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2013-14 Post Harvest Special Grain Market Outlook and Strategies for Jacksonville & Terre Haute Presented by: Joseph Aiello 12/06-07/13

Disclaimer: Futures/options trading involves substantial risk of loss and trading may not be suitable for all investors. You should fully understand those risks prior to trading. Past financial results are not necessarily indicative of future performance. This material should be construed as the solicitation of an offer to sell or the solicitation of an offer to buy the derivative(s) noted in any jurisdiction where such an offer or solicitation would be legal. These materials have been created for a select group of individuals, and are intended to be presented with the proper context and guidance. Information contained herein was obtained from sources believed to be reliable, but is not guaranteed as to its accuracy. These materials represent the opinions and viewpoints of the author, and do not necessarily reflect the viewpoints and trading strategies employed by Roach Ag Marketing, Ltd. Roach Ag. Marketing is not responsible for any redistribution of this material by third parties, or any trading decisions taken by persons not intended to view this material. Information contained herein was obtained from sources believed to be reliable, but is not guaranteed as to its accuracy. Contact Roach Ag. Marketing designated personnel for specific trading advice to meet your trading preferences. These materials represent the opinions and viewpoints of the author, and do not necessarily reflect the viewpoints and trading strategies employed by Roach Ag. Marketing.

Money Flow has been Negative Grains

Into harvest; specs net long just 14,689 contracts 800,000 700,000 600,000 500,000 400,000 300,000 200,000 100,000 0-100,000-200,000-300,000 CBOT Grains - COT - Futures Only Non-Commercial Net Position Number Of Contracts 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14 The Hightow er Report Source: CFTC Max: 760,115 (2/8/2011) - Min: -234,365 (2/8/2005) - Most Recent: 14,689 (10/15/2013)

Speculators still net long 86,784 contracts late into harvest

Record net short into heart of harvest

SOYBEANS

1992/93 1993/94 1994/95 1995/96 1996/97 1997/98 1998/99 1999/00 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 Million Tons 280.00 World Soybeans Total Use 260.00 240.00 220.00 200.00 180.00 160.00 140.00 120.00 100.00 80.00 Source: USDA WASDE

1992/93 1993/94 1994/95 1995/96 1996/97 1997/98 1998/99 1999/00 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 Million Tons World Soybeans Production 300.00 280.00 260.00 240.00 220.00 200.00 180.00 160.00 140.00 120.00 100.00 80.00 Source: USDA WASDE

Source: USDA WASDE

2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 Days of Supply World Soybeans Ending Stocks Days of Supply 110.0 100.0 90.0 80.0 70.0 60.0 50.0 40.0 30.0 Source: USDA WASDE

93-94 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 11-12 12-13 13-14 Million Bushels US Soybean Production 3700 3500 3300 3100 2900 2700 2500 2300 2100 1900 1700 Source: USDA WASDE

Source: FCStone, LLC.

Why China Needs Beans Source: USDA, Martell Crop Projections

93-94 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 11-12 12-13 13-14 Days of Supply 80 U.S. bean ending US Soybean Ending stocks Stocks growing but Days of Supply will be tight 60 40 20 0 Source: USDA WASDE

January 2014 Soybeans Source: Futuresource

Soybean Outlook In late August the weather was nearly ideal for lateplanted corn and soybeans. Since August 26th December Corn has declined 16.1%, while January Soybeans have fallen just 9.8%. January Soybean selling resistance comes in at $13.20, with $12.60 as support. If January Soybeans follow the path of December Corn, additional support points will come in at $12.40 and $12.00

CORN

1991/92 1992/93 1993/94 1994/95 1995/96 1996/97 1997/98 1998/99 1999/00 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 Million Tons 1250.00 World Coarse Grain Total Use 1200.00 1150.00 1100.00 1050.00 1000.00 950.00 900.00 850.00 800.00 750.00 Source: USDA

1991/92 1992/93 1993/94 1994/95 1995/96 1996/97 1997/98 1998/99 1999/00 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 Million Tons 1300.00 1250.00 1200.00 1150.00 1100.00 1050.00 1000.00 950.00 900.00 850.00 800.00 750.00 700.00 World Coarse Grain Production Source: USDA WASDE

