DTN Grain News

FARM MARKET NEWS - SOYBEAN AND WHEAT REPORT FOR Tue, January 28 Exchange rate was 1.3169 down 0.0012 Chicago soybeans closed slightly lower. MAR20 HI 8.98 NOV20 HI 9.34 1/4 LOW 8.88 1/2 LOW 9.25 CLOSE8.95 Down 2 1/4 CLOSE 9.30 1/2 Down 3 OLD CROP NEW CROP Location Basis 1mt 2mt 3mt U.S. $/bu $/mt BasisU.S. $/bu $/mt ELEVATORS +MAR2+MAR2+MAY20 CK Low 2.25 11.20 411.532.15 11.46 420.90 CK High 2.30 11.25 413.372.20 11.51 422.74 CK Average 2.28 -0.4211.23 412.692.18 -0.5811.49 422.12 Essex Cty 2.30 11.25 413.372.20 11.51 422.74 Mdsx Low 2.25 11.20 411.532.15 11.46 420.90 Mdsx High 2.30 11.25 413.372.18 11.49 422.00 Mdsx Average 2.28 -0.4311.23 412.452.17 -0.5911.47 421.45 Hensall 2.28 11.23 412.452.18 11.48 421.82 Bruce 2.25 11.20 411.532.15 11.46 420.90 Putnam 2.25 11.20 411.532.15 11.46 420.90 Burford 2.36 11.31 415.572.24 11.55 424.21 Port Perry 2.28 11.23 412.632.16 11.47 421.27 Norfolk 2.30 11.25 413.372.20 11.51 422.74 Palmerston 2.32 11.27 414.102.17 11.48 421.63 Varna 2.30 11.25 413.372.20 11.51 422.74 Trenton 2.25 11.20 411.532.20 11.51 422.74 Winchester 2.30 11.25 413.372.30 11.61 426.41 North Gower 2.26 11.21 411.902.28 11.59 425.68 Huron FOB 2.45 11.40 418.882.30 11.61 426.41 Kent FOB 2.50 11.45 420.722.20 11.51 422.74 Lambton FOB 2.40 11.35 417.042.35 11.66 428.25 Middlesex FOB2.45 2.45 N/A N/A 11.40 418.882.28 11.59 425.68 PROCESSORS Windsor 2.70 11.65 428.062.49 11.80 433.39 TRANSFER Hamilton 2.80 11.75 431.742.65 11.96 439.27 Prescott N/A 2.50 11.81 433.76 Port Colborne2.66 11.61 426.592.68 11.99 440.37 Toledo El. 0.00 8.95 328.86-0.40 8.91 327.39 Exchange rate was 1.3169 down 0.0012 Chicago wheat closed slightly lower. MAR20 HI 5.76 1/2 JUL20 HI 5.73 1/2 LOW 5.65 1/2 LOW 5.63 1/2 CLOSE 5.69 3/4 Down 2 1/2 CLOSE 5.67 1/4 Down 3 1/2 Minni wheat closed slightly lower. MAR20 HI 5.49 1/4 SEP20 HI 5.73 1/4 LOW 5.40 3/4 LOW 5.67 1/2 CLOSE 5.42 1/4 Down 5 CLOSE 5.68 3/4 Down 4 1/2 GFO Cash Wheat Prices - DEL Terminal Harvest 19 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M) Basis 2.07 2.27 2.07 1.32 CAD $/bu 7.77 7.96 7.77 6.75 CAD $/tonne 285.37 292.63 285.37 247.87 Direct MarkHarvest 2019 Harvest 2020 DELIVERED BASIS DELIVERED BASIS Location SWW(C) HRW(C) SRW(C) HRS(M) SWW(C) HRW(C) SRW(C) HRS(M) ELEVATORS Brgssvll N/A N/A N/A N/A N/A N/A 1.25 N/A London 1.93 2.33 1.93 N/A 1.46 1.73 1.27 N/A Hensall 1.85 N/A 1.85 N/A 1.45 N/A 1.25 N/A Trenton N/A N/A N/A N/A N/A N/A 1.30 N/A Bruce 1.85 2.10 1.85 1.80 1.45 1.65 1.20 1.20 Essex N/A N/A 1.85 N/A N/A N/A 1.25 N/A Norwich 1.85 N/A 1.85 N/A 1.45 N/A 1.25 N/A Port Hope N/A N/A 1.75 N/A N/A N/A 1.30 N/A Kent Bridge 1.85 N/A 1.85 N/A 1.45 N/A 1.25 N/A Chatham N/A N/A 1.85 N/A N/A N/A 1.25 N/A Brigden N/A N/A 1.85 N/A N/A N/A 1.25 N/A Palmerston N/A N/A 