Country Hedging

Harvestland 1/13/2012 Compiled by : Kurt LegredThe information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy orcompleteness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc.bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

The information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy orcompleteness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc.bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

Reuters Weekly CRB IndexThe information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy orcompleteness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc.bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

Monthly Continuous Commodity IndexThe information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy orcompleteness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc.bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

Baltic Dry Freight Index - weeklyThe information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy orcompleteness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc.bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

Weekly Dry Ships StockThe information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy orcompleteness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc.bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

Weekly U.S. Dollar IndexThe information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy orcompleteness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc.bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

Monthly U.S. Dollar IndexThe information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy orcompleteness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc.bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

Weekly Crude Oil Futures on CMEThe information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy orcompleteness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc.bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

Monthly Crude Oil Futures on the CMEThe information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy orcompleteness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc.bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

World Shipping LanesThe information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy orcompleteness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc.bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

Corn Supply and Demand 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011Planted Acres 80.2 77.4 79.6 75.8 78.9 78.6 80.9 81.8 78.3 93.6 86.0 86.4 88.2 91.9Harvested Acres 72.6 70.5 72.4 68.8 69.3 70.9 73.6 75.1 70.6 86.5 78.6 79.5 81.4 84.0Yield 134.4 133.8 136.9 138.2 129.3 142.2 160.4 148.0 149.1 151.1 153.9 164.7 152.8 147.2Sept 1 Stocks 1,308 1,787 1,718 1,899 1,596 1,087 958 2,114 1,967 1,303 1,624 1,672 1,708 1,128Production 9,759 9,431 9,915 9,507 8,967 10,089 11,807 11,114 10,535 13,074 12,092 13,092 12,447 12,358Imports 19 15 7 10 14 14 11 9 12 18 14 10 28 15Total Supply 11,086 11,233 11,640 11,416 10,577 11,190 12,776 13,237 12,514 14,395 13,730 14,774 14,183 13,501Ethanol 3,026 3,677 4,568 5,021 5,000Domestic Usage 7,318 7,577 7,805 7,931 7,898 8,335 8,848 9,122 9,086 10,336 10,199 11,079 11,220 11,0105Exports 1,983 1,937 1,941 1,889 1,592 1,897 1,814 2,147 2,125 2,435 1,859 1,987 1,835 1,650Total Usage 9,301 9,514 9,746 9,820 9,490 10,232 10,662 11,269 11,211 12,771 12,058 13,066 13,055 12,655Carry-Out 1,785 1,719 1,894 1,596 1,087 958 2,114 1,968 1,303 1,624 1,672 1,708 1,128 846Stocks/Use 19.2% 18.1% 19.4% 16.3% 11.5% 9.4% 19.8% 17.5% 11.6% 12.7% 13.9% 13.1% 8.6% 6.7% The information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy or completeness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc. bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

U.S. Corn Supply/Demand Jan 12 USDA Jan 12 USDA Jan. 1 CHI est. 2010/11 2011/12 2011/12 Planted Acres 88.2 91.9 91.9 Harvested Acres 81.4 84.0 83.9 Yield 152.8 147.2 146.3 Beginning Stocks 1,708 1,128 1,128 Production 12,447 12,358 12,277 Imports 28 15 18 Total Supply 14,182 13,501 13,423 Feed/Residual 4,792 4,600 4,680 F/S/I 6,428 6,405 6,419 Domestic Use 11,220 11,005 11,099 Ethanol for fuel 5,021 5,000 5,035 Exports 1,835 1,650 1,627 Total Usage 13,054 12,655 12,726 Ending Stocks 1,128 846 697 Stocks/Use Ratio 8.6% 6.7% 5.5%The information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy orcompleteness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc.bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

Corn planted acres by countyThe information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy orcompleteness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc.bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

Corn Planted Acres96.0 93.694.0 91.992.090.0 88.288.0 86.4 86.086.084.0 81.882.0 80.980.0 78.378.076.074.072.070.0 2004 2005 2006 2007 2008 2009 2010 2011The information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy orcompleteness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc.bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

