SCOULAR Market Update - Key Insight

Organic Demand Trends

• Organic poultry inventories are growing fast:

o Layers: Up 15% to 30 million head.

o Broilers: Up nearly 7% to 206 million head.

• Beef cattle and cattle on grass inventories are up 2%

• Feed demand for high-protein grains is expected to rise 7.3%

Organic Corn Outlook

• Production: Estimated at 54.8 million bushels, up 1.4%

• Harvested Acres: About 434,000 acres, up 1.3%

• Yield: Steady at 126 bu/acre

• Imports: Whole corn imports projected to rise 14% due to strong feed demand and Black Sea Supply.

• Feed Use: Expected to Increase 6.9%

Organic Soybean Outlook

• Production: Down slightly to 11.1 million bushels (-1.9%)

• Harvested Acres: Flat at 320,000 acres

• Imports: Whole soybeans are down 7.3%; Meal imports are down 10%

• Feed Demand: Up 7% for soybean meal

Organic Wheat Outlook

• Current Year: Production down 2.4% to 26.1 million bushels due to drought in WY, SD, MT.

• Next Year: Expected to rebound to 25.1 million bushels (+3.8%) from better yields and acreage

What This Mean for You

• Strong feed demand will support organic grain prices.

• Corn and soybean imports may affect market dynamics - watch for pricing shifts.

• Wheat recovery is expected next year; consider planning acreage accordingly.

Questions or More Information?

Contact:

Matt O'Hern - mohern@scoular.com | 816-827-5115