GRAIN HEDGE POSITION REPORT

Transcription

1 GRAIN HEDGE POSITION REPORT CROP: Corn DATE: April 16, 2006 LONG POSITION SHORT POSITION Total Grain on Hand Grain in Transit Total Offsite Grain Total Stocks Unpriced Grain Storage Warehouse Receipt Delayed Price Grain Bank Other Total Unpriced Grain Net Company Owned Stocks Unreceived Grain Bought & Priced Undelivered Grain Sold & Priced April April Harvest May Harvest June Harvest Total Total Long Futures Short Futures MAY JUL DEC DEC DEC Total 0 Total TOTAL LONG TOTAL SHORT NET POSITION 1346

2 BORROWING BASE REPORT CORN SOYBEANS OATS WHEAT TOTAL BORROWER OWNED GRAIN INVENTORY MARKET PRICE COMMODITY VALUE TOTAL GRN INV. VALUE GRAIN PAYABLES VALUE OF RECEIPTABLE GRAIN WAREHOUSE RECEIPTED GRAIN TO BANK COMMODITY VALUE TOTAL COLLATERAL VALUE GRAIN INVENTORY VALUE (lessor of value of rec. grain or collateral value) VALUE X 90% ACCOUNTS RECEIVABLE (other than grain X 80% GRAIN A/R / GRAIN IN TRANSIT X 85% MARGIN ACCOUNT BALANCE X 90% EQUITY IN FORWARD CONTRACTS X 90% TOTAL BORROWING BASE TOTAL LOANS SUPPORTED BY BORROWING BASE BORROWING BASE SURPLUS / (DEFICIENCY)

3 Revolving Credit Loans: Subject to the terms and conditions hereof, Bank hereby extends to Borrower a line of credit facility (the Facility ) under which Bank may make loans (the Revolving Loans ) to Borrower at Borrower s request from time to time during the term of the Note in amounts not exceeding the lesser of (a) $3,250,000 or (b) the sum of: (i) up to 75% of the net amount of Borrower s Eligible Accounts; plus (ii) up to 65% of the net amount of Borrower s supply inventory, plus (iii) up to 85% of the net amount of Borrower s receipted grain inventory (warehouse)*; plus (iv) up to 75% of the net amount of Borrower s un-receipted grain inventory; plus (v) up to 80% of the net amount of Borrower s grain in transit; plus (vi) 100% of the net amount of Borrower s equity in hedge accounts; plus (vii) 100% of the net amount of Borrower s equity in customer forward contracts. *Warehouse receipts will be the primary collateral on the $3,250,000 Revolving Line of Credit However Bank shall have discretion at all times as to whether or not to make any Revolving Loans. Bank may create and maintain reserves from time to time based on such credit and collateral considerations as Bank may deem appropriate. Borrower may borrow, prepay (without penalty or charge), and reborrow under the Facility, provided that the principal amount of all Revolving Loans outstanding at any one time under the Facility will not exceed the foregoing limits. If the amount of Revolving Loans outstanding at any time under the Facility exceeds the limits set forth above, Borrower will immediately pay the amount of such excess to Bank in cash. In the event Borrower fails to pay such excess, Bank may, in its discretion, setoff such amount against Borrower s accounts at Bank. The revolving Credit loans are required to be paid to a Zero (0) balance for a period of no less than Thirty (30) days during the one year term.

