McKeany-Flavell Hot Commodity Podcast

Sugar Higher sugar imports leads to offsetting higher deliveries Stocks-to use ratio left unchanged Wheat U.S. and wheat global stocks rise, leading to a neutral to bearish April WASDE Expect more changes in the May WASDE to food and export demand, and new-crop 2026/27 first looks Corn & soy complex U.S. corn balance sheet unchanged, global ending stocks improve Soybean supplies remain adequate in the U.S., ample globally More food use of soybean oil? What will be the real stocks level for U.S. soybean oil? Our next webinar: U.S. Economy Update Webinar Wed., April 22, 2026 at 2pm ET / 11am PT Clients, invites are going out now, or anyone can sign up now at mckeany-flavell.com Host: Michael Caughlan, President & CEO Expert: Nicole Thomas, Vice President – Information Services Expert: Eric Thornton, Vice President Expert: Kevin Combs, Vice President – Global Sweeteners Specialist

Weather Winter wheat relief ahead? Potential for rains that are desperately needed 65% of U.S. winter wheat in drought conditions: Highest since 2022 Jobs Headline jobs data beats expectations Wage growth is easily outpacing inflation Underlying long-term trends are still concerning Save the date for our next webinar! Economy Update Webinar Wed., April 22, 2026 at 2pm ET / 11am PT Invites to be out soon Host: Craig Ruffolo, Vice President – Commodity Specialist Expert: Eric Thornton, Vice President Expert: Shawn Bingham, Director of Commodity Risk Management

Corn & soy complex Corn and soybean acres fall within acreage expectations, but what will the numbers actually look like by late June? Stocks seem adequate for both corn and soybeans The difference maker will be where those stocks reside Wheat Not the best fundamental news for wheat buyers All wheat acres forecasted at an all-time low of 43.8 million acres 2026/27 production decline risk is very likely with fewer acres, and the hard red winter wheat crop is currently dealing with a weather issue Ending stocks up 5%: Deficit risk in the long term? Sugar Beet sugar area down 1.5% Host/Expert: Kevin Combs, Vice President – Global Sweeteners Specialist Expert: Nicole Thomas, Vice President – Information Services Expert: Eric Thornton, Vice President

Forfeitures or no forfeitures is a big question Nearly 1.0 billion lbs of sugar under loan in Idaho Is that a real threat? March planting intentions coming out on Tuesday What to expect: Slight decline compared to last year? Did you miss our Seasonal Market Outlook Webinar on Wednesday? Watch now on our IQ platform! Not an IQ subscriber? Reach out to us to learn more! Host/Expert: Kevin Combs, Vice President – Global Sweeteners Specialist Expert: Craig Ruffolo, Vice President – Commodity Specialist

W.W.W. Weather + War + Wheat = volatility! Current conditions for winter wheat are growing concerning Some better hope for rain in April? W.E.I. War + Energy + Inflation = economic chaos! Iran waging economic war via energy Inflation expectations are rising Most Fed members now see the funds rate unchanged for 2026 Commodity buyers should be vigilant on near-term coverage Don’t miss our webinar next week! Seasonal Market Outlook Webinar: Navigating the Opportunities & Risks Ahead Wed., March 25, 2026 at 2pm ET / 11am PT Clients, be on the lookout for your invite next week, or anyone can sign up now at mckeany-flavell.com Host: Michael Caughlan, President & CEO Expert: Eric Thornton, Vice President Expert: Shawn Bingham, Director of Commodity Risk Management

Iran’s nuclear option is the Strait of Hormuz Emergency oil release reaction was muted Risk remains highly elevated Be proactive about adding soybean oil coverage Our next webinar is fast approaching! Seasonal Market Outlook Webinar: Navigating the Opportunities & Risks Ahead Wed., March 25, 2026 at 2pm ET / 11am PT Clients, be on the lookout for your invite next week, or anyone can sign up now at mckeany-flavell.com Host/Expert: Eric Thornton, Vice President Expert: Shawn Bingham, Director of Commodity Risk Management

