Weekly Update - Abbreviated Edition Monday, August 9, 2021

U.S. Hiring Boomed Over July, but the Delta Variant Raises Worries Over July, U.S. employers added 943,000 jobs, decreasing the unemployment Mary Burke rate to 5.4%. Most view this as a positive sign that the U.S. is emerging from Partner the COVID-19 lockdown, but there is growing concern that the delta variant 312.348.7081 will slow the economic recovery. [email protected]

The Dow Jones Industrial Average increased 0.8% on the week, finishing at 35,209. William Whipple Partner

The S&P 500 rose 0.9% on the week, finishing at 4,437. 312.348.7076 [email protected]

The NASDAQ Composite gained 1.1% on the week, finishing at 14,386.

Lakeshore Food Advisors, LLC Yield on the 10-year Treasury increased seven basis points during the week, ending at 1.31%. 20 North Wacker Drive Suite 2100 Crude oil decreased 6.6% on the week, ending at $69.09 per barrel. Chicago, IL 60606

Corn fell 1.4% on the week, ending at $5.53 per bushel.

NASDAQ Highs: Wholesale Corporation, Green Plains Inc., Rocky Mountain Chocolate Factory, Inc. Lows: Calavo Growers, Inc., Vital Farms, Inc.

NYSE Highs: Chipotle Mexican Grill, Inc., Diageo plc, Dollar General Corporation, Yum! Brands, Inc., Zoetis Inc. Lows: Campbell Soup Company

Featured Stocks of the Week: Bunge Ltd. (NYSE: BG) 10-year History Tyson Foods, Inc. (NYSE: TSN) 10-year History 100 100

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The Lakeshore Food Chain 12/31/2020 12/31/2019

Price Price as Compared to Enterprise Value to Total Debt Price Compared to 52-Week Range YE: Forward LTM: to LTM Company Name 8/6/21 7/30/21 High Low 2020 2019 P/E Revenue EBITDA EBITDA

Dow Jones Industrial Average 35,209 0.8% 35,209 26,502 15.0% 23.4% 0.0x S&P 500 4,437 0.9% 4,437 3,237 18.1% 37.3% 21.8 NASDAQ Composite Index 14,836 1.1% 14,895 10,633 15.1% 65.3% Sector Average: 16.1% 42.0%

AGRICULTURAL LAND HOLDINGS

Farmland Partners Inc. $12.51 (0.7%) $14.85 $6.27 43.8% 84.5% NM 22.78x 39.1x 17.2x Gladstone Land Corporation 23.78 2.0% 26.04 13.55 62.4% 83.3% NM 22.77 29.4 15.4 Limoneira Company 17.34 (3.2%) 20.74 13.33 4.1% (9.8%) 50.6 2.78 NM NM Sector Average: 36.8% 52.7% 50.6x 16.11x 34.2x 16.3x 35208.50 INPUTS

American Vanguard Corporation $16.16 (2.1%) $22.49 $12.68 4.1% (17.0%) 0.0x 1.33x 12.7x 3.1x CF Industries Holdings, Inc. 46.22 (2.2%) 57.19 25.30 19.4% (3.2%) 9.9 3.74 9.0 2.3 Corteva, Inc. 44.76 4.6% 49.98 24.83 15.6% 51.4% 19.1 2.28 11.2 0.8 FMC Corporation 95.32 (10.9%) 123.66 92.85 (17.1%) (4.5%) 13.1 3.33 12.5 3.2 Intrepid Potash, Inc. 34.39 13.5% 39.19 7.94 42.4% 26.9% 10.2 2.42 10.1 0.7 31.49 0.8% 38.23 15.99 36.9% 45.5% 6.4 1.54 6.2 1.8 * Ltd. 74.74 0.8% 79.67 46.39 22.0% 20.2% 14.2 2.18 11.7 3.1 S&W Seed Company 3.26 (2.1%) 4.36 2.15 11.3% 55.2% NM 1.93 NM NM The Scotts Miracle-Gro Company 164.09 (7.3%) 254.34 143.08 (17.6%) 54.5% 19.9 2.22 12.4 2.5 Zoetis Inc. 201.88 (0.4%) 207.00 141.41 22.0% 52.5% 42.5 13.40 31.5 2.3 Sector Average: 13.9% 28.2% 15.0x 3.44x 13.0x 2.2x

