WeeklyAgReport

BUENOS AIRES GRAIN E XCHANGE

WEEK ENDED ON Mar. 27, 2014

Referencias: NOA: Salta+Tucumn+Jujuy+Catamarca+Oeste Sgo del Estero. NEA: Chaco+Este Sgo del Estero+Formosa. Ctro N Sfe: Centro-Norte de Santa Fe. Ctro N Cba: Centro-Norte de Crdoba. Ncleo Norte: Este de Crdoba+Centro-Sur de Santa Fe+Sudoeste de Entre Ros. S Cba: Sur de Crdoba. N LP-O BA: Norte de La Pampa+ Oeste de Buenos Aires. Ctro E ER: Entre Ros excluido Victoria y Diamante. Ctro BA: Centro de Buenos Aires. SO BA-S LP: Sudoeste de Buenos Aires+Sur de La Pampa. SE BA: Sudeste de Buenos Aires. SL: San Luis. Cuenca Sal: Este de la Cuenca del Salado. Otras: Corrientes+Misiones.

WEEKLY AGRICULTURAL WEATHER OUTLOOK BUENOS AIRES GRAINS EXCHANGE

MARCH 27, 2014

OUTLOOK SUMMARY
At the beginning of the perspective, northerly winds will raise temperatures above normal. At the same time, most of tha agricultural area of Paraguay, Argentina and Uruguay will receive precipitations of warm front. Only the west of the Agriultural area in Argentina will report scarce values. Towards the end of the prespective, the entrance of a cold front, will bring additional precipitations and clear the atmosphere. Southerly winds will accompany the front leading to a sharp temperature drop over most of the agricultural area.

SOYBEAN
The harvest of the first soybean plots is in slow progress and spreading to various places of Cordoba and the province of Buenos Aires. At national level, the harvest covered only 3.2 % of the suitable surface, yielding an average of 3.1 tons/Ha, accruing a volume of almost 2 MTN. This progress reports a weekly increase of 2 %, and a YOY delay of -1.8 %. There was a drastic decrease of temperatures over wide areas of the mid-south of our agricultural region, even reporting frosts in several areas of the west of Buenos Aires, La Pampa and the south of San Luis. Consequently, the frosts did not affect the conditions of the remaining plots, nor the yield potential expected. Therefore, we maintain our estimation at 54,500,000 tons for the current season. The first yields obtained in the North Belt are ranging from 2.3 to 4.0 Tn/Ha, reporting an average productivity of 3.2 Tn/Ha. Toward the South Belt, most of the yields obtained range from 3.0 to 4.0 T/Ha, with an average yield of 3.6 Tn/Ha, and reporting a harvest progress of 6.2 % up to date. Toward the west, the harvest moves on in the first plots of the mid-north and south of Cordoba, with productivities above 3.0 Tn/Ha, in both cases. In the provinces of the north, the NW Area still presents a large number of plots beginning or averaging the grain filling stages. The west margin of the region has very good moisture conditions, which

results in plots with very good yield potentials. However, the East did not maintain good moisture levels on the plots, which results in lower yield expectations upon harvest.

CORN
The harvest of commercial corn grains is in good progress, aided by the good weather of last week. Therefore, up to date, 10% of the harvestable area has been collected. The weekly advance posts 3 %, and there is still a YOY decrease of -8 %. Overall, more than 350 thousand hectares were harvested, accruing a volume of over 2.2 million tons, and an average yield of 6.4 Tn/Ha. As the harvest of the crop moves on, the average productivity levels become more homogeneous and near the expected yields in each area. Today most of the early plots in the corn belt are losing grain moisture, and are ready to be harvested. On the other hand, the north margin of the agricultural region (NW and NE) presents a very good outlook, both for late and early corns. Likewise, the mid-north of Cordoba offers very good conditions for late materials, where the percentile distribution of early and late sowings is in the 10/90% relation. The season is expected to yield above historical averages in the region. The mid-north of Santa Fe and mid-east of Entre Rios are also expecting good productivities from late and second plots. Finally, the west and center of Buenos Aires are making progress in the harvest of early materials, giving heterogeneous productivities, which are mainly caused by the weather factors of the summer. However, the expectations around late sowings predict optimal yields in spite of the lack of moisture suffered during the cycle. Upon this scenario, we have adjusted our estimation at 500,000 TN, around 2 % above the result published in the last report (23.5 MTN). Therefore, our final estimation is 24,000,000 TN. If such volume is obtained, it will rank -11 % below the harvest of last season (2012/13: 27 MTN).

