Good Morning!

The grain markets are under mild pressure this morning with wheat futures seeing the most pressure. Favorable
harvest weather and the lack of fresh fundamental news keeps interested buyers on the sidelines. The outside

markets are negative as the dollar rallies to a new high for the week while crude oil and equities are on the defensive.

The weather outlook for the Midwest continues to see mostly dry weather throughout the region with light rains
to fall Friday before turning dry for the weekend and most of next week; temperatures will remain below normal.

Argentina has a front moving throughout 75% of the region bringing light to moderate rains over the next 36
hours. A stronger front moves through the region this weekend into early next week. Argentina had been
trending on the dry side over the previous month. Brazil’s weather remains active as another front brings rainfall
to 85% of the main growing regions.

The U.S. Trade Representative's Office notified Congress on Tuesday it intends to open trade talks with the
European Union, the United Kingdom and Japan. Last week the administration told Congress it wanted to move
ahead soon with trade talks with the Philippines as well. Talks can’t begin with the EU, Japan and the United
Kingdom until 90 days after notifying Congress.

The average trade estimate for Friday’s Cattle on Feed report has the number of cattle on feed as of October 1st at 106.45 of a year ago.  Placements in September are pegged at 100.1%. Marketings in September are estimated at 97.0% of a year ago.

Be safe and enjoy the day!