And first off, Greg, when we look at the weather conditions for Brazil and Argentina, what are we seeing in that latest forecast?

And no major issues.

So we do have rains coming through the bulk of the growing area for corn and soybeans in Brazil.

Argentina, at least in the short term, a little bit on the drier side, getting a little bit of like maybe sprinkles.

I wouldn't say necessarily drought conditions or any concern there, but scattered, scattered rains here and there.

Six, 10-day forecast shows a little better coverage in Argentina.

Same coverage, maybe even a little bit better coverage in Brazil.

And when we look at those crop conditions or just the progress that has been made in both countries, starting with Brazil, how is that planting progress looking?

And Greg, what do we see in the numbers from the USDA? I know there was a bit of a surprise.

Yeah, it was a shocker at this point with regard to corn.

They raised yield from 178.5 bushels to 181.2 bushels per acre.

The average guess had us sitting at 177.7, so almost a bushel lower than where we were at in September.

And they came in just about three bushels higher than September.

Now, it is important to remember that this is an as of October 1st report.

So as of the October 4th crop progress report, we were only about 23% harvested for the country.

Do we think that could kind of be the case still moving forward?

You know, and that is interesting because, you know, we always have that little bit of a hangover after the WASDE and we kind of, no matter which way it goes, but how close were these numbers to what, you know, the industry people were saying that they thought it was going to be?

Oh, we were off.

I mean, we look at our number at Allendale was somewhere around 1.74. We were looking for maybe a one bushel decrease in yield, and we were looking for increases to the export, or I'm sorry, decreases to the exports and possibly the ethanol of somewhere between, say, 25 and 50 million bushels, which would have put us about that 1.74 area with the adjustment to the old crop stock number from September 30th.

But I think the concern now comes in with regard to what kind of adjustments does the USDA make as we move forward.

They just increased yield when everybody really thought we were going to decrease And then they increased exports or they increased demand when they thought we were gonna decrease.

So kind of in limbo for about the next month.

We are about appropriately valued for the December corn here.

Do you think we're going to see some pleasantly surprising numbers or at least things getting closer back to normal?

Over on the other side of the trade, what's happening with the livestock?

Yeah, we're starting out on the negative side here for the cattle.

You've got fat cattle and feeder cattle down anywhere from $1.70 to about $3.50 on the feeders.

You had some disappointment in the employment numbers last week, unemployment raised by a tick as well.

You do have some concerns about that from an economic standpoint.

When you look at the cattle side of things, I think we were more influenced by boxed beef numbers to close out last week as the boxed beef numbers took a massive hit.

They had been fairly strong and supportive for a couple of weeks, but when they backed off last week, it put a dent in the market.

And with the hog side, Greg, are the hogs struggling for the most part because the cattle market is so uncertain and there's been so many negative things working against the cattle side?

Greg, what's happening with the trade in the grains?

Well, we've got a nice bounce here to start the week.

It started out Sunday night with a little bit of negativity, just kind of follow through from last week's selling.

And then markets abruptly turn around.

We saw the the corn jump up about five or six cents, currently about four.

The soybeans up 15, about five cents off their highs, sitting just shy of $13 once again.

Right now, they are off their highs by about a nickel.

And coming out of the report last week and getting ready for the report, the WASDE report this week, what do you think the pattern of the trade could look like this week, Greg?

So did that stabilize the market, Greg?

I think that helped.

I think you also might have overdone it a little bit with the 30 cents lower yesterday.

So recovery going into the USDA reports and the end of the quarter and the month, all that kind of stuff kind of tacks onto it.

Chinese demand has been very quiet since the USDA report earlier this month.

So if they're starting to kick the tires a little bit to start to ramp back up after Trump and Xi got together, I think that's the big thing that we can continue to watch for is, is there going to be some additional numbers? I still contend that this 25 million metric tons is going to be met.

It's already baked into the pie.

The corn market tried to follow soybeans, but did we just run into a little harvest pressure? What's capping that market?

Is that harvest pressure or what's holding the market down right now?

I think harvest pressure is definitely it.

You talk about the size of this crop.

And even if we're talking about lower yields than last year, we still planted a ton of corn acres here.

We're talking 95, 96 million acres of corn.

And yes, you are down a little bit on your yields, but we're talking about maybe the second largest ever production that we've had here in the United States.

So at this time of the year, this is the biggest and the most amount of corn we're going to have on hand.

cattle the charts look really good there but we were steady to just a bit lower in live cattle today even though boxes were lower what did we run up into some chart resistance there or what

Is that true? A fair assessment or not? I

think that's part of it.

You got a little bit of that push-pull mentality with the wheat going higher and the beans going lower.

Rain, obviously, we're still yield determination phase for the corn for a little bit longer for some of those later planted areas.

But, I mean...

This is what we do at this time of the year when it comes to price action.

We do see about a two to three week rally.

Is the market bottoming?

How much have they bought so far? And is this just going to be orderly buying now through the end of the year?

Yeah, I'd like to see them buying two to three flash sales per week.

It kind of doesn't really matter to me the numbers.

It's just the frequency.

The nice thing that we've got with this is we always get the rumors.

Like we had on Friday a rumor of like 10 cargos to China.

It ended up being we got a flash sale for about six between them and Unknown.

Are we trying to bottom here? Is this going to hold or not?

So was Tuesday more about just some profit taking?

Yeah, I think Tuesday led us to some profit taking with the markets making these new highs as you go into spring.

We rallied on Monday, Sunday night and Monday, with the idea of the strong crush and the strong ethanol numbers that we got on Friday afternoon.

So seeing those numbers pushes higher.

There's no component to the wheat market when it comes to the fuel side.

So wheat on Monday was fairly quiet.

You add a little bit of rain, it puts a little bit of pressure there.

Plus the pullback in Crudeau maybe had a little impact.

We've just taken out weather premium or do we have enough in already, you think?

well the wheat's an interesting one because it's it's so it's so friendly depending on where you're at it's uh the western uh southwestern corn or southwestern uh belt is uh is dry there's a lot of acres that are are gonna be you know up for abandonment um there's a lot of areas now right as we talk that uh this week this tonight or on on tuesday night into wednesday You may be seeing some frost, some freezes, even some snow in some of those areas.

So there's some concerns about this crop out there.

The tough part about the wheat market is that right now it seems to be driven both by drought and what's going on in crude.

So you see the weakness in the crude on Tuesday and the wheat followed it.

What happens if we go up another $4 or $5 in crude tomorrow on Wednesday or Thursday? Does the wheat take off to the high side again?

Did we just hold technical support that we needed to, or is this some of this early cash trade that's trickled in already?

So you had a strong cash trade last week.