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.

September 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

September Crop Estimates

September Foreign Agricultural Service Reports

Quick Guide Major Monthly Commodity Analyses September 2017 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 Livestock, Dairy & Poultry ERS 2017 Report Calendar

Grain Stocks, Jun 2017 June 2017 Acreage & Stocks Briefing Slides Acreage, Jun 2017 2016 Crop Production Annual, Jan 2017

USDA/Other Page 1 of 3 WORLD AG OUTLOOK BOARD Monthly Supply-Demand Estimates, Sep WASDE Briefing Slides, Sep CROP PRODUCTION LINK: Crop Progress Weekly, Mondays After 1 PM Pacific Time or Day Later if Holiday U.S. Crop Production Estimates, Sep Crop Production Briefing Slides, Sep 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, Sep WHEAT Wheat Outlook, Sep PLANTINGS & STOCKS Grain Stocks, Jun 2017 2017 Acreage & Stocks Briefing Slides, Jun OILSEEDS Oil Crop Outlook, Sep

LIVESTOCK, DAIRY & POULTRY LDPM Outlook, Sep Chicken and Eggs, Aug Egg Products Monthly, Aug LINK: Broiler Hatchery Weekly Estimates Livestock Slaughter, Aug Poultry Slaughter, Aug Cattle on Feed, Aug DAIRY Milk Production, Augl Dairy Products, Sep Special Report: U.S. Dairy Exports, Nov 2016 SUGAR & SWEETENERS Sugar and Sweeteners Outlook, Sep U.S. Mexico Sugar Sweetener Outlook, Sep 2016 RICE Rice Outlook, Sep Rice Stocks, Aug Go to USDA/Other Reports Page 2 of 3

USDA/Other Page 2 of 3 ERS FOOD PRICE INFORMATION Food Price Outlook Summary, Jan 2017 January Ag Prices Paid Producers, Jan 31, 2017 DAIRY COMMENTARIES & NEWS LINK: Dairy Programs & Policy Website, Mark Stephenson, University of Wisconsin-Madison Bob Cropp, Dairy Outlook, Jul AGRICULTURAL ECONOMICS LINK: FARMDOC, University of Illinois INTERNATIONAL OUTLOOKS 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, Jul

Academic & Other Information SELECTED USDA FOREIGN SERVICE REPORTS U.S. Trade Outlook, Qtrly, May 2017 LINK: Weekly U. S. Export Highlights, Thursdays Except Holiday Weeks World Ag Production, Monthly, Sep Oilseeds: World Markets Monthly, Sep Grain: World Markets, Monthly, Sep Apples, Grapes, Pears: World Markets, Semi-Annual, Jun 2017 Coffee: World Markets & Trade, Semi-Annual, Jun 2017 Dairy: World Markets & Trade, July 2017 Sugar: World Markets & Trade, Semi-Annual, May 2017 Tree Nuts: World Markets & Trade, Qtrly, Feb 2017 Livestock Poultry: World Mkts & Trade, Semi-Annual Apr 2017 Citrus: World Markets & Trade, Semi-Annual, Jul 2017 NOTABLE REPORTS & ANALYSIS 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

Spring Wheat Conditions Near Record Lows in the Northern Plains Due to Drought Hard Red Spring (HRS) wheat (the largest class of spring wheat) is predominately grown in the Northern Plains of the United States. This key production region, which includes Montana, North Dakota, and South Dakota, has been greatly affected by a lengthy dry spell that has plunged the area into varying levels of drought, ranging from abnormal dryness to exceptional drought. On July 9, widespread drought conditions were noted for both North and South Dakota as well as Eastern Montana, and the proportion of the HRS crop rated “good” to “excellent” was just 36 percent, 10 percent, and 11 percent, respectively. Challenging weather conditions have reduced projected yields, now forecast at 39 bushels per acre, and contribute to a 22 percent year-to-year decline in HRS production for the 2017/18 marketing year. Expectations for a small harvest have helped to rally spring wheat prices in recent weeks and supports this month’s 50 cent increase in the 2017/18 all wheat price.  This chart appears in the ERS Wheat Outlook newsletter, released in July 2017.