AGRICULTURAL EQUIPMENT

* Ag Growth International Inc. $31.28 (3.3%) $48.47 $25.24 4.9% (32.6%) 15.9x 1.39x 24.4x 14.1x AGCO Corporation 135.35 2.5% 158.62 67.67 31.3% 75.2% 13.8 1.09 8.5 1.3 Art's-Way Manufacturing Co., Inc. 3.58 (3.0%) 5.48 2.04 24.3% 102.3% 0.0 1.00 NM NM * Buhler Industries Inc. 3.00 0.0% 3.89 2.20 15.4% 2.4% 0.0 0.52 NM NM CNH Industrial N.V. 17.06 1.3% 18.49 7.32 32.9% 55.1% 13.0 1.29 11.3 7.1 Deere & Company 366.88 1.5% 400.34 179.86 36.4% 111.8% 19.0 3.91 19.2 5.9 Lindsay Corporation 171.45 6.7% 179.10 91.41 33.5% 78.6% 37.5 3.45 21.1 1.6 Titan Machinery Inc. 28.40 (0.5%) 35.24 11.08 45.3% 92.2% 15.1 0.58 9.2 3.5 Sector Average: 28.0% 60.6% 19.1x 1.65x 15.6x 5.6x

AGRIBUSINESS

The Andersons, Inc. $27.78 4.0% $34.41 $16.36 13.3% 9.9% 17.1x 0.27x 8.1x 5.1x Archer-Daniels-Midland Company 60.29 1.0% 69.30 43.21 19.6% 30.1% 14.0 0.58 9.3 2.7 Bunge Limited 76.57 (1.4%) 92.38 43.41 16.8% 33.0% 10.7 0.38 5.8 2.4 Darling Ingredients Inc. 70.80 2.5% 79.65 29.36 22.7% 152.1% 19.0 3.49 13.6 2.5 * Gruma, S.A.B. de C.V. 213.59 (0.8%) 290.27 204.97 (9.9%) 10.0% 15.1 1.15 7.2 2.0 Incorporated 86.11 (1.9%) 98.05 68.71 9.5% (7.4%) 13.6 1.18 7.2 2.2 Landec Corporation 10.76 (1.6%) 12.88 9.04 (0.8%) (4.9%) NM 0.99 18.2 7.6 MGP Ingredients, Inc. 68.33 14.6% 76.68 34.77 45.2% 41.0% 21.4 3.57 17.1 2.7 * Olam International Limited 1.40 6.1% 1.87 1.24 (8.5%) (22.7%) 0.0 0.45 9.8 9.3 Sector Average: 12.0% 26.8% 13.9x 1.34x 10.7x 4.0x

DIVERSIFIED FOODS

B&G Foods, Inc. $29.09 1.3% $47.84 $25.26 4.9% 62.2% 14.0x 2.08x 11.0x 6.2x Campbell Soup Company 42.30 (3.2%) 54.08 42.11 (12.5%) (14.4%) 15.0 2.07 9.1 2.7 , Inc. 32.76 (2.2%) 39.34 32.25 (9.7%) (4.3%) 13.2 2.23 9.9 3.8 General Mills, Inc. 57.87 (1.7%) 65.52 53.96 (1.6%) 8.0% 15.5 2.60 10.7 3.0 The Hain Celestial Group, Inc. 40.04 0.3% 46.02 30.11 (0.3%) 54.3% 25.1 2.11 16.8 1.4 The J. M. Smucker Company 127.90 (2.4%) 140.65 108.10 10.6% 22.8% 14.4 2.30 9.6 2.5 Kellogg Company 63.22 (0.2%) 71.65 56.61 1.6% (8.6%) 15.5 2.15 12.0 3.3 The Company 37.20 (3.3%) 44.95 28.56 7.3% 15.8% 14.9 2.54 7.9 3.0 Lancaster Colony Corporation 188.71 (4.6%) 201.31 160.26 2.7% 17.9% 32.7 3.57 21.3 0.1 , Inc. 61.77 (2.4%) 65.60 52.51 5.6% 12.1% 20.6 3.74 14.4 2.9 * Nestlé S.A. 112.88 (1.7%) 117.44 95.00 8.3% 7.7% 24.5 4.10 18.0 2.6 * Nomad Foods Limited 27.18 4.1% 31.85 22.44 6.9% 21.5% 14.9 2.20 11.9 4.5 Post Holdings, Inc. 107.64 5.2% 117.91 81.38 6.6% (1.3%) 22.6 2.26 12.3 6.3 The Simply Good Foods Company 36.24 (3.3%) 38.50 18.62 15.6% 27.0% 27.1 4.03 20.0 2.7 SunOpta Inc. 13.12 (0.2%) 21.63 8.30 (11.8%) 306.2% 125.3 1.69 21.4 2.8 TreeHouse Foods, Inc. 39.51 (11.0%) 55.50 35.15 (7.0%) (18.5%) 16.0 1.00 8.1 3.9 Unilever PLC 48.23 (0.8%) 51.89 43.00 (2.7%) NA 0.0 2.93 13.6 2.6 Sector Average: 1.4% 31.8% 24.2x 2.56x 13.4x 3.2x

