0.134
0.725
4.600

0.750-1.690
0.095-0.176
0.639-0.822
4.100-5.100

1.881
0.140
0.694
4.900

0.903
0.170
0.743
3.300



USDA
World CarryOver (MMT)

Jul
2012-2013
Jun
2012-2013
Jul
2011-2012

Jun
2011-2012

Corn
Wheat
Soybeans
Soymeal
Soyoil
Cotton

134.09
182.44
55.66
8.39
2.23
72.39

155.74
185.76
58.54
8.31
2.24
74.51

129.37
197.18
52.51
7.80
2.98
66.68

129.19
195.56
53.36
7.47
2.74
67.32



USDA
World Grain Production (MMT)
Jul
2011-2012
Estimate
Jun
2011-2012
Jul
2012-2013
Estimate
Jun
2012-2013

China Corn
South Africa Corn
Argentina Corn
Brazil Corn

Australia Wheat
Argentina Wheat
EU 27 Wheat
Canada Wheat
China Wheat
Russia Wheat
Ukraine Wheat

Brazil Soybeans
Argentina Soybeans
China Soybeans

192.80
11.50
21.00
70.00

29.50
14.50
137.40
25.30
117.90
56.20
22.10

65.50
41.00
22.10

192.80
11.50
21.00
69.00

29.50
14.50
137.40
25.30
117.40
56.20
22.10

65.50
41.50
13.50

195.00
13.00
25.00
67.00

26.00
12.00
131.00
27.00
120.00
49.00
13.00

78.00
55.00
12.60

195.00
13.00
25.00
67.00

26.00
12.00
131.00
27.00
120.00
53.00
13.00

78.00
55.00
12.60



USDA
Crop Production
Jan 2012
2011-2012
Analyst
Avg Est

Range
Dec 2011
2011-2012
2010
Production

Corn
Soybeans
Cotton (mil bales)

12.358
3.056
15.674

12.280
3.042
15.64

12.170-12.375
3.010-3.080
15.360-15.830

12.310
3.046
15.827

12.447
3.329
2.208



USDA
Crop Yields
Jan 2012
2011-2012 Est

Analyst
Avg Est
Range
Oct
2011-2012
2010
Yield

Corn
Soybeans

147.2
41.5

146.4
41.3

145.3-147.5
41.8-41.0

146.7
41.3

152.8
43.5


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.