4 GRAIN FLOW Patriot Grain - October 2007 TOTAL SPACE 1,200 New Purchases Delivered Farm From Stg. Receipts All Basis Storage & (Numbers in Thousands) Crop Elevator Direct & Price Later Price Later Sales Position Price Later Month: Sep-2007 Corn Cash Req: $0 Beans Space Avl: Month: Oct-2007 Corn Cash Req: $1,670 Beans Space Avl: 0 Month: Nov-2007 Corn Cash Req: $1,670 Beans Space Avl: 0 Month: Dec-2007 Corn Cash Req: $759 Beans Space Avl: 205 Month: Jan-2008 Corn Cash Req: $1,394 Beans Space Avl: 205 Month: Feb-2008 Corn Cash Req: $1,700 Beans Space Avl: 235 Month: Mar-2008 Corn Cash Req: $1,546 Beans Space Avl: 39 0 Month: Apr-2008 Corn Cash Req: $1,277 Beans 25 Space Avl: 595 Month: May-2008 Corn Cash Req: $748 Beans Space Avl: 85 0 Month: Jun-2008 Corn Cash Req: $345 Beans Space Avl: Month: Jul-2008 Corn Cash Req: $0 Beans Space Avl: Month: Aug-2008 Corn Cash Req: $0 Beans Space Avl: Month: Sep-2008 Corn Cash Req: $0 Beans Space Avl: Month: Oct-2008 Corn Cash Req: $0 Beans Space Avl: Month: Nov-2008 Corn Cash Req: $0 Beans Space Avl: Total Grain Handled Corn 1,775,000 Beans 540,

5 CASH FLOW WORKSHEET Sep-07 Oct-07 Nov-07 Dec-07 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Corn Bushels in Inventory 0 600, , , , , , , , ,00 0 Estimated Forward Contracts 100, , , , , , , , , ,000 Cost of Inventory $0 $1,380,000 $1,380,000 $1,483,500 $1,828,500 $1,989,500 $1,690,500 $1,276,500 $747,500 $345,000 $0 $0 Initial Margin Requirements $0 $56,000 $56,000 $63,600 $79,600 $85,200 $82,800 $68,400 $50,000 $36,000 $24,000 $0 $1.00 Rally $0 $700,000 $700,000 $795,000 $995,000 $1,065,000 $1,035,000 $855,000 $625,000 $450,000 $300,000 $0 TOTAL $ NEEDS $0 $2,136,000 $2,136,000 $2,342,100 $2,903,100 $3,139,700 $2,808,300 $2,199,900 $1,422,500 $831,000 $324,000 $0 Beans Bushels in Inventory 0 50,000 50, ,000-75,000-50,000-25,00 Estimated Forward Contracts 50,000 50,000 50, , , , , , , ,000 Cost of Inventory $0 $290,000 $290,000 -$725,000 -$435,000 -$290,000 -$145,000 $0 $0 $0 $0 $0 Initial Margin Requirements $0 $15,000 $15,000 -$11,250 $3,750 $15,000 $18,750 $22,500 $22,500 $22,500 $22,500 $0 $2.00 Rally $0 $200,000 $200,000 -$150,000 $50,000 $200,000 $250,000 $300,000 $300,000 $300,000 $300,000 $0 TOTAL $ NEEDS $0 $505,000 $505,000 -$886,250 -$381,250 -$75,000 $123,750 $322,500 $322,500 $322,500 $322,500 $0 TOTAL COST OF INVENTORY $0 $1,670,000 $1,670,000 $758,500 $1,393,500 $1,699,500 $1,545,500 $1,276,500 $747,500 $345,000 $0 $0 TOTAL INITIAL MARGIN $0 $71,000 $71,000 $52,350 $83,350 $100,200 $101,550 $90,900 $72,500 $58,500 $46,500 $0 TOTAL MAINT MARGIN $0 $900,000 $900,000 $645,000 $1,045,000 $1,265,000 $1,285,000 $1,155,000 $925,000 $750,000 $600,000 $0 TOTAL MARGIN CALLS $0 $971,000 $971,000 $697,350 $1,128,350 $1,365,200 $1,386,550 $1,245,900 $997,500 $808,500 $646,500 $0 ALL MONEY NEEDS $0 $2,641,000 $2,641,000 $1,455,850 $2,521,850 $3,064,700 $2,932,050 $2,522,400 $1,745,000 $1,153,500 $646,500 $0