McKeany-Flavell Hot Commodity Podcast

Wheat rallying off Black Sea export constraints Will we re-test the early May highs? Inflation cools and consumer sentiment climbs, but for how long? Iran threatens to close another strait connecting the Red Sea, potentially shutting in more crude oil Index funds retreated in June from record levels Could buying reignite if crude prices remain elevated? Don’t miss our next live webinar! Behind the Packaging Price: What Resin Markets Are Telling Buyers Right Now With special guest, Michael Workman, Executive Director at RTi Global/ResinSmart Clients, check your inbox. Everyone else can register by going to mckeany-flavell.com Host/Expert: Eric Thornton, Vice President Expert: Shawn Bingham, Director of Commodity Risk Management

Corn & soy complex U.S. corn ending stocks growing tighter for 2026/27 Less carry-in, more production, and more exports for U.S. soybeans Soybean oil balance sheet unchanged but external factors carrying more weight with prices Wheat U.S. wheat ending stocks decline further by 22 million bushels Wheat crop in the U.S. projected smallest since 1970 at 1.536 million bushels Thankfully, weaker U.S. demand is keeping stocks-to-use ratio declines in check Sugar Beet forecasts lower due to crop development and weather concerns Mexico’s baseline imports set Food deliveries set little higher than expected Host: Michael Caughlan, President & CEO Expert: Eric Thornton, Vice President Expert: Nicole Thomas, Vice President – Information Services

USMCA trade pact update: The details How will it impact Suspension Agreements? Will Mexico target HFCS imports? Host: Michael Caughlan, President & CEO Expert: Kevin Combs, Vice President – Global Sweeteners Specialist  

How are things looking for sugar, spring wheat, corn, and soybeans? Record potentials? Looming threats? Heatwaves in the U.S. and France are coming: How concerning are they? Acreage and stock expectations for next Tuesday’s reports More corn? Not a client on McKeany-Flavell’s IQ Intelligence Platform? Visit mckeany-flavell.com to learn more! Commodity dashboards Dynamic data & interactive charts Analytics & calculators Price forecasts Downloadable data, charts, and tables Host: Craig Ruffolo, Vice President – Commodity Specialist Expert: Eric Thornton, Vice President

Exiting forward guidance Five new tasks forces to help steer policy Hawkish tone in general A commitment to deliver price stability Next week, don’t miss our Live Seasonal Market Outlook webinar! Wed., June 24, 2026 at 2pm ET / 11am PT Clients, invites are going out now, or anyone can sign up now at mckeany-flavell.com Host: Michael Caughlan, President & CEO Expert: Shawn Bingham, Director of Commodity Risk Management

Corn & soy complex U.S. corn crop looks great so far, much to be determined regarding global production for 2026/27 Bio-based diesel consumption of vegetable oil indicated as strong domestically and globally. Wheat Small crops get smaller…. Hard Red winter wheat lowered another 18 million bushels Stocks down 20% YOY at now 744 million bushels Spring wheat crop conditions are excellent: could help increase the all-wheat yield in the future Sugar US sugar production increase was the headline: up +253,000 short tons USDA decided to increase food demand by +126,000 tons; is it real demand? Stocks to use improved from 13.5 to 14.3 percent = adequately balanced Live Seasonal Market Outlook Webinar Wed., June 24, 2026 at 2pm ET / 11am PT Sign up now at mckeany-flavell.com Host: Shawn Bingham, CAIA, Director of Risk Management Expert: Nicole Thomas, Vice President – Information Services Expert: Eric Thornton, Vice President

Corn crop in the ground on time Will it lose acres to soybeans? Entering a high-demand period Will the upcoming World Cup provide a spike in HFCS use? Next week: Ingredion must announce its intention to make a formal bid for Tate & Lyle Our next webinar: Seasonal Market Outlook Wed., June 24, 2026 at 2pm ET / 11am PT Invites rolling out soon! Host: Michael Caughlan, President & CEO Expert: Craig Ruffolo, Vice President – Commodity Specialist

