 Ukrainian ports on the Danube River attacked by Russia Wheat  Concerns rise in the wheat market Wheat goes limit-up Monday   Corn  Some supportive impact on futures Corn buyers have one thing going for them: Brazil’s safrina crop now in harvest   Sunflower oil  Folks looking for alternatives Glut of inventory in Europe    Host: Nicole Thomas, Vice President – Information Services Expert: Eric Thornton, Commodity Specialist

<ul> <li>Ukrainian ports on the Danube River attacked by Russia</li> <li>Wheat <ul> <li>Concerns rise in the wheat market</li> <li>Wheat goes limit-up Monday</li> </ul> </li> <li>Corn <ul> <li>Some supportive impact on futures</li> <li>Corn buyers have one thing going for them: Brazil’s safrina crop now in harvest</li> </ul> </li> <li>Sunflower oil <ul> <li>Folks looking for alternatives</li> <li>Glut of inventory in Europe</li> </ul> </li> </ul> Host: Nicole Thomas, Vice President – Information Services Expert: Eric Thornton, Commodity Specialist

War & weather: Grains & edible oils update

 Taffy Town, a multi-generational, family-owned candy manufacturer  Maintains 80 flavors of taffy every year! Most current: honey lavender (yum!) Look for bold, new mash-ups next year   Past and present challenges  Labor more of a challenge 18 months ago Fuel spikes down from last year A looming UPS strike, expected on Aug. 1   Latest innovation for Taffy Town Derek discusses the benefits of attending industry conferences and trade shows  Sweets &amp; Snacks Expo  Record attendance for 2023 expo Great way to meet qualified buyers     Western Candy Conference  Family oriented, lots of fun Great way to connect with peers and suppliers Highly recommend for small- to mid-sized candy manufacturers WCC 2024: March 20-24, 2024 in Scottsdale, AZ!  westerncandyconference.org      Host: Michael Caughlan, President &amp; CEO Guest: Derek Glade, VP Sales &amp; Marketing, Taffy Town

<ul> <li>Taffy Town, a multi-generational, family-owned candy manufacturer <ul> <li>Maintains 80 flavors of taffy every year!</li> <li>Most current: honey lavender (yum!)</li> <li>Look for bold, new mash-ups next year</li> </ul> </li> <li>Past and present challenges <ul> <li>Labor more of a challenge 18 months ago</li> <li>Fuel spikes down from last year</li> <li>A looming UPS strike, expected on Aug. 1</li> </ul> </li> <li>Latest innovation for Taffy Town</li> <li>Derek discusses the benefits of attending industry conferences and trade shows <ul> <li>Sweets &amp; Snacks Expo <ul> <li>Record attendance for 2023 expo</li> <li>Great way to meet qualified buyers</li> </ul> </li> </ul> </li> <li>Western Candy Conference <ul> <li>Family oriented, lots of fun</li> <li>Great way to connect with peers and suppliers</li> <li>Highly recommend for small- to mid-sized candy manufacturers</li> <li>WCC 2024: March 20-24, 2024 in Scottsdale, AZ! <ul> <li><a href="https://westerncandyconference.org/" rel="nofollow" target="_blank">westerncandyconference.org</a></li> </ul> </li> </ul> </li> </ul> Host: Michael Caughlan, President &amp; CEO Guest: Derek Glade, VP Sales &amp; Marketing, Taffy Town

Perspectives from candy maker Derek Glade of Taffy Town

Fête de la Fédération? Happy Bastille Day! BIG data dump this week included WASDE, CPI, PPI, and EIA STEO Multiple moving parts this week Soy complex moving one way and corn the other Crude oil rallying CPI/Inflation lower, sending the dollar into a tailspin   Machine trading adding steam to the extreme volatility situation Tracking value requires prepared analysis tools designed to quantify multiple variables Contact us to receive Shawn's Daily Technical Outlook report   Don’t forget to register for next week’s webinar! Wheat Market Update webinar with Eric Thornton Wednesday, July 19, 11 am PT / 2 pm ET Invites are in your inbox, or register at mckeany-flavell.com    Host: Michael Caughlan, President &amp; CEO Expert: Shawn Bingham, Director of Risk Management