CORN HARVEST 2013/14 Season Zone I NOA II NEA III Ctro N Cba IV S Cba V Ctro N SFe VI Ncleo Norte VII Ncleo Sur VIII Ctro E ER IX N LP-OBA X Ctro BA XI SO BA-S LP XII SE BA XIII SL XIV Cuenca Sal XV Otras TOTAL

Sown 282.000 302.000 580.000 410.000 136.000 360.000 320.000 151.000 424.000 218.000 100.000 90.000 130.000 48.000 19.000 3.570.000

Hectareage (Ha) Porcentage Hectares Lost Harvestable Harvested (%) Harvested 1.200 280.800 0,0 5.200 296.800 3,1 9.248 5.500 574.500 1,0 5.500 10.000 400.000 0,5 2.060 6.500 129.500 44,8 58.055 3.800 356.200 26,2 93.170 3.200 316.800 18,7 59.200 6.800 144.200 42,3 61.000 11.000 413.000 10,8 44.440 5.000 213.000 6,0 12.680 4.000 96.000 0,0 1.500 88.500 0,0 1.200 128.800 1,0 1.329 2.800 45.200 10,9 4.940 2.200 16.800 31,5 5.292 69.900 3.500.100 10,2 356.914

As of: Mar. 27,2014 Yield Production (qq/Ha) (Tn) 45 41.616 68 37.400 75 15.450 48 278.664 72 670.824 80 473.600 48 292.800 73 324.412 65 82.420 60 7.974 75 37.050 45 23.814 64,0 2.286.024

SUNFLOWER
So far, only 18.7 % of the sunflower area nationwide remains to be harvested, whereby the remaining hectares are concentrated in the sunflower belts of Buenos Aires and La Pampa. The weekly advance was reported as 13 %, and the YOY decrease as -0.7 %. The surface collected exceeds 1.5 million hectares, with an average yield of 1.6 Tn/Ha nationwide, and accruing a volume of over 1.8 MTN. As we mentioned in previous reports, the harvest of sunflower has gained momentum in the most important areas of the south of the country, which concentrate 70 % of the harvestable area. Specifically, the SE of Buenos Aires, where the largest sunflower surface is still pending harvest (165,000 HA), is reporting very heterogeneous yields. In Tandil the yields observed range from 1.4 to 1.8 Tn/Ha, while in Balcarce they average 2.3 Tn/Ha, and in Tres Arroyos, the plots harvested are ranging from 1.8 to 2.6 Tn/Ha. In the SW of Buenos Aires and south of La Pampa, only 19 % of the plots remain to harvest. They have reached physiological maturity since weeks ago. Finally, in the north of La Pampa-west of Buenos Aires, the yields are averaging 2.2 Tn/Ha. According to these conditions, we maintain our estimation at 2,300,000 tons, and if the weather is good in the next few days, the harvest will be nearing the end.