Source: USDA NASS

1960/1961 1961/1962 1962/1963 1963/1964 1964/1965 1965/1966 1966/1967 1967/1968 1968/1969 1969/1970 1970/1971 1971/1972 1972/1973 1973/1974 1974/1975 1975/1976 1976/1977 1977/1978 1978/1979 1979/1980 1980/1981 1981/1982 1982/1983 1983/1984 1984/1985 1985/1986 1986/1987 1987/1988 1988/1989 1989/1990 1990/1991 1991/1992 1992/1993 1993/1994 1994/1995 1995/1996 1996/1997 1997/1998 1998/1999 1999/2000 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005 2005/2006 2006/2007 2007/2008 2008/2009 2009/2010 2010/2011 2011/2012 2012/2013 2013/2014 Million Tons U.S. and Foreign Corn Exports 90 United States Foreign 80 70 60 50 40 30 20 10 0 Source: USDA PSD

1991/92 1992/93 1993/94 1994/95 1995/96 1996/97 1997/98 1998/99 1999/00 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 Days of Supply 90.0 World Coarse Grains Ending Stocks Days of Supply World coarse grain supplies still tight 80.0 70.0 60.0 50.0 40.0 30.0 Source: USDA WASDE

92/93 93/94 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 11/12 12/13 13/14 Million Bushels US Corn Production 15000 14000 13000 12000 11000 10000 9000 8000 7000 6000 5000 Source: USDA WASDE

92/93 93/94 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 11/12 12/13 13/14 Million Bushels US Corn Exports 2400 2200 2000 1800 1600 1400 1200 1000 800 600 Source: USDA WASDE

Source: FCStone, LLC.

92/93 93/94 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 11/12 12/13 13/14 Million Bushels Corn Used for Ethanol 5100 4600 4100 3600 3100 2600 2100 1600 1100 600 100 Source: USDA WASDE

24 23 22 21 Ethanol Stocks (Million Barrels) 2013-14 2012-13 2011-12 20 19 18 17 16 15 14 Source: EIA; Grind Rate: 2.75

92/93 93/94 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 11/12 12/13 13/14 Million Bushels US Corn and DDG Feed Usage 7200 6800 6400 6000 5600 5200 4800 4400 4000 Source: USDA WASDE

1,100.00 1,000.00 900.00 800.00 U.S. DDG Exports (thousand tons) 2012 2013 5-Yr Avg YTD Exports: +30% than 5-yr Avg 17% above last year 700.00 600.00 500.00 400.00 Source: USDA FAS

2013 Top 5 DDG Export Destinations Rank Country % of Total 1 China 41.0% 2 Mexico 13.5% 3 Canada 5.7% 4 South Korea 4.3% 5 Vietnam 4.3% Source: USDA FAS

92/93 93/94 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 11/12 12/13 13/14 Days of Supply Stocks will be tighter than currently estimated due to smaller crop / bigger usage US Corn Ending Stocks Days of Supply 100 80 60 40 20 0 Source: USDA WASDE

March 2014 Corn Source: Futuresource

CORN OUTLOOK Corn yields of 160.4 bushel per acre are priced in market Keep in mind that if China were to replace just 1% of their holdings of US Treasuries with corn for their reserves, this would amount to 73.1 million tonnes (2.88 billion bushels). Safety net of crop insurance is lower. Dec corn remains in a downtrend for now. Will weather stay quiet, it could but not probable. New crop lows should be in by early 2014. Readjust profit expectations.

1991/92 1992/93 1993/94 1994/95 1995/96 1996/97 1997/98 1998/99 1999/00 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 Million Tons 720.0 World Wheat Total Usage 700.0 680.0 660.0 640.0 620.0 600.0 580.0 560.0 540.0 520.0 Source: USDA

1991/92 1992/93 1993/94 1994/95 1995/96 1996/97 1997/98 1998/99 1999/00 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 Million Tons 700.0 World Wheat Production 675.0 650.0 625.0 600.0 575.0 550.0 525.0 500.0 Source: USDA WASDE

Source: USDA NASS

1991/92 1992/93 1993/94 1994/95 1995/96 1996/97 1997/98 1998/99 1999/00 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 Days of supply World Wheat World wheat stocks tightening Ending Stocks in Days of Supply 130.0 110.0 90.0 70.0 50.0 Source: USDA WASDE

93/94 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 11/12 12/13 13/14 Million Bushels US Wheat Production 2500 2000 1500 1000 Source: USDA WASDE