<ul><li>Fête de la Fédération? Happy Bastille Day!</li> <li>BIG data dump this week included WASDE, CPI, PPI, and EIA STEO</li> <li>Multiple moving parts this week <ul><li>Soy complex moving one way and corn the other</li> <li>Crude oil rallying</li> <li>CPI/Inflation lower, sending the dollar into a tailspin</li> </ul> </li> <li>Machine trading adding steam to the extreme volatility situation</li> <li>Tracking value requires prepared analysis tools designed to quantify multiple variables <ul><li>Contact us to receive Shawn's Daily Technical Outlook report</li> </ul> </li> <li>Don’t forget to register for next week’s webinar! <ul><li>Wheat Market Update webinar with Eric Thornton</li> <li>Wednesday, July 19, 11 am PT / 2 pm ET</li> <li>Invites are in your inbox, or register at <a href="https://www.mckeany-flavell.com/" rel="nofollow" target="_blank">mckeany-flavell.com</a></li> </ul> </li> </ul> Host: Michael Caughlan, President &amp; CEO Expert: Shawn Bingham, Director of Risk Management

Analyzing this week’s deluge of data

Sugar Beet and cane numbers are down Due to early harvest adjustments?   Big changes in imports: Up, up, up! What’s Kevin got to say about the 2023/24 beet crop and the number we could hit?   Wheat Some yield appreciation Boost to harvest acres: Big surprise! Production and demand see nice uptick EU wheat production down: Could other countries follow suit?   Corn Got what was anticipated, for the most part Reduction in yield and ending stocks Ethanol and export demand lowered, while feed went up Argentina’s production improves: Yay!   Soy complex Decrease in soybean acreage, while no change in yield Adjustments made to demand on the consumption side for soybeans Soybean oil imports raised No changes made to biofuels   Don’t forget to register for next week’s webinar! Wheat Market Update webinar with Eric Thornton Wednesday, July 19, 11 am PT / 2 pm ET Invites are in your inbox, or register at mckeany-flavell.com    Host: Michael Caughlan, President &amp; CEO  Expert: Nicole Thomas, Vice President – Information Services Expert: Eric Thornton, Commodity Specialist Expert: Kevin Combs, Vice President – Global Sweeteners Specialist

<ul><li>Sugar <ul><li>Beet and cane numbers are down <ul><li>Due to early harvest adjustments?</li> </ul> </li> <li>Big changes in imports: Up, up, up!</li> <li>What’s Kevin got to say about the 2023/24 beet crop and the number we could hit?</li> </ul> </li> <li>Wheat <ul><li>Some yield appreciation</li> <li>Boost to harvest acres: Big surprise!</li> <li>Production and demand see nice uptick</li> <li>EU wheat production down: Could other countries follow suit?</li> </ul> </li> <li>Corn <ul><li>Got what was anticipated, for the most part</li> <li>Reduction in yield and ending stocks</li> <li>Ethanol and export demand lowered, while feed went up</li> <li>Argentina’s production improves: Yay!</li> </ul> </li> <li>Soy complex <ul><li>Decrease in soybean acreage, while no change in yield</li> <li>Adjustments made to demand on the consumption side for soybeans</li> <li>Soybean oil imports raised</li> <li>No changes made to biofuels</li> </ul> </li> <li>Don’t forget to register for next week’s webinar! <ul><li>Wheat Market Update webinar with Eric Thornton</li> <li>Wednesday, July 19, 11 am PT / 2 pm ET</li> <li>Invites are in your inbox, or register at <a href="https://www.mckeany-flavell.com/" rel="nofollow" target="_blank">mckeany-flavell.com</a></li> </ul> </li> </ul> Host: Michael Caughlan, President &amp; CEO Expert: Nicole Thomas, Vice President – Information Services Expert: Eric Thornton, Commodity Specialist Expert: Kevin Combs, Vice President – Global Sweeteners Specialist

Unpacking a jam-packed July WASDE report!

 USDA acreage report whipsaws speculators in corn, who were forced flat by dry weather in June Corn selloff accelerated by seasonal bias, new speculator shorting, and producer selling Risk premium still present in most commodity prices  Additional supply suggests corn still has room lower   Volatility already increased from weather  Risk likely to linger on further   Save the date for our next webinar!  Wheat Market Update webinar with Eric Thornton Wednesday, July 19, 11 am PT / 2 pm ET Registration opens June 10 at mckeany-flavell.com    Host: Kevin Combs, Vice President – Global Sweeteners Specialist Expert: Shawn Bingham, Director of Risk Management

<ul> <li>USDA acreage report whipsaws speculators in corn, who were forced flat by dry weather in June</li> <li>Corn selloff accelerated by seasonal bias, new speculator shorting, and producer selling</li> <li>Risk premium still present in most commodity prices <ul> <li>Additional supply suggests corn still has room lower</li> </ul> </li> <li>Volatility already increased from weather <ul> <li>Risk likely to linger on further</li> </ul> </li> <li>Save the date for our next webinar! <ul> <li>Wheat Market Update webinar with Eric Thornton</li> <li>Wednesday, July 19, 11 am PT / 2 pm ET</li> <li>Registration opens June 10 at <a href="https://www.mckeany-flavell.com/" rel="nofollow" target="_blank">mckeany-flavell.com</a></li> </ul> </li> </ul> Host: Kevin Combs, Vice President – Global Sweeteners Specialist Expert: Shawn Bingham, Director of Risk Management

Corn & soybeans: The return of volatility!

