The Final Bell

8-11-20 • Weather that moved across the Midwest • USDA WASDE on Wednesday • Positioning with the report • ProFarmer Crop Tour • Reaction to the weekly crop progress report • Other currencies vs. the U.S. dollar • Turnaround Tuesday for the cattle • Cash cattle will continue to move higher in the days ahead • Hogs turned lower on a Tuesday

8-10-20 • Weekly Crop Progress Report • Weather • Weekly Exports • China…will buys be cancelled • Wheat traded lower • Center part of Iowa hit hard be weather • USDA Report later this week • Cattle/hogs how has back log caught up • Feeder cattle cash leveled off

8-7-20 This is a week many are ready to put to bed. Reality check is good once and awhile USDA Report next week Not everything isn't negative out there where is the ethanol market at right now don't become a buyer right now Funds still have a sizable short position as it typically does near harvest Are grain guys nervous on lack of protein movement

8-6-20 • Real crop conditions • Latest drought map • When will the markets catch up to the country side on crops • A lot of numbers being tossed around for yield potential • Weekly export numbers strong. • A pull back in the cattle doesn’t come as much of a surprise • Hogs with a mixed trade • Feeder cattle reaching highs we haven’t seen since Feb/early March

8-5-20 • Restrict expanded limits? • Why are markets not reflecting realty with the grain trade? • StoneX on yield information released this week-how are producers reacting? • Dakota Pipeline will not get shutdown while the case is heard-good for grain • Lebanon explosion and the need for grains…port issues due to the explosion • Hog prices are stagnate • Cattle prices continue to trend higher

8-4-20 • Crop progress report • Yield information that wasn’t a big surprise to the trade • Collusion in grains? • China buying more grain as they ramp up hog production • Struggles in the cattle market

8-3-20 • More bullish on cattle then in the past couple of weeks • Cattle coming around • Could be less cattle this fall then compared to previous years • August 5, 2019 $107.80 not far off from where we are today • Weeks…not months to getting caught up. • Cash will grind higher the next couple of weeks • Packers are willing to take on inventory. • COVID & retail trade & exports are amazing. • Hog...

7-31-20 • Major export business this week • Battle between good weather and crops • Is there inflationary concern with the dollar? • Record prices in China…how short are they on food? • Little boy that called woof. • Dairy price update

7-29-20 • DC Court of appeals decision Dakota Access Pipeline-removing risk for farmers • Higher crop ratings…some ratings the highest in 10 years • Some export business for wheat out of Kansas City • Hogs see triple digit losses…roller coaster in general for the livestock • Break in product prices. • Cash for cattle sparce • Safety for workers • Fear factor continues to reign

Tensions with U.S. & China BUT we keep seeing export sales to them & unknown Weather has become a non factor at this point for crops Softer ethanol margins Weaker dollar and the wheat market Beans giving up the fight to stay positive Demand for proteins Boxed beef movement

7-23-20 Corn was able to turn higher at the close Beans at & above $9 How much is China's flooding being factored into the markets? Food Inflation China's hungry for proteins

7-22-20 • China & a somber note with the Consultant in Houston • China did and another make purchases of soybeans • Cash trade Chinese buyers looking at corn & wheat • Growing amount of evidence their temp reserve is almost empty • Gasoline consumption took another drop • Restaurants continue to shut down after reopening

7-21-20 • Is corn stuck in a range or can we test contract lows • Beans had some resistance nearing $9 • Long term weather • Cash cattle coming in steady • Consumer demand moving forward • How has boxed beef been affected? • Kids going back to school…will we see the surge in buying • Are the cattle current? Social media dumpster fire • The market complex as a whole do you even want to look at twee...

7-20-20 • Exports have been good • China flooding concerns for their crops • Crop ratings come out this afternoon • Rains will be hit and miss along with the heat • Ethanol demand concerns • Impressive on the cattle market to go from cash to futures premium • Should we have protection going into August • Look at the cattle show list • Triple digit losses in both the cattle & the hogs

Weather & maps causing a lot of talk China demand Cattle having some nice moves Hogs are starting to breakout What do we do now...moving since the latest rally

7-15-20 • Wheat market caught fire • China is rumored to be involved with the wheat, soybeans & maybe a bit of the corn • WHY isn’t corn getting excited about the sales to China • Weather in the U.S. & the Black Sea Region • Outlook for Brazil on corn & soybeans • COVID Vaccine might have helped to lift the cattle market • JBS & COVID concerns • Still have a lot of supplies

7-14-20 • Record Chinese purchases • Corn taking a drop at the close • Crop condition • Second half of the year…what’s in store for us? • Rains… • Moving forward dollar trade • Consumer demand & meat movement • Marketing livestock second ½ of the year

7-13-20 • JBS employees walk off the job on Friday • Decent cash cattle sales last week • More optimism on the cattle • First time in 8 weeks cash is higher than formulated • Boxed beef could see some slipping again this week • Exports not great this time of year anyways for cattle but good for hogs • Deferred cattle are undervalued • Hogs-weights have been coming down on the hogs. • Rained more t...

7-10-20 • WASDE Report • No Phase Two • China bought corn today • Wheat sold • Weather

7-9-20 • What is the current driving force in the markets? • What role are the funds currently playing in the corn and soybean markets? • How does a weather market normally progress? • What are you expecting for changes in the WASDE report for corn? • Are you expecting much for changes the WASDE report for soybeans?

7-8-20 • Weather is the primary factor and a bigger factor then reports on Friday • Some much-needed rain will hit fields…then watch out here comes the heat • June first to present the U.S. corn belt there were two years that were hotter ’88 & 2012. • Ethanol production continues to increase • Money and coronavirus…deaths per week are at a low • How will COVID continue to effect meat demand

Tuesday the talk centers around livestock markets. The dog day of summers are not only hard on crops, but cattle as well. This could help slow carcass weight gains. There is still plenty of meat to come to the market and the key question is will there be enough demand. The WASDE out later this week could also help shed light on expected meat production in the US.

7-6-20 • Chicago weather • Looking at what the market is looking like…does it look like 2012? • What happened in 2012 with the market? • Can we learn from marketing in 2012 for 2020? • COVID • Feed Demand

7-2-20 Weather Weather and Weather Holiday trade Tuesday report...where do we go from here? Psychology of the producer Fats & feeders had a solid Thursday trade Hog trade

7-1-20 • Mother nature reminds folks of who’s in charge with the weather forecast • USMCA is official today • More perspective of yesterday’s report. • Shortened trade week with markets closing at noon on Thursday • Some heave short positions as you compare 2019->2020 • Demand from China for corn & soybeans • Hog disease that has popped up on the news circuit • China blocking more countries from s...