Food Retailers and Wholesalers - “We subscribe to a price sheet service but then spend hours of staff time manipulating the data to make it usable.  Can CAS provide us with ingredient price quotations formatted to our specifications as data tables and charts for an affordable price?”  Information without analytics, customized to your organization’s exacting requirements: CAS Price Tracking & Charting Food Manufacturer -  “Our bottom-line can swing into the red if vegetable oil prices spike so what are the price risks this season and what kind of pricing strategy do you suggest to give us cost predictability?”  One size does not fit all.  Recommendations to manage risk: CAS Market Strategies Chain Restaurant Franchisee -  “Our food costs are all over the map creating a nightmare when it comes to budgeting and making good on our profit commitment.  What can we do to minimize ingredient price fluctuations without buying futures contracts?”  Many ingredients are not represented in futures markets so we offer specialized analytics to provide you with a competitive cost control edge: CAS Statistical Buy Analytics Independent Wholesale Baker -  “Can you provide us with a continuing independent analysis of the wheat market and strategies to manage risk?  We don’t like to rely on our supplier’s advice because we have do not share a common bottom-line objective amid an ever shrinking base of suppliers.”  CAS collects, analyzes and recommends timing and coverage amounts for all elements (mill-feeds, cash grain markets, trading exchanges) that works together to guide intelligent forward flour pricing: CAS Market Commentary Analysis & Strategies Retail Bakery Franchise -  “How can we use synthetic vertical integration techniques to smooth food cost price volatility and gain margin advantage on our major ingredients?”  We offer analytics and forward contract integrations that seek to manage price gyrations and provide retailers with a new measure of ingredient cost control that combines CAS Statistical Buy Analytics with CAS Analysis & Strategies

Common Purchasing Issues We Resolve

Pictured above: Vic Turner, Executive Director, Client Advisory Services

Research Our work entails continuous evaluation of agricultural economics research, macroeconomics, crop development and international weather conditions influencing supply-demand and prices. We access world renowned sources from government, private sector analysts and academics specializing in applied economics. Analytics From a data platform of divergent opinions and perspectives on a wide range of ingredient markets we analyze information but uniquely from the ingredient end-user’s viewpoint.  This is antithetical to a commodity trader or broker’s daily gains and losses mindset and in sync with the client’s profit objectives.  We help clients avoid the problematic conflict of interest when assessing information from vendor brokers and ingredient suppliers.

Purchasing Strategies Client’s often only require price tracking and historic data compilations.  We also offer strategic purchasing solutions for those desiring a more comprehensive service.  In these instances our advice is client specific, adapted to confirm to management risk tolerance and competitive market challenges. Expertise Client Advisory Services Companies was founded by Vic Turner, a food industry veteran with over thirty years of multi-disciplinary management experience as a corporate officer and entrepreneur.  He provides clients with the insight gained from hands-on experience managing multi-million dollar budgets over a time period that has seen dramatic changes in commodity markets and supply-chain management techniques.

Ingredient Price Tracking & Charting Never again be concerned that your ingredient price information is accurate, available and timely.  Our clients find it convenient and economical to have Client Advisory Services compile ingredient market pricing data on a daily, weekly and monthly for most major and minor markets providing tracking results that can include contemporary and historical futures, cash and basis quotations.   We package this information in tabular format using Excel and build custom formatted graphics from simple year-over year comparisons to more complex visualizations that combine several price elements like cash, futures, basis, mill feeds and more.  Data folders are communicated to clients on the CAS Cloud at any time interval desired.

Aggregated Commentary, Analysis & Strategies Client Brief reports are published electronically on a monthly basis, customized to contain client-defined food ingredient market information.  These periodic reports condense leading governmental and industry market analytics offering a quick, concise look at factors driving markets.  We then incorporate market forecasts with our take on market price probabilities. Depending upon client preference, we also incorporate our Ingredient Acquisition Strategy  for each market with precise buying recommendations that include price objectives, timing and  contracting time frame shown as tables and in graphic formats.  Importantly, Client Brief reports are unbiased, professionally edited and very competitively priced for use in large and small organizations.

Statistical Buy Analytics Those obscure food ingredients that in many instances are not represented in futures markets are a specialty at Client Advisory Services.  Our in-depth analyses are available on markets as diverse as dry beans and eggs to meat and tomato products. Typically our statistical buy analytics service is requested by clients with long purchase time horizons whose budgeted profitability is at risk from exposure to one or two ingredient markets.  Our work product condenses expert market information, expectations and history and combines a unique food industry end-user based viewpoint complete with statistical probabilities, pricing expectations and objectives.  Specific purchasing recommendations and tracking are available at the client’s request.