Go to USDA/Other Reports Page 1 of 3

Annual & Quarterly Archives Coffee Production, Semi-Annual, Dec 2016 Hogs & Pigs, Quarterly, Jun 2017 2017 Planted Acreage, Jun 2017 Fats & Oils Annual, Mar 2017 2017 Ag Trade Outlook, Aug 2017 Cattle Inventory Jan 2017, Semi-Annual Hatchery Production 2016, Annual, Apr 2017 Vegetables: Asparagus, Onions, & Strawberries, Aug 2017 Livestock Slaughter 2016, Apr 2017 Fruit & Tree Nuts, Semi-Ann, Apr 2017 Catfish Production, Jul 2017 Grain Stocks, Mar 2017 US Potato Stocks, Apr 2017 US & Canadian Livestock Prod., Mar 2016 Sugar Production, Semi-Annual, Nov 2016 Vegetable & Pulses Outlook, Apr 2017 US Dairy Production Annual, Apr 2017 Poultry Slaughter 2016 Annual, Feb 2017 US-Canadian Cattle, Aug 2017 US-Canadian Hogs, Aug 2017 US Coffee Production, Annual, Jan 27, 2017

Features

U.S. Pulse Crops Acres Set for Another Record Year

Led by expectations of surging seedings for lentils and chickpeas in 2017, aggregate U.S. area planted to pulse (the dry edible seed of a legume plant) crops is projected to reach a new record high of more than 4.06 million acres. Chickpea planted area is forecast to rise to nearly 500,000 acres, an increase of more than 53 percent compared to the prior year. This production growth is due to its sustained price strength and favorable returns relative to other crops such as wheat and corn. Lentil planted area is expected to expand by 13 percent to 1.055 million acres. In 10 years’ time, lentil planted area has more than tripled, boosted by expanding sales to India and growing domestic consumption, both of which have supported prices and encouraged plantings. Dry bean area planted, exclusive of garbanzo bean (also known as chickpeas) is projected to have a modest increase, up about 2 percent to 1.368 million acres and just slightly below the 10-year average area planted of 1.415 million acres. Dry peas are the only pulse crop projected to have fewer acres seeded in 2017. This chart appears in the ERS Vegetables and Pulses Outlook report, released on April 28, 2017.

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 Animal Products

Exchange Rate Movements Influence U.S. Export Competitiveness   Agricultural goods can be broken into distinct categories based on value or level of processing. Bulk goods, like grains and oilseeds, are sold in large quantities at relatively low per unit costs. They also tend to be relatively standardized products. U.S. and foreign products in these categories are more readily substituted for each other, as changes in exchange rates alter relative prices among suppliers. Higher value goods, like meats, fruits and vegetables, and processed goods, are differentiated by factors such as brand, quality, or sanitary and phytosanitary standards. As a result, they may be less likely to be substituted across origins on the basis of price or relative price in the case of exchange rates. The U.S. trade weighted exchange rate index from the Federal Reserve Bank of Saint Louis has shown strong dollar appreciation since 2014, resulting in declining exports for both categories (bulk exports declined by 9 percent and high- value products fell by 10 percent). Typically, bulk goods would decline further than high- value goods during appreciation, but the 2012-13 U.S. drought had a significant impact on the supply of several major crops. As a result, export volume decreased, but value remained high because of higher commodity prices. By 2014, production of key bulk commodities like corn and soybeans recovered and have since continued to grow, drawing down prices. As prices have fallen and stocks have been replenished, export volume has increased, dulling the perceived impact of a rising dollar. This chart appears in the Amber Waves article, "U.S. Agricultural Trade in 2016: Major Commodities and Trends," released in May 2017

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

Data

Contrasting Area Planted Records Projected for Soybeans and Wheat The latest projections for crop area plantings in 2017 indicate contrasting records for soybeans and wheat. Soybean plantings for 2017 are projected to reach 89.5 million acres, a new record-high. In contrast, forecast wheat plantings of 46.1 million acres would be a record low, if realized. Taken together, these planted area projections indicate that many farmers are switching from wheat to soybean production in several key wheat-growing States, including Kansas, Michigan, Nebraska, North Dakota, Oklahoma, South Dakota, and Texas. Since 2011, soybean acreage in these seven States has expanded by one-third, while wheat area has contracted. Farmers are likely responding to the higher prices and potential returns associated with soybeans, after multiple years of wheat prices trending lower. For the 2016/17 marketing year, the projected midpoint season-average farm-gate price for soybeans was $9.55 per bushel, slightly higher than the 2015/16 average of $8.95 per bushel. The all-wheat price for the 2016/17 marketing year is projected at $3.85 per bushel, more than a dollar below the 2015/16 season-average price and the lowest since 2005/06. This chart appears in the ERS Wheat Outlook report released in April 2017.

Market Journal - Market Analysis - September 15, 2017 Darin Newsom, DTN senior analyst, gives his thoughts on the USDA’s September Crop Report and forecasts possible corn and soybean price movements. 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.  Kurtis Harms produces Market Journal and Jeff Wilkerson is the host.

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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 909-648-3125

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