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.

Item	USDA	23/24	23/24	24/25	24/25
START	Supply/Demand	Apr	May 10	Apr	May 10
Planted	Acres Planted ma	49.6	49.6	(NA)	47.5
Harvested	Acres Harvest ma	37.3	37.3	(NA)	38.0
Yield per harv. acre	Yield per Acre	48.6	48.6	(NA)	48.9
Beginning stocks	Begin Stocks	570	570	(NA)	688
Production	Production	1,812	1,812	(NA)	1,858
Imports	Imports	140	140	(NA)	120
Supply, total	Total Supply	2,522	2,522	(NA)	2,665
Food	Food	960	960	(NA)	962
Seed	Seed	64	64	(NA)	62
Feed and residual	Feed + Residual	90	90	(NA)	100
Domestic, total	Tot Domestic Use	1,114	1,114	(NA)	1,124
Exports	Exports	710	720	(NA)	775
Use, total	Total Use	1,824	1,834	(NA)	1,899
Ending stocks	End Stocks	698	688	(NA)	766