Delivering Value through Organic and Tuck-in Growth

US Crop Stocks-to-Use Ratios N/ 21 Tight supply and demand fundamentals in advance of the 2022 growing season increases sensitivity to production challenges US Corn Ending Stocks & Stock/Use Ratio Million Bushels US Soybean Ending Stocks & Stock/Use Ratio Percent Million Bushels Percent 2,500 Ending Stocks Stocks to Use Global Stocks to Use 35% 1,000 Ending Stocks ◆ Stocks to Use -Global Stocks to Use 35% 2,000 1,500 1,000 500 30% 800 25% 600 20% 15% 400 10% 200 5% 30% 25% 20% 15% 10% 5% 0 0% 0 0% 14/15 15/16 16/17 17/18 18/19 19/20 20/21E 21/22F USDA USDA 14/15 15/16 16/17 17/18 18/19 19/20 20/21E 21/22F USDA USDA March 2022 Source: USDA

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