SPOTLIGHT TOPIC UPDATE - Agricultural Products

Agricultural Products Outlook . • U.S. grain supplies are at their highest levels in almost 30 years after three consecutive large crops, incentivizing farmers to store grain until commodity prices increase After flat year over year growth early in the year, a stronger Brazilian Real, reduced South American crop supplies and higher wheat yields drove strong grain exports this summer Corn and Soybean production for the 2016/17 crop is estimated to reach record levels, leading to an expected strong export program into 2017 6265 BI 5929 BNSF 18

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