 Corn and soy complex  Corn wins big with 2 million more acres in prospective plantings Holy soybeans, Batman! 4 million acre loss in prospective plantings   Sugar  Beet acreage down from 2022, but up 17,700 acres vs. March intentions Cane acreage down 7,800 acres, or 0.8% vs. last year   Wheat  Wheat acreage comes out lower at 49.6 million Stocks of wheat surprisingly low, despite weak demand   Mark your calendar for our next webinar!  Wheat Market Update webinar with Eric Thornton Wednesday, Jul 19, 11 am PT / 2 pm ET    Host: Michael Caughlan, President &amp; CEO Expert: Nicole Thomas, Vice President – Information Services Expert: Eric Thornton, Commodity Specialist Expert: Kevin Combs, Vice President – Global Sweeteners Specialist

<ul> <li>Corn and soy complex <ul> <li>Corn wins big with 2 million more acres in prospective plantings</li> <li>Holy soybeans, Batman! 4 million acre loss in prospective plantings</li> </ul> </li> <li>Sugar <ul> <li>Beet acreage down from 2022, but up 17,700 acres vs. March intentions</li> <li>Cane acreage down 7,800 acres, or 0.8% vs. last year</li> </ul> </li> <li>Wheat <ul> <li>Wheat acreage comes out lower at 49.6 million</li> <li>Stocks of wheat surprisingly low, despite weak demand</li> </ul> </li> <li>Mark your calendar for our next webinar! <ul> <li>Wheat Market Update webinar with Eric Thornton</li> <li>Wednesday, Jul 19, 11 am PT / 2 pm ET</li> </ul> </li> </ul> Host: Michael Caughlan, President &amp; CEO Expert: Nicole Thomas, Vice President – Information Services Expert: Eric Thornton, Commodity Specialist Expert: Kevin Combs, Vice President – Global Sweeteners Specialist

Some drama in the acreage & stocks reports today

 Concerning crop conditions and weather outlooks Not time to panic, but corn yield will fall short of USDA target (181.5 bushels per acre) Spring wheat crop should improve: Off to a good start! Upside potential for corn/soybean acreage Stocks for wheat should rise above 600 million bushels for 2022/23 Don’t forget to register for our upcoming webinar!  Summer Market Outlook webinar Next Tuesday, June 27, 11 am PT / 2 pm ET Go to mckeany-flavell.com to register    Host: Michael Caughlan, President &amp; CEO Expert: Eric Thornton, Commodity Specialist

<ul> <li>Concerning crop conditions and weather outlooks</li> <li>Not time to panic, but corn yield will fall short of USDA target (181.5 bushels per acre)</li> <li>Spring wheat crop should improve: Off to a good start!</li> <li>Upside potential for corn/soybean acreage</li> <li>Stocks for wheat should rise above 600 million bushels for 2022/23</li> <li>Don’t forget to register for our upcoming webinar! <ul> <li>Summer Market Outlook webinar</li> <li>Next Tuesday, June 27, 11 am PT / 2 pm ET</li> <li>Go to <a href="https://www.mckeany-flavell.com/" rel="nofollow" target="_blank">mckeany-flavell.com</a> to register</li> </ul> </li> </ul> Host: Michael Caughlan, President &amp; CEO Expert: Eric Thornton, Commodity Specialist

Corn & wheat: Weather concerns & preview of June’s acreage & stocks reports

Three central committees met last week to make decisions on interest rates and where the economy is going The Federal Reserve “Hawkish pause” on raising interest rates, but future hikes may be needed Problem areas to watch: Jobless rate Housing prices: Starting to abate? New and used car prices   Japanese Central Bank left rates unchanged European Central Bank Raised rates by a quarter-point Plans for further hikes over the next few years   Big question: How is this all affecting the food market? Don’t forget to register for our upcoming webinar! Summer Market Outlook webinar Covering the sugar, corn, soybeans, and wheat markets On Tuesday, June 27, 11 am PT / 2 pm ET Check your inbox for your invite or you can also register here      Host: Michael Caughlan, President &amp; CEO Expert: Jeffrey Rasinski, Consultant

