The Final Bell

3-20-23  Another drop in the trade  Saw some bouncing back off the lows  Crude has turned around  Marketing into ‘23  Planting intensions report  Cattle reacting to the COF report?

3-17-23  Soybean & meals finally rolled over  Funds have no length in corn & short in wheat  COT report  Feds/Banking won’t fix the market  Fed meetings next week  Early planting intention numbers are starting to be released  China hungry for U.S. corn  Struggle this week in the cattle market-its toppy  Cattle look weak & are moving lower  Hogs have gotten smacked this week  ASF & China

3-16-23 • Big macro risk off with the banks • How many more will go under • China back 3rd time buying grain • Will Brazil export pace on beans pick up • Lack of news for wheat? • Are we short supplied on cattle?

3-15-23 • Economy and bank failures • Can’t ignore the issue • Closely watching Wall Street • Fed Reserve meeting next week • How does this all effect the farmer bottom line? • AFS resurging in China? • Production estimates fall in Argentina • China buying corn

3-14-23 • Uncertainty in the trade • Monday gut check flows into Tuesday • Is the bull run over? • Trading the money flow • Waiting on the cash • World of banking-causing any nervousness? • Hogs dropping once again • Cash for the hogs-is a better market coming? • Stock action • Spread action higher on the corn • We don’t make any more old crop

3-13-23 - initial weakness in grains - low volume Monday - changes in weather forecasts - bank failures and Black Sea corridors - livestock charts edging a downtrend - cattle on feed perspective for Friday

3-10-22 • Wheat came off the lows • Corn higher • Commodity Classic • ’13 corn compared to ‘23 • Changing balance sheet • Trade a bullish story • How low could corn go? • Hogs saw some buying-is there a low coming? • Boxed beef backing off a bit

3-9-23 • Ugly wheat trade • What is a reasonable time frame for a low in corn & beans? • Weather pattern changes…now what? • Russia/Ukraine grain deal • Feeders not reacting to down day in corn

3-8-23 Market conversation after the WASDE report. Payne highlights how the cattle and hog crush were impacted by the grain movement following the WASDE report. Payne also takes a dive into where interest rates are headed and what that means for all segments of the ag supply chain.

3-7-23 • Federal Reserve Testimony • Lower grains • Soybean market down double digits • Sharply higher dollar tied back to the feds • To many challenges to funds holding large positions • Brazil & Argentina expectations • LaNina is dead what does that latest models show? • Could it be 2019 all over again with snowpack in the Dakotas? • China adds pressure to the U.S.

3-6-23 *Corn stumbles *Bean strength on meal *Wheat has been on a rollercoaster slide *Cattle strength - protection options abound *Preview for the rest of the month, WASDE and Plantings report

3-3-23 *How do the corn and soybean markets compare to week ago? *How did the USDA Outlook numbers released last week look to you? *What does the Brazilian corn and soybean crops look like? *How are the Argentine corn and soybean crops doing? *Do you think we have found a bottom in the corn and soybean markets? *What would it take for May corn to get back to 6.80 and may soybeans to get back to 15.40.

3-2-23 • Soybeans rally back from the Tuesday down day • Corn tried to rally but gave up • Market is caught between the 616 & resistance at 640 • Wheat dead cat bounce? • Nothing really exciting in the market • Argentine crop getting smaller • Reminder-Brazil is a huge country-easy to forget • Planting delays due to wet • Cattle patient waiting on cash

3-1-23 • Grain sell off • EPA & E15 • Brazil beans are great but really wet • Late second crop corn • US exports slowing down • Wheat warm up • Feeder cattle see a rally

2-28-23 • Another down day in the grain markets • Acre switch • Is wheat pulling corn down? • Cattle take advantage of lower corn

2-27-23 • Timing with rain is the most critical thing • Some talk of China and canceling beans out of Argentina • Will we see a grain bottom • Crop insurance prices • Quiet export inspections • Wheat still struggles lower • Feeder cattle take advantage of lower corn • COF Report • Cattle saw a mixed market • Hogs back lower again

2-24-23 • Consumption & equities for cattle • How patient can we be waiting on cash? • Huge drop in wheat • China/Russia deal • 2023 lows • Anniversary of Russia/Ukraine war

2-23-23 • Cattle complex goes higher • Markets turning friendly • Tech areas on corn • BSE/Brazil • Keep the top side open on the cattle? • Higher hogs

2-22-23 Technical fall-out on grains - FOMC minutes - hawkish tones continue - Beans strong, wheat weak, corn yawns.... - Political tensions - Russia/Ukraine anniversary and China's essay on the US

2-21-22 *How do the markets feel to you today? *What is the main driver of the strength in Soybeans today? *How is soybean demand looking? *What does the corn demand look like? *How are the corn and soybean crops progressing in South America? *Do you think this is an area to be making new crop sales?