McKeany-Flavell Hot Commodity Podcast

Wheat Wheat exports increase Stocks fall Soy complex Soybean balance sheet unchanged for U.S. Global stocks still huge Corn Production down globally Stronger use for corn in the U.S. How’s ethanol demand looking? Sugar USDA raises import level: How disappointed will Mexico be? Believe it or not, the International Sweetener Colloquium is right around the corner! (February 23-26, 2025): See you there! Keep an eye out for our 2025 predictions podcast! Coming to you soon. Host: Michael Caughlan, President & CEO Expert: Eric Thornton, Senior Commodity Specialist Expert: Kevin Combs, Vice President – Global Sweeteners Specialist

Market fundamentals Global markets European production issues for crops Domestic markets Latest crush report shows 10-year lows How likely are we to see sustained price relief for vegetable oils? The incoming U.S. administration spells lots of uncertainty Biofuel policy, imports, tariffs, and even TikTok Used cooking oil and its effect on soybean oil usage in biofuels Interested in learning more about coconut oil products? Head over to mckeany-flavell.com to watch our video, “Going Coconuts”! Host: Michael Caughlan, President & CEO Expert: Nicole Thomas, Vice President – Information Services

Contracting is nearing its completion Results are a mixed bag Corn prices were not a factor Product demand assisted in price offers for 2025 Wet mill operations show little change New production at Ft. Dodge and Shenandoah U.S. Corn Wet Milling Industry Study, 2023 Edition! What buyers, consumers, and investors need to know Processes, products, pricing, and growth potential Visit us at mckeany-flavell.com to purchase your copy today! Happy Thanksgiving! Host: Shawn Bingham, Director of Commodity Risk Management Expert: Craig Ruffolo, Vice President – Commodity Specialist

Little change in total U.S. herd: Where are we sitting now? Yield or productivity per cow at the farm level How has total milk output been measured on a cumulative YTD basis through October? Missed our webinar on Wednesday? Watch now on IQ! Revisiting Systematic Timing Models: A Secret Weapon for Procurement Risk Management Not an IQ subscriber but want to learn more? Reach out to McKeany-Flavell to find out how an IQ subscription can benefit you and your company today. Host: Michael Caughlan, President & CEO Expert: Jeffrey Rasinski, Consultant

Weather NOAA’s latest odds of a La Niña are declining: Will it actually arrive? Winter weather expectations may not be as threatening to crops like wheat The markets CPI sees three consecutive months of increases How much did the PPI move over the last three months? Fed Powell surprises market with hawkish comments Don’t forget to register for next Wednesday’s webinar! Revisiting Systematic Timing Models: A Secret Weapon for Procurement Risk Management November 20, 11am PT / 2pm ET Register at mckeany-flavell.com today! Host/Expert: Shawn Bingham, Director of Commodity Risk Management Expert: Eric Thornton, Senior Commodity Advisor

Sugar USDA adjusts for early harvest sugar Shifts in old crop numbers Wheat Few changes for wheat, global stocks remain steady at 257 MMT Shout out to Kazakhstan with a 2 MMT increase to production! Corn & Soy Complex Both U.S. corn and soybean yields reduced (and much more for the latter). Ending stocks of soybean oil growing more ominous for 2024/25 Register for our next webinar on November 20, 2024 at 2:00 PM ET! Revisiting Systematic Timing Models Visit mckeany-flavell.com to reserve your seat today! Host/Expert: Nicole Thomas, Vice President – Information Services Experts: Kevin Combs, Vice President – Global Sweeteners Specialist Eric Thornton, Senior Commodity Advisor

With hefty chocolate prices scaring consumers, will we see a bias for sugar-based confectionery treats? Prices at the grocery store: Chocolate candies vs. sugar, candy, and gum Retailers are promoting more aggressively to move products Will price increases continue to insulate most companies on earnings/sales? Mark your calendars for our next webinar! Revisiting Systematic Timing Models with Dir. of Risk Management, Shawn Bingham Wednesday, Nov. 20, 2024 Registration opens week of Nov. 4 at mckeany-flavell.com Clients check your inboxes Host: Michael Caughlan, President & CEO Expert: Jeffrey Rasinski, Consultant