Looking toward the “futures” and determining “good value” Soybean oil futures market evolution since the start of the Iran war What happened in deferred contracts? Is palm oil next? Comparing the last strong El Niño event against an impending one A look at pricing dynamics for Malaysian palm oil futures (BMD exchange) Not a client on McKeany-Flavell’s IQ Intelligence Platform? Visit iq.mckeany-flavell.com to learn more! Commodity dashboards Dynamic data & interactive charts Analytics & calculators Price forecasts Downloadable data, charts, and tables Our next webinar: Seasonal Market Outlook Wed., Jun 24, 2026 at 2pm ET / 11am PT Invites rolling out soon! Host: Michael Caughlan, President & CEO Expert: Nicole Thomas, Vice President – Information Services  

Sugar Beet crop progress is a mixed bag but still optimistic for a good crop Cane production appears to be progressing well despite winter freeze Sweets & Snacks Expo Who attended this year? Flavors and promotions seen on the floor Nostalgic brands and lots of sour! What was Mike’s favorite candy? Save the date for our next webinar! Seasonal Market Outlook Wed., June 24, 2026 at 2pm ET / 11am PT Invites rolling out soon! Host: Michael Caughlan, President & CEO Expert: Kevin Combs, Vice President – Global Sweeteners Specialist

Forecasted Super El Niño and its effect on cocoa Expect dry conditions: Is it already occurring? High fertilizer prices and how they will impact 2026/27 production Chocolate manufacturers heeding the demand of consumers What are some alternatives for cocoa content? Don’t miss next week’s webinar! Wheat Market Update Wed., May 20, 2026 at 2pm ET / 11am PT Clients, invites are going out now, or anyone can sign up now at mckeany-flavell.com Host: Michael Caughlan, President & CEO Expert: Marilyn Adutwum, Data Analyst

Wheat Wow! goes the WASDE for wheat USDA gives bullish outlook Another wow! Hard red winter wheat production down 36% YOY 2026/27 ending stocks projected down sharply Corn & soy complex 2025/26 changes relatively nominal Corn stocks to tighten in 2026/27 New crop soybean and soybean oil balance sheets show more of the same (in some regards) Sugar 2025/26 ending stocks up on higher imports 2026/27 sugar production forecast to fall, with beet down how much? U.S. sugar beet plantings slow, but improving in the last week Our next webinar: Wheat Market Update Wed., May 20, 2026 at 2pm ET / 11am PT Clients, invites are going out now, or anyone can sign up now at mckeany-flavell.com Host: Michael Caughlan, President & CEO Expert: Eric Thornton, Vice President Expert: Nicole Thomas, Vice President – Information Services Expert: Kevin Combs, Vice President – Global Sweeteners Specialist

How to build a product for the long term in the GLP-1 space How to market to Gen Z and Millennials Combating “wellness fatigue” as a brand with a case study See Sarah at Sweets & Snacks Expo, Supplier Showcase, May 18 at 2pm Our next webinar: Wheat Market Update Wed., May 20, 2026 at 2pm ET / 11am PT Clients, invites are going out now, or anyone can sign up now at mckeany-flavell.com Happy Mother’s Day! Host: Michael Caughlan, President & CEO Expert: Sarah Muller, Senior Director of Global Flavor Solutions at Jogue

Planting progress: Idaho is 83% planted, well ahead of normal Plains region looking average Red River Valley and Michigan, slow to start What’s the reason? Latest update on the Farm Bill Clarity for farmers? Host: Michael Caughlan, President & CEO Expert: Kevin Combs, Vice President – Global Sweeteners Specialist

Ceasefire talks back on in Pakistan Is WTI crude oil stabilizing? What’s the Fed’s next move? Clients favoring risk aversion Did you miss our U.S. Economy Update Webinar: Critical Inflection Point on Wednesday? Watch now on our IQ platform! Not an IQ subscriber? Reach out to us to learn more! Host: Michael Caughlan, President & CEO Expert: Shawn Bingham, Director of Commodity Risk Management

News of transit through the Strait of Hormuz collapses crude oil futures Spillover effect pressuring soybean and palm oil futures What’s the timeline for a return to “normal” markets? A quick review of the current fundamentals Our next webinar: U.S. Economy Update Webinar Wed., April 22, 2026 at 2pm ET / 11am PT Clients, invites are going out now, or anyone can sign up now at mckeany-flavell.com Host: Craig Ruffolo, Vice President – Commodity Specialist Expert: Nicole Thomas, Vice President – Information Services