<ul><li>Three central committees met last week to make decisions on interest rates and where the economy is going</li> <li>The Federal Reserve <ul><li>“Hawkish pause” on raising interest rates, but future hikes may be needed</li> <li>Problem areas to watch: <ul><li>Jobless rate</li> <li>Housing prices: Starting to abate?</li> <li>New and used car prices</li> </ul> </li> <li>Japanese Central Bank left rates unchanged</li> <li>European Central Bank <ul><li>Raised rates by a quarter-point</li> <li>Plans for further hikes over the next few years</li> </ul> </li> <li>Big question: How is this all affecting the food market?</li> <li>Don’t forget to register for our upcoming webinar! <ul><li>Summer Market Outlook webinar</li> <li>Covering the sugar, corn, soybeans, and wheat markets</li> <li>On Tuesday, June 27, 11 am PT / 2 pm ET</li> <li>Check your inbox for your invite or you can also <a href="https://www.bigmarker.com/mckeany-flavell/Summer-Market-Outlook-Webinar-2023" rel="nofollow" target="_blank">register here</a></li> </ul> </li> </ul> </li> </ul> Host: Michael Caughlan, President &amp; CEO Expert: Jeffrey Rasinski, Consultant

Walking the tightrope: The Federal Reserve & its hawkish pause

 Corn and soy complex  Mostly unchanged for new crop Export demand still lower for old crop   Wheat  Spring wheat off to a good start! USDA surprises with sizeable increase to global wheat production   Sugar  Slightly more bullish outlook for old and new crops 2022/23 stocks-to-use down to 13.1% on lower imports from Mexico  Will Mexico come up short, or will they have that sugar available? Should be an interesting July WASDE!   2023/24 cane production lowered 87,000 STRV, with Texas down 56,000 STRV, pulling STU to 10.6%   Don’t forget to register for our upcoming webinar!  Risk Management webinar with Shawn Bingham Next Wednesday, June 14, 11 am PT / 2 pm ET Check your inbox for your invite or you can also register here    Host: Michael Caughlan, President &amp; CEO Expert: Eric Thornton, Commodity Specialist Expert: Kevin Combs, Vice President – Global Sweeteners Specialist

<ul> <li>Corn and soy complex <ul> <li>Mostly unchanged for new crop</li> <li>Export demand still lower for old crop</li> </ul> </li> <li>Wheat <ul> <li>Spring wheat off to a good start!</li> <li>USDA surprises with sizeable increase to global wheat production</li> </ul> </li> <li>Sugar <ul> <li>Slightly more bullish outlook for old and new crops</li> <li>2022/23 stocks-to-use down to 13.1% on lower imports from Mexico <ul> <li>Will Mexico come up short, or will they have that sugar available? Should be an interesting July WASDE!</li> </ul> </li> <li>2023/24 cane production lowered 87,000 STRV, with Texas down 56,000 STRV, pulling STU to 10.6%</li> </ul> </li> <li>Don’t forget to register for our upcoming webinar! <ul> <li>Risk Management webinar with Shawn Bingham</li> <li>Next Wednesday, June 14, 11 am PT / 2 pm ET</li> <li>Check your inbox for your invite or you can also <a href="https://www.bigmarker.com/mckeany-flavell/Risk-Management-Webinar-0b14208998056e4970685fd1" rel="nofollow" target="_blank">register here</a></li> </ul> </li> </ul> Host: Michael Caughlan, President &amp; CEO Expert: Eric Thornton, Commodity Specialist Expert: Kevin Combs, Vice President – Global Sweeteners Specialist

June WASDE: A few surprises from USDA

 Summer driving has arrived, along with hot dry weather in the Midwest Total petroleum stock situation  Refined products   EIA in Short-Term Energy Outlook (STEO)  What new higher stocks-to-use ratio for corn suggests Crude oil and gasoline prices relative to last year  Continued Ukraine uncertainty Ethanol and renewable diesel demand   Don’t forget to register for our upcoming webinar!  Risk Management webinar with Shawn Bingham Wednesday, June 14, 11 am PT / 2 pm ET Check your inbox for your invite or you can also register here    Host: Kevin Combs, Vice President – Global Sweeteners Specialist Expert: Shawn Bingham, Director of Risk Management

<ul> <li>Summer driving has arrived, along with hot dry weather in the Midwest</li> <li>Total petroleum stock situation <ul> <li>Refined products</li> </ul> </li> <li>EIA in Short-Term Energy Outlook (STEO) </li> <li>What new higher stocks-to-use ratio for corn suggests</li> <li>Crude oil and gasoline prices relative to last year <ul> <li>Continued Ukraine uncertainty</li> <li>Ethanol and renewable diesel demand</li> </ul> </li> <li>Don’t forget to register for our upcoming webinar! <ul> <li>Risk Management webinar with Shawn Bingham</li> <li>Wednesday, June 14, 11 am PT / 2 pm ET</li> <li>Check your inbox for your invite or you can also <a href="https://www.bigmarker.com/mckeany-flavell/Risk-Management-Webinar-0b14208998056e4970685fd1" rel="nofollow" target="_blank">register here</a></li> </ul> </li> </ul> Host: Kevin Combs, Vice President – Global Sweeteners Specialist Expert: Shawn Bingham, Director of Risk Management

Energy: Oil & gas prices & their impact on corn prices

McKeany-Flavell Hot Commodity Podcast Series: Empowering clients with commercial intelligence, supply chain expertise, and risk management solutions.

