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7/30/2019 World of Corn 2007
1/11
7/30/2019 World of Corn 2007
2/11
Mncrf{akkgbz6
Zlktk}nitf{cj}ykggbct{tngN`k
tbmnzlnzb}gbazbcizlkkczbtkcnzbfc
#Nckqkt-}ztfciktp{g}k
dknzbcibczlkLkntzgncj}bicngbci
tkh{qkcnzbfc'tkdbtzl'tkckyng#
Nztk`kcjf{}}{tikfakcktirik
cktnzkjbcN`ktbmn}mftcabkgj}#
Jf`k}zbmkcktirbczlkaft`fatkckyndgkkzlncfgzlnzb}cfzfcgr
b`ptfqbcif{tlf`kgncj
}km{tbzrncjf{tdngncmkfaztnjk
d{zb`ptfqbcif{tkcqbtfc`kcz#
Kmfcf`bmkcktirjtbqkcdr{cptk
mkjkczkjgkqkg}fabcqk}z kczbct{
tngmf``{cbzbk}ncjzlk
pfykta{gb`pnmzfaqng{k-njjkjni
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rfa@nbc]ztkkz[]N#
L{`nckcktira{kgkjdrn}nak'nd
{cjnczncjnaaftjndgkaffj}{ppgr
atf`mftc-jktbqkj
affj}ncjbcitkjbkcz}zfzlkc{ztbz
bf{}`knzptfj{mz}zlnzntktnb}kj
fcmftcncjzlk
mfptfj{mz}fakzlncfgptfj{mzbfc#
N}ngynr}'N`ktbmnb}gffebcizfnit
bm{gz{tkbz}tkgbndgkaf{cjnzbfcncj
itknzk}z}ztkcizlncj
mftcbcpntzbm{gnt'zfnjjtk}}zlkc
nzbfc}mlnggkcik}ncjmnpbzngbxkfc
fppftz{cbzr#Bcanmz'zlk
kczbtkyftgjb}tkmficbxbcizlnzmf
tcncjzlkzngkczkjptfj{mkt}yl
fitfybzntkpfb}kj
zfptfqbjkkcktiraftzlk}fg{zbfc
}ckkjkjbczlkrknt}nlknj#
Jfcz`nekzlk`b}znekfazlbcebci
zlnzn[#]#mftcptfj{mktb}cz{p
zfzlkzn}e#Zlb}
bcmtkjbdgkjk`ncjb}k|nmzgrylnz
mftcant`kt}lnqkdkkcyftebciz
fyntjaftjkmnjk}#
Ncjzlkr}zncjtknjrzf`kkzzlkm
lnggkcik}fazlb}k|mbzbcia{z{tknc
jgbqk{pzfzlk
k|pkmznzbfc}fazlf}k
ylflnqkpgnmkjzlkbtanbzlbczlk
ndbgbzrfaN`ktbmncant`kt}zf
mfczbc{kjfbciylnzzlkrjfdk}z#
N}zlkCnzbfcngMftcItfykt}N}}f
mbnzbfcmkgkdtnzk}bz};?zlnccbqkt}
ntrbc4??9'ykmnc
n}}{tkrf{zlnzzlkcnzbfc}mftcp
tfj{mkt}ntkmfcabjkczncjmnpndg
k#
D{z`f}zfangg'N`ktbmn}mftcptf
j{mkt}ntkkcktibxkj#
Ekc@mMn{gkrTbmeZfg`nc
_tk}bjkczMKF
Ekc@mMn{gkr
TbmeZfg nc
4??9 Yftgj fa Mftc >
7/30/2019 World of Corn 2007
3/11
4??9 Yftgj fa Mftc :yyy#cmin#mf`yyy#cmin#mf`
Mftc ant`kt} ntk mf``bzzkj zf itfybci zlkbt mtfp
bc ynr} zlnz ptfzkmz ncj ptk}ktqk zlk kcqbtfc`kcz#
Zlk njqkcz fa dbfzkmlcfgfir bc mftc lrdtbj} ln}