Market Analytics & Information Resource The CAS Market Intelligence section presents current, world-renowned market- making information that influences food ingredient prices today and in the future.  We select relevant analyses and studies from USDA, land-grant universities and other important sources to assist supply-chain and other food industry professionals with knowledge that can help shape effective risk avoidance and buying strategies.  Our navigation bar is supported by most popular browsers.  Conventional PC computer users can access pages using our navigation bar located in the header of each page.  Touch screen users will find it more convenient to use links shown in page footers. To ensure that contents and links are current (not cached) please frequently use your web browser’s refresh option. On holiday weeks USDA releases reports one business day later than is shown on some links. Before downloading documents or accessing links please read our website  “Terms of Use”. Bookmark our “Market Intelligence” pages and visit often. The U.S. Department of Agriculture and most academic institutions do not endorse commercial enterprises.  No affiliation between Client Advisory Services Companies and these entities is either expressed or implied.

May Outlook Reports

World Agricultural Supply Demand Estimates WASDE Briefing Slides NASS Crop Production NASS Crop Briefing

World Agricultural Production Oilseeds:  World Markets & Trade Grains: World Markets & Trade

May Crop Estimates

May Foreign Agricultural Service Reports

Quick Guide Major Monthly Commodity Analyses May 2018 Each month we update our “Quick Guide” reference so that website users can access some of the most critical studies from government and other sources. Just click on the links to view, print, download or be taken to third- party websites.  Read our “Terms of Use” before proceeding. 

Feed Oil Crops Rice Wheat

NASS Estimates

Sweeteners (Apr) Livestock, Dairy & Poultry (Apr)

Prospective Plantings, Mar 2018 Pros. Plantings, Grain Stks Briefing Mar Grain Stocks, Mar 2018 Winter Wheat & Canola Seedings, Jan 2018

USDA/Other Page 1 of 3 WORLD AG OUTLOOK BOARD Monthly Supply-Demand Estimates, May WASDE Briefing Slides, May CROP PRODUCTION LINK: Crop Progress Weekly, Mondays After 1 PM Pacific Time or Day Later if Holiday U.S. Crop Production Estimates, May Crop Production Briefing Slides, May WEATHER REPORT LINKS U.S. Ag Weather Highlights, Daily, Mon.-Fri. Comprehensive Weather & Crop Bulletin, Weekly, (Wednesdays @ 4pm ET) World Crop Weather Highlights, Weekly World Crop Weather Summary, Weekly International Crop Weather and Maps, Monthly FEEDSTUFFS Feed Outlook, May WHEAT Wheat Outlook, May PLANTINGS & STOCKS Grain Stocks, Mar 2018 Prospective Plantings, Mar 2018 2018 Prospective Plantings, Grains & Stocks Briefing, Mar OILSEEDS Oil Crop Outlook, May

LIVESTOCK, DAIRY & POULTRY LDPM Outlook, Apr Chicken and Eggs Apr Egg Products Monthly, Mar LINK: Broiler Hatchery Weekly Estimates Livestock Slaughter, Mar Poultry Slaughter, Apr Cattle on Feed, Apr DAIRY Milk Production, Apr Dairy Products, Apr SUGAR & SWEETENERS Sugar and Sweeteners Outlook, Apr RICE Rice Outlook, May Rice Stocks, Mar Go to USDA/Other Reports Page 2 of 3

USDA/Other Page 2 of 3 DAIRY COMMENTARIES & NEWS LINK: Dairy Programs & Policy Website, Mark Stephenson, University of Wisconsin-Madison Bob Cropp, Dairy Outlook, Mar Penn State Dairy Outlook, May AGRICULTURAL ECONOMICS LINK: FARMDOC, University of Illinois INTERNATIONAL OUTLOOKS Outlook for U.S. Agricultural Trade, Quarterly, Feb LINK: International Grain Council Monthly Market Estimates Farming & Food Brief (1st Week of Month) AUSTRALIA GOVERNMENT REPORTS LINK: Australia Weekly Crop Report   CANADA Canada Principal Field Crops, Monthly, Apr