 El Niño looms…  What is it? What impacts can we expect? And when?   Near-term weather outlook is dry  Markets reacting   Our Virtual 2023 Spring Market Seminar is available for digital viewing!  Seminar recorded live on April 26, 2023 Learn more and order access at mckeany-flavell.com  Available to clients for $475 and non-clients for $675 Attendees may access at no extra charge      Host: Michael Caughlan, President &amp; CEO  Expert: Eric Thornton, Commodity Specialist

<ul> <li>El Niño looms… <ul> <li>What is it? What impacts can we expect? And when?</li> </ul> </li> <li>Near-term weather outlook is dry <ul> <li>Markets reacting</li> </ul> </li> <li>Our Virtual 2023 Spring Market Seminar is available for digital viewing! <ul> <li>Seminar recorded live on April 26, 2023</li> <li>Learn more and order access at <a href="https://www.mckeany-flavell.com/2023-spring-market-virtual-seminar/" rel="nofollow" target="_blank">mckeany-flavell.com</a> <ul> <li>Available to clients for $475 and non-clients for $675</li> <li>Attendees may access at no extra charge</li> </ul> </li> </ul> </li> </ul> Host: Michael Caughlan, President &amp; CEO Expert: Eric Thornton, Commodity Specialist

Weather update

 Enough good, bearish news to go around! Oh, but wait…pesky palm oil? Can you guess?  Soybean STU and energy price assumptions for soybean oil trading ranges   Our Virtual 2023 Spring Market Seminar is available for digital viewing!  Seminar recorded live on April 26, 2023 Learn more and order access at mckeany-flavell.com  Available to clients for $475 and non-clients for $675 Attendees may access at no extra charge      Host/Expert: Shawn Bingham, Director of Risk Management Expert: Nicole Thomas, Vice President – Information Services

<ul> <li>Enough good, bearish news to go around!</li> <li>Oh, but wait…pesky palm oil?</li> <li>Can you guess? <ul> <li>Soybean STU and energy price assumptions for soybean oil trading ranges</li> </ul> </li> <li>Our Virtual 2023 Spring Market Seminar is available for digital viewing! <ul> <li>Seminar recorded live on April 26, 2023</li> <li>Learn more and order access at <a href="https://www.mckeany-flavell.com/" rel="nofollow" target="_blank">mckeany-flavell.com</a> <ul> <li>Available to clients for $475 and non-clients for $675</li> <li>Attendees may access at no extra charge</li> </ul> </li> </ul> </li> </ul> Host/Expert: Shawn Bingham, Director of Risk Management Expert: Nicole Thomas, Vice President – Information Services

Edible oils: Nicole’s hanging up the sickle!

 Sugar  Beet production initiated at 4.961 million STRV Cane production estimated at 4.264 million STRV USDA raises 2022/23 food use deliveries 75,000 STRV   Wheat  USDA pessimistic on U.S. wheat production Stocks decline further for 2023/24 to 556 million bushels Global production and stocks surprisingly bearish   Corn and soy complex  Bearish, bearish, bearish! Stocks improvement for corn and soybeans has been a long time coming! Maybe more growth to come for U.S. soybean oil stocks (this year and next)?   Don’t forget to register for our upcoming webinar!  Dairy Market Update webinar with Jeff Rasinski Wednesday, May 17, 11 am PT / 2 pm ET Check your inbox for your invite or you can also register here   Our Virtual 2023 Spring Market Seminar is available for digital viewing!  Seminar recorded live on April 26, 2023 Learn more and order access at mckeany-flavell.com    Available to clients for $475 and non-clients for $675 Attendees will be able to access at no extra charge        Host: Michael Caughlan, President &amp; CEO Expert: Nicole Thomas, Vice President – Information Services Expert: Eric Thornton, Commodity Specialist Expert: Kevin Combs, Vice President – Global Sweeteners Specialist

