The Final Bell

11-20-20 • Didn’t close near the highs that some had thought • Brazilian weather…driving factor overnight… • Will we hit $12 beans? So then what’s after $12? • How much COVID worry is being factored in? • A lot of fund trading in grains • Export sales haven’t been very aggressive

11-19-20 • Cattle risk off covid deal • Rumors about plant closings • Cash market steady • Food service retail issues • Marketing year high on beef exports • Beans impressive • Exports…pretty new into the trading year

11-18-20 • Nice to see some positive markets • Vaccine news once again supportive • COVID & Ethanol demand • Evidence that China is back to buying again • Rains coming to South America & the U.S. • Dryness worries could be pushed into spring • Balance act between grocery store meat hording & restrictions for food service

11-17-20 Wheat market struggles Beans are pulling the corn along Export numbers South American Weather U.S. Basis Is there some pork export possibilities?

11-16-20 • Corn & beans have seen some big jumps in the past couple of weeks • Outside market influence • What do we do with corn at these levels? • What are the basis levels? • Will we see exports start to pick back up? • Political uncertainty

11-13-20 • WASDE • COVID…lock down any market fears • No man’s land right now • Ethanol is there some demand concerns? • Weekly export numbers…not a lot to talk about • Quiet on the export front • South looking for cattle…paying $3-4 higher this week

11-12-20 Funds look like they are the biggest mover in the trade Could be big volumes getting out...with many factors tied in Export sales did not pan out like many had thought Russians are set to sell a bunch of wheat to the world South American weather turns wet

11-11-20 • Some follow through buying for soybeans • Did corn get caught between wheat & beans • Export bids backed off when prices went high • Soybeans still closed higher-what is the potential in the market? • Did anything in the WASDE report surprise you? • South America’s crop…what kind of pressure will we see • China… • April & June cattle made contract highs

11/10/20 discusses how the rally continues in the grain complex with the WASDE report out on Tuesday. Hudson also highlights how USDA increased demand through imports and if China can continue it's strong pace of buying US commodities.

11-9-20 • WASDE Report out tomorrow (11/10) • How was the October WASDE set up? • Corn the highs made & carryout • Outside market influences…NASDAC & DOW • Cattle market & what does a vaccine mean to the proteins • Outlook for the rest of the week

11-6-20 • Lows in the box beef • Feeder cattle chart looks good • Do we hold or sell calves? • Could we see higher cash next week • Hogs moving sideways • Sitting with a lot of supply • COVID continues • WASDE from a livestock perspective • CME Pork cutout contract…will be watched by all Monday

11-5-20 On the other side of the election. How has the dollar been hit by the election? How is all the waiting affecting the trade market? 2012 was the last inflationary area Will ethanol margins remain tight? The Boy that called wolf Workings of the dairy prices Supply demand mismatch on beef demand

11-4-20 • Market is trading gridlock • Ethanol margins moving towards a lower trade? • COVID red flags • Rains slowed some planting in Brazil-but it’s still dry. • Cattle moving north to south • How current is the south vs. north

11-3-20 o Why did the corn and soybean markets pull back so much over the last week and are now higher on election day? o What is the latest on export demand for corn? o How is the ethanol demand for corn looking? o What does the export demand for soybeans look like? o What do you think will happen to the carry and basis in the soybean market? o Will South American weather become a bigger issue do...

11-2-20 • Nervousness heading into election tomorrow • How the markets came back around • Wheat & Crude Oil were part of the turnaround • Globally how are they looking at the trade & dollar ahead of & after Tuesday? • COVID concerns • Can the cash market kick it in gear with the fat cattle? • Is their weight concerns for cattle?

10-30-20 • What a marketing week • Cattle market finishes the week with some green • Everyone is talking about the election with risk off ahead of Tuesday • Should we be locking in some grain for winter? • What if cow/calf not yet marketed this year’s calves • Corn market closing for the week…might want some protection on the downside • How are the commercial spreads going? • Moral on the pork pri...

10-29-20 Funds risk off Planting is slower in South America Rains in the plains but drought monitor shows dryness continuing Report out next week-talking acres for 2021 Demand vs. risk Any concerns for livestock as more communities pull back

10-28-20 • WHY are grains selling off? • Is it fundamentals or money flow? • Cattle go higher • COVID concerns

10-27-20 • Soybeans saw a quiet trade day & ran out of gas by the close • Will December be able to get to the contract high this week? • Elections still having a hold on the markets • Movement of grain on the rivers • No export announcements • Cattle trade & struggles

10-26-20 • Could there be an increase of dairy cows into the beef market? • Soybeans…a positive feedback loop • Corn has another day of struggles • Dry weather patterns to those in the south, wetter to the north • Look at the cattle on feed report from Friday

10-23-20 • The spreads on the markets • No carry in the market • Basis around the country has been interesting • China & its effects on the markets • Move we saw in cattle this week…what does the chart have to say

10-22-20 Did Thursday's Price action tell us anything? Row crops vs. livestock Debate tonight...how does that set the tone for trade tonight/into tomorrow? Has markets noted weather delays? US & South American Weather Wheat weather issues Struggle continues again with the cattle market Even hogs saw some lower trade.

10-21-20 • Cash market weakness coming out of the north • Are the cattle to big? • What is behind the strength in the soybeans • Will soybean prices continue to grow? • Why are corn prices going up? • Wheat continues to see dryness global • Sum it up its weather & China • Ethanol report out on Wednesday saw production tick lower • Not endorsing one candidate over the other how does Nov 4th play in...

10-20-20 • Continuation of the status quo • Many wondering where the stock is in China • Will their buying keep up in the short term? • Harvest progress is moving along quickly • South America forecast is getting better • Black Sea region is still tough • Basis in the country • Is the down trend in the cattle going to turn around? • How is cash holding up? • COF on Friday

10-19-20 • Wheat is the most confusing market right now • Light buyer support for soybeans • Dry weather concerns • Corn isn’t really expensive…yet beans have some good value • Cattle had some struggles in the trade, falling off the cliff today • Make sure you remember what kind of year this is-does that set the stage for 2021 • Does the downtrend in cattle set the tone for cash this week?