SPOTLIGHT TOPIC UPDATE - Agricultural Products

Agricultural Products Market Drivers 80,000 75,000 WORLD GRAIN SUPPLY OUTPACING DEMAND ■Supply Demand Million Bushels 3,500 70,000 65,000 3,000 60,000 Million Bushels CHINESE SOYBEAN IMPORTS 2,500 2,000 1,500 2011/12 1,000 2012/13 2013/14 500 4,000 3,500 illion Bushels 3,000 2,500 U.S. RECORD ENDING GRAIN STOCKS ■Corn Wheat Soybeans 2014/15 2015/16 2016/17 2,000 1,500 1,000 500 2011/12 Source: USDA.gov - October 2016 WASDE 2012/13 2013/14 2014/15 2015/16 2016/17 Million Bushels 2011/12 5,000 4,000 3,000 2,000 1,000 2012/13 U.S. CORN AND SOYBEAN EXPORTS ■ Corn ■Soybeans 2013/14 2014/15 2015/16 2016/17 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 BNSF 19

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