<ul> <li>Sugar <ul> <li>Beet production initiated at 4.961 million STRV</li> <li>Cane production estimated at 4.264 million STRV</li> <li>USDA raises 2022/23 food use deliveries 75,000 STRV</li> </ul> </li> <li>Wheat <ul> <li>USDA pessimistic on U.S. wheat production</li> <li>Stocks decline further for 2023/24 to 556 million bushels</li> <li>Global production and stocks surprisingly bearish</li> </ul> </li> <li>Corn and soy complex <ul> <li>Bearish, bearish, bearish! Stocks improvement for corn and soybeans has been a long time coming!</li> <li>Maybe more growth to come for U.S. soybean oil stocks (this year and next)?</li> </ul> </li> <li>Don’t forget to register for our upcoming webinar! <ul> <li>Dairy Market Update webinar with Jeff Rasinski</li> <li>Wednesday, May 17, 11 am PT / 2 pm ET</li> <li>Check your inbox for your invite or you can also <a href="https://www.bigmarker.com/mckeany-flavell/Dairy-Market-Update-Webinar" rel="nofollow" target="_blank">register here</a></li> </ul> </li> <li>Our Virtual 2023 Spring Market Seminar is available for digital viewing! <ul> <li>Seminar recorded live on April 26, 2023</li> <li>Learn more and order access at <a href="https://www.mckeany-flavell.com/2023-spring-market-virtual-seminar/" rel="nofollow" target="_blank">mckeany-flavell.com</a> <ul> <li> <ul> <li>Available to clients for $475 and non-clients for $675</li> <li>Attendees will be able to access at no extra charge</li> </ul> </li> </ul> </li> </ul> </li> </ul> Host: Michael Caughlan, President &amp; CEO Expert: Nicole Thomas, Vice President – Information Services Expert: Eric Thornton, Commodity Specialist Expert: Kevin Combs, Vice President – Global Sweeteners Specialist

May WASDE: Get your 2023/24 crop estimates here!

 Corn wet milling takes the 2023 Spring Market Seminar award for Unforeseen Demand The horse is in the gate (Cautiously Optimistic)  Corn plantings outlook Will corn stocks build or retreat?   New era for managing coproducts Sugar marketplace is set for 2024  Beet progress looking good Prices still elevated with a tight balance sheet   Register today for access to our Virtual 2023 Spring Market Seminar!  Seminar recorded live on April 26, 2023 Available for digital download May 8, 2023 Visit mckeany-flavell.com to pre-order Will be available for clients to purchase via the IQ platform   Attendees will be able to access at no extra charge      Host: Michael Caughlan, President &amp; CEO Expert: Craig Ruffolo, Vice President – Commodity Specialist

<ul> <li>Corn wet milling takes the 2023 Spring Market Seminar award for Unforeseen Demand</li> <li>The horse is in the gate (Cautiously Optimistic) <ul> <li>Corn plantings outlook</li> <li>Will corn stocks build or retreat?</li> </ul> </li> <li>New era for managing coproducts</li> <li>Sugar marketplace is set for 2024 <ul> <li>Beet progress looking good</li> <li>Prices still elevated with a tight balance sheet</li> </ul> </li> <li>Register today for access to our Virtual 2023 Spring Market Seminar! <ul> <li>Seminar recorded live on April 26, 2023</li> <li>Available for digital download May 8, 2023</li> <li>Visit <a href="https://www.mckeany-flavell.com/" rel="nofollow" target="_blank">mckeany-flavell.com</a> to pre-order</li> <li>Will be available for clients to purchase via the IQ platform <ul> <li>Attendees will be able to access at no extra charge</li> </ul> </li> </ul> </li> </ul> Host: Michael Caughlan, President &amp; CEO Expert: Craig Ruffolo, Vice President – Commodity Specialist

Corn & sugar planting progress with IQ Award-Winner Craig Ruffolo

 Another Spring Market Seminar in the books!  Great time! Lived up to the theme! Awards given:  Supply disruption: Edible oils Unforeseen demand: Corn wet milling Crop production issue: Wheat Non-USDA commercial market: Cocoa Market price change: Sugar Special recognition: Energy     A special thanks to our guest speaker Amanda Prochaska of Wonder Services  Digital version available next week for registered attendees  Didn't attend but interested in purchasing the seminar on video? Contact us and we’ll set you up!    Host: Michael Caughlan, President &amp; CEO Expert: Shawn Bingham, Director of Risk Management Expert: Eric Thornton, Commodity Specialist

<ul> <li>Another Spring Market Seminar in the books! <ul> <li>Great time! Lived up to the theme!</li> <li>Awards given: <ul> <li>Supply disruption: Edible oils</li> <li>Unforeseen demand: Corn wet milling</li> <li>Crop production issue: Wheat</li> <li>Non-USDA commercial market: Cocoa</li> <li>Market price change: Sugar</li> <li>Special recognition: Energy</li> </ul> </li> </ul> </li> <li>A special thanks to our guest speaker Amanda Prochaska of <a href="https://wonderservices.net/" rel="nofollow" target="_blank">Wonder Services</a> </li> <li>Digital version available next week for registered attendees <ul> <li>Didn't attend but interested in purchasing the seminar on video? <a href="https://www.mckeany-flavell.com/contact-us/" rel="nofollow" target="_blank">Contact us</a> and we’ll set you up!</li> </ul> </li> </ul> Host: Michael Caughlan, President &amp; CEO Expert: Shawn Bingham, Director of Risk Management Expert: Eric Thornton, Commodity Specialist