Sugar Higher sugar imports leads to offsetting higher deliveries Stocks-to use ratio left unchanged Wheat U.S. and wheat global stocks rise, leading to a neutral to bearish April WASDE Expect more changes in the May WASDE to food and export demand, and new-crop 2026/27 first looks Corn & soy complex U.S. corn balance sheet unchanged, global ending stocks improve Soybean supplies remain adequate in the U.S., ample globally More food use of soybean oil? What will be the real stocks level for U.S. soybean oil? Our next webinar: U.S. Economy Update Webinar Wed., April 22, 2026 at 2pm ET / 11am PT Clients, invites are going out now, or anyone can sign up now at mckeany-flavell.com Host: Michael Caughlan, President & CEO Expert: Nicole Thomas, Vice President – Information Services Expert: Eric Thornton, Vice President Expert: Kevin Combs, Vice President – Global Sweeteners Specialist

Weather Winter wheat relief ahead? Potential for rains that are desperately needed 65% of U.S. winter wheat in drought conditions: Highest since 2022 Jobs Headline jobs data beats expectations Wage growth is easily outpacing inflation Underlying long-term trends are still concerning Save the date for our next webinar! Economy Update Webinar Wed., April 22, 2026 at 2pm ET / 11am PT Invites to be out soon Host: Craig Ruffolo, Vice President – Commodity Specialist Expert: Eric Thornton, Vice President Expert: Shawn Bingham, Director of Commodity Risk Management

Corn & soy complex Corn and soybean acres fall within acreage expectations, but what will the numbers actually look like by late June? Stocks seem adequate for both corn and soybeans The difference maker will be where those stocks reside Wheat Not the best fundamental news for wheat buyers All wheat acres forecasted at an all-time low of 43.8 million acres 2026/27 production decline risk is very likely with fewer acres, and the hard red winter wheat crop is currently dealing with a weather issue Ending stocks up 5%: Deficit risk in the long term? Sugar Beet sugar area down 1.5% Host/Expert: Kevin Combs, Vice President – Global Sweeteners Specialist Expert: Nicole Thomas, Vice President – Information Services Expert: Eric Thornton, Vice President  

Forfeitures or no forfeitures is a big question Nearly 1.0 billion lbs of sugar under loan in Idaho Is that a real threat? March planting intentions coming out on Tuesday What to expect: Slight decline compared to last year? Did you miss our Seasonal Market Outlook Webinar on Wednesday? Watch now on our IQ platform! Not an IQ subscriber? Reach out to us to learn more! Host/Expert: Kevin Combs, Vice President – Global Sweeteners Specialist Expert: Craig Ruffolo, Vice President – Commodity Specialist

W.W.W. Weather + War + Wheat = volatility! Current conditions for winter wheat are growing concerning Some better hope for rain in April? W.E.I. War + Energy + Inflation = economic chaos! Iran waging economic war via energy Inflation expectations are rising Most Fed members now see the funds rate unchanged for 2026 Commodity buyers should be vigilant on near-term coverage Don’t miss our webinar next week! Seasonal Market Outlook Webinar: Navigating the Opportunities & Risks Ahead Wed., March 25, 2026 at 2pm ET / 11am PT Clients, be on the lookout for your invite next week, or anyone can sign up now at mckeany-flavell.com Host: Michael Caughlan, President & CEO Expert: Eric Thornton, Vice President Expert: Shawn Bingham, Director of Commodity Risk Management

Iran’s nuclear option is the Strait of Hormuz Emergency oil release reaction was muted Risk remains highly elevated Be proactive about adding soybean oil coverage Our next webinar is fast approaching! Seasonal Market Outlook Webinar: Navigating the Opportunities & Risks Ahead Wed., March 25, 2026 at 2pm ET / 11am PT Clients, be on the lookout for your invite next week, or anyone can sign up now at mckeany-flavell.com Host/Expert: Eric Thornton, Vice President Expert: Shawn Bingham, Director of Commodity Risk Management  

