Brugler Marketing & Management LLC 1908 N. 203rd St.Omaha, NE 68022 Phone: 402-697-3623 Fax: 402-289-2353 E-mail: alanb@bruglermktg.com Web: www.bruglermktg.com

Market Commentary

Corn Market Commentary - Close - May 09, 2008

Corn futures closed mostly higher. Traders put on new/old crop spreads today on heels of the WASDE report. Profit taking was a feature as record highs were set overnight but soaring crude oil and bean prices underpinned the commodity. WASDE report read bearish old crop, friendly new crop. 2007/08 ending pegged at 1.383 bbu, up 100 mbu from last month. 2008/09 ending stocks estimated at 763 mbu. Planting delays continue to keep a bullish sentiment over new crop corn. May -1/4 at 6.18 ½.

Soybeans Market Commentary - Close - May 09, 2008

Soybean futures closed higher. Beans rallied higher on friendly numbers from USDA and record crude oil prices. U.S. soy ending stocks are forecasted at 145 mbu for 2007/08 (down 15 mbu from last month) and 185 mbu for 2008/09. Renewed tensions in Argentinean farmers strike adding to the bullish sentiment. May +51 ¼ at 13.49 ½. May meal +3.30 at 333.10. May oil +2.45 at 61.53.

Wheat Market Commentary - Close - May 09, 2008

Wheat futures closed lower. Wheat was lower on a bearish reading WASDE report despite support from outside markets. Global wheat stocks were penciled at 124 million tonnes, 14 million increase from year ago. U.S. winter wheat production was estimated at 1.778 bbu, all wheat at 2.392 bbu. 2007/08 ending stocks were penciled at 239 mbu, 2008/09 ending stocks seen at 483 mbu. Kansas crop tour pegs state production at 379.1 mbu, yield of 43.3 bu/acre. May -17 ½ at 7.91 ½. K.C. -19 at 8.81. MPLS -15 at 11.95.

Cattle Market Commentary - Close - May 09, 2008

Live cattle closed higher. Cattle traded higher on strong cash cattle prices, supportive news from WASDE, and renewed fund buying. Cash cattle went for $94 per cwt in the Plains, a $2 premium to last week. 2008 U.S. beef exports are penciled at 1.645 bbu, up from 1.515 billion last month according to WASDE projections. Production was bumped up to 26.816 billion lbs. Afternoon boxes were mixed – choice up 86 cents, at $156.04; select down 27 cents, at $151.83. June +87 at 94.52. May feeders +57 at 107.35.

Hogs Market Commentary - Close - May 09, 2008

Lean hogs closed higher. Continued strength in the cash markets are supporting futures continual climb higher. Pork exports are estimated at 4.31 billion lbs, up from 2.735 billion last month. Reduced hog weights are indicating tighter supply and packers are paying up for the hogs – aided by strong export demand. Production was lowered to 23.502 billion lbs. Pork cutout values were up 6 cents, at $78.77 per cwt. May +85 at 80.22.

Cotton Market Commentary - Close - May 09, 2008

Cotton closed higher. Cotton traded higher on spec buying linked to WASDE report, with outside support. Oilseed, most corn, crude oil were all higher, lending further support. The final stocks estimate is a little bigger than some had expected, because USDA raised the old crop ending stocks (new crop carryin) to 9.9 million bales. July +70 at 71.55.