93/94 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 11/12 12/13 13/14 Million Bushels US Wheat Exports Million Bushels 1400 1300 1200 1100 1000 900 800 700 600 500 400 300 200 Source: USDA WASDE

Source: FCStone, LLC

93/94 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 11/12 12/13 13/14 Days of Supply US Wheat Ending Stocks Days of Supply 200 180 160 140 120 100 80 60 40 20 0 Source: USDA WASDE

March 2014 Chicago Wheat Source: Futuresource

How Should U.S. Farmers Market Their Crops in 2013-14

The Roach Ag Plan $8.00 $7.50 $7.00 $6.50 $6.00 $5.50 Sell New Crop Corn Buy Puts on Balance Buy calls on sold grain in buy signals Sell Balance of Old Crop Repeat New Crop Strategy $5.00 $4.50 Don't Sell Here! Reownership $4.00 Mar Apr May Jun Oct Nov Mar Apr May Jun Oct Nov Past performance is not necessarily indicative of future results

Focus the majority of sales in the 1 st half of the year Best Prices Usually Occur in March to June Past performance is not necessarily indicative of future results

Sell only when markets are giving us a Roach Ag Sell Signal

December 2009 Corn Sales

December 2010 Corn Sales

December 2011 Corn Sales

December 2012 Corn Sales

December 2013 Corn Sales

November 2010 Bean Sales

November 2011 Bean Sales

November 2012 Bean Sales

November 2013 Bean Sales

Average Corn Futures Price - Front Month -- Highest Priced Months of the Year in Yellow -- Year Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 2003-04 2.28 2.37 2.40 2.43 2.69 2.88 3.09 3.16 3.04 2.80 2.31 2.26 2004-05 2.15 2.03 1.98 2.02 2.01 2.08 2.16 2.08 2.15 2.19 2.38 2.13 2005-06 2.08 2.01 1.91 2.06 2.15 2.24 2.32 2.37 2.47 2.39 2.48 2.33 2006-07 2.52 3.06 3.59 3.78 3.92 4.18 3.91 3.61 3.80 3.60 3.30 3.30 2007-08 3.61 3.64 3.81 4.32 4.93 5.28 5.53 5.93 6.03 7.04 6.31 5.53 2008-09 5.16 4.22 3.70 3.78 3.89 3.61 3.86 3.91 4.23 3.86 3.35 3.33 2009-10 3.32 3.70 4.01 4.05 3.79 3.76 3.59 3.65 3.66 3.51 3.83 4.23 2010-11 4.87 5.41 5.52 6.04 6.41 7.07 6.81 7.51 7.27 6.96 6.64 7.38 2011-12 6.51 6.28 6.16 6.24 6.32 6.47 6.41 6.33 5.84 6.16 7.59 8.06 2012-13 7.59 7.55 7.42 7.17 7.21 7.11 7.05 6.68 6.52 5.91 5.17 4.86 2013-14 4.59 4.35 4.24 10 YR AVG 4.24 4.23 4.23 4.19 4.33 4.47 4.47 4.52 4.50 4.44 4.34 4.34 Avoid Sept and Oct Source: Futuresource, CBOT Past performance is not necessarily indicative of future results

Average Corn Futures Price - Front Month -- Highest Priced Months of the Year in Yellow -- Year Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 2008-09 5.16 4.22 3.70 3.78 3.89 3.61 3.86 3.91 4.23 3.86 3.35 3.33 2009-10 3.32 3.70 4.01 4.05 3.79 3.76 3.59 3.65 3.66 3.51 3.83 4.23 2010-11 4.87 5.41 5.52 6.04 6.41 7.07 6.81 7.51 7.27 6.96 6.64 7.38 2011-12 6.51 6.28 6.16 6.24 6.32 6.47 6.41 6.33 5.84 6.16 7.59 8.06 2012-13 7.59 7.55 7.42 7.17 7.21 7.11 7.05 6.68 6.52 5.91 5.17 4.86 2013-14 4.59 4.35 4.24 5 YR AVG 5.38 5.46 5.47 5.46 5.52 5.60 5.54 5.62 5.50 5.28 5.32 5.57 Avoid Sept and Oct Source: Futuresource, CBOT Past performance is not necessarily indicative of future results