Corn Harvested Acres 100 95 90 86.5 84.0 85 81.4 78.6 79.5 80 75.1 75 72.6 72.4 73.6 Million Acres 70.5 70.9 70.6 68.8 69.3 70 65 60 55 50 45 40 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011The information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy orcompleteness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc.bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

Corn Yield Change: November to Final4.0%3.0% 2.8%2.0% 1.7% 1.2% 1.3% 1.1% 1.1%1.0% 0.8% 0.5% 0.3% 0.1% 0.2% 0.1% 0.1% 0.1% 0.1%0.0% -0.3% -0.3% -0.2% -0.4% -0.4% -0.3%-1.0% -0.5% -0.6% -0.7% -1.0% -1.4% -1.5%-2.0% -2.3% Last year’s October yield cut was the-3.0% 2nd largest on record. The information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy or completeness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc. bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

Corn Yield 170 160.4 164.7 160 153.9 152.8 148.0 151.1 150 149.1 Bushels per Acre 147.2 140 142.2 136.9 138.2 134.4 133.8 130 129.3 120 110 2003 1998 1999 2000 2001 2002 2004 2005 2006 2007 2008 2009 2010 2011The information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy orcompleteness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc.bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

Corn Production16,00015,00014,000 13,074 13,09213,000 12,447 12.348 12,092 11,80712,000 11,11411,000 10,535 9,915 10,089 9,75910,000 9,431 9,507 8,967 9,000 8,000 7,000 6,000 5,000 4,000 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011The information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy orcompleteness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc.bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

Corn Exports 2,600 2,435 2,400 2,200 2,147 2,125 1,983 1,987 2,000 1,937 1,941 1,889 1,897 1,859 1,835 1,814 1,800 1,592 1,650 1,600 1,400 1,200 1,000 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011The information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy orcompleteness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc.bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

Domestic Use 13,000 Domestic Use Exports 11,079 11,220 11,005 11,000 10,336 10,199 8,848 9,122 9,086 9,000 8,335 7,931 7,898 Million Bushels 7,577 7,805 7,318 7,000 5,000 3,000 2,147 2,125 2,435 1,859 1,987 1,983 1,937 1,941 1,889 1,897 1,814 1,835 1,650 1,592 1,000 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011The information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy orcompleteness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc.bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

Corn Ground for Ethanol 6000 5021 5000 5000 4568 4000 3677 Million Bushels 3026 3000 2117 2000 1603 1323 1167 996 1000 0 02-03 03-04 04-05 05-06 06-07 07-08 08-09 09-10 10-11 11-12 YearThe information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy orcompleteness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc.bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

Feed and Residual 1.390bb less than 2007 7,000 6,162 6,141 5,999 5,838 5,877 5,798 6,000 5,664 5,558 5,600 5,472 5,246 5,140 5,000 4,792 4,600 4,000 3,000 2,000 1,000 0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011The information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy orcompleteness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc.bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

Feed vs FSI Feed F/S/I7,0006,000 4,9535,0004,0003,0002,0001,000 0 2011 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010The information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy orcompleteness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc.bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

Corn F,S, I 7,000 6,430 6,405 5,939 6,000 4,953 5,000 4,337 4,000 3,486 2,981 3,000 2,537 2,686 2,340 1,913 1,967 2,054 2,000 1,846 1,000 0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011The information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy orcompleteness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc.bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

Ending Stocks2,500 2,114 1,9682,000 1,894 1,785 1,719 1,708 1,672 1,596 1,6241,500 1,303 1,087 1,128 9581,000 848 500 0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 The information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy or completeness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc. bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

Stocks/Use ratio 1995 was at 4.98% 25.0% 19.2% 19.4% 19.8% 20.0% 18.1% 17.5% 16.3% 15.0% 13.9% 12.7% 13.1% 11.5% 11.6% 10.0% 9.4% 8.6% 6.7% 5.0% 0.0% 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011The information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy orcompleteness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc.bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

Carryout vs Average Farm Price 2,300 $8.00 2,100 2,114 $7.00 6.70 1,968 1,900 1,894 $6.00 1,785 1,719 1,700 1,672 1,708 5.18 $5.00 1,596 1,624 1,500 4.20 4.06 $4.00 1,300 1,303 3.55 3.04 $3.00 1,100 1,087 2.42 1,128 2.32 1.94 1.93 1.93 958 2.06 1.98 $2.00 900 1.83 843 700 $1.00 Carry-Out Avg. Farm Price 500 $0.00 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011The information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy orcompleteness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc.bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

