First Tidal Acquisition Corp T.AAA

Corn production

[bob-ten1]

for 2012/13 is projected at a record 14.8 billion bushels, up 2.4 billion from 2011/12. A projected 5.1-millionacre
increase in harvested area and higher expected yields, compared with 2011/12, sharply boost
production prospects. The 2012/13 corn yield is projected at a record 166.0 bushels per acre, 2.0 bushels
above the 1990-2010 trend reflecting the rapid pace of planting and emergence. Despite the lowest
expected carryin in 16 years, corn supplies for 2012/13 are projected at a record 15.7 billion bushels, up 2.2
billion from 2011/12.
Total U.S. corn use for 2012/13 is projected up 9 percent from 2011/12 on higher feed and residual
disappearance, increased use for sweeteners and starch, and larger exports. Feed and residual use for
2012/13 is projected up 900 million bushels reflecting a sharp rebound in residual disappearance with the
record crop and an increase in feeding with lower corn prices and higher expected pork and poultry
production. Projected corn use for ethanol is unchanged on the year as weak gasoline consumption limits
domestic blending opportunities. Corn exports for 2012/13 are projected 200 million bushels higher than in
2011/12 on abundant domestic supplies, lower prices, and higher expected China demand.

United States Department of Agriculture
Office of the
Chief Economist
Agricultural Marketing Service
Farm Service Agency
Economic Research Service
Foreign Agricultural Service
WASDE - 506 Approved by the World Agricultural Outlook Board May 10, 2012