June 16 th, CBOT July soybeans settled down 13-1/2 cents at $11.56 per bushel, after trading as high as $ /2 last week.

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1 SOYBEAN COMPLEX FUNDAMENTALS Chicago Board of Trade soybean futures closed lower on Wednesday as a round of welcome showers in the U.S. Midwest prompted investors to take profits following multi-month highs set last week, traders said. CBOT July soybeans settled down 13-1/2 cents at $11.56 per bushel, after trading as high as $ /2 last week. Market briefly pared declines after the National Oilseed Processors Association in a monthly report said its members crushed million bushels of soybeans in May up from million during April and more than analysts expected and the most on record for the month. NOPA said that soy meal exports fell to 682,500 MT in May from 769,035 MT in April. But they were still well above the 551,146 MT recorded in May Soy oil stocks as of May 31 stood at billion lbs. Analysts had forecast soy oil stocks of billion lbs. Stocks were billion lbs a year ago and billion at the end of April. Updated Midwest weather forecasts looked wetter for next week but temperatures should remain mostly above normal. Argentina's Rosario grains exchange raised its forecast for the country's soybean harvest to 55.3 million MT, from 55 million MT previously. CBOT soy meal and soy oil futures followed soybeans lower. July soy oil hit a two-week low of cents per lb before settling at cents. Commodity funds were net sellers of Chicago Board of Trade soybean futures contracts on Wednesday. Trade estimates that funds were seen as net sellers of 8,000 soybean contracts. CBOT soybean could continue witness some more profit booking. Slightly better weather in the Midwest could also impact prices Soy meal and Soy oil could also continue move lower on Thursday. INTERNATIONAL RECAP CBOT Soybeans as on (USc / BSH ) Contract Close High Low Net Chg % Chg Jul Aug Sep CBOT Soy meal as on (USD / TONS) Jul Aug Sep CBOT Soy Oil as on (USc / LBS ) Jul Aug Sep ICE Canola as on (CAD /TONNE) Jun Nov Jan Source: Thomson Reuters MUSTARDSEED ICE Canada canola futures fell on Wednesday, pressured by weaker soybean prices due to favorable rains in the U.S. Midwest. Canola's recent run higher and good growing conditions in Western Canada overhang the market. July canola lost $4.70 to $ per tonne. November canola shed $4.70 at $ per tonne. The Canadian dollar was trading at $ to the U.S. dollar, or U.S. cents lower than Tuesday's close of $1.2853, or U.S. cents. Canola prices could track soy prices and trade weak on Thursday.

2 US WEATHER According to national weather service (NWS), dry weather conditions expected much of the central/southern plains and Mississippi valley. The NWS also added that heavy rain possible on Thursday across portions of the Mid-Atlantic region. Additionally, severe thunderstorms are possible across parts of the Great Lakes, Ohio & Tennessee valleys and northern high plains. Source: The soil moisture plot shows the current analysis. US NATIONAL FORECAST MAPS Source: Weather.gov > National Forecast Maps