World Corn Prod and Ending Stocks 1000 Production 900 End. Stox 868.06 819.61 828.69 792.44 798.82 800 712.27 696.86 711.05 700 605.31 606.72 588.26 599.35 600.99 623 600Million tons 500 400 300 200 100 171.5 153.91 129.75 122.25 130.51 129.86 149.07 144.05 129.04 121.57 121.93 103.61 125.11 108.74 0 Year The information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy or completeness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc. bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

World Corn Stocks-to-Use Ratio35% 32.9% 31.8% 32.0% 29.9% 29.6% 28.6% 28.6% 29.0% 28.7%30% 25.4% 24.8% 24.2%25% 20.2% World production higher on the U.S. production 19.1% 18.8%20% increase. Foreign production down slightly. 17.7% 17.0% 17.5% Argentina down 3 mmt, and Ukraine up 1.5. World 16.2% import demand raised. Chinese imports were 15.1% 15.2% 14.8% raised 1 mmt to 4 mmt. The stocks-to-use ratio15% went from 14.6% last month to 14.8% this month.10%The information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy orcompleteness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc.bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

China Corn Production and Imports 200.0 191.75 177.3 180.0 165.9 164.0 152.3 160.0 151.6 139.4 140.0 133.0 128.0 130.3 114.0 121.3 115.8 120.0Million Tonnes 104.3 106.0 100.0 80.0 60.0 40.0 20.0 0.0 0 0 0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.1 1.3 1.0 4.0 97-98 98-99 99-00 00-01 01-02 02-03 03-04 04-05 05-06 06-07 07-08 08-09 09-10 10-11 11-12 Year The information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy or completeness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc. bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

Argentina Corn Prod and Exports 35.0 30.0 26.0 25.0 23.3 22.5 22.0 22.5 20.5 19.4 Million Tonnes 20.0 18.5 17.2 15.4 14.7 15.5 15.0 15.8 15.5 16.5 15.0 13.5 14.6 15.3 14.8 15.0 11.7 12.0 10.0 10.8 11.2 10.9 10.3 9.7 9.5 7.9 5.0 0.0 97-98 98-99 99-00 00-01 01-02 02-03 03-04 04-05 05-06 06-07 07-08 08-09 09-10 10-11 11-12 YearThe information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy orcompleteness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc.bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

Brazil Corn Production and Exports 70.0 61.0 58.6 60.0 56.1 57.5 51.0 51.0 50.0 47.6 41.5 42.8 41.7 40.0 Million Tonnes 35.5 35.0 32.4 31.6 30.1 30.0 20.0 10.0 10.8 11.6 7.8 9.0 8.5 6.5 7.1 5.2 4.1 4.5 0.4 1.9 0.7 0.0 0.0 0.0 97-98 98-99 99-00 00-01 01-02 02-03 03-04 04-05 05-06 06-07 07-08 08-09 09-10 10-11 11-12 YearThe information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy orcompleteness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc.bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

Mexico Production and Imports 30.00 25.00 24.23 23.60 22.05 22.35 21.13 20.37 20.50 19.50 20.00 15.00 9.56 9.80 10.00 8.94 8.30 8.00 7.76 6.79 5.95 5.00 0.00 04-05 05-06 06-07 07-08 08-09 09-10 10-11 11-12The information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy orcompleteness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc.bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

South Korea Production and Imports 10.00 9.31 9.00 8.63 8.74 8.49 8.46 8.11 8.00 8.00 7.19 7.00 6.00 5.00 4.00 3.00 2.00 1.00 0.00 04-05 05-06 06-07 07-08 08-09 09-10 10-11 11-12The information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy orcompleteness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc.bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

Japan Imports 16.80 16.71 16.62 16.61 16.60 16.53 16.49 16.40 16.20 16.10 15.98 16.00 15.80 15.66 15.60 15.40 15.20 15.00 04-05 05-06 06-07 07-08 08-09 09-10 10-11 11-12The information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy orcompleteness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc.bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