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Price Price as Compared to Enterprise Value to Total Debt Price Compared to 52-Week Range YE: Forward LTM: to LTM Company Name 8/6/21 7/30/21 High Low 2020 2019 P/E Revenue EBITDA EBITDA

ETHANOL

Alto Ingredients, Inc. 5.16 (2.6%) 11.44 2.51 (5.0%) 693.8% 6.8 0.47 6.6 1.5 Green Plains Inc. 34.94 (1.2%) 38.13 11.91 165.3% 126.4% 93.0 1.04 21.4 7.5 Renewable Energy Group, Inc. 60.06 (1.9%) 117.00 32.00 (15.2%) 122.9% 14.9 1.02 8.8 2.0 Sector Average: 48.4% 314.4% 38.2x 0.84x 12.3x 3.6x

FRUIT & VEGETABLE

Calavo Growers, Inc. $51.42 (8.7%) $85.40 $51.36 (25.9%) (43.2%) 31.6x 1.01x 17.3x 1.8x Fresh Del Monte Produce Inc. 31.10 0.8% 36.57 20.71 29.2% (11.1%) 14.3 0.52 7.2 2.2 Lamb Weston Holdings, Inc. 65.08 (2.5%) 86.41 60.65 (17.3%) (24.4%) 24.4 3.15 15.3 4.1 Mission Produce, Inc. 19.50 0.7% 22.93 11.75 29.6% NA 20.8 1.76 15.4 2.0 Seneca Foods Corporation 51.80 (5.4%) 62.37 34.86 29.8% 27.0% 0.0 0.39 2.9 0.8 Sector Average: 9.1% (12.9%) 18.2x 1.37x 11.6x 2.2x

PROTEIN

Beyond Meat, Inc. $123.88 1.0% $221.00 $99.86 (0.9%) 63.9% NM 17.55 NM NM Cal-Maine Foods, Inc. 34.62 (0.8%) 46.66 33.85 (7.8%) (19.0%) 47.4 1.13 36.7 0.1 Hormel Foods Corporation 45.48 (1.9%) 52.97 43.45 (2.4%) 0.8% 24.1 2.45 17.4 0.8 Industrias Bachoco, S.A.B. de C.V. 42.17 (3.9%) 48.47 35.62 (6.6%) (18.9%) 8.9 0.31 2.3 0.2 * JBS S.A. 32.60 1.7% 36.12 19.03 37.8% 26.4% 7.1 0.52 4.8 2.4 Nathan's Famous, Inc. 65.70 2.3% 78.89 50.00 19.0% (7.3%) 0.0 3.88 10.9 4.9 Pilgrim's Pride Corporation 21.28 (3.9%) 26.28 14.06 8.5% (35.0%) 8.7 0.56 6.4 2.2 Sanderson Farms, Inc. 182.37 (2.4%) 195.25 111.68 38.0% 3.5% 12.6 1.02 4.6 0.1 Seaboard Corporation 3,960.99 (3.6%) 4,390.50 2,624.50 30.7% (6.8%) 0.0 0.58 6.1 2.1 Tyson Foods, Inc. 71.12 (0.5%) 81.79 55.82 10.4% (21.9%) 12.4 0.82 6.9 1.9 Vital Farms, Inc. 17.04 (2.1%) 42.50 16.02 (32.7%) NA NM 2.57 34.8 0.0 Sector Average: 8.5% (1.4%) 13.5x 2.85x 13.1x 1.5x