lkgpkj ant`kt} itfy `ftk mftc fc gk}} gncj {}bci
akykt mlk`bmng} ncj pk}zbmbjk}a{tzlkt tkj{mbci zlk
kcqbtfc`kczng b`pnmz fa nitbm{gz{tk ylbgk bcmtkn}bci zlk
mftc }{ppgr aft affj' a{kg ncj abdkt# Bc anmz' zlk {}k fa
dbfzkml lrdtbj} cfy tkj{mk} zlk {}k fa mtfp ptfzkmzbfc
ptfj{mz} dr `ftk zlnc 4? `bggbfc pf{cj} ncc{nggr#
]ztbmz ncnik`kcz ptfzfmfg} k`pgfrkj dr ant`kt}
lkgp kc}{tk zlnz zlk}k dbfzkml mftc ikckzbm} a{gabgg zlkbt
ptf`b}k ybzlf{z njqkt}kgr naakmzbci zlk kmf}r}zk`#
Nz zlk }n`k zb`k' mftc bz}kga b} dkbci {}kj zf b`ptfqk
f{t kcqbtfc`kcz bc ncr ynr}#
Fzlkt cnzbfc} ntk ykgg nlknj fa zlk [cbzkj ]znzk}
bc zlk {}k fa dbfpgn}zbm}ybzl }f`k' }{ml n} Hnpnc'
kqkc tk~{btbci zlkbt {}k# Zlk lbil ptbmk fa fbg'
mf`dbckj ybzl bcmtkn}kj ptfj{mzbfc kaabmbkcmbk}'
b`ptfqkj zkmlcfgfir ncj itknzkt bczktk}z bc
kcqbtfc`kcznggr atbkcjgr nzktbng}' ln} lkgpkj
mftc-dn}kj pgn}zbm} z{tc zlk mftckt bc zkt`} fa
kmfcf`bm akn}bdbgbzr# Tkznbgkt} gntik ncj }`ngg ntk
bcmftpftnzbci pnmenibci' mfcznbckt}' ibaz mntj} ncj
fzlkt bzk`} njk atf` pfgrgnmzbm nmbj ,_GN"' n
mftc-jktbqkj pfgr`kt ybzl }bicbabmncz dkckabz} bc
zkt`} fa dbfjkitnjndbgbzr ncj pkztfgk{` tkpgnmk`kcz#
Lbil-pktaft`ncmk kzlncfg ln} n ptfqkc ztnme tkmftj
fa tkj{mbci zf|bm k|ln{}z k`b}}bfc} ncj b`ptfqbci
nbt ~{ngbzr bc nhft mbzbk}# Njjbzbfcnggr' jk`ncj aft
4??9 Yftgj fa Mftc =
kcqbtfc`kcznggr }nak kzlncfg ln} dkkc }p{ttkj dr zlk
kgb`bcnzbfc fa @ZDK' n pkztfgk{`-dn}kj in}fgbck
njjbzbqk zlnz pfgg{zk} itf{cjynzkt#
Kzlncfg ptfj{mzbfc b} }~{kkxbci kqkc `ftk f{z fa n ektckg
fa mftc# Jtn`nzbm njqncmk} bc zkmlcfgfir lnqk g kj zf zlk
ndbgbzr zf ptfj{mk ckntgr zltkk inggfc} fa kzlncfg atf` n
d{}lkg fa mftc{p atf` 4#; inggfc} h{}z n aky rknt} nif#
C{`ktf{} tkgbndgk }z{jbk} lnqk }lfyc zlnz yk ikz {p zf
>#19 zb`k} `ftk kcktir atf` kzlncfg zlnc zlk kcktir bz
znek} zf ptfj{mk bzbcmg{jbci zlk kcktir tk~{btkj zf
pgncz' itfy' lntqk}z ncj ztnc}pftz zlk mftc# Njjbzbfcnggr'