U.S. Corn Export Commitments 2700 Export commitments are 6.6% behind last year. 2200 1700 million bushels 2007/08 1200 2008/09 2009/10 700 2010/11 2011/12 200 Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul AugThe information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy orcompleteness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc.bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

Gross Ethanol Margins per GallonEastern Corn Belt $0.70 Monthly averages: $0.60 September $.25 October $.41 $0.50 November $.51 $0.40 December $.01 $0.30 $0.20 $0.10 $0.00 -$0.10 -$0.20The information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy orcompleteness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc.bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

Weekly Ethanol Production 41.00 Weekly production jumped up this past week. 40.00 39.65 39.00 38.00million gallons/day 37.00 36.00 35.00 34.00 33.00 32.00 31.00The information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy orcompleteness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc.bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

Corn Used for Ethanol 6,000 The USDA is estimating corn use for ethanol 5,021 5,000 5,000 will decline this marketing year despite an increase in usage during the first quarter. 4,568 4,000 3,709 million bushels 3,049 3,000 2,119 2,000 1,603 1,323 1,168 996 corn needed to meet renewable biofuel 1,000 portion of RFS corn for ethanol 0 2011/12 2010/11 2003/4 2002/03 2004/05 2006/07 2009/10 2005/06 2007/08 2008/09 corn marketing yearThe information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy orcompleteness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc.bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

% Change: Ethanol Production35% Year-on-Year Change in Monthly Ethanol Production30% USDA Mktg. Yr. Change in Corn Usage25%20% Ethanol production for15% December looks like it will be up about 5% from last December.10% 5% 0%-5%The information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy orcompleteness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc.bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

Ethanol-RBOB Gasoline $0.40 Ethanol blending margins are strong following the loss of the tax Ethanol premium to gasoline credit. $0.20 $0.00 -$0.20 -$0.40 -$0.60 -$0.80 Ethanol discount to gasoline -$1.00The information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy orcompleteness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc.bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

U.S. Monthly Ethanol Exports 140 November data will be published on January 13. 120 100million gallons 80 60 40 20 0 The information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy or completeness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc. bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

U.S. Monthly DDG Exports 1,200 DDG export in October were off 22% from the previous Oct. 1,000 800 tmt 600 400 200 0The information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy orcompleteness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc.bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

Net Fund Positions-CBOT CornCIT Report - Futures and Options Combined 600,000 Non-Comm. 500,000 Index 400,000 300,000 200,000 100,000 0 -100,000The information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy orcompleteness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc.bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

Non-Comm. Corn Net Position-Annual CIT Report - Futures and Options Combined 2007 2008 2009 2010 2011 2012400,000350,000300,000250,000200,000150,000100,000 50,000 0 -50,000-100,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec The information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy or completeness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc. bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

Commercial Corn Net Position-Annual CIT Report - Futures and Options Combined 0-100,000-200,000-300,000-400,000-500,000-600,000-700,000 2007-800,000 2008 Jan Feb Mar Apr 2009May Jun Jul Aug Sep Oct Nov Dec 2010 The information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy or completeness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc. bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

March 2012 CME Corn FuturesThe information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy orcompleteness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc.bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

July 2012 CME Corn FuturesThe information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy orcompleteness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc.bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

December 2012 CME Corn FuturesThe information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy orcompleteness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc.bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

CME Continuous Monthly Corn FuturesThe information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy orcompleteness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc.bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

U.S. Soybean Supply/Demand Jan. 12 USDA Jan. 12 USDA Jan. 1 CHI est. 2010/11 2011/12 2011/12 Planted Acres 77.4 75.0 75.0 Harvested Acres 76.6 73.6 73.7 Yield 43.5 41.5 41.5 Beginning Stocks 151 215 215 Production 3,329 3,056 3,057 Imports 14 15 13 Total Supply 3,495 3,285 3,285 Crush 1,648 1,615 1,635 Exports 1,501 1,275 1,274 Seed 87 88 88 Residual 43 32 27 Total Usage 3,280 3,010 3,024 Ending Stocks 215 275 260 Stocks/Use Ratio 6.6% 9.1% 8.6%The information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy orcompleteness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc.bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

