TOP FARMER INTELLIGENCE REPORT DIRECTORY

6:00 a.m. SUNRISE Update for grains and livestock
Noon MID-DAY Update for grains and livestock
6 a.m. SALES TIMER for grains and livestock
4 p.m. MARKETPLACE OVERVIEW/chart
4 p.m. CORN analysis/outlook/advice/chart
4 p.m. SOYBEANS analysis/outlook/advice/chart
4 p.m. WHEAT analysis/outlook/advice/chart
4 p.m. CATTLE analysis/outlook/advice/chart
4 p.m. LEAN HOG analysis/outlook/advice/chart
4 p.m. OTHER AGRICULTURAL MARKET strategies
4 p.m. ADVANCED OPTION STRATEGIES hedge and speculative trades
TOP FARMER WEEKLY PERSPECTIVE
CASH TRACKER
Disclaimer

TOP FARMER INTELLIGENCE – Sales Timer
PERCENT YEARS PRICES RALLIED (2009 to 2018)
From 4/3/19 1wk 2wk 1mo 2mo 3mo

CORN (Dec) 5 3 6 4 4
Historical data indicates no clear direction.

SOYBEANS (Aug) 8 8 8 5 7
Historical data indicates higher the next 30 days.

SOYMEAL (Aug) 7 7 8 7 7
Historical data indicates firmer the next 90 days.

WHEAT (Dec) 4 5 6 4 4
Historical data indicates sideways.

LEAN HOGS (Aug) 6 5 6 6 6
Historical data indicates sideways.

LIVE CATTLE (Aug) 4 5 5 5 6
Historical data indicates sideways.

DAIRY (Sep) 5 5 4 6 4
Historical data indicates no clear direction.

TOP FARMER INTELLIGENCE – Marketplace Overview/Chart
Contributed by: John Heinberg

April 3, 2019 4:00 PM
800-TOP-FARMER

Today’s Energy Information Association report saw U.S. crude oil stockpiles increase by 7.2 mil barrels for the week of March 29. Added to last week’s 2.8 mil barrel build of oil inventories have crude oil prices on pause until the most recent rally higher. Crude oil prices have been on an aggressive rally since the first of the year, and hit their highest price levels yesterday since last November. Most glaring trends noticed in today’s EIA report has been the aggressive rise in U.S. crude oil production. U.S. producers harvesting 12.2 mil barrels per day, which has been on a steady incline since 2016. The strong U.S. production has helped make the U.S. more energy independent as imports of crude oil from OPEC nations is slightly over a million barrels per day, and well below a 5-year average. Domestic production is allowing for more flexibility in terms of pricing. Unfortunately, the strength in crude oil prices has come from U.S. sanctions on Iran and Venezuela, as well as production curbs put together by OPEC nations. Global supplies overall are tighter and demand has been staying relatively constant on a year over year basis. This keeps underlying support in the crude oil markets, but the trends regarding U.S. production and our reliance on foreign oil will be something to be watched in the weeks and months ahead.

TOP FARMER INTELLIGENCE – Corn Analysis/Outlook/Advice/Chart
April 3, 2019 4:00 PM
800-TOP-FARMER

CORN HIGHLIGHTS: Corn futures saw a choppy trade before contracts 1 to 3 cents higher with front month May contract up 1-1/4 cents to 3.62-3/4, while Jul was up 1-1/4 cents to 3.72. Strength was seen again in long term deferred contracts as Dec 2020 corn gained 3 cents today. This is the second day we’ve seen strength in those long term deferred as bear spreading has been noted in the market after the USDA found additional 270 mil bu on last Friday’s grain stocks numbers. The marketplace may be discounting heavy supplies in the front month, but trying to help maintain planting intentions in the deferred contracts providing some opportunities for early marketing. News was overall quiet today, but the grain market saw some early optimism as U.S./Chinese trade negotiations kicked off the U.S. this morning. With reports of talks going well, the majority of markets had some risk on mentality with money flowing in to build equities, as well as commodity markets. News overall was slow, but weekly ethanol reports show production at 24,000 barrels per day, but ethanol stock piles down 436,000 barrels as logistics problems across the Midwest has limited production and transport.