kzlncfg pgncz} tkmrmgk f}z fa zlk ynzkt {}kj bc zlk
ptfj{mzbfc ptfmk}}#
Kcktibxbci Kcqbtfc`kczng]zkyntj}lbpBz} cfz h{}z ndf{z itfybci `ftk mftc#Bz} ndf{z lfy yk itfy bz# Ncj lfy yk {}k bz#
Cky {}k}fc zlk lftbxfc#
Tk}kntml b} {cjkt ynr zf jkqkgfp cky
zkmlcfgfibk} jk}bickj zf kaabmbkczgr
}kpntnzk ncj k|ztnmz {}ka{g mlk`bmng}
atf` mftc zlnz mnc tkpgnmk pkztfgk{`-
dn}kj mlk`bmng} bc nczbatkkxk' pgn}zbm} ncj
fzlkt nppgbmnzbfc}#
Fck }z{jr b} afm{}kj fc jkqkgfpbci n
tknmzft zlnz k|ztnmz} lrjtfikc atf`
kzlncfg# Zlk tknmzft zlkc akkj} lrjtfikc
in} bczf n a{kg mkgg' ylktk bz b} mf`dbckj
ybzl f|rikcptfj{mbci kcf{il pfykt
zf }{ppgr nc nqktnik lf`k#
Zlk BcjrMnt ]ktbk} ybgg {}k >?? pktmkcz
kzlncfg dkibccbci ybzl zlk 4??9 tnmbci
}kn}fc# Bcbzbng zk}z} bcjbmnzk zlnz zlk}k
lbil-pktaft`ncmk kcibck} d{tc mffgkt
ncj ikz dkzzkt `bgknik zlnc zlk ptkqbf{}
`kzlncfg-dn}kj a{kg# Zlb} ybgg gbekgr gknj
zf zlk jkqkgfp`kcz fa `ftk kaabmbkcz
mfc}{`kt qklbmgk} zlnz t{c fc K
7/30/2019 World of Corn 2007
4/11
4??9 Yftgj fa Mftc ;
Ybzl zlk TA]' zlk kzlncfg bcj{}ztr yn} gkibzb`bxkj
ncj qbtz{nggr fqktcbilz' zlk t{tng gncj}mnpk dkinc zf if
qktzbmng ybzl zlk kbilz-}zftr-lbil jb}zbggnzbfc mfg{`c}
zlnz ntk zlk ptf`bckcz aknz{tk fa nc kzlncfg pgncz#
Ngfci ybzl zlk}k cky dbftkabcktbk} mf`k zlf{}ncj}
fa a{gg-zb`k hfd}' bcmtkn}kj bcmf`k ncj bcqk}z`kcz
fppftz{cbzbk} aft mftc ptfj{mkt}ncj kmfcf`bm
qbzngbzr zlnz mf{t}k} zltf{il t{tng mf``{cbzbk} ncj
kqkcz{nggr tkqktdktnzk} zltf{ilf{z zlk kczbtk cnzbfc#
N ]kpzk`dkt 4??1 }z{jr bcjbmnzk} zlnz n ant`kt-fyckj
;? `bggbfc inggfc jtr `bgg kzlncfg pgncz mfcztbd{zk}
n} `{ml n} ;1 pktmkcz `ftk zf zlk gfmng kmfcf`r
zlnc nc nd}kczkk-fyckj pgncz{cjkt}mftbci zlk
b`pftzncmk fa ant`kt fyckt}lbp zf t{tng jkqkgfp`kcz#
@ftk b`pftznczgr' zlb} nmmkgktnzbfc fa zlk jf`k}zbm
ptfj{mzbfc fa tkckyndgk a{kg b} lkgpbci tkj{mk f{t
tkgbncmk fc b`pftzkj fbg ncj zlk jtni fc f{t cnzbfc}
kmfcf`r zlnz mf`k} atf` lbil fbg ptbmk}# N} k`ktibci
