Early Market Talk October 2, 2019

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Short covering in corn continues. Open Interest off another 12K yesterday bringing the two-day total to 46K contracts. This is a short covering rally
and nothing more to this point. Going to take a lot more than what we know today to make a significant leg higher.

At 0630 CZ19 trading $0.02 ¾ lower at $3.89 ¾ with SX19 $0.04 ¼ lower at $9.15 ¼. Chi and KC wheat giving up ground as well.

CZ19 filled open chart gap between $3.92 ¾ and $3.88 left from Aug 13th.

Some tough technical (trend) resistance on soybeans at yesterday’s high.

FCStone production survey had the corn yield of 169.3 bpa and soybeans at 48.1 bpa. Both numbers larger than September WASDE estimates that
were 168.2 and 47.9 bpa. Compared to our Sep survey corn was higher and soybean a touch lower. As a reminder this survey is an estimate of
final, not what we expect the USDA to say next week. Our final customer driven survey next month.

Weekly ethanol production numbers out later this morning.

Additional big rains overnight across the belt with unstable conditions the 48 hours. Next week much drier but cool. Should see a big uptick in
harvest activity next week.

CZCN driven by flat price action trading under 20 cents yesterday. SXSF also impacted by flat price as tight as 11 ½ at one point in yesterday’s
session.

August U.S. soybean crush 177.5 million bushels yesterday was below trade estimate of 178.5 mln bu trade estimate and 179.5 mln bu crush in
July.

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