Corn & soy complex U.S. soy and corn balance sheets relatively unchanged Interesting changes to U.S. soybean oil consumption Wheat No changes in U.S. balance sheet Should USDA have increased exports? Attention shifting to new crop 2026/27 with 2025/26 set in stone Sugar Florida cane production lowered from early February freeze High-tier imports increased Our next webinar is fast approaching! Seasonal Market Outlook Webinar: Navigating the Opportunities & Risks Ahead Wed., March 25, 2026 at 2pm ET / 11am PT Clients, be on the lookout for your invite next week, or anyone can sign up now at mckeany-flavell.com Host: Michael Caughlan, President & CEO Expert: Nicole Thomas, Vice President – Information Services Expert: Eric Thornton, Vice President Expert: Kevin Combs, Vice President – Global Sweeteners Specialist  

New MAHA food pyramid could lead to changing consumption GLP-1 and weight management drugs grow in usage What’s a food and/or beverage manufacturer to do in this environment? Save the date for our next webinar! Seasonal Market Outlook Webinar: Navigating the Opportunities & Risks Ahead Wed., March 25, 2026 Clients, be on the lookout for your invite next week, or anyone can sign up now at mckeany-flavell.com Host: Michael Caughlan, President & CEO Expert: Nicole Thomas, Vice President – Information Services Expert: Marilyn Adutwum, Data Analyst

Held in beautiful Championsgate, FL: How was the weather? Demand for sugar and sweeteners pressured from growing GLP-1 use and SNAP restrictions Tariffs are off and then back on again? 2027 negotiations appear to be in no hurry Host: Michael Caughlan, President & CEO Expert: Kevin Combs, Vice President – Global Sweeteners Specialist

Wheat Wheat is worth watching now: futures rallying to six-month highs Long-term bearish outlook still most likely Sugar Sugar forfeiture risk and product reformulations will be two non-traditional drivers for the 2027 market Soy complex Trade and profitability: soybean supply and consumption may hinge on those factors Energy markets, be it biofuel or crude oil, soybean oil prices are at the mercy of energy markets, domestic politics, and the geopolitical environment  Corn Corn acreage and consumption: lower YOY acreage (with likely good carry-in for 2026/27) against feed consumption now, ethanol consumption later Host/Expert: Nicole Thomas, Vice President – Information Services Expert: Eric Thornton, Vice President

World demand down How’s the weather looking for the mid-crop season? What about surplus? What’s the recent news from Ghana? Arrival numbers have been hard to come by; now we know why! Current market price and recommendations for coverage going forward Happy Valentine’s Day! Host: Eric Thornton, VP Expert: Marilyn Adutwum, Data Analyst

Sugar Louisiana record cane crop boosted USDA cleans up 2024/25 delivery figures Wheat Changes minimal (as expected) for wheat Small decrease to food demand bumps up ending stocks Could we reach 1 billion bushels in ending stocks for new crop 2026/27? Corn & soy complex U.S. corn balance sheet showing slightly lower ending stocks; still neutral to bearish Nothing new and enlightening for soybeans or soybean oil, in the U.S. anyway Host: Michael Caughlan, President & CEO Expert: Kevin Combs, Vice President – Global Sweeteners Specialist Expert: Eric Thornton, Vice President Expert: Nicole Thomas, Vice President – Information Services

Why 2026 feels fundamentally different from prior resin cycles How polyethylene supply discipline and inventory management are driving price behavior The growing disconnect between resin indices and real transaction pricing Nonmarket adjustments and why they create confusion—and risk—for buyers What resin buyers should actually be watching right now Host: Nicole Thomas, Vice President – Information Services Guest Expert: Michael Workman, Growth Director at ResinSmart by RTi Global Guest Expert: Kevin Mekaru, Senior Business Unit Lead, Commodity Plastic Resin, RTi Global www.resinsmart.ai  

Fed leaves rates unchanged as expected Powell says the levels of uncertainty around employment and inflation have diminished Trump taps Kevin Warsh to head the Fed next PPI inflation comes in a little hot Host: Michael Caughlan, President & CEO Expert: Shawn Bingham, Director of Commodity Risk Management