1.89 1.80 N/A N/A 1.36 1.15 Varna 1.95 2.25 1.85 N/A 1.45 1.65 1.25 N/A Mitchell 1.85 2.20 1.85 N/A 1.45 1.60 1.25 N/A Thornton N/A N/A N/A 2.17 N/A N/A N/A N/A North Gower N/A 1.90 1.75 0.95 N/A 1.81 1.56 0.95 W O Feed 2.50 TERMINAL Port Colbor N/A N/A 2.27 N/A N/A N/A 1.66 N/A PROCESSORS Toledo FM N/A N/A 2.20 N/A N/A N/A 1.93 N/A Toledo El. 5.85US 7.70CA 5.77US 7.60CA GFO Contract Wheat Prices - DEL Terminal Harvest 20 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M) Basis 1.60 1.86 1.53 1.01 CAD $/bu 7.27 7.54 7.21 6.70 CAD $/tonne 267.19 276.87 264.77 246.14 (C)-Basis over the Chicago Board of Trade futures (M)-Basis over the Minneapolis Grain Exchange FEED GRAINS FOB Hm Soymeal 442.70 DDG's FOB Srn & Aylm 215.00 - 235.00

FARM MARKET NEWS - CORN REPORT FOR Tue, January 28 Exchange rate was 1.3169 down 0.0012 Chicago corn closed slightly to moderately higher. MAR20 HI 3.87 DEC20 HI 3.97 3/4 LOW 3.78 1/2 LOW 3.93 3/4 CLOSE3.86 1/2 Up 6 CLOSE 3.97 1/2 Up 2 1/4 OLD CROP BASIS NEW CROP BASIS Location Spot 1mt 2mt 3mt U.S. $/bu $/mt Cntrct U.S. $/bu $/mt ELEVATORS +MAR20+MAY20+MAY20 CK Low 1.30 5.17 203.34 0.85 4.83 189.95 CK High 1.35 5.22 205.31 0.95 4.93 193.89 CK Avg 1.33 0.08 5.20 204.65 0.88 -0.29 4.85 190.94 Essex Cty 1.35 5.22 205.31 0.85 4.83 189.95 Mdsx Low 1.30 5.17 203.34 0.85 4.83 189.95 Mdsx High 1.35 5.22 205.31 0.85 4.83 189.95 Mdsx Avg 1.33 0.08 5.19 204.32 0.85 -0.31 4.83 189.95 Hensall 1.35 5.22 205.31 0.88 4.85 190.94 Bruce 1.35 5.22 205.31 0.85 4.83 189.95 Putnam 1.30 5.17 203.34 0.85 4.83 189.95 Burford 1.35 5.22 205.31 0.85 4.83 189.95 Port Perry 1.35 5.22 205.31 0.95 4.93 193.89 Norfolk 1.35 5.22 205.31 0.85 4.83 189.95 Palmerston 1.36 5.23 205.70 0.93 4.91 193.10 Varna 1.35 5.22 205.31 0.85 4.83 189.95 Trenton 1.45 5.32 209.24 1.00 4.98 195.86 Winchester 1.40 5.27 207.27 1.30 5.28 207.67 North Gower 1.43 5.30 208.45 1.35 5.33 209.64 Huron FOB 1.55 5.42 213.18 0.87 4.85 190.74 Kent FOB 1.53 5.40 212.39 0.85 4.83 189.95 Lamb FOB 1.55 5.42 213.18 1.00 4.98 195.86 Mdsx FOB 1.45 1.50N/A N/A 5.32 209.24 0.90 4.88 191.92 FOB SW Que 2.33 6.20 243.89N/A Track 1.78 5.64 222.04N/A PROCESSORS Chat-Eth N/A N/A N/A N/A 1.03 5.01 197.04 Jhnstwn-Eth N/A N/A N/A 1.87 1.36 5.34 210.03 Aylmer-Eth N/A 1.60N/A N/A 1.05 5.03 197.83 Sarn-Eth 1.60 1.60N/A N/A 5.47 215.15N/A London-Ing N/A N/A N/A N/A 1.30 5.28 207.67 Pt.Colb-Ing N/A N/A N/A N/A N/A Cardnl-Ing N/A 1.90 1.90 1.95 1.40 5.38 211.60 W O Feed 1.91 5.78 227.35 US Rep 2.21 6.08 239.16 Toledo El. 0.30 4.17 164.08 -0.26 3.71 146.12 TRANSFER Pt. Colb 1.60 5.47 215.15 1.15 5.13 201.76 Prescott 1.85 5.72 224.99 1.40 5.38211 3/5 MID SD CRN 1.32 1/2 5.19 HI SD CRN 1.35 5.21 1/2 *Wet Bid