Academic & Other Information SELECTED USDA FOREIGN SERVICE REPORTS LINK: Weekly U. S. Export Highlights, Thursdays Except Holiday Weeks World Ag Production, Monthly, May Oilseeds: World Markets Monthly, May Grain: World Markets, Monthly, May NOTABLE REPORTS & ANALYSIS 94th Annual Ag Outlook Forum Papers, Feb 2018 Dairy Outlook Grains & Oilseeds Outlook Livestock & Poultry Outlook Sugar Outlook NEWS ARTICLE: Wall Street Used Commodities Storage, Tankers for Unfair Gain,  Senate Panel Finds - Cheyenne Hopkins, Silla Brush and Jesse Hamilton, Bloomberg.Com, Nov. 20, 2014 UNIVERSITY OF ILLINOIS: Pricing Issues in Agricultural Markets, Paul Peterson, farmdoc daily (4):204, Oct. 22, 2014 NEWS ARTICLE: Getting Big Banks Out of the Commodities Business, Simon Johnson, New York Times, Aug. 8, 2013 Go to USDA/Other Reports Page 3 of 3

USDA/Other Page 3 of 3 ANIMAL PRODUCTS Cattle & Beef http://www.ers.usda.gov/topics/animal- products/cattle-beef.aspx Dairy http://www.ers.usda.gov/topics/animal- products/dairy.aspx Hogs & Pork http://www.ers.usda.gov/topics/animal- products/hogs-pork.aspx Poultry & Eggs http://www.ers.usda.gov/topics/animal- products/poultry-eggs.aspx CROPS Corn http://www.ers.usda.gov/topics/crops/corn .aspx Rice http://www.ers.usda.gov/topics/crops/rice/ .aspx Soybeans & Oil Crops http://www.ers.usda.gov/topics/crops/soyb eans-oil-crops.aspx Sweeteners http://www.ers.usda.gov/topics/crops/suga r-sweeteners.aspx Vegetables & Pulses http://www.ers.usda.gov/topics/crops/vege tables-pulses.aspx Wheat http://www.ers.usda.gov/topics/crops/whe at.aspx

Broiler Weights Start 2018 by Showing Continued Growth U.S. broiler meat production continues to grow, reaching 3.6 billion pounds in January 2018, almost 4 percent higher than the previous year. For the year, USDA expects broiler production to reach 42.6 billion pounds, almost 1 billion pounds more than was produced in 2017, and nearly 2 billion more than in 2016. One of the factors driving higher broiler meat production is a steady increase in the average weight of the birds slaughtered. Weights in January 2018 averaged 6.26 pounds, about one percent above a year ago, and more than 4 percent higher than January 2014. Broiler weights tend to follow a cyclical pattern, peaking during the late fall or early winter and achieving their lowest average weights at the height of the summer, but they have shown year-over-year gains in most months over the past 5 years. This chart is from the Livestock, Dairy, and Poultry Outlook newsletter, released in March 2018.

Go to USDA/Other Reports Page 1 of 3

Annual & Quarterly Archives North American Potatoes, Bi-Annual, Feb 2018 Hogs & Pigs, Quarterly, Mar 2018 Fats & Oils Annual, Mar 2017 2018 Annual Ag Trade Outlook, Dec 2017 Organic Production Annual, Sep 2017 Hatchery Production 2016, Annual, Apr 2017 Vegetables: Asparagus, Onions, & Strawberries Annual, Aug 2017 World Livestock & Poultry Prod., Apr 2018 Catfish Production, Biannual Jul 2017 US Potato Stocks, Qtrly Dec 2018 Vegetable & Pulses Outlook, Apr 2018 US Dairy Production Annual, Apr 2017 Poultry Slaughter 2016 Annual, Feb 2017 US Coffee Production, Annual, Jan 2018 US & Canadian Cattle, Bi-Annual, Mar 2018 US & Canadian Hogs, Bi-Annual, Mar 2018

Features

Value of Fruit, Tree Nut & Vegetable Production Projected to Grow Nearly 3 Percent per Year Through 2027

The total farm value of fruit, tree nut, and vegetable production is projected to grow by roughly 2.7 percent annually over the next decade, reaching just over $65.8 billion by 2027, up from almost $52 billion forecast for 2018. Forty percent of the total value for 2027 comes from fruit, while tree nuts and vegetables account for 18 and 42 percent, respectively. In addition to rising farm prices driven by general inflation expectations, production is expected to grow in all three categories, driving up total value. Production of fruit and vegetables, in the aggregate, is expected to increase by just under 1 percent per year through 2027, while tree nut production is projected to expand by just over 2 percent annually. Vegetable production projections are primarily influenced by expected growth in the pulse (e.g. beans, lentils) sector. Nut production projections reflect growing domestic and export demand for almonds, walnuts, and pecans. Projections for a 0.7-percent increase in fruit and tree nut value of production in 2018 reflect losses for Florida’s citrus crops related to Hurricane Irma. A quick recovery is expected, and production value for fruit and tree nuts is projected to grow at a faster rate beginning in 2019. This chart appears in the USDA report, Agricultural Projections to 2027, released in February 20, 2018.