ASGA is celebrating 50 years of excellence! What will be discussed? Farm incomes dropping Imperative to get beet payments up for the 2026/27 crop year Sugar growers going through generational change Need to support young farmers of America Is the rebound in beet sugar deliveries sustainable? Did you miss our Key Ingredients in 2026 Webinar on Wednesday? Watch now on our IQ platform! Not an IQ subscriber? Reach out to us to learn more! Host: Michael Caughlan, President & CEO Expert: Craig Ruffolo, Vice President – Commodity Specialist

Winter Wheat Seedings report Current look at winter wheat conditions and weather U.S. exports capped at 900 million bushels? Recommendations for strategy and coverage Join us next Wednesday, January 21 for our first webinar of the year! Key Ingredients in 2026 Webinar: Anticipate Volatility & Plan Effectively Clients, be on the lookout for your invite, or anyone can sign up now at mckeany-flavell.com Host: Craig Ruffolo, Vice President – Commodity Specialist Expert: Eric Thornton, Vice President  

Corn & soy complex Bearish surprise for U.S. corn via production Soybean ending stocks higher as a result of paltry export demand What gives with U.S. soybean oil stocks? Sugar Louisiana cane production forecast breaks record! Sugar deliveries forecast to drop, but by how much? Wheat Catch up with wheat S&D on this Friday’s pod! Join us Wednesday, January 21 for our first webinar of the year! Key Ingredients in 2026 Webinar: Anticipate Volatility & Plan Effectively Clients, be on the lookout for your invite, or anyone can sign up now at mckeany-flavell.com Host: Michael Caughlan, President & CEO Expert: Nicole Thomas, Vice President – Information Services Expert: Kevin Combs, Vice President – Global Sweeteners Specialist

Economy Lackluster headline jobs growth with revisions lower Unemployment rate reverses recent uptick Fed still eyes 50-basis-point rate cuts this year Weather NOAA’s latest forecast reveals a potential El Niño in H2 2026? What crops could be affected? Current conditions in the U.S. have been drier due to the weak La Niña weather pattern Join us on Wednesday, January 21 for our first webinar of the year! Key Ingredients in 2026 Webinar: Anticipate Volatility & Plan Effectively Clients, be on the lookout for your invite, or anyone can sign up now at mckeany-flavell.com Host: Michael Caughlan, President & CEO Expert: Shawn Bingham, Director of Commodity Risk Management Expert: Eric Thornton, Vice President

Corn wet milling Investments made will impact availability of liquid sweeteners Sugar World sugar stays under 17 cents per lb Brazil: Another monster crop STU goes up: 18% by summer More forfeitures during the summer months Wheat U.S. acreage at an all-time low Global production output to be more like last year’s than this year’s output (800 MMT vs. 837 MMT) Soy complex & edible oils Resurgence in biofuel production Conventional canola oil is the least expensive option for a good chunk of 2026 Impact of weight management drugs continues Anti-seed oil trend to pick up traction Economy & energy Three rate cuts during 2026: 2.75% to 3.00% CPI: 2.6% for 2026 Inflation likely to tick up by year's end Crude oil: $55 to $56 a barrel Happy New Year! Host: Michael Caughlan, President & CEO Expert: Craig Ruffolo, Vice President – Commodity Specialist Expert: Kevin Combs, Vice President – Global Sweeteners Specialist Expert: Eric Thornton, Vice President Expert: Nicole Thomas, Vice President – Information Services Expert: Shawn Bingham, Director of Commodity Risk Management

...and Nicole's got the mic, rhyming her way through a poem that is sure to be liked. Happy holidays from McKeany-Flavell! Host: Michael Caughlan, President & CEO Expert: Nicole Thomas, Vice President – Information Services

Soybean oil futures Why do we keep coming back to the same spot? Soybean oil in biofuels A combo of the known and unknown Food consumption Consumer trends of all forms to drive demand GLP-1s: A fad or here to stay? Host: Michael Caughlan, President & CEO Expert: Nicole Thomas, Vice President – Information Services