DTN Closing Grain Comments 01/28 14:03 Corn Rebounds as Virus Fears Moderate A fourth day of corn export sales announced and an easing of coronavirus concerns helped March corn close up 6 cents Tuesday. March soybeans were down 2 1/4 cents and all three wheats were modestly lower, but other commodities were mostly higher.

DTN Midday Grain Comments 01/28 10:53 Grains Mixed at Midday The U.S. stock market is firmer with the Dow up 220. The dollar index is 15 points higher. Interest rate products are firmer. Energies are firmer with crude up $0.40. Livestock trade is mostly higher. Precious metals are weaker with gold 8.30 lower. By David Fiala DTN Contributing Analyst General Comments CORN Corn trade is 4 to 5 cents higher at midday with short-covering and fresh export sales adding support to the market. Ethanol margins remain range bound with the energy complex finding some footing for stability and ethanol futures edging slightly higher. U.S. weather should be better in the short term. Basis should remain sideways. The daily wire has been more active the past few days with the trade looking for further confirmations. On the March contract, support is the lower Bollinger band at $3.79 and then recent lows at $3.77. Resistance is the top of the fresh gap at $3.84, which we have filled at midday, with the 20-day at $3.87 above that. SOYBEANS Soybeans trade is 2 to 3 cents lower. The trade is working to test the lower end of the range again this morning with support holding so far. Meal is flat to $1.00 lower, and oil is flat to 10 points lower. The Brazilian real remains very cheap, as well, hurting U.S. export competitiveness on the world front. South American weather remains within the recent pattern for soybeans, as well, with early harvest underway. Basis has remained steady to firmer at processors with the strong crush margins. The weather is likely starting to allow for better movement short term. The March chart support is the $8.82 contract low, with resistance the $9.00 area. WHEAT Wheat trade is 2 to 5 cents lower at midday with trade fading a bit. Range-bound action is continuing after holding up better on Monday. Cold threats remain limited for the Plains with limited potential for moisture in the short term. KC is at an 88-cent discount to Chicago near the top of the recent range, while Minneapolis is back to a 25-cent discount. Russian values remain elevated with trade looking for confirmation of various milling grades to China in the short term. The March KC chart support is the lower Bollinger band at $4.71, and resistance is the 20-day at $4.87. David Fiala is a DTN contributing analyst and the President of FuturesOne and a registered adviser. He can be reached at dfiala@futuresone.com Follow him on Twitter @davidfiala (AG) Copyright 2020 DTN/The Progressive Farmer. All rights reserved.