cnzbfc} }{ml n} Mlbcn ncj Bcjbn }bplfc faa kqkc
`ftk fa zlk yftgj} fbg }{ppgr' N`ktbmn} ndbgbzr zf
itfy bz} fyc a{kg ybgg dkmf`k kqkc `ftk mtbzbmng
zf f{t ykgg dkbci ncj gfci-zkt` }{mmk}}#
N`ktbmn ln} dkkc nz zlk `ktmr fa b`pftzkj fbg aftjkmnjk}# Zlb} zb`k' bz gffe} gbek yktk abcnggr ibqbcimftc n tkng fppftz{cbzr zf jf }f`kzlbci ndf{z bz#
N`ktbmn} Kmfcf`rKcktibxbci
Bc 4??1' ptbmk} nz zlk in} p{`p }fntkj zf {cptkmkjkczkj
gkqkg}# H{}z n} zlkr jbj bc zlk >29?}# Ncj ninbc bc zlk >22?}#
Zlk}k }pbek} lnqk dkkc j{k bc gntik pntz zf N`ktbmn}
jnciktf{} njjbmzbfc zf b`pftzkj fbg# Zlb} zb`k' bz gffe}
gbek yktk }ktbf{} ndf{z jfbci }f`kzlbci ndf{z bzzlnce}
zf jkmnjk} fa yfte dr zlk mftc bcj{}ztr#
Zlk Tkckyndgk A{kg} ]zncjntj ,TA]" bc zlk 4??; kcktir
dbgg tk~{btk} zlnz 9#; dbggbfc inggfc} fa tkckyndgk a{kg
}{ml n} mftc-dn}kj kzlncfg dk bcmg{jkj bc zlk cnzbfc}
ztnc}pftznzbfc a{kg }{ppgr dr 4?>4# ,Bz nppknt} ykgg
nmz{nggr dk zlktk dr 4??
7/30/2019 World of Corn 2007
5/11
yyy#cmin#mf`
Lfy mftc ptfj{mkt}ybgg `kkz itfybcijk`ncj#
N} mftc mfczbc{k} zf kcktibxk `ftk }kmzft}
fa f{t kmfcf`r' zlk jk`ncj aft mftc b}
itfybci nz nc {cptkmkjkczkj tnzk# Lktk
ntk }f`k tkn}fc} ylr N`ktbmnc mftc ant`kt}
ecfy zlkr mnc ekkp {p ybzl zlk jk`ncj
aft zlkbt ptfj{mz8
Mftc rbkgj} lnqk mfc}b}zkczgr bcmtkn}kj
rknt nazkt rkntnc nqktnik fa ndf{z
=#; d{}lkg} pkt rknt fqkt zlk gn}z jkmnjk#
Dn}kj fc zlk >?-rknt lb}zftbmng ztkcj'
mftc rbkgj pkt nmtk mf{gj tknml >;# Aft mf`pntb}fc' zlk nqktnik rbkgj
bc >29? yn} ndf{z 94 d{}lkg} pkt nmtk#
Mfczbc{kj jkqkgfp`kcz} bc dbfzkml-
cfgfir ntk gknjbci zf bcmtkn}kj rbkgj}
itfyc ybzl akykt pk}zbmbjk} ncj tkj{mkj
bcp{z}# Zlb} mf{gj kn}bgr nmmkgktnzk zlk
bcmtkn}k bc pkt-nmtk rbkgj c{`dkt}#
Jtf{ilz-zfgktncz mftc b} fc zlk lftbxfc'
ylbml ybgg bcmtkn}k ptfj{mzbfc ncj
a{tzlkt kclncmk zlk mfc}b}zkcmr fa zlk
mftc }{ppgr#
Jk`ncj aft mftc bc zlk gbqk}zfme }kmzft
ln} dkkc tkgnzbqkgr }zndgk aft zlk gn}z >?