SUMMARY: A strong push lower in corn prices last week may provide some opportunities for basis improvement and producers shipping, watch ahead for those opportunities. The focus will look towards planting progress and pace over the next couple of weeks, which could provide some additional support. Headline news could have a high amount of volatility this week with continued U.S./Chinese trade negotiations as the market digests any progress there vs. the increase in stockpiles we saw last Friday.
CORN PRICING STRATEGY:

HEDGING: 2018: Aside. 2019: 30% hedged, 10% from 4.18-1/4, 10% from 3.96-1/4, and 10% from 3.84-3/4. Hold. Hold.

CASH: 2018: 80% sold. Sell 5% if May futures trade above 3.91. 2019: 30% sold. Sell 5% if Dec trades above 4.15. 2020: 10% sold. Sell 10% if Dec 2020 futures trade above 4.30.
OPTIONS: 2018: On 25%, sold May 4.00 corn calls and sold May 3.80 corn puts for a combined premium of 20 cents. Hold. LTD is 4/26. On 15%, sold Jul 3.80 corn puts and Jul 4.20 corn calls for a combined premium of 20 cents. Hold. 2019: On 25%, purchased 1 Dec 4.00 corn put at 24-1/2 cents and sold 2 Dec 4.50 corn calls at 12-1/4 cents each. On 25%, sell Dec 5.00 calls for 15 cents. On 25%, purchased Sep 4.00 calls from 16 cents. Hold.
LEGEND of Moving Averages: Pink 10-day, Purple 20-day, Green 50-day, Red 100-day, Dark Blue 200-day

TOP FARMER INTELLIGENCE – Soybean Analysis/Outlook/Advice/Chart
April 3, 2019 4:00 PM
800-TOP-FARMER

SOYBEAN HIGHLIGHTS: Soybean futures saw two-sided trade in today’s session before finishing with slight losses as the front month May contract was down 1-1/4 cents to 3.98-3/4, and July was down 1-1/4 to 9.12-1/4. The bean market saw early morning strength on optimism between U.S./Chinese trade negotiations with the potential for additional demand on the Chinese front if negotiations continue to go well. The U.S. is at a disadvantage to South American beans in terms of price, but good faith purchases have put some underlying support into the bean market in the short term. South American weather is seeing relatively favorable, and Argentina harvest is at its peak, while Brazilian harvest is winding down and bringing more than a share of fresh supplies into the export market. With the potential for headline risk I the market regarding trade negotiations, bean futures stayed very choppy and in a consolidation fashion during most of today’s trading session.

SUMMARY: We’ll stay with a defensive posture in beans, continue to view rallies as opportunities to move old crop inventory or begin making new crop sales given the burdumsome supply picture.
SOYBEAN PRICING STRATEGY:

HEDGING ALERT: 2018: Aside. 2019: Hedged 25% Nov at 9.43-3/4. Hold. Exit this position if Nov soybeans close above 9.50.

CASH: 2018: 85% sold. 2019: 30% sold. Sell an additional 10% if Nov futures trade above 9.75, 10% if Nov futures trade above 10.00, and 10% if Nov futures trade above 10.25. 10% sold from 10.05, 10% sold from 9.50, and 10% sold from 9.24-1/2. 2020: Sell 10% if Nov 2020 futures trade above 10.00.

OPTIONS: 2018: Recently, on 25% sold Mar 9.60 calls at 12 cents. These expired worthless in your favor. On 25%, sold Jul 10.00 bean calls at 16 cents. Hold. Exit if Jul soybeans close above 10.00. 2019: Purchased on 25%, 1 Nov 9.40 soybean put and sold 2 Nov 10.00 soybean calls for a net cost of 7-3/4 cents.
LEGEND of Moving Averages: Pink 10-day, Purple 20-day, Green 50-day, Red 100-day, Dark Blue 200-day

TOP FARMER INTELLIGENCE – Wheat Analysis/Outlook/Advice/Chart
April 3, 2019 4:00 PM
800-TOP-FARMER