DTN Weather Trend Indicators 01/28 09:15 Weather Indicator status values are: Corn=Neutral Soybeans=Down Wheat=Down LEGEND: The indicator choices are: Corn, Soybeans, Wheat The status choices are: Up, Down, Neutral For example: Corn=Neutral (ES)

USDA Daily Market Rates 01/28 06:48 DAILY MARKET RATES(GRAIN/MISCELLANEOUS COMMODITIES) Effective: January 28, 2020 The following Market Rates are established to aid in the development of the Posted County Prices (PCPs) which are used by county Farm Services Agency (FSA) Offices for loan redemption purposes. Uses of these rates for other purposes may not be appropriate. Questions concerning the grain, pulses and oilseed market values should be directed to: Agricultural Marketing Service/Warehouse & Commodity Management Division/Commodity Management Branch at: (816) 926-3816 THE FOLLOWING MARKET RATES ARE EFFECTIVE 7:00 A.M. (E.T.) 01/28/2020 COMMODITIES Wheat (BU) Wheat (BU) Wheat (BU) Wheat (BU) MARKET HRW HRS SRW SWW AMA 4.67 */(17) CIN 5.92 */(37) EVN 6.17 */(38) GLF 6.17 */(18) */(19) 6.72 */(39) */(20) */(21) */(22) KCM 5.67 */(23) 5.72 */(40) MEM 6.37 */(41) MIN 5.87 */(24) */(25) 6.42 */(15) PNW 6.17 */(26) 6.85 */(16) 6.29 */(43) */(44) TOL 5.87 */(42) 5.87 */(45) WCD 6.17 */(27) */(28) 6.14 */(46) THE FOLLOWING MARKET RATES ARE EFFECTIVE 7:00 A.M. (E.T.) 01/28/2020 COMMODITIES Wheat (BU) Corn (BU) Barley (BU) MARKET HAD YC BRL AMA 4.21 */(47) CIN 3.94 */(48) GLF 4.34 */(49) */(50) 3.78 */(1) KCM 3.91 */(51) 3.43 */(2) LOS 7.55 */(11) */A MEM 4.08 */(52) MIN 7.00 */(12) */B 3.51 */(53) 3.23 */(3) */(4) */(5) PNW 7.20 */(13) */C 4.95 */(54) */(55) 3.56 */(6) */(7) TKO 3.97 */(56) */(57) TOL 4.04 */(58) WCD 7.60 */(14) */D 5.39 */(59) 4.94 */(8) */(9) */(10) DURUM DISCOUNTS */A LOS DISCOUNT ($-0.55) FOR AMBER DURUM AND ($-1.30) FOR DURUM */B MIN DISCOUNT ($-0.95) FOR AMBER DURUM AND ($-1.65) FOR DURUM */C PNW DISCOUNT ($-0.95) FOR AMBER DURUM AND ($-1.70) FOR DURUM */D WCD DISCOUNT ($-0.55) FOR AMBER DURUM AND ($-1.30) FOR DURUM THE FOLLOWING MARKET RATES ARE EFFECTIVE 7:00 A.M. (E.T.) 01/28/2020 COMMODITIES Oats (BU) Soybeans (BU) Grain Sorghum (CWT) MARKET OAT YSB SOR CIN 9.06 */(60) 6.82 */(31) GLF 9.49 */(61) */(62) 7.74 */(32) */(63) */(64) */(65) KCM 8.92 */(66) MEM 9.23 */(67) 6.26 */(33) MIN 3.51 */(29) 8.67 */(68) */(69) NCD 6.17 */(34) PNW 3.69 */(30) 9.82 */(70) SCD 6.44 */(35) TKO 9.05 */(71) TOL 8.92 */(72) WCD 9.15 */(36) COMMODITIES YC - Yellow Corn YSB - Yellow Soybeans SOR - Sorghum HRW - Hard Red Winter SRW - Soft Red Winter SWW - Soft White Wheat HRS - Hard Red Spring HAD - Durum OAT - Oats BRL - Barley MARKET REGIONS MIN - Minnesota Marketing Area PNW - Pacific Northwest TKO - Decatur, IL CIN - Cincinnati, OH AMA - Amarillo, TX TOL - Toledo, OH WCD - West Coast Domestic KCM - Kansas City Marketing Area MEM - Memphis, TN GLF - Gulf Marketing Area SCD - South Central Domestic NCD - North Central Domestic EVN - Evansville, IN LOS - Los Angeles, CA ****NOTE CHANGES TO DIFFERENTIAL INFORMATION EFFECTIVE 01/28/2020 ***** POSTED COUNTY PRICE DIFFERENTIAL INFORMATION (Cents per bushel except as noted) UNTIL FURTHER NOTICE THE