Recap of our Spring Market Seminar 2023: Action, Drama, & the Thrill of Commodities

 ADPI (American Dairy Products Institute) annual conference kicks off this weekend Milk production report out last week  Milk production up from last year February numbers revised higher Herd has increased   Jeff does the math!  Bigger herd + higher yield = more milk!   Awaiting the cold storage report next week  Stayed tuned: What will butter do?!?   Look for your invite coming soon for our next webinar  Dairy market outlook webinar – May 17   Seats still available for our 2023 Spring Market Seminar!  Next Wednesday, April 26, 2023 in Oak Brook, IL Attend in person or virtually Visit mckeany-flavell.com to register!    Host: Michael Caughlan, President &amp; CEO Expert: Jeffrey Rasinski, Consultant

<ul> <li>ADPI (American Dairy Products Institute) annual conference kicks off this weekend</li> <li>Milk production report out last week <ul> <li>Milk production up from last year</li> <li>February numbers revised higher</li> <li>Herd has increased</li> </ul> </li> <li>Jeff does the math! <ul> <li>Bigger herd + higher yield = more milk!</li> </ul> </li> <li>Awaiting the cold storage report next week <ul> <li>Stayed tuned: What will butter do?!?</li> </ul> </li> <li>Look for your invite coming soon for our next webinar <ul> <li>Dairy market outlook webinar – May 17</li> </ul> </li> <li>Seats still available for our 2023 Spring Market Seminar! <ul> <li>Next Wednesday, April 26, 2023 in Oak Brook, IL</li> <li>Attend in person or virtually</li> <li><a href="https://www.mckeany-flavell.com/" rel="nofollow" target="_blank">Visit mckeany-flavell.com to register!</a></li> </ul> </li> </ul> Host: Michael Caughlan, President &amp; CEO Expert: Jeffrey Rasinski, Consultant

Let’s talk dairy

 #11 market trading near $0.24 per lb on speculative trading influence What’s supporting higher prices?  Lower production in India A weak U.S. dollar Higher crude oil prices   #16 domestic raw sugar following along for the ride as high-tier imports prevail 2023 Spring Market Seminar registration is almost here!  April 26, 2023 in Oak Brook, IL Visit mckeany-flavell.com to register!    Host: Michael Caughlan, President &amp; CEO Expert: Kevin Combs, Vice President – Global Sweeteners Specialist

<ul> <li>#11 market trading near $0.24 per lb on speculative trading influence</li> <li>What’s supporting higher prices? <ul> <li>Lower production in India</li> <li>A weak U.S. dollar</li> <li>Higher crude oil prices</li> </ul> </li> <li>#16 domestic raw sugar following along for the ride as high-tier imports prevail</li> <li>2023 Spring Market Seminar registration is almost here! <ul> <li>April 26, 2023 in Oak Brook, IL</li> <li><a href="https://www.mckeany-flavell.com/" rel="nofollow" target="_blank">Visit mckeany-flavell.com to register!</a></li> </ul> </li> </ul> Host: Michael Caughlan, President &amp; CEO Expert: Kevin Combs, Vice President – Global Sweeteners Specialist

Sugar market update

 Sugar  No changes to demand Stocks-to-use ratio up to a healthy 14.9%   Although prices don't reflect that   Supplies increased on added high-tier imports USDA reversed course on Mexico   Wheat  Reduction in ending stocks Small change to the U.S. balance sheet   Soy complex  All about Argentina!  Drought and lower production   Brazil offsets lower numbers to a degree More active Chinese importing from Brazil   Corn  Slight reduction in global ending stocks U.S. shows reduction in imports, no change in ending stocks   Markets are watching for planting intentions and upcoming 2023/24 crop  The farmers are out in the fields!   2023 Spring Market Seminar registration is open!  April 26, 2023 in Oak Brook, IL Visit mckeany-flavell.com to register!      Host: Michael Caughlan, President &amp; CEO Expert: Kevin Combs, Vice President – Global Sweeteners Specialist Expert: Craig Ruffolo, Vice President – Commodity Specialist

