TOP FARMER INTELLIGENCE REPORT DIRECTORY 2-12-19

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 2/11/19            1wk     2wk     1mo     2mo     3mo 
 
CORN (Jul)              3       5       6       4       4 
Historical data indicates a dip in prices one week out and  
then sideways. 
 
SOYBEANS (Jul)          7       5       5       6       6 
Historical data indicates a bias for higher next week followed 
by sideways. 
 
SOYMEAL (Jul)           5       5       6       6       7 
Historical data indicates no direction for two months, then 
higher. 
 
WHEAT (Jul)             2       2       4       2       3 
Historical data indicates lower. 
 
LEAN HOGS (Jun)         7       7       4       3       4 
Historical data indicates mostly higher the next two weeks. 
 
LIVE CATTLE (Jun)       8       5       6       6       5 
Historical data indicates higher next week, followed by 
sideways. 
 
DAIRY (Jun)             3       3       4       4       3  
Historical data indicates mostly weaker the next two weeks, 
and then again 90 days from now.
 

TOP FARMER INTELLIGENCE – Marketplace Overview/Chart

Contributed by: John Heinberg

February 11, 2019 4:00 PM
800-TOP-FARMER

U.S oil production has surge to record levels in 2018. With more energy-friendly policy and the focus on the growth of U.S. oil production, oil producers in the U.S. are looking at the largest year-over-year increase in crude oil production since the 1930s. Being supported by strong energy prices for the first half of 2018, U.S. oil production grew over 1.4 million barrels/day, compared to 2017. This surge in production has weighed heavily on oil prices into the winter. The surplus of oil globally and concerns of the global economy slowing down helped trigger a strong sell-off into the end of 2018. Prices have recovered off the lows into a sideways market. The supply of the equation is still a concern and will continue to limit on any short term rallies.

TOP FARMER INTELLIGENCE – Corn Analysis/Outlook/Advice/Chart

February 11, 2019 4:00 PM
800-TOP-FARMER

CORN HIGHLIGHTS: Corn futures closed 1-1/2 cents lower this morning on follow through selling from Friday’s outside session lower. The nearby Mar contract ended the day at 3.72-3/4, May at 3.80-3/4 and Jul at 3.88-1/2. New crop Dec corn closed at 3.97-3/4. Weekly U.S. corn exports were seen at near 29 million bushels versus 35 last week and 33 the same week last year. Year-to-date exports are running almost 300 million bushels above last year. Last week’s USDA reports leaned negative, and much of today’s selling action was likely stagnant fund length liquidating. Favorable South American weather for Brazil and Argentina corn plantings is also a pressure point, along with talk that U.S. farmers will likely increase corn acres this year. The new crop Dec corn contract closed on Friday just below its trend line support level. Prices briefly tested that level today but were unable to break back above it and instead closed on the lower Bollinger band support level. Momentum indicators are now pointing lower. The deferred corn contracts were able to close well off of the session lows, somewhat limiting the negative developments today.

SUMMARY: Corn markets faced some pressure to start the week, still under the influence of last week’s outside day lower sessions on Friday. Big picture supply and demand fundamentals still look friendly, but there doesn’t seem to be much in the way of short term developments to buy corn. Stay defensive.CORN PRICING STRATEGY:

HEDGING: 2018: Aside. Recently, 10% hedged from 4.19 Dec and 10% from 3.84-1/4 were exited near 3.73-3/4. In addition, 10% hedged from 4.07-1/4 was exited near 3.86-1/2. 2019: 20% hedged Dec 19, 10% hedged from 4.18-1/4 and 10% from 3.96-1/4. Hold.

CASH ALERT: 2018: 75% sold. Sold 5% today at the Mar contract open of 3.74-1/2. Sell 5% if Mar futures trade above 3.94.2019: 25% sold. Get current if you are behind. Sell 5% if Dec trades above 4.15. 2020: Sold 10% Dec on 1/30/19 when it traded above 4.15. 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. 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.