USDA punts any U.S. production changes to January Expect more volatility and market attention next month Corn The only change? Increase to exports  Soy complex No changes to the U.S. soybean balance sheet Wheat Ditto for U.S. wheat balance sheet: No changes Global wheat production rose further Now a 5% increase vs. 2024/25 Sugar Beet sugar production lowered, while cane increased Host: Michael Caughlan, President & CEO Expert: Eric Thornton, VP Expert: Kevin Combs, Vice President – Global Sweeteners Specialist

Ethanol from corn and high sugar share increasing Brazil production in 2024/25 Global surplus pressuring world # 11 sugar prices When will low prices impact production? Missed Wednesday’s webinar on Systematic Timing Models? Watch now on our IQ platform! Not an IQ subscriber? Reach out to us to learn more! Host: Michael Caughlan, President & CEO Expert: Kevin Combs, Vice President – Global Sweeteners Specialist

FOMC decision on Dec. 10 Crude oil production vs. demand Supreme Court ruling on Trump tariffs Dec. 9 WASDE Next Wednesday is our last webinar of 2025! Procurement Timing Models: Taking the Emotion Out of Procurement Wed., December 3, 11am PT / 2pm ET Clients, be on the lookout for your invite, or anyone can sign up now at mckeany-flavell.com Happy Thanksgiving! Host/Expert: Eric Thornton, VP Expert: Shawn Bingham, Director of Commodity Risk Management

Will the closure of refining cause some regional tightness? Burdensome inventories for both beet and cane Will it keep pressure on prices? The International Sweetener Colloquium is now on the radar! Come prepared to talk 2027 Mark your calendars for our next webinar! Procurement Timing Models: Taking the Emotion Out of Procurement Wed., December 3, 11am PT / 2pm ET Clients, be on the lookout for your invite, or anyone can sign up for both now at mckeany-flavell.com Host/Expert: Kevin Combs, Vice President – Global Sweeteners Specialist Expert: Craig Ruffolo, Vice President – Commodity Specialist  

Corn Downward revision to usage for feed and residual Soy complex Soybean carry-in lowered a bit Most puzzling was soybean oil! Wheat U.S. balance sheet as expected Higher production boosts U.S. stocks Global wheat production increases galore! Sugar Massive adjustments to sugar deliveries Both beet and cane production lowered Host: Michael Caughlan, President & CEO Expert: Nicole Thomas, Vice President – Information Services Expert: Kevin Combs, Vice President – Global Sweeteners Specialist Expert: Eric Thornton, VP

Q4 2025 snapshot of market conditions Is market softness present? Preparing for 2026 with budget considerations Not a client on McKeany-Flavell’s IQ Intelligence Platform? Visit mckeany-flavell.com to learn more! Commodity dashboards Dynamic data & interactive charts Analytics & calculators Price forecasts Downloadable data, charts, and tables Host: Nicole Thomas, Vice President – Information Services Guest Expert: Michael Workman, Growth Director at ResinSmart by RTi Global Guest Expert: Kevin Mekaru, Senior Business Unit Lead, Commodity Plastic Resin, RTi Global www.resinsmart.ai

Soybeans Soybean prices “rise from the dead” to 15-month highs! China/U.S. trade announcements require careful analysis How impactful in the short and long term? Chocolate Halloween chocolate prices are up, up, up! Retail chains may be running some promos to try and get a lot of volume sold Will they be successful? Want to go more in depth on cocoa? Join us for next week’s webinar! Cocoa Market Update Webinar Wed., November 5, 11am PT / 2pm ET Clients, be on the lookout for your invite, or anyone can sign up now at mckeany-flavell.com Happy Halloween! Host: Michael Caughlan, President & CEO Expert: Eric Thornton, VP Expert: Marilyn Adutwum, Data Analyst

Not much movement on price direction for 2026 Corn wet millers offering multiple solutions to manage coproducts Product demand is still a concern going into negotiations Two webinars back-to-back! Make sure to register for both! Seasonal Market Outlook Webinar Wed., October 29, 11am PT / 2pm ET Cocoa Market Update Webinar Wed., November 5, 11am PT / 2pm ET Clients, be on the lookout for your invite, or anyone can sign up for both now at mckeany-flavell.com Host: Michael Caughlan, President & CEO Expert: Craig Ruffolo, Vice President – Commodity Specialist  

