Table of Contents
Summary...................................................................................4
Structural Views ..........................................................................................................4
The Next Twelve Months ............................................................................................6
Stock Picks...................................................................................................................7
Commodity Price Outlook and Hedging.................................8
J.P. Morgan Soft Commodities Strategy......................................................................8
Cosan .........................................................................................................................10
BM&F Bovespa .........................................................................................................11
Farming ...................................................................................13
Panel Discussion ........................................................................................................13
SLC Agricola Presentation ........................................................................................17
DTN Consulting Presentation ....................................................................................19
Who is the typical farmer in Brazil? ..........................................................................22
Farmland Panel.......................................................................24
Logistics..................................................................................27
Panel Discussion ........................................................................................................27
ALL Presentation.......................................................................................................34
Ultrapetrol Presentation .............................................................................................35
Wilson, Sons Presentation .........................................................................................38
Financing ................................................................................40
Banco do Brasil Presentation .....................................................................................40
Farmers’ View of Financing ......................................................................................45
Fertilizer ..................................................................................49
ANDA Presentation ...................................................................................................49
Amazon Mining Presentation ....................................................................................52
Heringer Presentation.................................................................................................55
Yield.........................................................................................57
Chemicals / Defensives..............................................................................................57
Seeds..........................................................................................................................58
Sugarcane...................................................................................................................60
AGCO Presentation ...................................................................................................61
Farmers’ View of Technology ...................................................................................63
Sugar & Ethanol......................................................................66
Thoughts on Sugar .....................................................................................................66
Panel Discussion ........................................................................................................67
Cosan Presentation.....................................................................................................70
Protein (Beef/Poultry).............................................................72
Brasil Foods Presentation ..........................................................................................72
Minerva Presentation .................................................................................................74
Panel Discussion ........................................................................................................75