Corn & soy complex U.S. soy and corn balance sheets relatively unchanged Interesting changes to U.S. soybean oil consumption Wheat No changes in U.S. balance sheet Should USDA have increased exports? Attention shifting to new crop 2026/27 with 2025/26 set in stone Sugar Florida cane production lowered from early February freeze High-tier imports increased Our next webinar is fast approaching! Seasonal Market Outlook Webinar: Navigating the Opportunities & Risks Ahead Wed., March 25, 2026 at 2pm ET / 11am PT Clients, be on the lookout for your invite next week, or anyone can sign up now at mckeany-flavell.com Host: Michael Caughlan, President & CEO Expert: Nicole Thomas, Vice President – Information Services Expert: Eric Thornton, Vice President Expert: Kevin Combs, Vice President – Global Sweeteners Specialist

New MAHA food pyramid could lead to changing consumption GLP-1 and weight management drugs grow in usage What’s a food and/or beverage manufacturer to do in this environment? Save the date for our next webinar! Seasonal Market Outlook Webinar: Navigating the Opportunities & Risks Ahead Wed., March 25, 2026 Clients, be on the lookout for your invite next week, or anyone can sign up now at mckeany-flavell.com Host: Michael Caughlan, President & CEO Expert: Nicole Thomas, Vice President – Information Services Expert: Marilyn Adutwum, Data Analyst

Held in beautiful Championsgate, FL: How was the weather? Demand for sugar and sweeteners pressured from growing GLP-1 use and SNAP restrictions Tariffs are off and then back on again? 2027 negotiations appear to be in no hurry Host: Michael Caughlan, President & CEO Expert: Kevin Combs, Vice President – Global Sweeteners Specialist

Wheat Wheat is worth watching now: futures rallying to six-month highs Long-term bearish outlook still most likely Sugar Sugar forfeiture risk and product reformulations will be two non-traditional drivers for the 2027 market Soy complex Trade and profitability: soybean supply and consumption may hinge on those factors Energy markets, be it biofuel or crude oil, soybean oil prices are at the mercy of energy markets, domestic politics, and the geopolitical environment Corn Corn acreage and consumption: lower YOY acreage (with likely good carry-in for 2026/27) against feed consumption now, ethanol consumption later Host/Expert: Nicole Thomas, Vice President – Information Services Expert: Eric Thornton, Vice President

World demand down How’s the weather looking for the mid-crop season? What about surplus? What’s the recent news from Ghana? Arrival numbers have been hard to come by; now we know why! Current market price and recommendations for coverage going forward Happy Valentine’s Day! Host: Eric Thornton, VP Expert: Marilyn Adutwum, Data Analyst

Sugar Louisiana record cane crop boosted USDA cleans up 2024/25 delivery figures Wheat Changes minimal (as expected) for wheat Small decrease to food demand bumps up ending stocks Could we reach 1 billion bushels in ending stocks for new crop 2026/27? Corn & soy complex U.S. corn balance sheet showing slightly lower ending stocks; still neutral to bearish Nothing new and enlightening for soybeans or soybean oil, in the U.S. anyway Host: Michael Caughlan, President & CEO Expert: Kevin Combs, Vice President – Global Sweeteners Specialist Expert: Eric Thornton, Vice President Expert: Nicole Thomas, Vice President – Information Services

Why 2026 feels fundamentally different from prior resin cycles How polyethylene supply discipline and inventory management are driving price behavior The growing disconnect between resin indices and real transaction pricing Nonmarket adjustments and why they create confusion—and risk—for buyers What resin buyers should actually be watching right now Host: Nicole Thomas, Vice President – Information Services Guest Expert: Michael Workman, Growth Director at ResinSmart by RTi Global Guest Expert: Kevin Mekaru, Senior Business Unit Lead, Commodity Plastic Resin, RTi Global www.resinsmart.ai

Fed leaves rates unchanged as expected Powell says the levels of uncertainty around employment and inflation have diminished Trump taps Kevin Warsh to head the Fed next PPI inflation comes in a little hot Host: Michael Caughlan, President & CEO Expert: Shawn Bingham, Director of Commodity Risk Management

ASGA is celebrating 50 years of excellence! What will be discussed? Farm incomes dropping Imperative to get beet payments up for the 2026/27 crop year Sugar growers going through generational change Need to support young farmers of America Is the rebound in beet sugar deliveries sustainable? Did you miss our Key Ingredients in 2026 Webinar on Wednesday? Watch now on our IQ platform! Not an IQ subscriber? Reach out to us to learn more! Host: Michael Caughlan, President & CEO Expert: Craig Ruffolo, Vice President – Commodity Specialist