Oilseeds Market Outlook

1. 7th December 2019
Global Oilseeds Market Update

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• In 30 years, we have grown from a single product exporter, to a global
agri-business leader, operating from seed to shelf
• Working in 60 countries
• Organized into 22 platforms, comprising 46 agri-commodities
• Headquartered in Singapore and listed on the Singapore Exchange (SGX)
• Employing 74,500 full-time, seasonal, contract and temporary workers
• Supplying 19,800 customers worldwide
• Sourcing from 4.8 million farmers
• Operating 170 processing facilities globally
• Managing 2.4 million hectares of land
Olam Group

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Olam Group Portfolio
We are present in 5 segments, 18 platforms and 46 agri-products

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Olam Global Soy Book
• Active global sourcing, trading and destination marketing of soybeans and soy meal
• One global team and business unit structure with offices in Brazil, Singapore, Dubai, China, USA and the Netherlands
• Estimated 10 million MT soybean shipping book under Olam charter in 2019
• Supplying 10+ countries around the world
• Strong sourcing partnerships with traditional cooperatives and commercials in South America
• Integrated Ocean Freight desk to ensure maximum flexibility and competitiveness

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• Grains Business Unit
• Global SnD Meetings
Global soybean and meal import projections

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• Grains Business Unit
• Global SnD Meetings • +5mmt YOY (+2,5%)
Area Production Min Max Bias Area Production
Soybean Total 59,5 193,2 164 210 58,4 189
Brazil 37 124,3 110 130 36,1 119,5
Argentina 16,6 53 43 60 16,5 55
Paraguay 3,5 10,2 7 12 3,4 9
Bolivia 1,4 2,9 2 4 1,4 2,7
Uruguay 1 2,8 2 4 1 2,8
Crop Season 19/20 Crop Season 18/19
Crop Figures South America
South American Production Outlook

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South American Weather Outlook
• Above normal temperatures and below normal rainfall is
favored over the growing season. This would favor below
trend yields, however the true deciding factor will be the
late December through January period. At present it
appears that dry and warm weather will prevail, but late
January into February could bring above normal rains
with near normal temperatures which would provide good
conditions for grain fill and pod setting. At the moment it is
too far out to really make an accurate forecast for the
small growing area.
• Soybeans: Near trend, the deciding factor between above
and below trend yield will be whether the rains materialize
across the southern growing region. Additionally, the dry
air across NE Brazil could push further west into Mato
Grosso for a period of January.
• First Crop Corn: Near Trend: Again, the deciding factor will
be the rains across the south. At present it is appearing
more likely that these will occur.
• Safrinha Corn Crop: Delayed soybean planting correlates
with lower yields
Argentina Brazil

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• Grains Business Unit
• Global SnD Meetings
Brazil Soy S&D
• Year end stock build up 3mmt
crop_year 2017/18 2018/19 2019/20 2020/21
Planted 34,041 35,287 36,329 37,142
Harvested 33,973 35,216 36,256 37,068
Abandonment 0.2% 0.2% 0.2% 0.2%
Yield 3.39 3.44 3.30 3.35
Carry_in 10,337 12,195 2,845 3,710
Production 115,142 121,000 119,500 124,252
Imports 254 187 200 300
Total_supply 125,733 133,382 122,545 128,262
Crush 41,837 43,556 43,140 44,318
Seed 3,250 3,350 3,400 3,300
FSR 3,250 3,350 3,400 3,300
Total_domestic 45,087 46,906 46,540 47,618
Exports 68,451 83,630 72,295 74,341
Total_use 113,538 130,537 118,835 121,959
Carry_out 12,195 2,845 3,710 6,303
crop_year 2017/18 2018/19 2019/20 2020/21
Yield 75.5% 76.2% 76.3% 76.1%
Crush 41,837 43,556 43,140 44,318
Carry_in 1,233 2,144 1,785 1,457
Production 31,577 33,185 32,909 33,746
Imports 2 0 1 1
Total_supply 32,812 35,330 34,695 35,204
Total_domestic 16,860 17,110 17,538 18,000
Exports 13,808 16,435 15,700 15,237
Total_use 30,668 33,544 33,238 33,237
Carry_out 2,144 1,785 1,457 1,968

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• Grains Business Unit
• Global SnD Meetings
Brazil Export Demand Monthly

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• Grains Business Unit
• Global SnD Meetings
Brazil Crush Demand Monthly

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• Grains Business Unit
• Global SnD Meetings
Argentina Soy S&D
• Year end stock build up +1mmt
crop_year 2017/18 2018/19 2019/20 2020/21
Planted 18,806 18,000 17,700 17,600
Harvested 17,346 16,800 16,660 16,600
Abandonment 7.8% 6.7% 5.9% 5.7%
Yield 3.17 2.15 3.35 3.20
Carry_in 2,982 6,399 4,428 5,961
Production 55,061 36,036 55,794 53,037
Imports 2,014 7,477 3,257 2,201
Total_supply 60,057 49,911 63,479 61,199
Crush 41,253 36,496 42,004 42,000
Feed 3,300 3,400 3,600 3,600
Seed 1,800 1,770 1,760 1,820
FSR 5,100 5,170 5,360 5,420
Total_domestic 46,353 41,666 47,364 47,420
Exports 7,306 3,818 10,154 7,113
Total_use 53,658 45,484 57,518 54,533
Carry_out 6,399 4,428 5,961 6,666

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• Grains Business Unit
• Global SnD Meetings
US Soy S&D
• 2021 stock draw down -5mmt
crop_year 2017/18 2018/19 2019/20 2020
Planted 90.16 89.20 76.46 85
Harvested 89.54 87.59 75.50 84
Abandonment 0.7% 1.8% 1.3% 1
Yield 49.2 50.6 46.5 5
Carry_in 302 438 913 6
Production 4,412 4,428 3,511 4,2
Imports 23 15 11
Total_supply 4,736 4,882 4,435 4,8
Crush 2,055 2,091 2,113 2,1
Residual (0) 35 33
Seed 104 89 99
FSR 104 124 132 1
Total_domestic 2,158 2,215 2,246 2,2
Exports 2,140 1,753 1,579 2,2
Total_use 4,298 3,969 3,825 4,4
Carry_out 438 913 609 3
Stu 10.2% 23.0% 15.9% 8

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• Grains Business Unit
• Global SnD Meetings
G3 stocks
• G3 stocks draw down by -15mmt
• Bzl -6m, Arg -1m, US -8m
• Still heavy but much less so vs 18/19
• Demand Flags: China and ROW

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• Dubai – January 2019
• Grains Business Unit
• Global SnD Meetings
Soybean March Contract

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Basis: North China CFR price curve quality adjusted (cts/bu)

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Thank you