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

February 11, 2019 4:00 PM
800-TOP-FARMER

SOYBEAN HIGHLIGHTS: Soybean futures started the week on a negative foot, drawing new sellers after prices were unable to push through nearby resistance levels. Mar beans were down 9-1/2 cents to 9.05, May beans closed 9-1/2 cents lower to 9.19-1/4, and Jul beans closed 9-1/4 cents lower to 9.33. New crop Nov beans closed 8 cents lower to 9.49. Export inspections data released this morning was slightly negative with 39 million bushels reported shipped, versus 40 million bushels last week and 49 million bushels last year. Year-to-date exports are running well behind last year’s pace. Some traders were discouraged today with thoughts that China may want an all-encompassing trade deal instead of two deals, which would split intellectual property issues and agricultural issues. This may delay negotiations and keep China from buying large quantities of U.S. beans. Given current demand, the most recent 2019 acreage estimates between 84 and 86 million acres would lead to extremely heavy balance sheets. Thus, soybean prices would need to discourage additional acres. The three nearby soybean contracts made bearish outside sessions today, and broke support at the 50-day moving average levels. Momentum indicators made a cross lower last Thursday, which has continued after today’s pressure. Near term support for the Jul contract comes in at the 100-day moving average level at 9.25-1/2. The Nov trend line higher support level comes in at 9.42.

SUMMARY: Trade talks between the U.S. and China are restarting again this week, and traders are hopeful that a deal can be done. If China restores their normal buying of U.S. beans, this would allow a smaller reduction of U.S. bean acres this year. However, if China is not viewed a reliable source of soybean demand, prices will need to move significantly lower to discourage too many acres this year. Stay defensive.SOYBEAN PRICING STRATEGY:

HEDGING: 2018: Aside. 2019: Aside. Hedge 25% on a close below 9.44.

CASH ALERT: 2018: 80% sold. Hold. Sell 5% if Mar futures trade above 9.50. Mar soybeans closed below 9.07 today, so sell 5% on the open tomorrow. 2019: 20% sold: 10% from 10.05 and 10% from 9.50. On 10%, sell if Nov futures trade above 9.75.Sell 10% if Nov 19 trades above 10.00. Sell 10% if Nov 19 trades above 10.25. 2020: Sell 10% if Nov 2020 futures trade above 10.00.

OPTIONS ALERT: 2018: On 25%, sold Jul 10.00 bean calls at 16 cents. Exit if Jul soybeans close above 10.00. On 25%, sold Mar 9.60 calls at 12 cents. Hold. LTD is 2/22/19. At this time, expect to expire without value. 2019: No recommendations yet.

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

February 11, 2019 4:00 PM
800-TOP-FARMER

WHEAT HIGHLIGHTS: Wheat markets had a very impressive end to today’s session, despite making just slightly higher closes. Mar Chi wheat closed 1 cent higher to 5.18-1/4, Mar KC wheat closed 1/2 cent lower to 4.93-3/4, and Mar Mpls wheat closed 5-1/4 cents higher to 5.73-3/4. Weekly U.S. exports were strong, seeing near 20 million bushels versus 16 million bushels a week ago and 18 million bushels a year ago. Still, exports are running about 65 million bushels behind last year’s pace. However, U.S. exports are expected to pick up soon with the slowing Russian export pace. The U.S. dollar made its eighth higher close in a row, pressuring U.S. wheat prices. The U.S. dollar index made its highest close since 12/17. This was likely the source of pressure this morning, but futures made an impressive rally late in the day, to close mostly higher. Winter wheat plantings of just 31.3 million acres will make wheat especially sensitive to spring weather this year. Mar Chi wheat traded at its lowest level since 1/30 today, but ultimately rallied back up to close just below its 20 and 50-day moving average resistance levels. Mar KC wheat traded at its lowest level today since 12/31 and closed just narrowly lower for the session. Winter wheat prices are near the low end of the trading ranges begun in November, which should eep export demand strong.

SUMMARY: Despite a higher U.S. dollar and plentiful wheat stocks, we do not see much downside for wheat markets at this point. Exports should continue to move at a good clip, and low winter wheat acres will keep weather watchers on their toes.WHEAT PRICING STRATEGY:

HEDGING: 2018: Aside. 2019: 25% hedged Jul Chi from 5.31. Hold. Exit on a close above 5.50.

CASH: 2018: 85% sold. Sell 5% if Mar Chi trades above 5.40. 2019: 40% sold.OPTIONS: 2018: On 25%, sell May 6.00 wheat calls at 10 cents. Recently, on 20%, sold Dec 6.50 calls at 15 cents expired without value in your favor. On 25%, sold Dec 5.00 puts for 15 cents were bought back at 2 cents. 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