<ul> <li>Sugar <ul> <li>No changes to demand</li> <li>Stocks-to-use ratio up to a healthy 14.9%  <ul> <li>Although prices don't reflect that</li> </ul> </li> <li>Supplies increased on added high-tier imports</li> <li>USDA reversed course on Mexico</li> </ul> </li> <li>Wheat <ul> <li>Reduction in ending stocks</li> <li>Small change to the U.S. balance sheet</li> </ul> </li> <li>Soy complex <ul> <li>All about Argentina! <ul> <li>Drought and lower production</li> </ul> </li> <li>Brazil offsets lower numbers to a degree</li> <li>More active Chinese importing from Brazil</li> </ul> </li> <li>Corn <ul> <li>Slight reduction in global ending stocks</li> <li>U.S. shows reduction in imports, no change in ending stocks</li> </ul> </li> <li>Markets are watching for planting intentions and upcoming 2023/24 crop <ul> <li>The farmers are out in the fields!</li> </ul> </li> <li>2023 Spring Market Seminar registration is open! <ul> <li>April 26, 2023 in Oak Brook, IL</li> <li><a href="https://www.mckeany-flavell.com/" rel="nofollow" target="_blank">Visit mckeany-flavell.com to register!</a></li> </ul> </li> </ul> Host: Michael Caughlan, President &amp; CEO Expert: Kevin Combs, Vice President – Global Sweeteners Specialist Expert: Craig Ruffolo, Vice President – Commodity Specialist

A humdrum April WASDE

 Economy  Employment data comes in mostly as expected, but still the softest jobs growth in over two years The unemployment rate dips to 3.5%, holding at multi-year lows Wage growth slowed considerably to 4.2%, from 4.6% in February Barring significantly higher inflation data next week, this could give the Fed reason to pause in May   Crops and commodities  Loads of reports to digest next week! First crop progress report of 2023  Winter wheat conditions remain abysmal   Are we headed for a “Super El Niño?”   2023 Spring Market Seminar registration  Seats are going fast! Register today! April 26, 2023 in Oak Brook, IL Visit mckeany-flavell.com to register!    Host/Expert: Shawn Bingham, Director of Risk Management Expert: Eric Thornton, Commodity Specialist

<ul> <li>Economy <ul> <li>Employment data comes in mostly as expected, but still the softest jobs growth in over two years</li> <li>The unemployment rate dips to 3.5%, holding at multi-year lows</li> <li>Wage growth slowed considerably to 4.2%, from 4.6% in February</li> <li>Barring significantly higher inflation data next week, this could give the Fed reason to pause in May</li> </ul> </li> <li>Crops and commodities <ul> <li>Loads of reports to digest next week!</li> <li>First crop progress report of 2023 <ul> <li>Winter wheat conditions remain abysmal</li> </ul> </li> <li>Are we headed for a “Super El Niño?”</li> </ul> </li> <li>2023 Spring Market Seminar registration <ul> <li>Seats are going fast! Register today!</li> <li>April 26, 2023 in Oak Brook, IL</li> <li><a href="https://www.mckeany-flavell.com/" rel="nofollow" target="_blank">Visit mckeany-flavell.com to register!</a></li> </ul> </li> </ul> Host/Expert: Shawn Bingham, Director of Risk Management Expert: Eric Thornton, Commodity Specialist

Short Friday, long list of report data

 Corn &amp; soy complex  Corn acreage above expectations, no additional help for soybeans Corn stocks slightly below analysts’ forecast but bigger story is on-farm holdings Soybean stocks may indicate improvement to come for 2022/23 balance sheet    Wheat  Wheat acreage up 4.2 million acres Stocks for wheat down 8%   Sugar  Sugar beet acreage down 4% YOY   2023 Spring Market Seminar registration is open  Seats are going fast!  April 26, 2023 in Oak Brook, IL Visit mckeany-flavell.com to register today!       Host/Expert: Nicole Thomas, Vice President – Information Services Expert: Eric Thornton, Commodity Specialist

<ul> <li>Corn &amp; soy complex <ul> <li>Corn acreage above expectations, no additional help for soybeans</li> <li>Corn stocks slightly below analysts’ forecast but bigger story is on-farm holdings</li> <li>Soybean stocks may indicate improvement to come for 2022/23 balance sheet </li> </ul> </li> <li>Wheat <ul> <li>Wheat acreage up 4.2 million acres</li> <li>Stocks for wheat down 8%</li> </ul> </li> <li>Sugar <ul> <li>Sugar beet acreage down 4% YOY</li> </ul> </li> <li>2023 Spring Market Seminar registration is open <ul> <li>Seats are going fast! </li> <li>April 26, 2023 in Oak Brook, IL</li> <li><a href="https://www.mckeany-flavell.com/" rel="nofollow" target="_blank">Visit mckeany-flavell.com to register today!</a> </li> </ul> </li> </ul> Host/Expert: Nicole Thomas, Vice President – Information Services Expert: Eric Thornton, Commodity Specialist

Get the lowdown (and up) on the Prospective Plantings & Grain Stocks reports!

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