BAKING & INGREDIENTS

* ARYZTA AG $1.20 (0.6%) $1.33 $0.43 76.1% 11.0% NM 0.72x 23.0x 14.7x Balchem Corporation 133.79 (0.8%) 139.59 92.60 16.1% 31.6% 33.1 5.90 25.2 0.8 Flowers Foods, Inc. 22.89 (2.8%) 25.48 21.66 1.1% 5.3% 20.3 1.35 10.0 2.2 * Grupo Bimbo, S.A.B. de C.V. 49.00 6.8% 49.25 36.99 13.3% 42.3% 17.5 0.99 6.4 2.3 J & J Snack Foods Corp. 163.78 (0.4%) 181.71 124.60 5.4% (11.1%) 36.5 2.67 24.2 0.5 * Kerry Group plc 123.65 (1.1%) 130.00 97.05 4.3% 11.3% 30.8 3.35 23.8 2.4 McCormick & Company, Incorporated 83.43 (0.9%) 105.54 82.03 (12.7%) (1.7%) 27.4 4.56 21.0 4.4 * Tate & Lyle plc 7.29 (1.4%) 8.21 5.87 8.1% (4.1%) 13.5 1.35 7.1 1.6 Sector Average: 14.0% 10.6% 25.6x 2.61x 17.6x 3.6x

CANDY, NUTS, & SNACKS

Bridgford Foods Corporation $12.86 (1.6%) $21.80 $12.76 (29.4%) (48.1%) 0.0x 0.68x 22.7x 4.4x The Hershey Company 178.59 (0.2%) 182.24 134.00 17.2% 21.5% 24.5 4.70 17.0 1.9 John B. Sanfilippo & Son, Inc. 92.43 0.1% 94.97 71.00 17.2% 1.3% 17.0 1.29 11.4 0.5 Laird Superfood, Inc. 23.91 (14.3%) 60.80 22.63 (49.5%) NA NM 5.53 NM NM Rocky Mountain Chocolate Factory, Inc. 7.88 (6.1%) 8.64 2.55 94.6% (14.6%) 0.0 1.58 7.2 0.4 Tootsie Roll Industries, Inc. 34.33 (0.2%) 57.26 28.15 19.1% 6.7% 0.0 4.20 22.5 0.2 Utz Brands, Inc. 21.82 (3.6%) 30.09 13.55 (1.1%) 112.3% 32.6 NA NA NA Sector Average: 9.7% 13.2% 12.4x 3.00x 16.2x 1.5x

PET FOOD AND PRODUCTS

Central Garden & Pet Company $48.48 0.4% $62.91 $35.96 25.6% 56.0% 17.2x 1.02x 8.3x 3.4x Freshpet, Inc. 136.43 (6.8%) 186.98 98.24 (3.9%) 130.9% NM 15.22 NM 0.4 Sector Average: 10.8% 93.5% 17.2x 8.12x 8.3x 1.9x

WINE & BEVERAGE

The Boston Beer Company, Inc. $656.72 (7.5%) $1,349.98 $653.57 (34.0%) 73.8% 24.8x 3.79x 21.0x 0.2x Brown-Forman Corporation 70.34 (0.8%) 83.40 67.29 (11.4%) 4.1% 40.3 9.95 30.4 2.3 The Coca- Company 56.64 (0.7%) 57.56 46.97 3.3% 2.3% 24.4 7.57 18.8 3.1 Constellation Brands, Inc. 218.80 (2.5%) 244.75 160.63 (0.1%) 15.3% 20.9 6.01 15.0 2.9 Crimson Wine Group, Ltd. 8.66 (0.5%) 10.48 4.70 61.9% 17.0% 0.0 2.59 NM 341.8 * Diageo plc 35.88 0.5% 36.29 24.26 24.7% 12.1% 27.8 7.67 21.8 3.7 Monster Beverage Corporation 96.97 2.8% 99.24 75.45 4.9% 52.6% 35.1 9.47 26.5 0.0 Jones Soda Co. 1.38 16.0% 1.54 0.13 496.8% 375.9% 0.0 6.58 NM NM National Beverage Corp. 44.21 (2.6%) 98.22 30.43 4.1% 73.3% 23.9 3.70 15.3 0.2 PepsiCo, Inc. 154.33 (1.7%) 158.66 128.32 4.1% 12.9% 24.1 3.35 17.5 3.0 Corporation 119.05 (2.0%) 126.32 75.21 11.3% 35.4% 32.0 5.86 18.9 2.9 Willamette Valley Vineyards, Inc. 12.66 (1.6%) 16.54 6.00 98.7% 82.7% 0.0 3.35 14.0 1.9 Sector Average: 55.3% 63.1% 21.1x 5.82x 19.9x 32.9x

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Price Price as Compared to Enterprise Value to Total Debt Price Compared to 52-Week Range YE: Forward LTM: to LTM Company Name 8/6/21 7/30/21 High Low 2020 2019 P/E Revenue EBITDA EBITDA

