March 22 nd, Southeast Asia were $3/MT lower on average... INSIDE THIS ISSUE. General Comments:

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1 INSIDE THIS ISSUE 1. General Comments 2. DDGS Reference Prices 3. Ocean Freight Markets 3. Latest Export Figures (Calendar and Crop Year) 6. FOB US Gulf DDGS & Corn Prices 7. Council News March 22 nd, 2018 General Comments: DDGS prices are lower this week on light buying interest and larger production last week. Barge CIF NOLA prices fell as did FOB NOLA prices. Falling barge freight rates and relatively firmer Gulf values have increased netbacks for firms able to ship on the river, according to merchandisers. With lower soybean meal prices this week, the difference in perprotein unit costs narrowed between DDGS and soybean meal. DDGS are now $1.34/protein-unit cheaper than soybean meal and are priced at 123 percent of cash corn values. On the export market, merchandisers are reporting a slow tone to the market, with Savanah, Georgia and Chicago prices $5/MT lower. Low pork production margins in Vietnam are reportedly slowing DDGS purchases from that nation. Prices to Southeast Asia were $3/MT lower on average this week.. Southeast Asia were $3/MT lower on average...

2 DDGS reference prices as per survey report (current week): DDGS Price Table: March 22, 2018 (USD/MT) (Quantity, availability, payment and delivery terms vary) Delivery Point Quality Min. 35% Pro-fat combined April May June Barge CIF New Orleans FOB Vessel GULF Rail delivered PNW Rail delivered California Mid-Bridge Laredo, TX FOB Lethbridge, Alberta ft. Containers to South Korea (Busan) ft. Containers to Taiwan (Kaohsiung) ft. Containers to Philippines (Manila) ft. Containers to Indonesia (Jakarta) ft. Containers to Malaysia (Port Kelang) ft. Containers to Vietnam (HCMC) ft. Containers to Japan (Yokohama) ft. containers to Thailand (LCMB) ft. Containers to China (Shanghai) ft. Containers to Bangladesh (Chittagong) ft. Containers to Myanmar (Yangon) KC Rail Yard (delivered ramp) Elwood, IL Rail Yard (delivered ramp) Source: WPI, *Prices are based on offer indications only; terms of delivery, payment and quality may vary from one supplier to another, impacting the actual value of the price

3 Ocean Freight Market References: Bulk Freight Indices for HSS Heavy Grain, Sorghum and Soybeans* Route and Vessel Size Change Current from Week Previous (USD/MT) Report Remarks 55,000 U.S. Gulf-Japan $45.25 Unchanged Handymax at $45.50/MT 55,000 U.S. PNW-Japan $24.50 Unchanged Handymax at $25.00/MT 65,000 U.S. Gulf-China $44.25 Unchanged PNW to China $24.00 Unchanged North or South China 25,000 U.S. Gulf-Veracruz, Mexico $16.50 Unchanged 3,000 MT daily discharge rate 35-40,000 U.S. Gulf-Veracruz, Deep draft and 6,000 MT/day $14.25 Unchanged Mexico discharge rate. 25/35,000 U.S. Gulf-East Coast $20.00 Unchanged West Coast Colombia at Colombia $28.25 From Argentina $34.50 Unchanged 40-45,000 U.S. Gulf-Guatemala $28.25 Unchanged Acajutla/Quetzal-8,000 out 26-30,000 U.S. Gulf-Algeria $32.00 Unchanged 8,000 MT daily discharge $33.75 Unchanged 3,000 MT daily discharge 25-30,000 US Gulf-Morocco $31.25 Unchanged Discharge rate: 5,000 55,000 U.S. Gulf-Egypt $29.00 Unchanged 55,000-60,000 MT PNW to Egypt $27.75 Unchanged Russia Black Sea-Egypt $ ,000 U.S. Gulf-Europe- Rotterdam $16.75 Unchanged Handymax at +$1.75 more Brazil, Santos-China $35.00 Unchanged 54-59,000 Supramax-Panamax Itacoatiara Port up River $34.25 Unchanged 60-66,000 Post Panamax Amazonia North Brazil-China $38.50 Unchanged 56-60,000 Argentina-China $40.25 Unchanged Upriver with BB top-off $42.75 Latest Export Figures from GATS in Metric Tons (MT): ***JANUARY 2017*** Notes: 1. Data Source: Department of Commerce, U.S. Census Bureau, Foreign Trade Statistics 2. (*) denotes a country that is a summarization of its component countries. 3. Users should use cautious interpretation on QUANTITY reports using mixed units of measure. QUANTITY line items will only include statistics on the units of measure that are equal to, grouped commodities. Or are able to be converted to, the assigned unit of measure of the grouped commodities. 4. Product Group : BICO-HS10