WHEAT HIGHLIGHTS: Wheat futures in Chi and KC were the strength of the grain market today, as Chi wheat futures finished 5 to 7 cents higher. Front month May was up 7 cents to 4.71, while the Jul contracts gained 6 cents to 4.74-1/2. Hard red KC wheat gained 3-1/2 cents on the May contract to 4.36-3/4, while Mpls spring wheat continues to lag behind the other wheat classes with the May contract losing 7 cents to 5.34-3/4. Spring wheat futures saw selling pressure again as weather conditions look to improve, and spring wheat areas are trending dryer and may allow some progress to develop. With the market holding a high amount of spreads, unwinding of those spreads between spring wheat and other contracts is a key cause for the weakness. In overall wheat news, flooding and wet conditions are a concern and may limit production in key areas, and despite early crop report conditions looking relatively favorable as wheat is breaking dormancy, limited acres on the historical side provided some overall support. Wheat futures posted their highest close in today’s trade since March 26, charts have some improvement technically, which may have potential for some movement higher in upcoming sessions. Tomorrow’s export inspection numbers will stay as a key indicator of wheat markets whether we see improving export demand, though late in the marketing year could be too little too late, but it sends a trend into the next crop year.

SUMMARY: for the second straight day, wheat price action was encouraging as prices rallied into the close. We’ll still maintain our defensive posture as supplies are relatively heavy and early crop ratings are supportive for additional bushels and the demand numbers just haven’t been there at this stage. Wheat futures are still holding an overall short position in the marketplace, and could look for a short covering rally if technical or fundamental conditions merit such a move. We’ll stay with our defensive strategy at this time.
WHEAT PRICING STRATEGY:

HEDGING: 2018: Aside. 2019: Aside recently hedged July Chi from 5.31 exited at 4.60. 2020: Aside.
CASH: 2018: 100% sold. 2019: 40% sold. 2020: Sell 10% if Jul Chi 2020 trades above 6.00.

OPTIONS: 2018: On 25%, sold May 4.70 puts at 10 cents. Hold. 2019: On 20%, sold Jul 5.50 calls at 40 cents.
LEGEND of Moving Averages: Pink 10-day, Purple 20-day, Green 50-day, Red 100-day, Dark Blue 200-day

TOP FARMER INTELLIGENCE – Cattle Analysis/Outlook/Advice/Chart
April 3, 2019 4:00 PM
800-TOP-FARMER

CATTLE HIGHLIGHTS: Cattle futures ended the day with moderately lower closes, falling below nearby support and possibly opening up more downside for liquidation selling. Apr lives closed 50 cents lower to 125.77, Jun lives closed 65 cents lower to 119.00, and Aug lives closed 47 cents lower to 115.77. Apr feeders were down 10 cents to 144.75, and May feeders were down 52 cents to 147.27. Choice beef values closed 1.11 lower afternoon to 225.73, their lowest value since March 6. Choice beef was down another 23 cents this morning to 225.50. A few head in Kansas and Texas were sold today at 124.00, 2.00 lower than last week. With feedlot conditions expected to improve soon and beef values trending lower, the market is bracing for lower cash trade this week. Technically, today’s price action in live cattle markets was not exactly unexpected. After two consecutive sessions of closes well off of the highs, weakness seemed likely to enter markets today. Speculative funds as of last Tuesday were still holding an enormous ownership position, and now that the key support level for Jul at its 50-day moving average level has been taken out, we may see more liquidation to round out the week.

SUMMARY: Near term direction for cattle markets looks mixed to lower. Though futures may be oversold on a short term basis, funds may begin to sell cattle after breaks in technical indicators and fundamental trends. Stay defensive.

CATTLE PRICING STRATEGY:

HEDGING:
Live Cattle: Jun: Hedged 25% at 116.12. Aug: Hedged 25% at 112.60.
Feeder Cattle: Mar: Hedged 25% at 143.30. Apr: Hedged 25% at 144.27.

CASH:
Live Cattle: Move only market-ready animals.
Feeder Cattle: Sellers: Stay current. Buyers: Purchased 25% of needs for Q1 of 2019.