Corn Corn yield likely falling on disappointing harvest results thus far Record crop still expected north of 16 billion bushels Corn exports appear to remain strong; other categories remain to be seen Wheat U.S. wheat production increases should boost ending stocks Could U.S. export demand surpass 900 million bushels? Winter wheat plantings about 65% complete Conditions improving in soft red winter wheat area Soy complex Chinese soybean import demand could be hit or miss for the U.S., with or without a deal Domestic soybean oil consumption soft with potential for some export demand offset Our next webinar is fast approaching! Seasonal Market Outlook Webinar Wed., October 29, 11am PT / 2pm ET Clients, be on the lookout for your invite, or anyone can sign up now at mckeany-flavell.com Host: Michael Caughlan, President & CEO  Expert: Nicole Thomas, Vice President – Information Services Expert: Eric Thornton, Senior Commodity Advisor

Big question: Will the government shutdown end in time for November WASDE? Corn Corn carry-in up Yields down, but still a record Harvest acres lower? Future S&D risks: Feed and exports Sugar Sugar production likely lower than September WASDE Will sugar deliveries decline for a second consecutive year? Save the date for our next webinar! Seasonal Market Outlook Webinar Wed., October 29, 11am PT / 2pm ET Clients, be on the lookout for your invite, or anyone can sign up now at mckeany-flavell.com Host/Expert: Kevin Combs, Vice President – Global Sweeteners Specialist Expert: Shawn Bingham, Director of Commodity Risk Management  

Soybean production could be lower than expected due to late-season weather dynamics Soybean meal needs more homes Soybean oil market ambiguity continues Save the date for our next webinar! Seasonal Market Outlook Webinar Wed., October 29, 11am PT / 2pm ET Clients, be on the lookout for your invite, or anyone can sign up now at mckeany-flavell.com Host: Michael Caughlan, President & CEO  Expert: Nicole Thomas, Vice President – Information Services  

Corn futures may have already hit harvest lows Feed demand picks up in December Could that support coproduct values through Q1 2026? Key to wet milling contract negotiations: Understanding corn grind allocation Not a client on McKeany-Flavell’s IQ Intelligence Platform? Visit mckeany-flavell.com to learn more! Commodity dashboards Dynamic data & interactive charts Analytics & calculators Price forecasts Downloadable data, charts, and tables Save the date for our next webinar! Seasonal Market Outlook Webinar Wed., October 29, 11am PT / 2pm ET Clients, be on the lookout for your invite, or anyone can sign up now at mckeany-flavell.com Host: Michael Caughlan, President & CEO Expert: Craig Ruffolo, Vice President – Commodity Specialist

A weak La Niña is now in the forecast What does that mean for the long-range weather outlook and commodities? Drought in the U.S. has expanded in recent months Will La Niña offer any relief? Watch out for the potential of planting and harvest delays in Brazil this winter Not a customer on McKeany-Flavell’s IQ Intelligence Platform? Visit mckeany-flavell.com to learn more about IQ, where we offer subscribers 24/7 access to Real-time market updates and technical analysis Discussion of supply and demand fundamentals Price forecasts As well as charts, tables, and downloadable PowerPoint market overviews Host: Michael Caughlan, President & CEO Expert: Eric Thornton, Senior Commodity Advisor

Corn Domestic corn acreage increased Corn yield lowered: Still too much, too soon? Slow down in ethanol Soy Complex Uptick in soybean ending stocks and slightly higher acreage Upward to revision to crush Where’s China? What's driving prices? Not much in the way of change short of production adjustments for corn, soy complex, but it’s what we DON’T see in the numbers that may drive prices for corn, soybeans, and soybean oil Sugar Beet production lowered, while cane production increased Mexican imports cut in half under Suspension Agreement rules Stocks-to-use still well above the target Next week is our Energy Market Update Webinar! Wed., September 17, 11am PT / 2pm ET Clients, be on the lookout for your invite, or anyone can sign up now at mckeany-flavell.com Host: Michael Caughlan, President & CEO   Expert: Nicole Thomas, Vice President – Information Services Expert: Kevin Combs, Vice President – Global Sweeteners Specialist