rknt}# ]f ln} zlk jk`ncj aft cfc-kzlncfg
bcj{}ztbng ptfmk}}bci# Mftc k|pftz}
lnqk ztkcjkj {p fcgr }gbilzgr# Lfykqkt'
igfdng jk`ncj aft jb}zbggkt} itnbc} b}
fc zlk tb}k#
@ncr ant`kt} lnqk zlk mlfbmk fa itfybci
n c{`dkt fa mtfp}# Ba zlk jk`ncj k|b}z}
aft mftc' mftc b} ylnz zlkr ybgg itfy#
Kcktibxbci N`ktbmn}]kga-TkgbncmkYkqk ngtknjr }kkc zlk kaakmz} fa tkgrbci fc fzlkt} aftf{t fbg# Ylnz yf{gj lnppkc b a yk inqk fzlkt cnzbfc}mfcztfg fqkt f{t affj }{ppgr n} ykgg6
N`ktbmnc mfc}{`kt} kchfr zlk }nak}z' `f}z nd{cjncz
ncj f}z naaftjndgk affj }{ppgr bc zlk yftgj# Zlk
nqktnik [#]# mfc}{`kt }pkcj} 2#2 pktmkcz fa lf{}klfgj
bcmf`k fc affj# Mfc}bjkt zlk}k tf{il pktmkcznik
mf`pntb}fc} aft fzlkt mf{cztbk}8 @k|bmf ,4:#2"' Hnpnc
,>:#:"' Atncmk ,>:#2"' Zlnbgncj ,42#4" ncj Bcjfck}bn
,;;#>"# Zlk tk}{gz8 N`ktbmnc} lnqk ftk jfggnt}
nqnbgndgk zf p{tmln}k fzlkt iffj} ncj bcqk}z bc
tk}kntml ncj jkqkgfp`kczncj zlk`}kgqk}#
N tkgbndgk affj }{ppgr dkmf`k} kqkc `ftk b`pftzncz
n} zlk pfp{gnzbfc itfy} nz lf`k ncj ndtfnj#
Tk`k`dkt' dbftkabcktbk} jfcz h{}z ptfj{mk a{kg#
Zlkr ptfj{mk bcitkjbkcz} {}kj bc affj aft pkfpgk
ntf{cj zlk yftgj#
Dbftkabcktbk} ng}f ptfj{mk n lbil-qng{k akkj mnggkj
jb}zbggkt} itnbc} zlnz b} dkbci {}kj ybzl itknz }{mmk}}
n} n }{ppgk`kcz ft tkpgnmk`kcz aft ztnjbzbfcng mftc
bc gbqk}zfme tnzbfc}# Bc kaakmz' yk ntk b`ptfqbci
zlk kaabmbkcmr fa mftc {}nik dr mtknzbci affj ncj
a{kgbc}zknj fa }b`pgr gbqk}zfme akkj#
Mftc ptfj{mkt} ntk yftebci lntj zf kc}{tk zlnz
gbqk}zfme ptfj{mzbfc mfczbc{k} zf zltbqk bc zlk [cbzkj
]znzk}# Zlk bczktjkpkcjkcz mftc-kzlncfg-gbqk}zfme
ztbncigk tk~{btk} zlnz ngg zltkk pntzckt} dk }ztfci aft
fpzb`{` }{mmk}}# Mftc ptfj{mkt} ntk lkgpbci a{cj
tk}kntml fc zlk {}k fa jb}zbggkt} itnbc} aft pfte ncj
pf{gztr ptfj{mzbfcncj b`ptfqbci zlk ~{ngbzr'
jkgbqktr ncj kaabmbkcmr fa jb}zbggkt} itnbc} bc dkka ncj
jnbtr mnzzgk ptfj{mzbfc#
Fzlkt tk}kntml b} afm{}kj fc `nppbci zlk mftc ikcf`k'
kqkcz{nggr gknjbci zf mftc ybzl ztnbz} }pkmbabmnggr aft {}k
bc `kjbmbck}' c{ztnmk{zbmng}' bcj{}ztbng nppgbmnzbfc} ncj
affj}b`ptfqbci zlk gbqk} fa pkfpgk ntf{cj zlk yftgj'
ylbgk njjbci qng{k zf N`ktbmn} mftc mtfp#
4??9 Yftgj fa Mftc 9
mfczbc{kj fc pnik >?
