McKeany-Flavell Hot Commodity Podcast

Iran’s nuclear option is the Strait of Hormuz Emergency oil release reaction was muted Risk remains highly elevated Be proactive about adding soybean oil coverage Our next webinar is fast approaching! Seasonal Market Outlook Webinar: Navigating the Opportunities & Risks Ahead Wed., March 25, 2026 at 2pm ET / 11am PT Clients, be on the lookout for your invite next week, or anyone can sign up now at mckeany-flavell.com Host/Expert: Eric Thornton, Vice President Expert: Shawn Bingham, Director of Commodity Risk Management  

Corn & soy complex U.S. soy and corn balance sheets relatively unchanged Interesting changes to U.S. soybean oil consumption Wheat No changes in U.S. balance sheet Should USDA have increased exports? Attention shifting to new crop 2026/27 with 2025/26 set in stone Sugar Florida cane production lowered from early February freeze High-tier imports increased Our next webinar is fast approaching! Seasonal Market Outlook Webinar: Navigating the Opportunities & Risks Ahead Wed., March 25, 2026 at 2pm ET / 11am PT Clients, be on the lookout for your invite next week, or anyone can sign up now at mckeany-flavell.com Host: Michael Caughlan, President & CEO Expert: Nicole Thomas, Vice President – Information Services Expert: Eric Thornton, Vice President Expert: Kevin Combs, Vice President – Global Sweeteners Specialist  

New MAHA food pyramid could lead to changing consumption GLP-1 and weight management drugs grow in usage What’s a food and/or beverage manufacturer to do in this environment? Save the date for our next webinar! Seasonal Market Outlook Webinar: Navigating the Opportunities & Risks Ahead Wed., March 25, 2026 Clients, be on the lookout for your invite next week, or anyone can sign up now at mckeany-flavell.com Host: Michael Caughlan, President & CEO Expert: Nicole Thomas, Vice President – Information Services Expert: Marilyn Adutwum, Data Analyst

Held in beautiful Championsgate, FL: How was the weather? Demand for sugar and sweeteners pressured from growing GLP-1 use and SNAP restrictions Tariffs are off and then back on again? 2027 negotiations appear to be in no hurry Host: Michael Caughlan, President & CEO Expert: Kevin Combs, Vice President – Global Sweeteners Specialist

Wheat Wheat is worth watching now: futures rallying to six-month highs Long-term bearish outlook still most likely Sugar Sugar forfeiture risk and product reformulations will be two non-traditional drivers for the 2027 market Soy complex Trade and profitability: soybean supply and consumption may hinge on those factors Energy markets, be it biofuel or crude oil, soybean oil prices are at the mercy of energy markets, domestic politics, and the geopolitical environment  Corn Corn acreage and consumption: lower YOY acreage (with likely good carry-in for 2026/27) against feed consumption now, ethanol consumption later Host/Expert: Nicole Thomas, Vice President – Information Services Expert: Eric Thornton, Vice President

World demand down How’s the weather looking for the mid-crop season? What about surplus? What’s the recent news from Ghana? Arrival numbers have been hard to come by; now we know why! Current market price and recommendations for coverage going forward Happy Valentine’s Day! Host: Eric Thornton, VP Expert: Marilyn Adutwum, Data Analyst

Sugar Louisiana record cane crop boosted USDA cleans up 2024/25 delivery figures Wheat Changes minimal (as expected) for wheat Small decrease to food demand bumps up ending stocks Could we reach 1 billion bushels in ending stocks for new crop 2026/27? Corn & soy complex U.S. corn balance sheet showing slightly lower ending stocks; still neutral to bearish Nothing new and enlightening for soybeans or soybean oil, in the U.S. anyway Host: Michael Caughlan, President & CEO Expert: Kevin Combs, Vice President – Global Sweeteners Specialist Expert: Eric Thornton, Vice President Expert: Nicole Thomas, Vice President – Information Services

Why 2026 feels fundamentally different from prior resin cycles How polyethylene supply discipline and inventory management are driving price behavior The growing disconnect between resin indices and real transaction pricing Nonmarket adjustments and why they create confusion—and risk—for buyers What resin buyers should actually be watching right now Host: Nicole Thomas, Vice President – Information Services Guest Expert: Michael Workman, Growth Director at ResinSmart by RTi Global Guest Expert: Kevin Mekaru, Senior Business Unit Lead, Commodity Plastic Resin, RTi Global www.resinsmart.ai  

Fed leaves rates unchanged as expected Powell says the levels of uncertainty around employment and inflation have diminished Trump taps Kevin Warsh to head the Fed next PPI inflation comes in a little hot Host: Michael Caughlan, President & CEO Expert: Shawn Bingham, Director of Commodity Risk Management

ASGA is celebrating 50 years of excellence! What will be discussed? Farm incomes dropping Imperative to get beet payments up for the 2026/27 crop year Sugar growers going through generational change Need to support young farmers of America Is the rebound in beet sugar deliveries sustainable? Did you miss our Key Ingredients in 2026 Webinar on Wednesday? Watch now on our IQ platform! Not an IQ subscriber? Reach out to us to learn more! Host: Michael Caughlan, President & CEO Expert: Craig Ruffolo, Vice President – Commodity Specialist

