Early Market Talk October 4, 2019

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Overnight trade in both nearby contracts of corn and soybeans traded within a mostly 2¢ range. Both also showing weakness
the this morning with CZ19: $3.87 (down 2¢) and SX19: $9.10 (down 1.75¢). CZ & SX both showing weaker OI yesterday and
sideways trade.

Funds in Corn estimated to have bought +5K yesterday, decreasing net short positions to -137,551. Soybean funds
estimated to have bot 2,000 contracts, bringing their net short closer to neutral at -34,000.

Temps at 7 AM on the chillier side throughout almost all of the corn belt. Fargo 41, Sioux Falls 36, Omaha 46. Eastern Belt
warmer: mid-40s in Illinois up to mid-50s in Ohio. Rumblings yesterday of frost late next week. It will be interesting to see
how many light frosts the Twittersphere shows this morning.

SX:SF continues to trade rangebound since late August with a range of 12 ¾ to 14 ¾. CZ:CN20 @ 20 ½ ¢ this morning, closely
mirroring the front month contract.

Chinese export news yesterday: we have twice the soybean exports sales to China than a year ago! Nevermind it is a third of
two years ago. The numbers: current sales are 3.6 MMT this marketing year. Last year this date: nearing 1.3 MMT. Two years
ago?? 10.6 MMT….

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