Average Soybean Futures Price - Front Month -- Highest Priced Months of the Year-- Year Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 2003-04 6.48 7.55 7.62 7.70 8.19 8.93 9.87 10.08 8.94 8.78 7.45 6.08 2004-05 5.66 5.26 5.33 5.44 5.29 5.78 6.40 6.24 6.58 6.84 6.90 6.22 2005-06 5.79 5.73 5.69 5.91 5.93 5.84 5.79 5.80 5.92 5.91 5.89 5.55 2006-07 5.47 6.04 6.69 6.71 7.02 7.61 7.55 7.42 7.82 8.39 8.55 8.46 2007-08 9.61 9.83 10.58 11.66 12.68 14.42 13.22 12.74 13.33 15.15 14.69 13.05 2008-09 11.30 9.38 8.97 9.13 9.94 9.14 9.25 10.25 11.46 11.69 10.54 10.36 2009-10 9.35 9.60 10.27 10.37 9.67 9.47 9.47 9.80 9.54 9.43 9.89 10.19 2010-11 10.84 11.72 12.56 13.56 14.00 13.73 13.70 13.75 13.62 13.38 13.51 14.03 2011-12 12.70 12.15 11.55 11.73 11.98 12.82 13.75 14.72 13.97 14.32 16.40 17.03 2012-13 16.49 15.45 14.61 14.40 14.35 14.58 14.29 13.98 14.74 14.67 13.38 13.31 2013-14 13.24 12.87 13.08 10 YR AVG 10.05 9.80 9.93 9.66 9.91 10.23 10.33 10.48 10.59 10.86 10.72 10.43 Avoid Sept and Oct Source: Futuresource, CBOT Past performance is not necessarily indicative of future results

Average Soybean Futures Price - Front Month -- Highest Priced Months of the Year-- Year Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 2008-09 11.30 9.38 8.97 9.13 9.94 9.14 9.25 10.25 11.46 11.69 10.54 10.36 2009-10 9.35 9.60 10.27 10.37 9.67 9.47 9.47 9.80 9.54 9.43 9.89 10.19 2010-11 10.84 11.72 12.56 13.56 14.00 13.73 13.70 13.75 13.62 13.38 13.51 14.03 2011-12 12.70 12.15 11.55 11.73 11.98 12.82 13.75 14.72 13.97 14.32 16.40 17.03 2012-13 16.49 15.45 14.61 14.40 14.35 14.58 14.29 13.98 14.74 14.67 13.38 13.31 2013-14 13.24 12.87 13.08 5 YR AVG 12.52 12.36 12.41 11.84 11.99 11.95 12.09 12.50 12.67 12.70 12.74 12.98 Avoid Sept and Oct Source: Futuresource, CBOT Past performance is not necessarily indicative of future results

Average Chicago Wheat Futures Price - Front Month -- Highest Priced Months of the Year in Yellow-- Year Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 2003-04 3.34 3.67 3.55 3.58 3.88 3.81 3.90 3.80 3.97 3.91 3.75 3.52 2004-05 3.23 3.10 3.17 3.13 2.99 3.01 2.97 3.21 3.41 3.17 3.25 3.26 2005-06 3.34 3.13 3.34 3.28 3.07 3.27 3.38 3.62 3.59 3.52 3.92 3.78 2006-07 3.97 3.89 4.28 4.92 4.96 4.97 4.68 4.72 4.50 4.71 5.03 5.76 2007-08 6.19 7.27 8.99 8.54 8.34 9.14 9.34 11.02 10.59 8.52 7.79 8.54 2008-09 8.17 8.20 7.02 5.74 5.42 5.66 5.87 5.35 5.31 5.35 6.07 5.81 2009-10 5.29 5.05 4.64 5.02 5.58 5.51 5.07 5.02 4.73 4.85 4.77 4.65 2010-11 6.02 7.07 6.93 6.96 6.92 7.75 8.20 8.11 7.52 7.88 7.81 6.67 2011-12 6.64 7.43 6.68 6.30 6.09 6.29 6.42 6.58 6.50 6.42 6.53 7.08 2012-13 8.64 8.86 8.94 8.70 8.70 8.07 7.72 7.34 7.03 7.03 7.05 6.76 2013-14 6.68 6.48 6.70 6.82 6.61 10 YR AVG 5.82 6.05 6.07 5.62 5.60 5.75 5.76 5.88 5.72 5.54 5.60 5.58 Source: Futuresource, CBOT Past performance is not necessarily indicative of future results