7/30/2019 World of Corn 2007
6/11
@fc}nczf b} >?? pktmkcz jkjbmnzkj zf zlk ck|z ikcktnzbfc
fa bccfqnzbfc zf jkgbqktbci zlk zkmlcfgfir zlnz ybgg lkgp
rf{ `ftk kambkczg r itfy mtfp} n} ykgg n} rf{t dfz zf` gbck#
Nz @fc}nczf' yk ntk kczbtkg r mf``bzzkj zf nit bm{gz{tk}a{z{tk# Ncj rf{t}#
N} rf{ pgnc zlk ck|z rknt'yk ntk tk}kntmlbci zlk ck|z zkc#
4??1 @fc}nczf Mf`pncr#,4;>-9 CMIN mftc"
7/30/2019 World of Corn 2007
7/11
yyy#cmin#mf` 4??9 Yftgj fa Mftc >>
N mgf}kt gffe nz zlk mf`pf}bzbfc fa n mftc ektckg#
Zlk kcjf}pkt` nmmf{cz} aft ndf{z
7/30/2019 World of Corn 2007
8/11
yyy#cmin#mf` 4??9 Yftgj fa Mftc >=
[#]# Mftc Nmtk} _gnczkj' >2=1-4??1
>?>
'2;2
?4
?:
?=
?;
[#]# Mftc _tfj{mzbfc' >2=1-4??1
>'4
;2 4
'2>1
='?
9;
:'>
1
2'2
>;
2';
?=
'>>:
>>
'
?4
?:
?=
?;
[#]# Mftc Mtfp Qng{k' >2;1-4??1
*;
#>9
*>=
#;4
*>4
#;>
*4;
#>;
*44
#=;
*>9
#>?
*>
#42
*=
#4?
[#]# Mftc Nmtk} Lntqk}zkj' >2=1-4??1Zlf{}ncj Nmtk}
]f{tmk8 []JN' CN]]' Mtfp _tfj{mzbfc 4??1 ]{``ntr' Hnc# >4' 4??9#
19
'>9
9?
'1:;#
7/30/2019 World of Corn 2007
9/11
yyy#cmin#mf` 4??9 Yftgj fa Mftc >;
Mftc Mfc}{`pzbfc
Affj' ]kkj ! Bcj{}ztbng ,A]B" [}nik' >2
21
29
2
?4
?=
?;
>'
>;=
>'
:4;
4'
2
>'
124
>'
9'
'
2>=
>'
2;9
?:
4'
?:1
(?1
4'
;=9
4'
=:?
@bggbfc D{}lkg}
(@ntekzbci rknt kcjbci N{i# =>' 4??9]f{tmk8 []JN' KT]' Akkj F{zgffe' Hnc{ntr 4??9
='
;=;
4'
129>
4>?
4
424
:1
4:;
4>2
444
4>9 4
42
@bggbfc D{}lkg}
(@ntekzbci Rknt Kcjbci N{i# =>' 4??9
]f{tmk8 []JN' KT]' Akkj F{zgffe' Hnc{ntr 4??9
4:?
444
21
29
2
?4
?=
?;
?:
(?1
[#]# Mftc K|pftz}' >22>-4??1
2>
21
29
2
?4
?=
?;
>'
;'
;?=
>'
292
>'
2=9
>'
2:>
?:
>'
2?;
(?1
>'
2??
>'
;' 4??9
]f{tmk8 []JN' KT]' AkkjF{zgffe' Hnc >9' 4??9
Akkj&Tk}bj{ng;?#2#>+
@bggbfc D{}lkg}
K|pftz}
Mnttr-f{z
Akkj ! Tk}bj{ng
Affj' ]kkj ! Bcj{}ztbng
>'???
4'???
='???
:'???
;'???
1'???
9'???
[#]# Mftc [}nik dr ]ki`kcz' >22=-4??1
(@ntekzbci Rknt Kcjbci N{i# =>' 4??9 ]f{tmk8 []JN' KT]' Akkj F{zgffe' Hnc# 4??9(?1
?;
?:
?=
?4
?>
??
22
2;?
>'=
4=
[#]# A{kg Kzlncfg _tfj{mzbfc' >2
21
29
2
?4
?=
?;
9>?
2;?
>'
>??
>'
=??
>'
:??
>'
:9?
>'
1=?
>'
99?
?:
4'
>=?
(?1
='
:??
4'