February 11, 2019 4:00 PM
800-TOP-FARMER

CATTLE HIGHLIGHTS: Cattle futures took back early morning losses to end the day with moderate gains. Feb live cattle closed 45 cents higher to 127.82, Apr closed 37 cents higher to 128.30, and Jun closed 27 cents higher to 118.37. Mar feeders were up 57 cents to 144.67, and Apr feeders were up 77 cents to 146.67. Choice beef values closed 1.36 lower on Friday afternoon to 215.35. This was likely cause for the negative start to the day, but by mid-session, choice beef bounced 1.14 to 216.49. Cash trade last week was seen as high as 125, 1.00 higher than the previous week. The recent strength in retail beef values has allowed packers to pay up for cattle in the country. Snowy forecasts for this week are supportive, as feedlot conditions have been poor and should remain so, keeping cattle from gaining weight too fast. The late session buying was impressive today, with early losses looking like a technical correction near contract highs. The Commitment of Traders data is out of date; we suspect that managed money traders are holding a fairly hefty net long position. Cattle futures may be approaching overbought status, not only in terms of money positioning, but also technical momentum indicators.

SUMMARY: With fundamentals still supportive, cattle futures are making another push toward contract highs. Apr and Jun futures have yet to take out the sweeping bearish key reversals made on 1/31, but the trend still appears higher in the near term.CATTLE PRICING STRATEGY:

HEDGING ALERT:
Live Cattle: Feb: Hedged 25% at 121.37. 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: Feb: On 25%, sold 128 calls at 1.92 and bought 122 puts at 4.50. On 25%, bought 122 puts at 2.40. All options expired worthless last week. 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.
Feeder Cattle: Aside.

FEED PURCHASE: 2018: 100% covered. 9/5/2017: Purchased 50% of 2018 needs. 12/4/2017: Purchased 25% of 2018 needs. 6/19/2018: The remaining 25% of feed needs for 2018 purchased. 2019: 50% covered. 6/19/18: purchased 25% of 2019 needs. 9/21/18: purchased 25% of 2019 needs.

LEGEND of Moving Averages: Pink 10-day, Purple 20-day, Green 50-day, Red 100-day, Dark Blue 200-day

TOP FARMER INTELLIGENCE – Lean Hog Analysis/Outlook/Advice/Chart

February 11, 2019 4:00 PM
800-TOP-FARMER

LEAN HOG HIGHLIGHTS: Hog markets closed higher, trying to stabilize in deeply oversold territory. The nearby Feb contract closed 12 cents higher to 55.17, Apr closed 65 cents higher to 59.07, and Jun closed 1.27 higher to 75.65. The CME lean hog index was down 36 cents to 56.53. Carcass cutout values were down 29 cents on Friday afternoon to 64.82 but were up 28 cents today to 65.10. China pork values jumped 7.7% after the week long new year holiday. It is too early to say if this jump in price is related to African swine fever pork shortages, but the market will keep a close eye on this. Pork production last week was up 5.3% from last year, following the recent trend of production running 5-6% ahead of last year. The market is expecting a shift lower in production to about 2 or 3% above last year’s pace. This could tighten domestic pork supplies and help hog futures stabilize. The Apr contract traded as low as 57.87, just 7 cents off of the contract low. Later in the session, prices bounced up, closing near the highs of the day. The Jun contract made a bullish key reversal today, closing just below its 10-day moving average resistance level.

SUMMARY: While hog markets are deeply oversold, without pork prices low enough to clear domestic supply or positive news on the trade front, it will be difficult to find buyer interest. Stay defensive.HOG PRICING STRATEGY:

HEDGING ALERT: 2019: Feb: Hedged 25% at 62.20. Feb hogs go off the board on 2/14, so exit hedges by the close of 2/13.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: Forward contracted 50% of expected market-ready animals for June on Friday. Jul: Forward contracted 50% of expected market-ready animals for Jul on Friday. Aug: Forward contracted 50% of market-ready animals for August on Friday.

OPTIONS: Feb: On 25%, bought 60.00 puts at 1.65. Apr: On 25%, bought 63.00 puts at 2.67. Jun: On 25%, bought 82.00 calls at 3.50.FEED PURCHASE: 2018: 100% covered. 9/5/2017: Purchased 50% of 2018 needs. 12/4/2017: Purchased 25% of 2018 needs. 6/19/2018: The remaining 25% of feed needs for 2018 purchased. 2019: 50% covered. 6/19/18: purchased 25% of 2019 needs. 9/21/18: purchased 25% of 2019 needs.

LEGEND of Moving Averages: Pink 10-day, Purple 20-day, Green 50-day, Red 100-day, Dark Blue 200-day

TOP FARMER INTELLIGENCE – Other Agricultural Market Strategies

February 11, 2019 4:00 PM
800-TOP-FARMER

Cotton

HEDGING: 2018: Aside. Recently, 40% hedged Dec: 10% from 69.55, 10% from 67.41, 10% from 76.99 and 10% from 87.77 Dec were exited at 80.11. 2019: 10% hedged from 87.75 Dec 2019. Hold.