DAIRY

* Danone S.A. 62.70 1.0% 64.05 46.03 16.6% (15.2%) 18.4 2.25 9.6 3.8 Lifeway Foods, Inc. 5.88 (7.4%) 8.89 3.14 8.7% 195.5% 0.0 0.81 8.5 0.3 * Saputo Inc. 36.56 1.6% 42.42 31.85 2.6% (9.1%) 20.2 1.33 14.0 3.1 Sector Average: 9.3% 57.1% 12.9x 1.46x 10.7x 2.4x

WHOLESALE, FOOD SERVICE, & DISTRIBUTION

The Chefs' Warehouse, Inc. $29.62 2.4% $35.57 $12.35 15.3% (22.3%) 70.0x 1.21x 148.0x 51.4x Core-Mark Holding Company, Inc. 41.52 (3.5%) 47.84 26.84 41.4% 52.7% 19.8 0.18 11.5 3.1 Performance Food Group Company 44.22 (3.5%) 59.89 30.84 (7.1%) (14.1%) 19.6 0.32 14.3 4.8 SpartanNash Company 19.32 (0.7%) 23.45 15.75 11.0% 35.7% 10.8 0.17 5.5 3.0 Sysco Corporation 73.92 (0.4%) 86.73 53.85 (0.5%) (13.6%) 24.6 1.05 29.1 8.4 United Natural Foods, Inc. 33.25 0.4% 42.40 14.23 108.2% 279.6% 10.5 0.20 4.7 3.1 US Foods Holding Corp. 34.11 (0.7%) 42.10 19.82 2.4% (18.6%) 17.7 0.57 22.8 10.3 Sector Average: 24.4% 42.8% 24.7x 0.53x 33.7x 12.0x

MASS MERCHANDISE & CLUB STORES

BJ's Wholesale Club $51.81 2.3% $52.96 $36.07 39.0% 127.8% 19.8x 0.66x 9.1x 2.8x Costco Wholesale Corporation 439.63 2.3% 443.50 307.00 16.7% 49.6% 39.0 1.04 21.4 1.1 Inc. 145.23 1.9% 153.66 126.28 0.7% 22.2% 24.6 0.81 10.5 1.5 Sector Average: 18.8% 66.5% 27.8x 0.83x 13.7x 1.8x

DOLLAR STORES

Dollar General Corporation $236.15 1.5% $236.72 $173.50 12.3% 51.4% 22.9x 2.04x 12.3x 2.5x Dollar Tree, Inc. 98.77 (1.0%) 120.37 84.41 (8.6%) 5.0% 16.2 1.21 6.3 2.0 Sector Average: 1.9% 28.2% 19.6x 1.63x 9.3x 2.2x

TRADITIONAL RETAIL

Albertsons $24.56 13.7% $24.71 $12.91 39.7% NA 11.4x 0.37x 5.7x 3.2x * Ahold Delhaize 26.47 1.0% 26.66 21.50 14.5% 18.7% 14.0 0.53 6.5 2.8 Ingles Markets, Incorporated 63.67 6.5% 67.60 34.92 49.2% 34.0% 0.0 0.38 3.8 2.0 The Kroger Co. 41.75 2.6% 42.99 30.35 31.5% 44.0% 13.8 0.38 7.9 3.3 Village Super Market, Inc. 22.34 (0.9%) 26.39 21.00 1.3% (3.7%) 0.0 0.31 6.1 4.0 Weis Markets, Inc. 54.07 2.7% 59.70 44.35 13.1% 33.5% 0.0 0.34 4.6 0.7 Sector Average: 24.9% 25.3% 6.5x 0.39x 5.7x 2.7x

SPECIALTY RETAIL

Natural Grocers by Vitamin Cottage, Inc. $11.80 5.5% $18.75 $9.36 (14.1%) 19.6% 17.9x 0.63x 6.0x 3.7x Sprouts Farmers Market, Inc. 23.80 (3.2%) 29.35 18.21 18.4% 23.0% 12.0 0.64 5.3 2.0 Sector Average: 2.1% 21.3% 14.9x 0.63x 5.6x 2.8x