4 CALENDAR YEAR EXPORT DATA: COUNTRY 2015 YR 2016 YR 2017 YR Jan/Jan 2017 Jan/Jan 2018 % Change Net Change World Total 12,694,806 11,314,435 11,077, , , ,688 Mexico 1,650,235 1,907,573 2,181, , , ,519 Turkey 207, ,613 1,417, ,757 77, ,237 Korea, South 635, , ,357 70,065 72, ,758 Thailand 396, , ,071 62,321 85, ,453 Indonesia 229, , ,513 43,571 63, ,349 Canada 512, , ,867 58,028 61, ,903 Japan 241, , ,744 49,311 45, ,681 China 6,461,071 2,341, ,357 87,310 21, ,688 Ireland 248, , ,360 47,942 34, ,510 Vietnam 650,336 1,156, , , ,712 Spain 150, , ,687 33, ,305 Israel(*) 124, , ,865 17,125 26, ,275 Taiwan 196, , ,076 22,486 17, ,780 Morocco 110, , ,419 21, ,447 United Kingdom 152, , ,394 1,774 21, ,156 Colombia 123, , ,653 12,899 18, ,888 New Zealand(*) 26,922 71, ,857 20,947 22, ,086 Philippines 106, , ,533 17,114 8, ,445 Egypt 95, , ,414 7,932 19, ,868 Bangladesh 17,547 35, ,641 4,712 10, ,110 Costa Rica 83,258 84,896 89,413 12,911 4, ,447 Malaysia 36,884 56,945 74,941 5,950 4, ,063 El Salvador 60,404 57,647 62, , ,067 Cambodia 24,087 30,031 57,298 3,606 6, ,662 Saudi Arabia ,291 8,000 1, ,955 Portugal - 17,550 55,661-2,646 2,646 Guatemala 42,817 46,684 52,224 2,909 2, Honduras 40,016 42,338 44,618 2,658 2, Pakistan 3,912 65,239 42,510 1, ,804 Burma 5,597 24,596 36,717 3,153 5, ,084 Sri Lanka 1,951 5,835 32,964 2,026 1,

5 CROP YEAR EXPORT DATA: COUNTRY 2015 YR 2016 YR 2017 YR Sept/Jan 2016/17 Sept/Jan 2017/18 % Change Net Change World Total 11,626,894 11,635,375 11,087,355 4,721,945 4,673, ,662 Mexico 1,591,540 1,900,979 2,061, , , ,111 Turkey 344, ,540 1,364, , , ,245 Korea, South 620, , , , , ,837 Thailand 405, , , , , ,656 China 5,366,088 3,342, , ,691 69, ,543 Canada 548, , , , , ,582 Indonesia 230, , , , , ,346 Vietnam 552, , , , , ,046 Japan 295, , , , , ,042 Spain 83, , , ,270 68, ,770 Ireland 260, , , , , ,606 Taiwan 204, , , ,857 94, ,861 Israel(*) 103, , ,361 69,487 96, ,779 United Kingdom 124, , ,781 70,093 88, ,769 Morocco 100, , ,223 76,131 90, ,749 Colombia 111, , ,008 83,371 87, ,533 Philippines 106, , ,744 79,914 58, ,656 New Zealand(*) 49,128 32, ,075 65,106 98, ,868 Egypt 125,295 84, ,755 72,003 73, ,527 Bangladesh 12,043 27,272 87,407 25,992 64, ,344 Costa Rica 78,482 93,507 82,722 35,624 33, ,756 Malaysia 39,132 42,184 82,021 33,575 25, ,143 El Salvador 49,624 66,430 62,676 16,656 19, ,890 Guatemala 46,420 48,087 55,705 18,351 14, ,195 Portugal 3,300 14,250 48,953 3,300 12, ,354 Saudi Arabia ,599 8,387 10, ,737 Cambodia 23,750 26,927 48,449 18,903 30, ,511 Pakistan 5,205 61,096 48,398 7, ,692 Honduras 39,016 43,510 43,244 15,094 15, Burma 3,294 14,062 35,737 17,128 20, ,064 Peru 14,664-31,627 24,548 11, ,264 Sri Lanka 2,874 4,538 23,367 4,600 13, ,672

6 4/1/2015 5/1/2015 6/1/2015 7/1/2015 8/1/2015 9/1/ /1/ /1/ /1/2015 1/1/2016 2/1/2016 3/1/2016 4/1/2016 5/1/2016 6/1/2016 7/1/2016 8/1/2016 9/1/ /1/ /1/ /1/2016 1/1/2017 2/1/2017 3/1/2017 4/1/2017 5/1/2017 6/1/2017 7/1/2017 8/1/2017 9/1/ /1/ /1/ /1/2017 1/1/2018 2/1/2018 3/1/2018 4/1/2018 DOLLARS PER METRIC TON FOB U.S.A. Gulf DDGS & Corn prices (MT): $ $ FOB US GULF DDGS & CORN PRICES Corn FOB Gulf Spot Delivery DDGS FOB Gulf Spread FOB DDGS VS CORN Linear (Corn FOB Gulf Spot Delivery) $ $ $ $ $ $ $ $50.00 $48.51 $0.00 -$ $ DATE

7 Council News: