Compeer Financial Industry Overview

8 GRAIN INDUSTRY ENVIRONMENT • . Significant uncertainty throughout 2019 ◉ ☐ Planting conditions led to late developing crop + Significant unplanted acres Harvest conditions were generally unfavorable (cool/wet) Significant acres still waiting to be harvested + USDA will not update estimated crop size until early 2020 ■ Government MFP Payments have been helpful to bring NFI above historical average + 2 of top 3 states receiving MPI payments is IL and MN Prices have generally remained less favorable driven by: Uncertain carry-out inventories ■ Trade disruptions ■ Lessened export demand (even without trade - animal disease) COMPEER FINANCIAL™

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