TRADITIONAL RESTAURANTS

Brinker International, Inc. $54.60 0.5% $78.33 $28.52 (3.5%) 30.0% 10.6x 1.59x 10.2x 4.8x The Cheesecake Factory Incorporated 43.68 (3.5%) 65.81 24.64 17.9% 12.4% 13.7 1.59 12.1 5.6 Cracker Barrel Old Country Store, Inc. 134.91 (0.9%) 178.82 106.92 2.3% (12.2%) 15.6 1.68 15.1 5.1 Darden Restaurants, Inc. 144.70 (0.8%) 150.71 75.54 21.5% 32.7% 19.4 3.26 17.1 4.2 Dine Brands Global, Inc. 77.99 0.7% 100.70 47.00 34.5% (6.6%) 11.4 3.53 13.6 8.5 Jack in the Box Inc. 101.40 (6.9%) 124.53 77.57 9.3% 30.0% 13.9 3.87 8.2 4.2 McDonald's Corporation 236.26 (2.7%) 247.05 202.54 10.1% 19.6% 24.9 10.24 17.6 4.0 The Wendy's Company 22.23 (4.2%) 29.46 18.86 1.4% 0.1% 30.2 5.71 18.1 8.1 Yum! Brands, Inc. 134.03 2.0% 134.62 88.08 23.5% 33.1% 28.8 8.07 21.2 4.9 Sector Average: 13.0% 15.4% 18.7x 4.39x 14.8x 5.5x

HIGH-GROWTH RESTAURANTS

Chipotle Mexican Grill, Inc. $1,887.15 1.3% $1,912.75 $1,132.97 36.1% 125.4% 65.6x 8.09x 41.4x 2.5x El Pollo Loco Holdings, Inc. 18.49 (0.6%) 21.96 13.96 2.2% 22.1% 20.6 2.00 10.7 2.8 Noodles & Company 12.39 3.8% 13.55 6.25 56.8% 123.6% 40.1 1.84 12.3 4.1 Potbelly Corporation 7.16 2.6% 9.07 3.30 62.7% 69.7% NM 1.26 12.3 6.6 Shake Shack Inc. 90.36 (10.1%) 138.38 49.78 6.6% 51.7% NM 6.01 39.6 6.8 Wingstop Inc. 176.69 3.1% 177.82 112.47 33.3% 104.9% 111.0 20.91 74.9 6.2 Sector Average: 32.9% 82.9% 59.3x 6.69x 31.9x 4.8x

Notes: * Denotes local currency. Source: Capital IQ. Summary multiples adjusted for extraordinary and non-recurring items; outliers excluded from mean calculation.

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Major Indices (1-year & 12-year History)

S&P 500 Dow Jones Industrial Average

5,000 40,000

4,000 32,000

3,000 24,000

2,000 16,000

1,000 8,000

0 0

Months/Years Months/Years

1-year 12-year 1-year 12-year

10-year Treasury CBOE Market Volatility Index – VIX

5.00 65.00

4.00 52.00

3.00 39.00

2.00 26.00

1.00 13.00

0.00 0.00

Months/Years Months/Years

1-year 12-year 1-year 12-year

Lakeshore Sector Indices vs. S&P 500 (1-year Only)

160%

145%

130%

115%

100%

85%

S&P 500 Protein Inputs & Agribusiness Diversified Foods Baking & Ingredients Grocery

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Commodities Overview (1-year & 12-year History)

Soybeans Sugar $20.00 $0.50

16.00 0.40

12.00 0.30

8.00 0.20

4.00 0.10

Dollars per Pound Dollars per Bushel

0.00 0.00

Months/Years Months/Years

1-year 12-year 1-year 12-year

Cattle Milk $2.00 $0.30

1.60 0.24

1.20 0.18

0.80 0.12

0.40 0.06

Dollars per Pound Dollars per Pound

0.00 0.00

Months/Years Months/Years

1-year 12-year 1-year 12-year

Cotton Oil

$2.50 $125

2.00 100

1.50 75

1.00 50

0.50

Dollars Dollars per Barrel 25 Dollars per Pound

0.00 0

Months/Years Months/Years

1-year 12-year 1-year 12-year

Broiler price based off spot closing price. All other commodity prices are based off the closing price of their respective nearby futures contract.

Sources: Thompson Financial Data Securities, Capital IQ, Reuters, Edgar Online, Wall Street Journal, Barron’s, New York Times, Bloomberg, Chicago Tribune, Denver Post, MarketWatch, USDA, The Economist, BusinessWeek, Food Institute, Food Business News, Supermarket News, LPC, Company Press Releases. The information contained in this publication is compiled using publicly available news/media sources and industry-specific sources that Lakeshore Food Advisors, LLC (“LFA”) believes to be reliable, but the accuracy and completeness of which LFA cannot guarantee.

Please send your feedback and comments to Mary Burke at [email protected].

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