Soybeans Planted by CountyThe information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy orcompleteness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc.bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

Soybean Supply and Demand 94-95 95-96 96-97 97-98 98-99 99-00 00-01 01--02 02--03 03-04 04-05 05-06 06-07 07-08 08-09 09-10 10-11 11-12Planted Acres 61.7 62.6 64.2 70 72 73.7 74.3 74.1 73.9 73.4 75.2 72 75.5 64.7 75.7 77.5 77.4 75Harvested Acres 60.8 61.5 63.3 69.1 70.4 72.4 72.4 73 72.5 72.5 74 71.3 74.6 64.1 74.7 76.4 76.6 73.7Yield 41.4 35.3 37.6 38.9 38.9 36.6 38.1 39.6 38 33.9 42.2 43 42.7 41.7 39.7 44 43.5 41.5Sept 1 Stocks 209 335 183 132 200 348 290 248 208 178 112 256 449 573 206 138 151 215Production 2,729 2,174 2,380 2,689 2,741 2,654 2,758 2,891 2,756 2,454 3,124 3,063 3,188 2,676 2,967 3,359 3,329 3,056Imports 5 4 9 5 4 4 4 2 5 6 6 3 9 10 12 15 14 15Total Supply 2,943 2,513 2,572 2,826 2,945 3,006 3,052 3,141 2,969 2,638 3,242 3,322 3,646 3,260 3,185 3,512 3,495 3,286Crush 1,403 1,370 1,434 1,595 1,592 1,579 1,641 1,700 1,615 1,530 1,696 1,739 1,806 1,801 1,662 1,752 1,648 1,615Exports 861 847 885 898 851 973 1,000 1,063 1,045 885 1,103 947 1,118 1,161 1,283 1,501 1,501 1,275Seed/Feed 88 91 92 93 93 90 91 89 89 92 88 93 78 93 90 90 87 88Residual 37 18 29 35 57 74 73 82 41 19 99 95 71 -1 12 18 44 32Total Usage 2,389 2,326 2,440 2,621 2,593 2,716 2,805 2,934 2,790 2,526 2,986 2,874 3,073 3,054 3,047 3,361 3,280 3,011Carry-Out 554 187 132 205 352 290 247 207 179 112 256 448 573 206 138 151 215 275 The information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy or completeness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc. bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

U.S. Soybean Production 3,3593,500 3,329 3,188 3,124 3,063 3,056 2,9673,000 2,891 2,758 2,756 2,6892,741 2,654 2,676 2,515 2,4542,500 2,380 2,190 2,174 2,099 1,9431,938 1,9872,000 1,861 1,9241,926 1,870 1,5491,5001,000 The information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy or completeness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc. bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

U.S. Soybean Yield45 44.0 43.5 43.0 42.7 42.2 41.7 41.5 41.440 39.6 39.7 38.1 38.9 38.9 38.0 37.6 37.6 36.635 35.3 34.1 33.9 34.3 33.9 33.3 34.1 32.3 32.630 28.1 27.025 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 The information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy or completeness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc. bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

Soybean Yield Change: November to Final2.5% 2.1%2.0% 1.6% 1.5%1.5% 1.3% 1.2% 0.9% 1.0%1.0% 0.8% 0.8% 0.8% 0.5% 0.5%0.5% 0.3% 0.3%0.0% -0.2% -0.2%-0.5% -0.3% -0.3% -0.3% 4th biggest percentage decline -0.3% -0.6%-1.0% -0.8%2011, and the biggest since -0.8% in -0.9% -0.9% 1995.-1.5% -1.4% -1.5% -1.5%-2.0% The information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy or completeness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc. bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

U.S. Bean Export Commitments 1800 Export commitments are 31% 1600 behind last year. 1400 1200million bushels 1000 800 600 400 2007/08 2008/09 2009/10 2010/11 200 2011/12 0 Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul AugThe information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy orcompleteness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc.bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

Soybean-Exports vs Domestic Use2,500 Exports Domestic Use 1,927 1,9552,000 1,871 1,883 1,893 1,860 1,805 1,764 1,779 1,723 1,742 1,743 1,745 1,735 1,641 1,555 1,479 1,501 1,5011,500 1,283 1,275 1,118 1,161 1,063 1,103 1,000 1,045 973 9471,000 847 885 898 851 885 500 0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 The information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy or completeness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc. bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