OPTIONS:
Live Cattle: Apr: On 25%, sold 128 calls at 2.15 and bought 122 puts at 4.27. On 25%, sold 129 calls at 1.32 and bought 124 puts at 3.40. On 25%, bought 125 puts at 2.30. Jun: On 25%, bought 117 puts at 2.35. Aug: On 25%, sold Aug 127 calls at 1.35 and bought 117 puts at 4.30. Hold.
Feeder Cattle: Aside

FEED PURCHASE: 2019: 75% of needs covered. 25% covered from 6/19/2018, 35% covered from 9/20/2018, and 25% covered on 3/11/2019.
LEGEND of Moving Averages: Pink 10-day, Purple 20-day, Green 50-day, Red 100-day, Dark Blue 200-day1

TOP FARMER INTELLIGENCE – Lean Hog Analysis/Outlook/Advice/Chart
April 3, 2019 4:00 PM
800-TOP-FARMER
LEAN HOG HIGHLIGHTS: Hog markets moved higher today, showing continued strength off of rallying cash fundamentals. Apr hogs closed 12 cents higher to 79.07, Jun hogs closed 3.35 higher to 94.85, and July hogs closed 2.25 higher to 97.27. The May contract primarily traded by spreaders was up 4.40 to 88.40. The CME lean hog index was up 98 cents today to 76.78, its highest value since July 24. Carcass cutout values closed 44 cents lower yesterday afternoon to 81.71 and were down another 40 cents this morning to 81.31. Since making a near term peak on March 14, packer margins have tightened considerably. If margins become too tight, pressure in the cash hog market may slow the futures rally. Headlines regarding U.S./China negotiations that restarted today were quiet, so the buying today was likely a product of the positive feelings coming into this round of talks. In addition, Chinese pork processors will be required to test raw pork for African swine fever beginning May 1. The best traded Jun contract gapped higher on today’s open, only coming within 60 cents of yesterday’s price range. Jun’s close above its 10-day moving average was the first since March 27. Gaps created today could serve as downside targets on further setbacks, especially given the volatile nature of the hog markets.

SUMMARY: Though the near term direction for hog markets still looks higher, carcass prices will need to reignite their rally to increase packer margins and keep pressure off of the cash hog index. Trader will be watching news headlines regarding U.S./China trade negotiations very closely until the end of the week.

HOG PRICING STRATEGY:

HEDGING: 2019: Apr: Hedged 25% at 60.90. Jun: Hedged 25% at 80.17. Jul: Hedged 25% at 80.45. Aug: Hedged 25% at 79.30.

CASH: Stay current. Jun: 50% contracted. Hold. Jul: 50% contracted. Hold. Aug: 50% contracted. Hold.

OPTIONS: Apr: On 25%, bought 63.00 puts at 2.67. On 25%, bought 66.00 puts at 2.05. Jun: On 25%, bought 82.00 calls at 3.50.

FEED PURCHASE: 2019: 75% of needs covered. 25% covered from 6/19/2018, 35% covered from 9/20/2018, and 25% covered on 3/11/2019.
LEGEND of Moving Averages: Pink 10-day, Purple 20-day, Green 50-day, Red 100-day, Dark Blue 200-day4

TOP FARMER INTELLIGENCE – Other Agricultural Market Strategies
April 3, 2019 4:00 PM
800-TOP-FARMER

Cotton
HEDGING: 2018: Aside. 2019: 10% hedged from 87.75 Dec 2019. Hold.

CASH: 2018: 100% sold.. 2019: 30% sold. Recently, sold 10% at 76.69, 10% from 75 cents Dec and 10% from 80 cents Dec. Sell 10% if Dec 19 trades above 83 cents.

OPTIONS: 2019: On 25%, purchased Dec 74.00 puts and sell 80.00 calls at 1.50 premium to the buy side. Hold.
Milk
HEDGING: 2019: 25% hedged Apr through Jun at an average of 15.25. We are considering additional hedges.

CASH ALERT: Apr: forward sold 25% at 15.70. May: forward sold 25% at 15.50. Jun: Sold 25% with Jun trading above 15.85. Jul: Sold 25% at 16.14. Aug: Sold 25% at 16.40. Sep: Sold 25% at 16.59.
OPTIONS : Apr: on 25%, sold Apr 15.25 calls at 25 cents. Hold. May: on 25%, sold May 15.50 calls at 25 cents. Hold.