Weather trending more bullish by the month for wheat U.S. wheat exports up YOY, but pace is slowing Global supply tightening leading to elevated edible oils prices Geopolitical factors, election outcome, and consumer behavior are impactful unknowns for vegetable oil consumption U.S. Corn Wet Milling Industry Study, 2023 Edition! What buyers, consumers, and investors need to know Processes, products, pricing, and growth potential Visit us at mckeany-flavell.com to purchase your copy today! Missed this week's Fall Market Outlook webinar? If you're an IQ subscriber, watch it now on the IQ Platform! Not a subscriber? Reach out for a trial subscription today! Host/Expert: Eric Thornton, Senior Commodity Specialist Expert: Nicole Thomas, Vice President – Information Services

Energy volatility has been heightened by the ongoing events in the Middle East Disruption to the flow of crude through the Strait of Hormuz remains the biggest risk U.S. oil production reaches a new peak Could global economic slowing see WTI spend more time below $70 than above? Webinar next week! Fall Market Outlook Wednesday, October 23 Registration is now open! Check your email or visit mckeany-flavell.com Host: Michael Caughlan, President & CEO Expert: Shawn Bingham, Director of Risk Management

Wheat U.S. wheat stocks decline, but still up YOY Soy complex Soybean & soybean oil balance sheets unchanged Corn See soy complex Sugar Beet sugar production up 2023/23 high-tier raised by how much? Now available for purchase! McKeany-Flavell’s U.S. Corn Wet Milling Industry Study, 2023 Edition What buyers, consumers, and investors need to know Visit us at mckeany-flavell.com to learn more Don’t forget to register for our next webinar! Fall Market Outlook on October 23, 2024 Registration is now open! Check your email or visit mckeany-flavell.com Host/Expert: Kevin Combs, Vice President – Global Sweeteners Specialist Expert: Eric Thornton, Commodity Specialist

The strike is off! (at least for now…) Good jobs report with some points of consideration Turmoil in the Middle East putting at least a temporary floor beneath futures prices Don’t forget to register for our next webinar Fall Market Outlook on October 23, 2024 Registration opens week of Oct. 7 at mckeany-flavell.com Clients check your inboxes Host/Expert: Shawn Bingham, Director of Risk Management Expert: Nicole Thomas, Vice President – Information Services

September stock revisions Net bullish for corn Neutral for soybeans Wheat production fell by how much? Harvested area for wheat increases, while yield falls Next webinar! Fall Market Overview Wednesday, Oct. 23, 2024 Registration opens week of Oct. 7 at mckeany-flavell.com Clients check your inboxes Host: Michael Caughlan, President & CEO Expert: Eric Thornton, Commodity Specialist

Would you like cheese, butter, nuts, eggs, or frozen fruit? What makes butter inventory so key this time of the year? The key differences between butter: U.S. vs. Europe Can New Zealand step up and potentially supply product to Europe? Butter in cold storage is in decline, but what’s the whole story? Are butter prices relaxing? Let’s talk cheese inventories Next webinar! Fall Market Overview Wednesday, Oct. 23, 2024 Registration opens week of Oct. 7 at mckeany-flavell.com Clients check your inboxes Now available for purchase! McKeany-Flavell’s U.S. Corn Wet Milling Industry Study, 2023 Edition What buyers, consumers, and investors need to know Visit us at mckeany-flavell.com to learn more Host: Michael Caughlan, President & CEO Expert: Jeffrey Rasinski, Consultant