U.S. Crop Information & Data Sets CROP PROGRESS WEEKLY REPORTS LINK: Crop Progress, Every Monday @ 1PM PDT U.S. WHEAT ASSOCIATES LINK: Weekly Price Report, Fridays 5pm ET USDA WHEAT STATISTICS LINK: Monthly, Quarterly and Annual Data Sets Available the Third Week of Each Month ECONOMIC RESEARCH SERVICE LINK: Special Commodity Reports

USDA Graphical Crop Progress & Condition Report An excellent resource published weekly by the National Agricultural Statistics Service that details planting, crop development and harvest cycles for the principal crops grown in the United States.  Download the pdf file for Crop Progress & Condition  and please note this link is available during the crop development period and is updated Wednesdays at 5pm ET.

Worldwide Crop Production Crop status by geography or crop type is available from the Foreign Agricultural Service.  These data are continuously updated.  Click HERE to access this reservoir of pertinent global crop information.

Crop Stats and Food Marketing Data

U.S. Melon Availability Down from Record Levels in 2016   Estimated domestic use (also known as domestic availability, which is a proxy for consumption) of melons totaled 8.17 billion pounds in 2017, down 4 percent from the previous year’s record high. This estimate translates to 25.1 pounds per person, down from 26.3 pounds in 2016 and slightly above the previous 5-year average. Domestic use equals net production (domestic production minus exports) plus imports. Declines in U.S. cantaloupe and honeydew production and lower melon imports reduced total domestic melon use in 2017. The United States remains a net importer of melons, with exports far lower than the volume of imports. In 2017, the United States imported 3 billion pounds of melons. As melon imports have risen over the past few decades, they have captured an increasing share of the U.S. fresh melon market—from an average share of less than 10 percent during the 1980s and 1990s to 37 percent over the last 5 years. Much of U.S. melon imports are counter-seasonal imports—imports sourced from countries with longer or opposite growing seasons from the United States—to feed consumer demand for year-round fruit options. Meanwhile, following rapid growth in the 1990s, melon exports have remained relatively steady at nearly 600 million pounds—about 10 percent of U.S production—since 2000. This chart appears in the bi-annual ERS Fruit and Tree Nut Outlook newsletter released in March 2018.

Commodity Topics of Note Deconstructing Wheat Price Spikes: A Model of Supply and Demand, Financial Speculation and Commodity Price Comovement, ERS, April 2014

Data

Animal Disease Trade Measures Accounted for Nearly One- Third of Concerns Brought to World Trade Organization Sanitary and phytosanitary (SPS) regulations play an important role in ensuring food safety and protecting animal and plant resources. But such regulations are sometimes imposed improperly with countries favoring domestic producers and discriminating against imports from others. If a member country of the World Trade Organization (WTO) believes that a trade policy of another WTO member violates relevant agreements, it can initiate a dispute settlement case with the WTO’s Dispute Settlement Body. In the case of sanitary and phytosanitary (SPS) measures, a member country can inform the WTO’s SPS Committee of its concerns about a particular measure. Many of these concerns—officially called Specific Trade Concerns (STCs)—are resolved before they escalate to the level of a formal dispute. From 1995 to 2015, the most common STCs brought before the WTO SPS Committee were related to trade measures imposed because of animal disease issues. This large share reflects strong growth in meat trade along with occasional animal disease outbreaks such as foot-and-mouth disease and bovine spongiform encephalopathy that gave many countries a rationale to restrict imports. Following animal disease-related concerns, the next most common concern was pesticide tolerances and maximum residue limits. This chart appears in the February 2018 Amber Waves feature, "World Agricultural Trade Experiences Sizable Growth but Still Faces Barriers."