Crush 2,000 1,806 1,801 1,800 1,739 1,752 1,700 1,696 1,641 1,662 1,648 1,615 1,595 1,592 1,579 1,615 1,600 1,530 1,434 1,370 1,400 1,200 Million bushels 1,000 800 600 400 200 0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 YearThe information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy orcompleteness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc.bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

U.S. Soybean Ending Stocks700600 573500 448400 352 290300 256 247 205 207 206 215 187 179 275200 151 132 138 112100 0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 The information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy or completeness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc. bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

U.S. Soybeans Stocks/Use Ratio20% 18.6%18% 16%16% 14%14%12% 11%10% 9% 9% 8% 8%8% 7% 6% 6.7% 6.6% 6.3%6% 5% 4% 4.5% 4.5%4%2%0% 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 The information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy or completeness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc. bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

Soybeans-Carryout vs Average farm Price 700 $16.00 Carryout ave farm price $14.00 600 $12.00 500 $10.00million bushels 400 price $8.00 300 $6.00 200 $4.00 100 $2.00 0 $0.00 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 year The information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy or completeness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc. bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

World Soybean Stocks-to-Use Ratio30% 27.5% 27.3%28%26% 24.7% 25.0% 24.5% 23.7%24% 22.7% 22.4% 22.4%22% 20.7% 21.0% 20.8% 20.3% 20.0% 20.0% 19.6% 19.3%20% 18.9% 19.0% 19.0% 19.0% 19.3% 18.1% 18.4%18% 15.6% 15.8% World stocks decline slightly following smaller16% 14.4% production estimates. Stocks-to-use ratio went from 24.8% to 24.5%.14% 11.9%12%10% The information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy or completeness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc. bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

World Beans Prod. and Ending Stocks 300 Production End. Stox 260.85 264.18 257.00 250 237.54 215.72 220.54 221.21 211.96 197.31 200 184.87 186.75 175.1 158.02 159.81 159.88Million tons 150 100 50 62.69 68.37 63.43 59.41 48.36 53.35 52.89 42.58 39.72 35.66 30.9 32.14 0 21.64 26.66 27.02 Year The information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy or completeness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc. bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

Brazil Soy Production and exports 80.00 75.50 74.0 69.00 70.00 57.00 59.00 61.00 57.80 60.00 52.50 51.00 53.00 50.00 43.50 Million Tonnes 39.00 40.00 32.50 31.30 34.20 39.00 30.00 29.99 28.58 29.55 25.91 23.49 25.36 20.00 20.40 19.80 20.14 15.00 10.00 12.30 8.80 8.90 9.30 0.00 97-98 98-99 99-00 00-01 01-02 02-03 03-04 04-05 05-06 06-07 07-08 08-09 09-10 10-11 11-12 YearThe information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy orcompleteness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc.bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

Argentina Soy Production and exports 60.00 54.50 50.50 48.80 49.00 50.00 46.20 40.00 39.00 40.50 35.50 33.00 32.00 Million tonnes 30.00 27.80 30.00 20.00 18.70 20.00 20.20 13.84 13.09 10.00 9.57 9.56 9.21 9.8 8.70 7.25 5.50 6.00 6.70 5.59 3.20 3.20 3.50 0.00 97-98 98-99 99-00 00-01 01-02 02-03 03-04 04-05 05-06 06-07 07-08 08-09 09-10 10-11 11-12 YearThe information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy orcompleteness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc.bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

China Bean Production and Imports 60.00 52.34 56.50 50.00 50.34 40.00 41.10 37.82 Million Tonnes 30.00 25.80 28.73 28.32 21.42 20.00 16.93 17.40 14.73 15.15 14.29 15.40 15.41 16.51 15.39 16.35 15.97 14.00 15.54 14.98 15.10 13.50 10.00 13.25 10.11 10.39 2.94 3.86 0.00 97-98 98-99 99-00 00-01 01-02 02-03 03-04 04-05 05-06 06-07 07-08 08-09 09-10 10-11 11-12 YearThe information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy orcompleteness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc.bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