Average Chicago Wheat Futures Price - Front Month -- Highest Priced Months of the Year in Yellow-- Year Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 2008-09 8.17 8.20 7.02 5.74 5.42 5.66 5.87 5.35 5.31 5.35 6.07 5.81 2009-10 5.29 5.05 4.64 5.02 5.58 5.51 5.07 5.02 4.73 4.85 4.77 4.65 2010-11 6.02 7.07 6.93 6.96 6.92 7.75 8.20 8.11 7.52 7.88 7.81 6.67 2011-12 6.64 7.43 6.68 6.30 6.09 6.29 6.42 6.58 6.50 6.42 6.53 7.08 2012-13 8.64 8.86 8.94 8.70 8.70 8.07 7.72 7.34 7.03 7.03 7.05 6.76 2013-14 6.68 6.48 6.70 6.82 6.61 5 YR AVG 6.65 6.98 6.78 6.54 6.54 6.66 6.66 6.48 6.22 6.31 6.45 6.19 Source: Futuresource, CBOT Past performance is not necessarily indicative of future results

Figure out the percentage of bushels you are comfortable selling each and every spring and tie that % to the your crop insurance policy coverage level / farm profits

Basic Market Plan Farm Name: Phone: Date: Account #: Unpriced grain Old Crop # of sell signals Bushels to sell per sell signal in spring of '13 Approximate bushels to sell per day for 5 days 2012 Corn 4 0 0 2012 Beans 4 0 0 2012 Wheat 4 0 0 Acres Expected Yield 2013 Production New Crop Plan to Forward Price Bushels already sold Bushels to Sell Spring of '13 # of Sell Signals Bushels to Sell Per Sell Signal in Spring of '13 2013 Corn 0 50% 0 4 0 0 2013 Beans 0 50% 0 4 0 0 2013 Wheat 0 50% 0 4 0 0 Approximate Bushels To Sell per Day Put Options Unsold Bushels Estimated Number of Sell Signals Put Contracts to buy per Sell Signal Total Contracts 2013 Corn 0 4 0 0 2013 Beans 0 4 0 0 2013 Wheat 0 4 0 0 Notes: Call Options Sold Bushels Estimated Number of Buy Signals Call Contracts to buy per Buy Signal Total Contracts 2013 Corn 0 4 0 0 2013 Beans 0 4 0 0 2013 Wheat 0 4 0 0 Roach Ag Marketing 800-622-7628 www.roachag.com Roach Ag Marketing

Make sure you have enough on-farm or other owned storage to hold the balance of a crop with room for upside in yields.

Make sure you sell enough in the spring prior to harvest to generate necessary cashflow from harvest through February

Take Away s Price plateau has changed for corn New crop is weather and whether it stays quiet or not US farmer will continue to dominate corn production The safety net for crop insurance is lower Link profits and peaks (Your yield forecast X price) Cover aggressive sales with calls Protect stored grain with puts Look out to 2015 this summer.

Roach Ag Marketing, Ltd. 568 East Yamato Road Suite 200 Boca Raton, FL 33431 +1-561-994-9394 jaiello@roachag.com http://www.roachag.com

Weekly Ethanol Corn Grind (Million Bu) 110 2011-12 2012-13 2013-14 13-14 USDA Est. 105 100 95 90 85 80 Source: EIA; Grind Rate: 2.75

Source: FCStone, LLC

4/1/2005 7/1/2005 10/1/2005 1/1/2006 4/1/2006 7/1/2006 10/1/2006 1/1/2007 4/1/2007 7/1/2007 10/1/2007 1/1/2008 4/1/2008 7/1/2008 10/1/2008 1/1/2009 4/1/2009 7/1/2009 10/1/2009 1/1/2010 4/1/2010 7/1/2010 10/1/2010 1/1/2011 4/1/2011 7/1/2011 10/1/2011 1/1/2012 4/1/2012 7/1/2012 10/1/2012 1/1/2013 4/1/2013 7/1/2013 Ethanol Exports vs Price $4.00 $3.50 $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $- Price Exports 200 180 160 140 120 100 80 60 40 20 0 Source: USDA FAS, Futuresource

Brazil Soybeans

Brazil Soybeans Source: NOAA

Argentina Soybeans

Argentina Soybeans Source: NOAA

Source: NOAA

Source: Martell Crop Projections