TERMINAL MARKETS LISTED BELOW WILL HAVE DIFFERENTIALS ADJUSTED AS FOLLOWS: (1) GLF BRL differentials add -0.10 cents/bu (Effective 1/28/2020) (2) KCM BRL differentials add -0.10 cents/bu (Effective 1/28/2020) (3) MIN BRL differentials in WY add -0.02 cents/bu (Effective 7/31/2017) (4) MIN BRL differentials in MT add 0.02 cents/bu (Effective 11/13/2019) (5) MIN BRL differentials add 0.05 cents/bu (Effective 1/28/2020) (6) PNW BRL differentials in MT add -0.06 cents/bu (Effective 2/15/2013) (7) PNW BRL differentials add 0.22 cents/bu (Effective 12/17/2019) (8) WCD BRL differentials in ID add 0.03 cents/bu (Effective 3/7/2016) (9) WCD BRL differentials in MT add -0.02 cents/bu (Effective 8/2/2017) (10) WCD BRL differentials add -0.63 cents/bu (Effective 12/17/2019) (11) LOS HAD differentials add -0.55 cents/bu (Effective 1/13/2020) (12) MIN HAD differentials add -0.58 cents/bu (Effective 1/13/2020) (13) PNW HAD differentials add -0.35 cents/bu (Effective 1/13/2020) (14) WCD HAD differentials add -0.55 cents/bu (Effective 1/13/2020) (15) MIN HRS differentials add -0.66 cents/bu (Effective 1/9/2020) (16) PNW HRS differentials add -0.79 cents/bu (Effective 1/23/2020) (17) AMA HRW differentials add 0.00 cents/bu (Effective 10/4/2018) (18) GLF HRW differentials in KS add 0.00 cents/bu (Effective 10/5/2017) (19) GLF HRW differentials in CO add -0.05 cents/bu (Effective 7/17/2018) (20) GLF HRW differentials in NE add -0.05 cents/bu (Effective 7/17/2018) (21) GLF HRW differentials in OK add 0.00 cents/bu (Effective 7/17/2018) (22) GLF HRW differentials add -0.73 cents/bu (Effective 12/3/2019) (23) KCM HRW differentials add -0.78 cents/bu (Effective 1/14/2020) (24) MIN HRW differentials in SD add 0.00 cents/bu (Effective 9/21/2017) (25) MIN HRW differentials add -0.77 cents/bu (Effective 1/16/2020) (26) PNW HRW differentials add -0.77 cents/bu (Effective 1/14/2020) (27) WCD HRW differentials in CA add 0.03 cents/bu (Effective 8/22/2016) (28) WCD HRW differentials add -1.09 cents/bu (Effective 1/6/2020) (29) MIN OAT differentials add -0.53 cents/bu (Effective 12/6/2019) (30) PNW OAT differentials add -0.60 cents/bu (Effective 1/7/2020) (31) CIN SOR differentials add -0.43 cents/cwt (Effective 8/8/2019) (32) GLF SOR differentials add -0.93 cents/cwt (Effective 1/13/2020) (33) MEM SOR differentials add 0.00 cents/cwt (Effective 3/26/2019) (34) NCD SOR differentials add -0.22 cents/cwt (Effective 10/24/2019) (35) SCD SOR differentials add 0.00 cents/cwt (Effective 10/8/2019) (36) WCD SOR differentials add -1.68 cents/cwt (Effective 1/27/2020) (37) CIN SRW differentials add -0.07 cents/bu (Effective 12/26/2019) (38) EVN SRW differentials add -0.37 cents/bu (Effective 1/14/2020) (39) GLF SRW differentials add -0.59 cents/bu (Effective 12/26/2019) (40) KCM SRW differentials add 0.18 cents/bu (Effective 1/9/2020) (41) MEM SRW differentials add -0.51 cents/bu (Effective 11/13/2019) (42) TOL SRW differentials add -0.07 cents/bu (Effective 12/17/2019) (43) PNW SWW differentials in ID add 0.00 cents/bu (Effective 6/2/2017) (44) PNW SWW differentials add -0.28 cents/bu (Effective 11/8/2017) (45) TOL SWW differentials