1

The Importance of Sustainability

Owen Cligg- United Oilseeds Trading

Manager

02/02/2012

World Consumption of Oils and Fats

World Vegoil use in million tonnes

EU-Biofuel Mandates

303 306 311 312305 305

315

4 7 9 13 14 171.3%

2.3%2.9%

4.2%4.6%

5.6%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

0

50

100

150

200

250

300

350

2005 2006 2007 2008 2009 2010 2020

Mineralischer Kraftstoff Biokraftstoffe Anteil Biokraftstoffe (Volumen)

EU: Use of biofuels/mineral fuels (mln t)

Projection

Source: EIA, F.O. Licht, ACTI

RED: 10 % Target

Share of biofuels

Total fuel use

Mineral fuel Biofuel Biofuel share (Volume)

Vegetable oil stocks comparatively low

7

• EU Oilseed rape changes up to harvest 2011

0

5

10

15

20

25

2005 2006 2007 2008 2009 2010 2011

Output

Crushings

End Stocks

Imports

8

UK Supply and Demand 2011/12  2011/12

   

Opening stocks 0.04

Production 2.75

Imports 0.01

   

Total supply 2.8

   

ADM 1.20

Cargill Liverpool 0.55

Cargill Hull 0.20

Compound 0.15

   

Total use 2.1

Exports 0.65

   

Ending balance 0.05

UK Oilseed Rape Demand

9

Export facilities used by United Oilseeds

11

Market Update

UK Rapeseed Area & Yields

Area (Th Ha)

Yield (T ha)

Crop (Mn T)

2012

760

3.5

2.66

2011

705

3.9

2.75

2010

637

3.5

2.23

2009

578

3.4

1.97

2008

603

3.28

1.98

2007

670

3.11

2.09

2006

593

3.19

1.89

2005

510

3.72

1.90

2004

534

3.01

1.61

2003

492

3.59

1.77

Volatility REMAINS

• SUPPLY CONCERNS• DEMAND

UNCERTAINITIES• EXACERBATED BY

FUND SPECULATION

Bullish argument

• Low US stocks of corn and soya

• Low stocks of osr• Lower EU osr production• Demand for sustainable

osr for biofuel• South American weather• Crude oil price

Bearish argument

• High prices ration demand

• High prices encourage extra production

• World may go back into recession

Any questions?