In line with our strategy, we have not yet sold corn and barley, and only sold a small part of the wheat, namely the part that is harvested under very difficult conditions as lodging, and as a result had a quality that we did not want to mix in with the other wheat. It is very clearly a buyer’s market during and after the harvest, because of, among other things, a lack of storage capacity with producers, just as the vast majority of sellers will/must sell immediately after the harvest. We also sense in the dialogue with our buyer network that there is good reason to believe in an upward trend in prices in the near future. In any case, we are convinced that corn with relatively good quality parameters, such as our stocks, will increase in price.

NOTES:
1.
Sales have been negotiated for wheat in Videle and Mizil, with a large trading partner, who after having analysed the wheat, made an offer on it as bread wheat, until now in the region of DKK 115-­‐118/hkg.
There is a large shortage of bread wheat in Romania.

2.
The proportion of wheat in Oravita that is expected to be sold as admixutre for bread wheat -­‐ parameters OK, except for hl weight of 72.

3.
Is sold at this price -­‐ the absolute worst quality of our wheat.

4.
Various sources point out that there is shortage of barley in the Black Sea region – a price increase is expected in the New Year.

5.
We were hit by hurricane with hail in the best field with 400 HA in Oravita shortly before harvest. We are insured for up to 2.5 tonnes/HA, the documented yield until 2013, so it has been calculated at 2.5 tonnes/HA in this field.
Without this hail damage the yield would have been significantly higher than 2.5 tonnes/HA, which insurance appraiser also agreed with, so we negotiated a new insurance contract with a larger reference yield.
Without this damage, the total yield would have been 3.1 tonnes/HA.

6.
About 190 HA of corn in Oravita still needs to be harvested, so the total yield is estimated under the assumption that Oravita gives a slightly lower than average yield there.

7.
New land that was planned to be sewn with sunflowers, but the work in the spring drew out so much that it was decided to allow the soil to lie fallow until rapeseed sowing -­‐ which has happened. An adjustment has been made for the missing margin contribution.