800.328.

6530 (tel:8003286530)

Afternoon Market Highlights

11/10/2017 2:09:49 PM
By Derek Hullett

Highlights

The U.S. dollar is weaker, trading 0.065 points lower at 94.379.

The DJIA is weaker, trading down 32 points at 23,429.

Nearby December Crude Oil futures are currently trading lower by $0.45 at $56.77 per barrel.

The CFTC weekly commitments of traders report will be delayed until Monday in observance of the
Veterans Day holiday.

The 6-10 day weather forecast indicates a warming pattern across the Midwest and Southern Plains.
Precipitation will be somewhat likely for the eastern Corn Belt in this time.

Grains and Oilseeds:

Corn

Corn traded 1 - 2 cents higher today on bargain buying following yesterdays post WASDE selloff. Dec
closed at $3.43 , July closed at $3.73 and Dec 18 closed at $3.89 .

Current spreads: Z/H 12 cent carry, H/K 8 cent carry, Z/N 28 cent carry.

Corn basis values were higher for the week across the Corn Belt and southern plains as elevators and
end users have to entice the farmer to let go of some corn.

U.S. corn export inspections are expected to come in at 0.533-0.686 million metric tons in Mondays
report. Last week corn export inspections came in at 0.445 million metric tons.

Corn harvest progress is expected to come in at 81% complete in Monday crop progress report. This
would be an 11% change over the previous report but the U.S. would still remain 9% behind the 5 year
average.

French corn yields are expected to jump 25% this year to produce 9.5 tons/hectare. This jump in yield
would put total French corn production at 13.4 million metric tons.

Oilseeds

Soybean futures finished 1 - 2 cents higher as the markets were unable to follow through on yesterdays
selloff. The January bean contract settled 2 cents higher at $9.87 July closed 2 cents higher at $10.15
and the Nov 18 closed at $9.98 .

Current spreads: X/F 10 cent carry, X/H 21 cent carry, H/K 9 cent carry, X/N 38 cent carry.
 After yesterdays bearish WASDE report, soybeans the trade session in positive territory on technical
buying as traders eye chart support for the January soybean contract at its 50-day moving average of
$9.83 per bushel.

COFCO company plans to nearly double the volume of soybeans sourced from Brazils Mato Grosso
state in the next 5 years. Currently, COFCO sources 4 million metric tons from Mato Grosso and the
Chinese commodity trading company plans to increase that amount to 7.2 million metric tons.

Soybean harvest progress is expected to come in at 94% complete in Monday crop progress report. This
would be a 4% change over the previous report which would put this years harvest 1% behind the 5 year
average.

U.S. soybean export inspections are expected to come in at 2.313-2.858 million metric tons in Mondays
report. Last week soybean export inspections came in at 2.491 million metric tons.

A major Chinese soybean crusher has delayed operations at two of its plants due to recent delays in
soybean imports. Delays due to safety checks at import ports are increasing worries over tightening
supplies.

Wheat

Chicago wheat traded 2 - 4 cents higher, Kansas City traded 3 - 4 cents higher and Minneapolis
trade was cent lower to 2 cents higher. The Minneapolis premium over KC and Chicago is $2.14 -
$2.16 for December contracts and $2.09 $2.10 for March contracts.

Current Spreads: Chicago Z/H 17 cent carry, KC Z/H 16 cent carry, Mpls Z/H 11 cent carry, Mpls
H/K 5 cent carry.

The KC and Chicago wheat markets traded higher today, following strength in corn and beans to end the
week at a higher level. The Chicago December wheat contract is up nearly 2 percent in the month of
November and the Kansas City December wheat contract is up 4 percent, coming off of contract lows set
on the last day of October.

Algerias state grain agency purchased 210,000 metric tons of optional origin milling wheat in a tender
that closed yesterday. Initial estimates reported the purchase at 60,000 metric tons.

Wheat planting progress is expected to come in at 95% complete in Mondays crop progress report. This
would be a 4% change over the previous report which would put this years planting 1% ahead of the 5
year average.

U.S. wheat export inspections are expected to come in at 0.272-0.408 million metric tons in Mondays
report. Last week wheat export inspections came in at 0.284 million metric tons.

Livestock

The cattle markets were lower today as December cattle settled $0.1.775 lower at $120.575 while
February cattle were down $1.85 at $126.675. Feeder cattle traded lower today, showing a $0.05 loss on
November feeders at $158.475 and a $0.70 loss on January feeders at $157.175.

Beef packer margins came in at $49.30/head.

Boxes were mixed today. Choice traded up $1.84 at $214.58 and Selects were down $1.09 at $197.21.

Lean Hogs saw lower trade today as the December contract traded lower by $0.725 to settle at $62.45
while the February contract traded $0.10 lower at $70.125.

This mornings carcass values were $0.37 higher at $81.69. Bellies were $0.73 higher at $122.69 with
156 loads traded.

Pork packer margins came in at $37.40/head.

 The right decisions for the right reasons.
CHS Hedging 2017 A subsidiary of CHS Inc. (http://www.chsinc.com)