CASH: 2018: 70% sold: Sell 10% if Mar trades above 84 cents. 10% from 72.70, 10% from 69.65, 10% from 75, 10% from 80, and 10% from 89.85. 10% sold from 86.81. 10% sold from 78.52. 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 ALERT: 2018: On 25%, sold Mar 83 cent calls for 1.75 expired without value. Recently, on 25% Dec, long 90.00 puts from 5.50 were sold at 13.62. Short 95.00 calls on 25% from 2.00 expired without value in your favor. 2019: Aside.

Milk

HEDGING: 2019: Hedged 25% of expected production Feb through Jun at an average price of 15.25. Hold.

CASH: No new recommendations.

OPTIONS: Feb: On 25%, sell 15.00 calls at 20 cents. Mar: on 25%, sell 15.75 calls at 25 cents.

FEED PURCHASE: 2019: 50% covered: 6/19/2018: Purchased 25% of all feed needs for 2019. 9/20/2018: 25% purchased for 2019 feed needs. We are considering adding another purchase.

TOP FARMER INTELLIGENCE – Advanced Options Strategies

February 11, 2019 4:00 PM
800-TOP-FARMER

Position:          Sold Jul 9.80 soybean calls at 15 cents. 
Date entered:      1/17/19   
Exit Strategy:     Exit if Jul futures close above 10.00.  
Rationale:         Hedger: Collect premium or willingness to be hedged and collect premium  
                   with a short futures position at 9.80 Jul. 
                   Speculator: Collect premium. 
 
Position:          Sold Jul wheat 5.00 puts near 12 cents and purchased Jul 5.50 calls near 
                   20-3/8. 
Date entered:      2/5/19 
Exit Strategy:     None at this time. 
Rationale:         Hedger: Collect premium on short put or willingness to retain ownership of  
                   sold wheat at the 5.10 strike and have fixed risk reownership at 5.50 strike 
                   on Jul futures. 
                   Speculator: Establish long position.

Call 800-TOP-FARMER for further details on how to implement this strategy for your operation.

TOP FARMER INTELLIGENCE – Weekly Perspective (updated every Friday)

2/8/19

MARKETS ARE LIKE A LAKE ON A WINDLESS DAY

Trade activity in the grain markets the last several months has prices rangebound and, by all accounts, mostly boring. Opportunities for traders to sell rallies or buy dips have been limited. A lack of news due to the partial U.S. government shutdown has kept the marketplace quiet. Traders have been clamoring for more information, such as the final crop yield estimate, quarterly stocks, and estimated wheat acres. The current market environment is quiet, much like a lake on a calm day and no wind. View ripples and waves as volatility. New news, in the form of USDA reports and changing weather, could be like throwing rocks in the water, creating ripples and maybe even waves.

Once the USDA finishes its estimates for the 2018 crop, all attention will focus on 2019. Domestic and worldwide demand, weather, and the value of the U.S. dollar are a few variables that can impact price direction. Be ready and prepared for change. In 2017 and 2018, the world consumed more corn than it produced. This, despite record yields in the U.S. and near-record production.

Expect and watch for higher prices. When they occur, reward the market with forward sales. This is where discipline is critical. Keep with the original plan to sell on a price rally. It’s easy to delay sales (or sell too little) when you believe the uptrend will continue. Don’t fall into that trap. Far too often rallies fall apart quickly, and the steady drumbeat of regret becomes all too real. This has been the case the last several years when prices have made quick trend reversals, followed by a sell-off. From a marketing perspective, make sales in areas that we believe prices can likely rally, which is near $4.25 December corn futures and $9.75 November soybean futures. Then, cover these positions with call options to protect yourself if prices do continue higher.

Prior planning helps to prevent poor performance. Take time now, in the dead of winter, and plan your year. Run numbers. Math does not lie, and will help guide you in making confident and less emotional decisions. As calm waters turn more turbulent, you will have smooth sailing if you are well prepared.If you have questions or comments, contact Top Farmer at 1-800-TOP-FARM Ext 129.

line

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

February 11, 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 
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 
 
Total       75%                          Total       25% 
 
 
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 
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 
 
Total       80%                          Total      20% 
 
 
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 
07/18/17    10    5.15 
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      85% 
 
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.

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