Winter Wheat Seedings report Current look at winter wheat conditions and weather U.S. exports capped at 900 million bushels? Recommendations for strategy and coverage Join us next Wednesday, January 21 for our first webinar of the year! Key Ingredients in 2026 Webinar: Anticipate Volatility & Plan Effectively Clients, be on the lookout for your invite, or anyone can sign up now at mckeany-flavell.com Host: Craig Ruffolo, Vice President – Commodity Specialist Expert: Eric Thornton, Vice President  

Corn & soy complex Bearish surprise for U.S. corn via production Soybean ending stocks higher as a result of paltry export demand What gives with U.S. soybean oil stocks? Sugar Louisiana cane production forecast breaks record! Sugar deliveries forecast to drop, but by how much? Wheat Catch up with wheat S&D on this Friday’s pod! Join us Wednesday, January 21 for our first webinar of the year! Key Ingredients in 2026 Webinar: Anticipate Volatility & Plan Effectively Clients, be on the lookout for your invite, or anyone can sign up now at mckeany-flavell.com Host: Michael Caughlan, President & CEO Expert: Nicole Thomas, Vice President – Information Services Expert: Kevin Combs, Vice President – Global Sweeteners Specialist

Economy Lackluster headline jobs growth with revisions lower Unemployment rate reverses recent uptick Fed still eyes 50-basis-point rate cuts this year Weather NOAA’s latest forecast reveals a potential El Niño in H2 2026? What crops could be affected? Current conditions in the U.S. have been drier due to the weak La Niña weather pattern Join us on Wednesday, January 21 for our first webinar of the year! Key Ingredients in 2026 Webinar: Anticipate Volatility & Plan Effectively Clients, be on the lookout for your invite, or anyone can sign up now at mckeany-flavell.com Host: Michael Caughlan, President & CEO Expert: Shawn Bingham, Director of Commodity Risk Management Expert: Eric Thornton, Vice President

Corn wet milling Investments made will impact availability of liquid sweeteners Sugar World sugar stays under 17 cents per lb Brazil: Another monster crop STU goes up: 18% by summer More forfeitures during the summer months Wheat U.S. acreage at an all-time low Global production output to be more like last year’s than this year’s output (800 MMT vs. 837 MMT) Soy complex & edible oils Resurgence in biofuel production Conventional canola oil is the least expensive option for a good chunk of 2026 Impact of weight management drugs continues Anti-seed oil trend to pick up traction Economy & energy Three rate cuts during 2026: 2.75% to 3.00% CPI: 2.6% for 2026 Inflation likely to tick up by year's end Crude oil: $55 to $56 a barrel Happy New Year! Host: Michael Caughlan, President & CEO Expert: Craig Ruffolo, Vice President – Commodity Specialist Expert: Kevin Combs, Vice President – Global Sweeteners Specialist Expert: Eric Thornton, Vice President Expert: Nicole Thomas, Vice President – Information Services Expert: Shawn Bingham, Director of Commodity Risk Management

...and Nicole's got the mic, rhyming her way through a poem that is sure to be liked. Happy holidays from McKeany-Flavell! Host: Michael Caughlan, President & CEO Expert: Nicole Thomas, Vice President – Information Services

Soybean oil futures Why do we keep coming back to the same spot? Soybean oil in biofuels A combo of the known and unknown Food consumption Consumer trends of all forms to drive demand GLP-1s: A fad or here to stay? Host: Michael Caughlan, President & CEO Expert: Nicole Thomas, Vice President – Information Services

USDA punts any U.S. production changes to January Expect more volatility and market attention next month Corn The only change? Increase to exports  Soy complex No changes to the U.S. soybean balance sheet Wheat Ditto for U.S. wheat balance sheet: No changes Global wheat production rose further Now a 5% increase vs. 2024/25 Sugar Beet sugar production lowered, while cane increased Host: Michael Caughlan, President & CEO Expert: Eric Thornton, VP Expert: Kevin Combs, Vice President – Global Sweeteners Specialist

Ethanol from corn and high sugar share increasing Brazil production in 2024/25 Global surplus pressuring world # 11 sugar prices When will low prices impact production? Missed Wednesday’s webinar on Systematic Timing Models? Watch now on our IQ platform! Not an IQ subscriber? Reach out to us to learn more! Host: Michael Caughlan, President & CEO Expert: Kevin Combs, Vice President – Global Sweeteners Specialist

FOMC decision on Dec. 10 Crude oil production vs. demand Supreme Court ruling on Trump tariffs Dec. 9 WASDE Next Wednesday is our last webinar of 2025! Procurement Timing Models: Taking the Emotion Out of Procurement Wed., December 3, 11am PT / 2pm ET Clients, be on the lookout for your invite, or anyone can sign up now at mckeany-flavell.com Happy Thanksgiving! Host/Expert: Eric Thornton, VP Expert: Shawn Bingham, Director of Commodity Risk Management

Will the closure of refining cause some regional tightness? Burdensome inventories for both beet and cane Will it keep pressure on prices? The International Sweetener Colloquium is now on the radar! Come prepared to talk 2027 Mark your calendars for our next webinar! Procurement Timing Models: Taking the Emotion Out of Procurement Wed., December 3, 11am PT / 2pm ET Clients, be on the lookout for your invite, or anyone can sign up for both now at mckeany-flavell.com Host/Expert: Kevin Combs, Vice President – Global Sweeteners Specialist Expert: Craig Ruffolo, Vice President – Commodity Specialist