FEED PURCHASE: 2019: 75% of needs covered. 25% covered from 6/19/2018, 35% covered from 9/20/2018, and 25% covered on 3/11/2019.

TOP FARMER INTELLIGENCE – Advanced Options Strategies
April 3, 2019 4:00 PM
800-TOP-FARMER

Position ALERT: Bought Jul 3.70 corn calls for 12 cents.

Date entered: 4/2/19
Exit Strategy: None at this time.
Rationale: Hedger: Reown old crop corn for a fixed rist, or purchase call to sell
old or new crop call on a rally.
is a buyback against future forward sales.
Speculator: Expect corn prices to recover and you want to be long.
or the other.

Position: Sold Jul 3.80 corn calls and puts for a combined premium of 28 cents.
Date entered: 3/19/19
Exit Strategy: None at this time.
Rationale: Hedger: Collect premium and be willing to be long Jul futures at 3.80
or short Jul futures at 3.80 with premium collected.
Speculator: Collect premium or willingness to be long futures at 3.80
or short futures at 3.80 with premium collected.
Call 800-TOP-FARMER for further details on how to implement this strategy for your operation.

TOP FARMER INTELLIGENCE – Weekly Perspective (updated every Friday)
3/29/19

DO YOU NEED TO PREPARE FOR VOLATILITY?

We’re about to see important grain reports (acreage and quarterly stocks). Just as important is spring weather, a factor affecting price direction. Recently, heavy rains in the western Corn Belt and melting snow in northern midwestern states have led to significant flooding. For many, a late spring is possible, and top yield potential could already be diminished. Is this enough to change the corn price direction to higher?

Not necessarily, or least that’s the way bearish traders will view the most recent weather developments. In March, it is hard to determine if weather will make or break a crop. Those devastated with floods and experiencing the damage to fields, roadways, and bridges may feel the market doesn’t get it. At the same time, the market recognizes that recent wet springs have had little to no impact on final yields. Nonetheless, it seems believable that corn acreage in some areas may shift to other crops.

The technical picture for December corn futures indicates overhead resistance at $4.05. While the market traded higher than this level last summer when prices peaked at $4.13-3/4, the inability to rally this winter is due to a sharp downturn in wheat prices and good weather in the southern hemisphere. Expectations for lower bean prices also likely contributed to corn’s inability to rally, remaining in a tight range-bound pattern. Yet, uncertainty in production over the weeks ahead will likely pressure prices upward.

Nearly 75% of the world’s corn is produced in the northern hemisphere. Prices will most likely move according to weather conditions. The stage is set for a very volatile summer, as less-than-ideal spring conditions are mounting. It will take favorable weather moving forward to reach trendline yields (176 bushels per acre). It might be too early to argue yield loss, and it could be that chances of a record crop are as good as ever. That said, record yield in the southern third and western tier of corn-producing states may already be in jeopardy. If northern hemisphere countries were to experience a hot and dry summer, crop yield expectations could decline, perhaps creating a need to ration supply.

Hot and dry conditions have not persisted enough to affect production since 2012. Some believe the law of averages says that too much rain in the winter/spring months will eventually lead to a warmer and drier summer. Only time will tell. The key question you need to answer is: Will you be prepared if we see high volatility? It could happen, and every year is different! Don’t assume 2019 will follow the production trend of the last six years.
If you have questions or comments, contact Top Farmer at 1-800-334-9779 Ext 129.

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Futures trading is not for everyone. The risk of loss in trading is substantial. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. Past performance is not necessarily indicative of future results.