Monthly Chinese Soybean Imports 7 Imports for the first three months of the marketing year (Oct.-Dec.)are 2% ahead of the first three months of 2010/11. 6 5 4mmt 3 2 1 0The information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy orcompleteness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc.bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

March 2012 Soybean FuturesThe information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy orcompleteness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc.bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

November 2012 CME Soybean FuturesThe information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy orcompleteness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc.bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

Export Commitments: % of Final 100% 2011/12 90% 2003-2011 average 80% 70% Commitments are in-line with the new USDA estimate of 1,275 mb. 60% 50% 40% 30% 20% Average based on final FAS totals; 2011/12 10% based on January WASDE estimate 0%The information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy orcompleteness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc.bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

Monthly Chinese Soybean Imports 7 Imports for the first three months of the marketing year (Oct.-Dec.)are 2% ahead of the first three months of 2010/11. 6 5 4mmt 3 2 1 0The information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy orcompleteness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc.bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

NOPA Crush170 2008160 2009 2010150 2011140130120110 Adjusted since April 2011 for membership change100The information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy orcompleteness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc.bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

CME Nearby Soybean Crush Monthly averages: August $.33$1.20 September $.34$1.10 October $.40$1.00 November $48$0.90 December $.47$0.80$0.70$0.60$0.50$0.40$0.30$0.20The information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy orcompleteness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc.bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

New-Crop Soybean/Corn Ratio 2.4 2.3 2.2 2.1 2 2011 1.9 2012 2007-2011 avg 1.8 October November December January February MarchThe information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy orcompleteness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc.bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

CRP Enrollment 39 National CRP enrollment will decline about 1.6 million acres for 2012 37 35 million acres 33 31 29 27 25The information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy orcompleteness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc.bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

2012 CRP Enrollment ChangeTop 10 Changes by State as of November Update ALABAMA COLORADO SOUTH DAKOTA NEBRASKA MISSOURI MINNESOTA TEXAS KANSASNORTH DAKOTA MONTANA -400 -350 -300 -250 -200 -150 -100 -50 0 thousand acresThe information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy orcompleteness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc.bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

Net Fund Positions-CME SoybeansCIT Report - Futures and Options Combined 250,000 Non-Comm. Index 200,000 150,000 100,000 50,000 0 -50,000The information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy orcompleteness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc.bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

Non-Comm. Soybeans Net Position-AnnualCIT Report - Futures and Options Combined 2007 2008 2009 2010 2011 2012200,000150,000100,000 50,000 0-50,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov DecThe information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy orcompleteness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc.bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

Commercial Soybean Net Position-AnnualCIT Report - Futures and Options Combined 0 2007 2008 2009 2010 2011 2012 -50,000 -100,000 -150,000 -200,000 -250,000 -300,000 -350,000 Aug Aug Aug Dec Dec Nov Nov Feb Feb Jan Jan Jan May May Oct Oct Sep Sep Jul Jul Jun Jun Apr Apr Mar MarThe information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy orcompleteness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc.bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

3 Month Price Forecast April2012 Average Nearby CME Soybean Price Key assumptions: •The majority of any benefit to production 60% losses this season in South America would occur next fall. $11.13-$12.51 •Bean/corn ratio <2 50% 40% Central forecast:probability $11.82 30% $9.80-$11.13 $12.51-$13.84 20% 10% <$9.80 >$13.84 0% The information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy or completeness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc. bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

Upcoming or just past USDA reports – 2012• Jan 12 --- Crop Production, Annual Crop Production Summary, Winter Wheat seeding, Dec 1 Grain stocks• Feb 9 --- Crop Production• March 9 --- Crop Production• March 30 --- Prospective 2012 Planting, March 1 Grain Stocks• April 10 --- Crop ProductionThe information contained in this presentation is taken from sources which we believe to be reliable, but is not guaranteed by us as to accuracy orcompleteness and is sent to you for information purposes only. There is a risk of loss when trading commodity futures and options. Country Hedging, Inc.bases its recommendations solely on the judgment of Country Hedging, Inc. personnel.

Country Hedging

by Christie Rudenick on Jan 13, 2012

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