Market Journal - Market Analysis - May 11, 2018 Frayne Olson, North Dakota State Extension economist, gives a preview of the May WASDE report, discusses the political pressure impacting the soybean market and talks about President Trump's approval of year round sales of E-15 fuel. Client Advisory Services features selected video segments from Market Journal, an educational outreach effort presented by the University of Nebraska-Lincoln's Department of Agricultural Leadership, Education and Communication and UNL Extension.  MJ  programs give guidance and information to farmers that can also prove to be very helpful to food ingredient end-users who wish to understand strategies on the sellers side of transactions.  Bridget Nelson produces the Market Journal broadcast.

..

Thank you for taking the time to visit our website today.  We appreciate your interest in our services.  Our consulting practice was established to serve the needs of all food industry organizations from start-up entrepreneurs to large national companies.  The services we offer add value for supply-chain professionals in a broad range of food organizations. Because we make our services available on a straight-forward, non-compete basis we offer services when an industry segment is available.  We would appreciate hearing from you so that we can contact you when opportunities to serve your organization’s industry segment are available.  Client Advisory Service’s sole objective is managing risk and improving your firm’s profitability, not your competitors.  To this end, we accept only one client in a specific food industry segment.  For example, if your company is a national retail pizza chain you are our exclusive client in that segment.  Your organization’s confidentiality is vigorously safe- guarded.  We are a fee for service organization with no “sheltered-income” or alternative revenue streams that can compromise or distort the advice we offer.  Our mission is straight forward; manage ingredient costs to maximize your enterprise profits not your competitor’s. Our client based is broad; we serve multi-national food corporations, national food industry organizations and local food operations as well as start-ups.  References will gladly be provided upon request.

P. O. Box 3650 Running Springs, California 92382-3650 victurner@clientadvisoryservices.com

Website Policies and Terms of Use

TERMS OF USE We are delighted you are visiting our website today. It is important that you read the following information. By visiting and accessing the ClientAdvisoryServices.com website you consent and agree to the Terms and Conditions shown below. If you do not agree with any of the Terms and Conditions stated, do not use this site. Client Advisory Services Companies (“CAS”) expressly reserves the right to modify the Terms and Conditions at its sole discretion and without notice. By using this site you agree to be bound by any and all such modifications. DISCLAIMER All information contained on the Client Advisory Services website is provided for educational and informational purposes only. Every effort is made to ensure the accuracy of the information; however, CAS makes no warranties, guarantees or representations of any kind, expressed or implied, as to content accuracy, reliability, timeliness or completeness of any information contained in this website. CAS expressly disclaims any responsibility or liability for any errors, inaccuracies or lack of timeliness of any information contained herein.  Client Advisory Services is a business consulting organization that provides strategic decision-making information and analyses from sources that are deemed to be reliable but is not guaranteed. CAS is not a licensed futures trading organization or investment advisor and does not broker, trade or participate in any manner in commodity futures, options or equities markets. No information contained in this website is intended nor should any information be used for purposes of futures, options, equities or any other trading or physical buying or selling activities.  Client Advisory Services aggregates content from many sources including the U.S. Department of Agriculture.  No endorsement by or affiliation with any content provider is expressed or implied.  CAS is not affiliated with nor do we accept money, fees, gratuities or other forms of payment or reciprocity from any food industry associations, suppliers, brokers, cooperatives, distributors or financial institutions, commodities advisors, brokers or traders. LINKS ClientAdvisoryServices.com website may contain links to other websites. You should exercise caution before accessing these links as you do so at your own risk. Client Advisory Services does not sponsor, endorse, approve or verify the authenticity of any links and assumes no liability for the use of any links. PRIVACY POLICY Your privacy is very important to us. Be advised any personal information gathered from the use of this website, e- mail addresses or any other information that is obtained as a consequence of interaction with clientadvisoryservices.com website will be used to answer your inquiries or provide requested information. Names, physical and electronic addresses, telephone numbers and other information that may be collected are considered private data and will never be sold or provided to third parties. COPYRIGHT AND TRADEMARK NOTICE ClientAdvisoryServices.com is copyright © 2007, all rights reserved and is the exclusive property of Client Advisory Services Companies headquartered in Running Springs, California. Some audio and video content is licensed under a non-exclusive agreement for use on this website. Any use of trademarks and/or any and all content of any kind whatsoever on this website without the express written consent of the copyright owners is strictly prohibited. Inquiries concerning copyrights should be sent to Client Advisory Services.  CAS website is powered by TMDHosting. SITE CONTACT INFORMATION Email: customerservice@clientadvisoryservices.com Mail: Client Advisory Services Companies, PO Box 3650, Running Springs, California 92382-3650