TOP FARMER INTELLIGENCE – Cash Tracker
April 3, 2019 4:00 PM
800-TOP-FARMER

CORN 2014-2015 CORN 2015-2016
DATE % FUTURES DATE % FUTURES

01/02/14 10 4.58 04/09/14 10 5.00
02/28/14 10 4.70 05/15/14 5 4.83-1/4
04/01/14 10 5.00 11/12/14 5 4.25
04/21/14 10 4.90 03/13/15 10 4.04-3/4
08/15/14 5 3.75 05/01/15 5 3.83-1/2
09/11/14 5 3.41 05/26/15 5 3.73-1/4
10/09/14 5 3.45 06/30/15 10 4.25
10/28/14 5 3.70 09/16/15 5 3.90
11/04/14 5 3.64-1/2 12/03/15 5 3.75
11/13/14 5 4.00 01/07/16 5 3.53
03/13/15 5 3.74 01/29/16 5 3.69
03/25/15 5 3.95-1/4 02/24/16 5 3.59-3/4
04/22/15 5 3.75 04/12/16 5 3.65
06/25/15 5 3.75 04/15/16 5 3.75
09/08/15 10 3.55 04/21/16 5 4.00
07/26/16 5 3.32-1/2
08/23/13 5 3.28-1/2

Total 100% Total 100%

CORN 2016-2017 CORN 2017-2018
DATE % FUTURES DATE % FUTURES

05/21/15 10 4.00 09/08/16 10 3.75
06/01/16 10 4.15 02/15/17 10 4.00
06/06/16 10 4.25 07/25/17 10 3.82-1/4
06/15/16 5 4.48 08/02/17 5 3.81
06/21/16 10 4.09 09/19/17 5 3.48-1/4
09/06/16 5 3.30 11/14/17 5 3.37-1/2
12/16/16 5 3.56-1/4 12/27/17 5 3.53-3/4
01/11/17 5 3.57-1/4 01/29/18 10 3.75
02/14/17 5 3.74-1/4 02/07/18 10 3.65
05/09/17 5 3.60 03/08/18 5 3.90
05/17/17 5 3.70 04/16/18 5 3.82-1/2
06/06/17 5 3.75 06/12/18 5 3.70
07/24/17 5 3.75-1/2 07/10/18 5 3.51
08/02/17 5 3.67 07/26/18 5 3.60
08/17/17 10 3.52 08/20/18 5 3.62

Total 100% Total 100%

CORN 2018-2019 CORN 2019-2020
DATE % FUTURES DATE % FUTURES

08/22/17 10 4.02 05/03/18 10 4.20
11/17/17 10 3.85 06/12/18 10 4.07
05/01/18 10 4.20 10/08/18 5 4.00
05/24/18 5 4.29 02/21/19 5 4.02
06/14/18 5 3.84-1/2
07/10/18 5 3.64-1/2
07/23/18 5 3.70
10/11/18 5 3.68
10/15/18 5 3.75
11/30/18 5 3.65
12/20/18 5 3.75-1/4
02/11/19 5 3.74-1/2
02/26/19 5 3.66-1/4

Total 80% Total 30%

CORN 2020-2021
DATE % FUTURES

01/30/19 10 4.15

Total 10%

SOYBEANS 2014-2015 SOYBEANS 2015-2016
DATE % FUTURES DATE % FUTURES

07/26/13 10 12.00-3/4 5/23/14 10 12.25
12/31/13 5 11.46-1/2 6/11/14 10 11.94
03/14/14 10 11.74-1/2 10/01/14 5 9.33
04/01/14 10 12.00 11/10/14 5 10.30
05/05/14 5 12.24 11/20/14 5 9.95
05/20/14 5 12.50 03/04/15 5 9.72-3/4
09/10/14 5 9.95-1/2 04/15/15 5 9.50
10/01/14 5 9.07 06/25/15 5 9.75
10/20/14 5 9.44 06/26/15 5 10.00
10/28/14 5 10.15 06/30/15 5 10.25
11/04/14 5 10.10 08/07/15 5 10.00
12/2/14 5 9.95-3/4 12/04/15 10 9.00
01/08/15 5 10.48-1/4 01/29/16 5 8.70
02/24/15 5 10.05 03/17/16 5 9.00
03/16/15 5 9.74 04/05/16 5 9.04-34
06/26/15 5 10.00 05/23/16 5 10.58-1/2
07/16/15 5 10.19 06/01/16 5 11.00