3 OILSEEDS FUNDAMENTALS DOMESTIC Indian soybean rose on Wednesday on expectations of a delay in sowing as monsoon rains are yet to arrive in regions where the oilseed is grown. Rapeseed ended flat on Wednesday, but demand for crushing supported limited downside. The Solvent Extractors Association of India has compiled the Import data of Vegetable Oils (edible & non-edible) for the month of May Import of vegetable oils during May, 2016 is reported at 1,024,878 MT compared to 1,371,662 MT in May, Preliminary reports of oilseeds crop coverage in the kharif season have started coming in. The total sown area as on 10th June, as per reports received from States, stands at 0.72 lakh hectare as compared to 1.22 lakh hectare at this time last year. July refined soy oil futures eased 0.42% to 644 rupees per 10 kg due to high stocks of oil in the country. Indian soybean prices could remain firm as sowing intentions remain behind schedule to weak monsoons. A stronger Rupee could limit upside. DOMESTIC RECAP NCDEX Soybeans as on (INR /KG100) Contract Close High Low Net Chg % Chg Jun Jul Oct NCDEX Refined Soy oil as on (INR /KG10 ) Jun Jul Aug NCDEX RM Seed as on (INR /KG100) Jun Jul Aug Unch - CROP COVERAGE KHARIF Crop Oilseeds Data in lakh hectares, Source: PIB SOYBEAN RM SEED SPREAD Line, NRSc2 Line 4, Net Chg % Chg (-0.42%) Line, NSBc2 Line 3, Net Chg % Chg (-0.78%) Spread, NSBc2 Spread /1/2015-6/27/2016 (BOM) December 2015 January 2016 February 2016 March 2016 April 2016 May 2016 June 2016 Price 4, INR 100B 4,000 3, Spread between Soybean and RM Seed July remained flat to trade at Rs.-824/Quintal. 4,400 4,200 3,800 Auto Value INR 100B Auto NCDEX WAREHOUSE INVENTORY Commodity 15-Jun-16 RM Seed RM Seed - Alwar 2655 RM Seed - Bikaner RM Seed - Jaipur 3531 RM Seed - Jodhpur 3794 RM Seed - Kota 1291 RM Seed - Sri Ganganagar 7762 TOTAL RM Seed Soybean Soybean B - Akola Soybean B - Indore 480 Soybean B - Kota 5050 Soybean B - Latur 1890 TOTAL Soybean Source: NCDEX

4 INDIA WEATHER NORTHERN LIMIT OF MONSOON According to IMD, conditions are favourable for further advance of SW monsoon into entire Goa, some parts of Konkan, south Madhya Maharashtra & Marathawada, and remaining parts of north interior Karnataka, Rayalaseema and coastal Andhra Pradesh during the next 3-4days. INDIA WEATHER FORECAST According to IMD, heavy to very heavy rains is expected at isolated places over West Bengal and Sikkim. The report also added that heavy rainfall is expected over Uttarakhand, East U.P. and coastal Karnataka. Thunderstorm accompanied by squall is very likely over isolated places over J&K, Himachal Pradesh, Uttarakhand,Chandigarh & Delhi and Uttar Pradesh. Source: IMD FORECAST FOR 16 THURSDAY 2016 SATELLITE IMAGE Source: IMD Source: IMD

5 SKYMET WEATHER UPDATE Source: Skymet According to Skymet, monsoon current continues to be week over Peninsular India. Particularly, the West Coast has recorded significant drop in rain activity. Similar weather conditions will prevail on Thursday, light to moderate Monsoon rain will continue over Kerala, Coastal Karnataka, and Konkan & Goa. While interior pockets will also record isolated light rain. Meanwhile, Monsoon current remains active over Northeast India, particularly over Sub-Himalayan West Bengal and Assam region. Moreover, we can expect another Monsoon system brewing in West central Bay of Bengal, which is likely to enhance the Monsoon into some more parts of east India. It will also activate the western arm of the Monsoon, leading to increase in rains over west coast.