#11 raw sugar futures rallying, up 5 cents in last month Dryness in Brazil reducing 2025 production expectations India not expected to export sugar despite industry calls to do so Don’t forget to register for next week’s webinar! Energy Markets Update on September 25, 2024 Registration is now open! Check your email or visit mckeany-flavell.com Host: Michael Caughlan, President & CEO Expert: Kevin Combs, Vice President – Global Sweeteners Specialist

Wheat Tame WASDE for wheat No change on the U.S. balance sheet EU production cut 4 MMT: Is it enough? Corn and soy complex Corn and soybeans are snoozers Will bearish conditions continue for now? Sugar The old crop is finalizing, while the new crop is just getting started 2023/24 sugar stocks up! 2024/25 Mexican imports lowered? U.S. Corn Wet Milling Industry Study, 2023 Edition! What buyers, consumers, and investors need to know Processes, products, pricing, and growth potential Visit us at mckeany-flavell.com to purchase your copy today! Don’t forget to register for our next webinar! Energy Markets Update on September 25, 2024 Registration is now open! Check your email or visit mckeany-flavell.com Host: Michael Caughlan, President & CEO Expert: Eric Thornton, Commodity Specialist Expert: Kevin Combs, Vice President – Global Sweeteners Specialist Expert: Nicole Thomas, Vice President – Information Services

Acreage expectations: the case could be made for more wheat acres for 2025/26 Current conditions are not ideal and La Nina’s influence could cause issue this winter McKeany-Flavell’s U.S. Corn Wet Milling Industry Study, 2023 Edition All industrial buyers and consumers of corn-derived products, as well as investors in that field, should understand the corn wet milling process, product portfolio, pricing, and industry growth potential. Now available for purchase at mckeany-flavell.com! Host: Kevin Combs, Vice President – Global Sweeteners Specialist Expert: Eric Thornton, Commodity Specialist

Two theories for the shape of the forward curve What is a normal forward curve? Risk-free arbitrage Over and under supplied markets Corn, soybeans, and wheat The importance of a meat thermometer this holiday weekend Now available for purchase! McKeany-Flavell’s U.S. Corn Wet Milling Industry Study, 2023 Edition What buyers, consumers, and investors need to know Visit us at mckeany-flavell.com to learn more Host: Michael Caughlan, President & CEO Expert: Shawn Bingham, Director of Risk Management

Most recent changes made by USDA on milk production and herd size How have revisions USDA has made to prior numbers affected the outlook? Where we stand on YTD milk output What do dairy buyers need to be on the lookout for? Next webinar! Economy and Energy Wednesday, Sep. 25, 2024 Registration opens on Sep. 11 at mckeany-flavell.com Clients, check your inboxes Now available for purchase! McKeany-Flavell’s U.S. Corn Wet Milling Industry Study, 2023 Edition What buyers, consumers, and investors need to know Visit us at mckeany-flavell.com to learn more Host: Michael Caughlan, President & CEO Expert: Jeffrey Rasinski, Consultant

What’s the global oilseed outlook for 2024/25? How are prices trending? Coverage advice Avian flu observations Impact on feed consumption? U.S. Corn Wet Milling Industry Study, 2023 Edition! What buyers, consumers, and investors need to know Processes, products, pricing, and growth potential Visit us at mckeany-flavell.com to purchase your copy today! Host: Michael Caughlan, President & CEO Expert: Nicole Thomas, Vice President – Information Services

Wheat Wheat acres take a big hit! Ending stocks drop but still up vs. last year Corn and soy complex Soy snatches acreage from corn brethren! But do both appear amply supplied for 2024/25? Sugar 2024/25 beet production increased to a new record Old crop and new crop sugar deliveries for food use lowered U.S. Corn Wet Milling Industry Study, 2023 Edition! What buyers, consumers, and investors need to know Processes, products, pricing, and growth potential Visit us at mckeany-flavell.com to purchase your copy today! Host: Michael Caughlan, President & CEO Expert: Eric Thornton, Commodity Specialist Expert: Nicole Thomas, Vice President – Information Services Expert: Kevin Combs, Vice President – Global Sweeteners Specialist