Total 100% Total 100%

SOYBEANS 2016-2017 SOYBEANS 2017-2018
DATE % FUTURES DATE % FUTURES

07/14/15 10 9.75 06/21/16 10 9.75
02/05/16 10 8.85 11/28/16 10 10.25
03/24/16 5 9.17 12/20/16 10 9.96-3/4
03/28/16 5 9.25 06/20/17 5 9.38-3/4
04/05/16 5 9.19-1/2 08/01/17 10 9.74
04/13/16 10 9.50 08/28/17 5 9.50
05/06/16 5 10.00 09/28/17 5 9.59-1/2
06/22/16 5 11.16-3/4 10/24/17 5 9.75-1/2
07/22/16 5 9.88-1/4 11/13/17 5 9.63-1/2
09/20/16 5 9.90 11/27/17 5 10.00
11/01/16 5 9.84-1/4 12/05/17 5 10.25
11/21/16 5 10.05 02/05/18 5 9.75
01/18/17 5 10.75 03/09/18 5 10.39-1/4
02/14/17 5 10.45 03/20/18 5 10.23-3/4
05/10/17 5 9.75 08/22/18 10 8.58-1/4
07/26/17 5 9.76
08/01/17 5 9.59-1/2
Total 100% Total 100%

SOYBEANS 2018-2019 SOYBEANS 2019-2020
DATE % FUTURES DATE % FUTURES

07/17/17 10 10.00 04/11/18 10 10.05
11/17/17 10 10.00 12/03/18 10 9.50
12/07/17 5 10.05-1/4 03/11/19 10 9.25-1/2
02/20/18 10 10.25
03/09/18 5 10.30
04/04/18 5 10.19
04/16/18 5 10.40-1/2
10/15/18 5 8.75
11/02/18 5 9.00
11/26/18 5 8.62-1/4
12/03/18 5 9.10
12/20/18 5 8.93-1/2
01/10/19 5 9.06-3/4
02/12/19 5 9.05-1/2

Total 85% Total 30%

WHEAT 2015-2016 WHEAT 2016-2017
DATE % FUTURES DATE % FUTURES

03/13/14 10 7.00 03/20-15 10 5.65
04/08/14 10 7.17 06/30/15 10 6.00
05/15/14 10 7.22-1/4 09/28/15 10 5.25
12/08/14 5 6.00 04/19/16 5 4.85
12/18/14 5 6.50 04/20/16 5 5.00
01/08/15 10 5.76-3/4 05/03/16 10 4.70
05/18/15 5 5.11 06/08/16 5 5.15
06/22/15 5 4.95 06/14/16 10 4.91
07/17/15 5 5.54 10/14/16 10 4.25
09/08/15 5 4.75 01/09/17 5 4.25
10/08/15 5 5.11-1/2 02/13/17 5 4.50
01/29/16 5 4.72 02/24/17 10 4.31-1/4
04/06/16 10 4.63 05/01/17 5 4.40
04/19/16 10 4.80

TOTAL 100% TOTAL 100%

WHEAT 2017-2018 WHEAT 2018-2019
DATE % FUTURES DATE % FUTURES

04/20/16 10 5.50 03/24/17 20 5.00
06/07/16 10 5.75 06/29/17 5 5.40
01/17/17 5 4.65 07/03/17 10 5.75
02/13/17 5 4.75 12/12/17 5 4.37-1/4
02/27/17 10 4.53-1/4 02/09/18 10 4.74-3/4
03/08/17 5 4.62-3/4 03/15/18 10 4.96
03/14/17 5 4.45 05/07/18 10 5.17
06/26/17 5 4.59-1/4 06/06/18 10 5.25
07/10/17 5 5.40 12/26/18 5 5.16
07/11/17 5 6.00 03/05/19 5 4.57
07/18/17 10 5.15 03/15/19 10 4.60
12/12/17 5 4.10-3/4
01/29/17 5 4.45
02/06/18 5 4.41
03/05/18 10 5.02-1/4

TOTAL 100% TOTAL 100%

WHEAT 2019-2020
DATE % FUTURES

01/26/18 10 5.15
02/06/18 10 5.25
06/19/18 10 5.67-1/2
08/02/18 10 6.00

TOTAL 40%
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TOP FARMER INTELLIGENCE DISCLAIMER
*** Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program.

One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect actual trading results.

If you have questions or comments, please call Bryan Doherty at 800-867-3276.