The Final Bell

2-1-21 Up and down day on the markets New crop beans remain strong Huge exports last week We are not the cheapest grain in town Basis remains unchanged Ethanol margins remain poor Any reaction to the January Cattle Inventory Report?

1-29-21 • Cattle market sees a demand driven market • How is supply looking • Reading restaurants are starting to open up • Retail demand is amazing-packers having more money to spend • End of month 16/18 have been lower • Stock market collapse • Hogs saw a big week-finally off its “tail” • Big export business to China • 230 million bushels of corn just this week to China • Exports off the charts...

1-28-21 • Market shift underway • Money flow & the dollar • Could we see a dollar ralley? • So the chance of follow the leader in the markets might be gone for awhile • China is buying more U.S. Grains • Not quite there for heard liquidation • Dairy & livestock helped by Government

1-27-21 • Pull back today in the grains • How much is the outside markets influencing? • Money making • China comes back for more soybeans • Inflationary risks still ahead • New strain of ASF in China • Struggle starting in the cattle complex

1-26-21 • A second day of higher grains • South America where are they at production wise • How do we compare with the contract high of last week? • Where are we currently at? • Basis talk • What happened to the funds last week & how did they participate?

1-25-21 • Soybeans pulled themselves up into a strong trade • Ethanol margins remain poor • South American forecast • Can the hogs continue the positive trade this week? • Snow could have more of an impact of the market’s tomorrow

1/22/21 • Summed up in one word YUCK • Rains in South America • Lack of rains here in the U.S. • Beans back to pre-report prices • Basis to remain unchanged-short term • Cattle welcomed lower corn

1-20-21 • Why the down markets the past two days? • What is the takeaway? • What’s going on in SA weather & their crops • Latest with wheat, but they are pulled down by corn & beans • Are there more export taxes being talked about? • Money supply in the long term • Cattle futures disappointed in Texas trade • Hogs pushed some green on the screen

1-19-21 • Input cost worries? • Tough day in the grains with lower prices • Huge news week in the U.S. & globally • With all this outside influence how is that effecting our markets • What goes up has to come down once & awhile • Mixed livestock cattle trade • Lower hogs

1-15-21 • Crop report • Trying to find levels to ration • South American weather • Harvest progress in South America • Russia trying to slow down quotas • Livestock structure is changing due to high prices grain • Contract highs on the livestock • Markets are closed Monday…but the rest of the world is trading

1-14-21 • How did today’s trade surprise? • Strong farmer selling…lines at the elevators • How has the basis changed in the past couple of days? • Could we continue to go up? • South American weather • Ethanol demand? • Are the grain markets overbought? • Cattle…where are things at & why not a better run?

1-13-21 • Return of the emotions of the markets yesterday • Wheat still dealing with Russia • Is there a big reversal in the weather pattern at the end of this month for South America? • USDA numbers pretty close to StoneX numbers • Sept 1 corn stalk numbers were adjusted as well this week • Higher corn-how have cattle been reacting?

1-12-21 • WASDE Report • How did the USDA get to those USDA numbers? • What will the overnight & Wednesday trade be like? • Corn/Bean/Wheat info • How will livestock continue to react?

1-11-21 • Report heading into tomorrow • Reason for the pullback in the grains today • What could they tell us? • Ethanol margins remain soft • Basis price • Missouri River levels • Current but slower on the slaughter • COVID-19 vaccines

1-8-21 • Broad overview of the grain markets • Look ahead to the USDA report of Tuesday • One day lower trade this week • Where have we gone in the last month of trade? • Are $14 beans possible? • Wheat has not had a lot of cold weather scares • Lower livestock…did the south sell to soon?

1-7-21 • Grains have had a heck of a run in 2021 • Turn of events to lower numbers shouldn’t be a surprise • The Tuesday report • Weather in South America with issues in Argentina • A look at the Goldman Sachs Index • Ethanol movement • Next 13 days • Feed costs & grain movement

1-6-21 • Nice day in beans • Corn hits $5 • Different dynamics between corn & beans • How is wheat faring • Next Tuesday is a pivotal day. Money flow & momentum

1-5-20 • Cattle market still has the chance to go higher • First full week of trading in ‘21-what’s the feel of the cash • Big outside day on Monday • How does livestock react to higher grains? • Macro markets-how are they playing a role in the trade? • Huge cash feeder movement the next couple of weeks? • Dollar on the trade • Hogs have some money positions moving…how does that effect front month...

12-31-20 How have corn and soybean markets done for the week? What were prices one year ago for corn and soybeans? What all has changed in the corn market to get us to these prices? How has the soybean supply and demand changed to get us to these prices? What will the corn and soybean markets be focused on going into 2021? What are some marketing lessons learned from 2020?

12-29-20 • What has the futures done for grains in the last 30 days? • Corn/Beans/KC wheat-why is it up…funds? • Current weather outlook • Fundamentals of new crop

12/28/20 • Holiday doldrum trade • A lot of year end wrap up going on • South America as we get to Jan will see what their weather impact will be • Corn imports with China all-time high • Taiwan approves pork imports with Ractopamine • Update to the dairy industry how has cheese buys effected the trade? • Cattle supply side is bullish

12-24-20 • Higher grains to finish out the trade week • Weather in South America • The need for having reserves once again • Stimulus package • Beef could get expensive going into the new year with stronger profits

12-16-20 • Weather in South America • Worker strikes in Argentina • Ethanol demand…COVID having its effects • How is demand effecting meat • Outlook for Chinese imports in the coming year for meat

12-15-20 • Crush number boosted the soybeans • Holiday trade is setting in • Low volume for the corn • China grows their hog herd • Cutout break...what does this mean going forward? • Not a lot of cattle movement-part December part price?

12-14-20 • Wheat had a huge drop • Some renewed export opportunities for soybeans • Look at country basis • Hogs continue to try to move with no luck • Reminder we are into the December livestock market