add -0.05 cents/bu (Effective 9/30/2019) (46) WCD SWW differentials add -0.27 cents/bu (Effective 6/15/2016) (47) AMA YC differentials add -0.10 cents/bu (Effective 7/23/2019) (48) CIN YC differentials add -0.18 cents/bu (Effective 12/13/2019) (49) GLF YC differentials in MN add -0.02 cents/bu (Effective 9/3/2019) (50) GLF YC differentials add -0.20 cents/bu (Effective 1/28/2020) (51) KCM YC differentials add -0.07 cents/bu (Effective 12/16/2019) (52) MEM YC differentials add -0.16 cents/bu (Effective 1/23/2020) (53) MIN YC differentials add 0.00 cents/bu (Effective 11/20/2018) (54) PNW YC differentials in ND add -0.02 cents/bu (Effective 2/27/2017) (55) PNW YC differentials add -0.58 cents/bu (Effective 1/28/2020) (56) TKO YC differentials in WI add -0.03 cents/bu (Effective 4/3/2018) (57) TKO YC differentials add -0.09 cents/bu (Effective 1/27/2020) (58) TOL YC differentials add -0.28 cents/bu (Effective 1/23/2020) (59) WCD YC differentials add -0.83 cents/bu (Effective 11/25/2019) (60) CIN YSB differentials add -0.33 cents/bu (Effective 1/28/2020) (61) GLF YSB differentials in AL add 0.04 cents/bu (Effective 10/17/2017) (62) GLF YSB differentials in LA add 0.04 cents/bu (Effective 10/17/2017) (63) GLF YSB differentials in MS add 0.04 cents/bu (Effective 10/17/2017) (64) GLF YSB differentials in MN add 0.04 cents/bu (Effective 12/27/2017) (65) GLF YSB differentials add -0.49 cents/bu (Effective 1/28/2020) (66) KCM YSB differentials add -0.30 cents/bu (Effective 12/30/2019) (67) MEM YSB differentials add -0.42 cents/bu (Effective 1/27/2020) (68) MIN YSB differentials in WI add 0.10 cents/bu (Effective 6/13/2019) (69) MIN YSB differentials add -0.24 cents/bu (Effective 1/28/2020) (70) PNW YSB differentials add -0.70 cents/bu (Effective 1/13/2020) (71) TKO YSB differentials add -0.31 cents/bu (Effective 1/28/2020) (72) TOL YSB differentials add -0.30 cents/bu (Effective 1/28/2020) MINOR OILSEEDS THE FOLLOWING MARKET RATES ARE EFFECTIVE 7:00 A.M. (ET) 01/28/2020 ALL PRICES PER CWT. MARKET CAN CRA RAP FLX MUS SAF SEM SUN ARL 13.99 AUG 13.99 CAR 14.65 COL 19.00 COR 19.00 FAR 18.57 20.00 GFK 26.00 GLD 19.40 GRF 22.00 16.07 26.00 PAR 20.00 RDW 15.19 17.23 RIC 19.00 VEL 15.34 COMMODITIES: MARKETS: CAN - CANOLA ARL - ARLINGTON, GA CRA - CRAMBE AUG - AUGUSTA, GA RAP - RAPESEED CAR - CARRINGTON, ND FLX - FLAX COL - COLUSA, CA SEM - SESAME SEED COR - CORCORAN, CA SUN - SUNFLOWER SEEDS (OIL TYPE) FAR - FARGO, ND SAF - SAFFLOWER GLD - GOODLAND, KS MUS - MUSTARD (INCLUDES): GFK - GRAND FORKS, ND YMU - YELLOW GRF - GREAT FALLS, MT BMU - BROWN PAR - PARIS, TX CMU - ORIENTAL RDW - RED WING, MN XMU - MIXED RIC - RICHMOND, CA VEL - VELVA, ND PULSES THE FOLLOWING MARKET RATES ARE EFFECTIVE 7:00 A.M. (ET) 01/28/2020. ALL PRICES PER CWT. MARKET CHL CHK LEN PEA USP 13.75 9.75 13.50 9.95 COMMODITIES: MARKETS: CHL - LARGE CHICKPEAS CHK - SMALL CHICKPEAS USP - United States Pulses LEN - LENTILS PEA - PEAS* YPE - YELLOW GPE - GREEN * ALSO INCLUDES, WRINKLED, DRY, WINTER DRY (AUSTRIAN WINTER), MISCELLANEOUS (MARROWFAT - TYPE PEAS), MIXED. COTTON PRICES UPLAND COTTON ADJUSTED WORLD PRICE (AWP), FINE COUNT ADJUSTMENT (FCA), COARSE COUNT ADJUSTMENT (CCA), and MARKET GAIN/LOAN DEFICIENCY PAY RATE (LDP) Effective 12:01 a.m. Eastern Time, Friday, 01/24/20, through midnight Eastern Time, Thursday, 01/30/20: AWP = 61.29 cents per pound FCA 2018 crop = 0.60 cents per pound FCA 2019 crop = 0.45 cents per pound CCA = 0.00 cents per pound LDP Rate = 0.00 cents per pound, subject to allowable fine count or coarse count adjustment. The next scheduled AWP, FCA, and CCA announcement will be at 4:00 p.m.Eastern Time, Thursday, 01/30/20. The following world prices of rice are effective from 01/22/20 at 7:00 am eastern time until the next announcement occurs. The next price announcement is scheduled for 01/29/20 at 7:00 am eastern time. . Rates Per Hundredweight Rough Rates Per Pound For . Rice for Farm-Stored and Milled Rice Kernels . Warehouse Loans and LDPs _____________________________________________________________________ . 2018 CROP . World Loan Market World Loan . Market Gain and Price Rate . Index LDP Rate ----Cents/Pound---- . ---$/Hundredweight--- . Long 14.33 10.08 . 12.71 0.00 Med/Short 13.81 9.67 . 12.52 0.00 Broken 8.64 6.14 . na na _____________________________________________________________________ . 2019 CROP . World Loan Market World Loan . Market Gain and Price Rate . Index LDP Rate ----Cents/Pound---- . ---$/Hundredweight--- . Long 14.92 11.09 . 13.61 0.00 Med/Short 14.59 10.50 . 13.27 0.00 Broken 9.00 6.11 . na na _____________________________________________________________________ The above prices are based on the following loan rates, world prices and milling yields per hundredweight of rough rice: 2018 CROP Loan Rate World Price . Whole/Broken Yield ------ $/Cwt ------ . (Pounds/Cwt) . Long 6.26 8.89 . 53.56/14.05 Med/Short 6.68 9.53 . 64.00/8.00 2019 CROP Loan Rate World Price . Whole/Broken Yield ------ $/Cwt ------ . (Pounds/Cwt) . Long 7.00 9.52 . 55.55/13.69 Med/Short 7.00 9.77 . 61.11/9.51

DTN Early Word Grains 01/28 05:59 Grains See Follow-Through Weakness March corn is down 1 1/4 cents per bushel, March soybeans are down 7 3/4 cents, and March KC wheat is down 4 1/4 cents. By Tregg Cronin DTN Contributing Analyst 6:00 a.m. CME Globex: March corn is down 1 1/4 cents per bushel, March soybeans are down 7 3/4 cents, and March KC wheat is down 4 1/4 cents. CME Globex Recap: Financial markets are stabilizing overnight as traders seem to be coming to grips at least somewhat with the coronavirus. The death toll in China has moved over 100 and Hong Kong has closed rail links with mainland China to try and help contain the virus. The virus has increased from 3,000 cases Monday to close to 4,500 in less than a day as scientists predict the virus will get worse before it gets better. Grain markets are stabilizing somewhat from Monday's weaker trade as traders realize the number of animals around the globe didn't get cut in half from last week. Still, the uncertainty of a virus like this in the world's second largest economy is unnerving and may take several days before the downdraft is completely shook loose. Soybean oil is leading losses again overnight, following losses in Malaysian Palm Oil