SUNFLOWER HARVEST Hectareage (Ha) 2013/14 Season Porcentage Zone Sown Lost Harvestable Harvested (%) I NOA II NEA 230.000 23.000 207.000 100,0 III Ctro N Cba 3.000 350 2.650 100,0 IV S Cba 22.000 400 21.600 100,0 V Ctro N SFe 150.000 1.500 148.500 100,0 VI Ncleo Norte 7.000 150 6.850 100,0 VII Ncleo Sur 9.000 200 8.800 100,0 VIII Ctro E ER 5.000 350 4.650 100,0 IX N LP-OBA 100.000 9.000 91.000 85,0 X Ctro BA 45.000 1.350 43.650 93,0 XI SO BA-S LP 420.000 15.000 405.000 81,0 XII SE BA 380.000 5.000 375.000 56,0 XIII SL 30.000 2.400 27.600 85,0 XIV Cuenca Sal 75.000 3.000 72.000 96,0 XV Otras 4.000 200 3.800 100,0 TOTAL 1.480.000 61.900 1.418.100 81,3

Hectares Harvested 207.000 2.650 21.600 148.500 6.850 8.800 4.650 77.350 40.595 328.050 210.000 23.460 69.120 3.800 1.152.425

As of: Mar. 27, 2014 Yield Production (qq/Ha) (Tn) 11,5 238.050 20,0 5.300 18,0 38.880 18,0 267.300 22,0 15.070 26,0 22.880 13,5 6.278 22,0 170.170 19,5 79.159 12,5 410.063 19,5 409.500 14,5 34.017 20,0 138.240 19,0 7.220 16,0 1.842.126

GRAIN SORGHUM
Up to date the harvest of commercial grain sorghum has covered 8.5 % of the suitable area, representing a fortnightly advance around 4.4 %, and a YOY decrease of 6.5 %. Overall, 91 thousand hectares were collected, yielding an average of 4 Tn/Ha nationwide, with a volume accrued of 365 thousand tons. Around fifteen days prior to this report, the harvest continued in the mid-north of Santa Fe, the NE Area, the mid-east of Entre Ros, including the North Belt and the south of Cordoba. The yields obtained in these areas are below the expectations, and they are evidence of the thermo-hydric stress suffered during most of the critical period of early sowings. The late plots are concentrated in the NE Area, the mid-north of Cordoba and Santa Fe. Although the crop cycle is not finished, the yields are expected to exceed the ones obtained on early sowings, and even exceed the historical averages. Regarding the reports on the SW of Buenos Aires and south of La Pampa, the condition of the plots is bad. The harvest is expected to initiate during April in several areas of the agricultural region, foreseeing yields similar or slightly higher than the historical averages. Upon this scenario, we maintain our estimation at 4,300,000 tons nationwide. This result represents a fall of -4.5 % compared to the previous cycle, which finished at 4.5 MTN.

GRAIN SORGHUM HARVEST 2013/14 Season Hectareage (Ha) Zone Sown Lost Harvestable I NOA 24.000 24.000 II NEA 245.000 1.600 243.400 III Ctro N Cba 134.000 134.000 IV S Cba 44.000 400 43.600 V Ctro N SFe 205.000 1.300 203.700 VI Ncleo Norte 40.000 100 39.900 VII Ncleo Sur 20.000 20.000 VIII Ctro E ER 85.000 2.000 83.000 IX N LP-OBA 45.000 45.000 X Ctro BA 8.000 8.000 XI SO BA-S LP 120.000 120.000 XII SE BA 7.000 7.000 XIII SL 52.000 52.000 XIV Cuenca Sal 29.000 29.000 XV Otras 22.000 22.000 TOTAL 1.080.000 5.400 1.074.600

Porcentage Hectares Harvested Harvested 0,0 11,5 27.991 0,0 6,0 2.616 17,5 35.648 7,0 2.793 0,0 26,8 22.244 0,0 0,0 0,0 0,0 0,0 0,0 0,0 8,5 91.292

As of: 27/03/2014 Yield Production (qq/Ha) (Tn) 35 96.569 40 10.464 41 147.354 60 16.842 42 93.425 39,9 364.654

Buenos Aires, March 27, 2014

Buenos Aires Grains Exchange