6 PALM OIL FUNDAMENTALS Malaysian palm oil futures fell on Tuesday, its seventh straight losing session, as bearish palm fundamentals and declining rival oils weighed on the market. Traders forecast a rise in seasonal output in the coming months, while exports were seen declining after it peaked in May to accommodate Ramadan demand. Palm oil futures for August delivery on the Bursa Malaysia Derivatives Exchange dropped 1.9 percent to 2,481 ringgit ($605) per tonne at the close of trade on Tuesday. It earlier fell to 2,478 ringgit per tonne, the lowest since May 25. Investors believe that a combination of declining exports, an increase in output and weakness in soy, seen in Dalian and all commodities markets in general is pressurizing palm prices. Additionally, Malaysia, after Indonesia, will raise its crude palm oil export tax to 6% in July from 5.5% in June, a circular on the Malaysian Palm Oil Board website showed on Wednesday. Export data from cargo surveyors for the first half of June is scheduled for release on Wednesday. Exports dropped 5-10% in the first ten days of June compared with May's corresponding period, according to the cargo surveyors' data. Palm oil on the European vegetable oils market continued to ease on Wednesday on the back of weakness in rival oils and mineral oil. Palm oil was mostly offered between $10 and $17.50 a tonne down from Tuesday amid lower CBOT soy oil futures. EU rape oil was mostly offered between 3-5 Euros per tonne lower, tracking weaker CBOT soy oil and because of technical selling in rapeseed futures, which followed the trend in Chicago soybeans and lower energy markets. Indian CPO on MCX ended with losses on Wednesday, tracking weak overseas prices. A stronger Rupee also aided weakness. BMD prices could move range bound to weak on weak export demand due to higher export tax. Indian prices could track overseas prices and trade weak. A stronger Rupee could aid downside in prices. MARKET RECAP BMD CPO as on (MYR /TONNE) Contract Close High Low Net Chg % Chg Jun Jul Aug ICDX CPO as on (IDR / KG) Jun Jul Aug MCX CPO as on (INR /KG10 ) Jun Jul Aug SOY OIL CPO SPREAD Line, 1FCPOc3 Line Line, BOc2 Line Spread, BOc2 Spread /3/2015-6/29/2016 (KUL) November 2015 December 2015 January 2016 February 2016 March 2016 April 2016 May 2016 June 2016 Spread between Soy oil and CPO widened on Thursday morning and was trading at $112.48/MT. The spread continued to widen as Palm oil fell more than Soy oil prices. Price USD T Auto Value USD T Auto

7 PHYSICAL MARKET RATES - PALM Commodity Rate Units Malaysia CPO FOB - September $ / MT Malaysia Palm Kernel FOB - September $ / MT Malaysia Palm Oil RBD FOB - September $ / MT Malaysia Palm olein - September $ / MT Malaysia Palm Stearin - September $ / MT China - Tianjin Refined Palm oil Spot CNY / MT Indonesia CPO FOB Spot $ / MT India Mumbai C & F CPO Spot $ / MT India Mumbai C & F Palm olein RBD Spot $ / MT India Kakinada Palm olein RBD Spot Rs. / 10 Kg India Kandla Palm olein RBD Spot Rs. / 10 Kg India Mangalore Palm olein RBD Spot Rs. / 10 Kg PHYSICAL MARKET RATES SOY COMPLEX Soybean Brazil Soybean September - FOB Paranagua $ / MT Argentina Soybean Oct - FOB Up River $ / MT China Imported Soybean Dalian 3650 CNY / MT USA Soybean September - FOB Gulf $ / MT Soy meal Brazil Soy meal September- FOB Paranagua $ / MT Argentina Soy meal October- FOB Up River $ / MT China HQ Soy meal Dalian 3660 CNY / MT Soy Oil Brazil Soy Oil September - FOB Paranagua $ / MT Argentina Soy Oil September - FOB Up River $ / MT China Standard Soy Oil Dalian 6280 CNY / MT India Soy Oil Degummed CIF Mumbai 768 $ / MT CBOT SOYBEAN JULY Cndl, Sc1 Open /2 High 1160 Low /4 Last /4 Net Chg -8 3 /4 % Chg (-0.76%) 3MA, Sc1 3MA_ /8+ 3MA_ /8+ 3MA_ /8+ 11/30/2015-6/27/2016 (CHG) Price USc Bsh / / / December 2015 January 2016 February 2016 March 2016 April 2016 May 2016 June 2016 INTRADAY LEVELS AND TREND Contracts Support Resistance Overall Intraday Trend CBOT Soybeans - Aug Bearish CBOT Soy meal - Aug Bearish CBOT Soy Oil - Aug Bearish ICE Canola - Nov Bearish NCDEX Soybeans - Jul Bullish NCDEX Ref. Soy Oil - Jul Bearish NCDEX RM Seed - Jul Bullish BMD CPO - Aug Bearish ICDX CPO - Aug Bearish / /8

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