which was down 10% in the front-month contract as the coronavirus hits much closer to home. OUTSIDE MARKETS: Previous closes on Monday showed the Dow Jones Industrial Average down 453.93 at 28,535.80 and the S&P 500 down 51.84 at 3,295.47 while the 10-Year Treasury yield ended at 1.605%. Early Tuesday, the March DJIA futures are up 71 points. Asian markets are lower with Japan's Nikkei 225 down 127.8 (-0.55%) and China's Shanghai Composite down 84.23 points (-2.75%). European markets are mixed with London's FTSE 100 up 13.89 points (0.19%), Germany's DAX down 14.79 points (-0.11%) and France's CAC 40 up 5.29 points (0.09%). The March Euro is up 0.001 at 1.110 and the March U.S. dollar index is up 0.023 at 97.790. The March 30-Year T-Bond is up 11/32nds, while February gold is up $1.20 at $1,578.60 and March crude oil is down $0.32 at $52.82. Soybeans on China's Dalian Exchange were down 0.7% while soybean meal was down 0.88%.

Cotton AWP/LDP 01/24 11:37 Weekly cotton Fine Count Price and Adjustment data. | Fine Fine FE Trans | Count Count FE Fine Coarse & | Adj Adj Adj Week Count FE Count Qual | World 2018 2019 CCA LDP Date Price Price Price Adj | Price Crop** Crop** 01/24/20 80.14 78.54 78.57 17.25 | 61.29 0.60 0.45 0.00 0.00 01/17/20 80.22 78.65 78.72 17.25 | 61.40 0.63 0.48 0.00 0.00 01/10/20 78.98 77.33 77.27 17.25 | 60.08 0.55 0.40 0.00 0.00 01/03/20 78.58 76.88 76.73 17.25 | 59.63 0.50 0.35 0.00 0.00 12/27/19 77.83 76.10 75.92 17.25 | 58.85 0.47 0.32 0.00 0.00 **Fine Count Adjustment cannot be less than zero. NA = not available.

January 24, 2020 Portland Price Trends 01-01-19 08-01-19 12-01-19 01-17-20 01-24-20 #1 SWW (bu) 6.15 5.90 5.95 6.22 6.31 White Club 6.15 5.90 7.75 7.72 7.81 DNS 14% 6.59 5.98 6.80 7.20 7.27 HRW 11.5% 6.39 5.36 5.99 6.25 6.31 #2 Corn (ton) 168.00 170.00 170.00 171.00 176.00 #2 Barley 140.00 140.00 135.00 140.00 140.00 Wheat...West coast wheat markets saw cash bids reach new marketing year highs this week, bolstered by higher futures and firming of basis levels. Hard red spring actually marked the highest levels since June 2018 while hard red winter marked the best levels since February 2019. Recent improved demand has been the primary driver. Weekly Sales...USDA reported a strong week of export demand for U.S. wheat, coming in at a marketing year high of 25.6 mb. Commitments to date now stand at 745 mb, which is 13% ahead of a year ago and 4% over the five-year-average pace. Top seller last week was hard red winter with 10.4 mb, putting sales at 273 mb; 33% ahead of a year ago and 11% above average. Hard red spring garnered 8.1 mb to put commitments at 213 mb; 5% over a year ago but 3% behind average. Soft white wheat saw 6.7 mb in new commitments, placing year-to-date sales at 151 mb which is 1% behind a year ago but 7% above the average pace. Top Buyers...Bangladesh topped a long list of buyers last week with 4.1 mb of protein wheat. Japan booked 3.5 mb, Guatemala was at 3.3 mb, Taiwan bought 2.8 mb and South Korea 2.6 mb. -Norm Ruhoff Contributing Analyst Copyright 2020 DTN/Telvent. All Rights Reserved.

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