JIB MIKE 
TIME NOW FOR THE 
MARKETS, ZAC 
ASHMORE IN STUDIO 
WITH A CATTLE 
REPORT THAT 
SHOWS WHAT'S AT 
"STEAK" AS THE 
CHINESE -- WITH 
THEIR CHECKBOOK 
-- POINT TO 
"WHERE'S THE 
BEEF."
ZAC 
THANKS MIKE,
MARKETS AGAIN, 
GOING UP, 
ESPECIALLY WHEAT, 
SOYBEANS, AND 
CORN. WEATHER 
STILL AFFECTING 
THOSE NUMBERS 
WHILE CATTLE AND 
HOGS SLIPPING IN 
PRICE DUE TO 
HERDS OUTSIZING 
DEMANDS. LET'S 
TAKE A LOOK
LAST WEEK'S 
BIGGEST GAIN, 
SURPRISE! IT'S 
LUMBER AGAIN. IN 
THE PAST MONTH 
PRICES RISEN 
NEARLY 270 
DOLLARS, ONE 
HECK OF A RALLY. 
SOYBEANS ALSO UP 
48 CENTS, WHEAT 14 
CENTS AND CORN 19 
CENTS.
MARKET ANALYST 
SHAWN HACKETT 
SAYS WEATHER'S A 
BIG REASON FOR 
THIS. THEY'VE DONE 
SOME RESEARCH 
AND THE FINDINGS 
SHED LIGHT ON 
WHAT'S TO COME.
SOT 
SHAWN HACKETT, 
HACKETT FINANCIAL 
ADVISORS: "The 
bigger issue, we've 
been talking about 
this all summer, is 
that we had June 
temperatures were 3 
degrees above 
normal, July 
temperatures were 2 
degrees above 
normal, we went back 
to 1960 and looked at 
every summer we had 
temperatures that 
high and every single 
time we had a below 
trendline yield crop 
that was modulated 
by moisture. So we 
never believed the 
182 number and we 
think that's the 
primary reason why 
yields need to come 
down but of course 
the storm in Iowa just 
adds a maraschino 
cherry on top of the 
cake here. We'd 
normally see 
seasonal pressure 
from back half of 
August into the back 
half of September 
normally. This year 
we're going to see it 
in October after we 
make the September 
high. Remember, we 
normally make our 
highs in late June or 
early July, we made a 
low, so we're doing 
everything opposite. 
This is typical, 
classical, pre-La Nina 
kind of weather 
where we get weather 
problems later in the 
season that cause 
this consternation 
and counterseasonal 
trends. So I guess the 
answer to the 
question is yes but it 
will be delayed from 
normal."
ZAC 
AS YOU SAW, LIVE 
CATTLE PRICES 
DROPPING OVER 
THE PAST TWO 
WEEKS, MUCH OF 
THAT HAVING TO DO 
WITH SUPPLY 
OUTPACING 
DEMAND. NOT 
ENTIRELY A BAD 
THING, IT MEANS WE 
HAVE PLENTY OF 
BEEF TO COME. 
ANALYST SHAWN 
HACKETT SAYS 
CHINA'S BUYING 
AND THAT'S ALSO 
MAKING WAVES.
SOT 
SHAWN HACKETT, 
HACKETT FINANCIAL 
ADVISORS: "Well, 
they hadn't bought 
from us for years and 
years and years and 
only a few years back 
did they agree to buy 
beef from us again. 
So we don't really 
have a long history of 
them buying U.S. 
beef. So even though 
we'll take it, its good 
news, we would kind 
of downplay that as 
being a big market 
driver at this point. It 
could be a market 
driver in the future 
but we don't think it's 
a major market driver 
at this moment in 
time. I just think 
sometimes it's hard 
for the bulls to give 
up a trade that 
they've been bullish 
on for a while, that 
they're making money 
on, and so everyone 
looks around and as 
long as everyone is 
still buying into it 
they're good and then 
all of a sudden 
someone decides to 
sell and it causes a 
cascade on selling. 
Markets are run by 
computers a lot of 
times nowadays, the 
algorithms trade a lot 
of our markets and 
they don't think like 
you and I sometimes 
and it takes them a 
little while to get the 
program to say sell 
and we think that had 
more to do with it 
than anything else. 
The cattle on feed 
report was a warning 
sign that maybe we're 
doing too much of a 
good thing. Prices 
rallied but not 
enough to really 
cause a good margin 
on the farm. We'd be 
very careful, cautious 
and if the corn market 
were to continue to 
head higher as we 
move into the South 
American growing 
season, high corn 
prices are not good 
for feeder cattle 
for feeder cattle 
prices."
ZAC 
MANY FACTORS 
AFFECT SOYBEAN 
GROWTH, WHICH 
EFFECTS THE 
MARKETS. WITH 
WEATHER MAKING 
SUCH AN IMPACT 
SOMETIMES WE 
FORGET ANOTHER 
COMMON ISSUE, 
DISEASE. 
MISSISSIPPI STATE 
EXTENSION PLANT 
PATHOLOGIST DR. 
TOM ALLEN GIVES 
US SOME ADVICE ON 
SOYBEAN RUST.
SOT 
DR. TOM ALLEN, 
MISSISSIPPI STATE 
EXTENSION 
SERVICE: "I think a 
lot of people 
misdiagnosed 
soybean rust for 
something else. In 
this situation, the 
field representative 
really thought he was 
looking at Septoria 
brown spot for the 
better part of a 
month. When he 
called he said, "man, 
it's just keeps getting 
worse and the fields 
just don't look right." 
I said, "well, send me 
some pictures." I 
said, "but show me 
the underside of the 
leaf." That's the 
biggest issue, when 
you're looking at 
brown spot, you're 
looking through the 
canopy and you're 
looking at the top of 
the leaf. Soybean rust 
has to be diagnosed 
from the bottom of 
the leaf, the 
underside of the leaf. 
You've got to look for 
the actual pustules 
and what I tell folks, 
buy a 20X hand lens, 
it's one of the best 
investments you'll 
ever make if you're 
checking fields for 
plant diseases. You 
can see everything 
you need to see, 
pretty much that I talk 
about on the blog, on 
anything I talk about 
on this podcast, and 
anything that I put on 
Twitter, you can see 
the bulk of that with a 
20X hand lens. You 
can tell the difference 
between Septoria 
brown spot and 
soybean rust pretty 
easily with a hand 
lens. But soybean 
rust produces such 
beautiful little 
volcanoes on the 
underside of the leaf, 
if you're seeing those 
through a hand lens, 
you really know that's 
what you're looking 
at. The other thing is, 
is it can be a massive 
defoliator of the 
lower canopy. In the 
fields we looked at on 
Friday, you could part 
the canopy and hit 
the bean plants 
together and it was 
just a cloud of spores 
coming out of those 
soybean plants. But 
that's one of those 
ones the last couple 
of weeks, I've had a 
few questions about 
it and it's not one 
we've talked about 
much because it 
hasn't been near as 
large a yield reducer 
as what was 
predicted to occur 
circa 2004."
ZAC 
ZAC 
2020'S BEEN ONE 
WEIRD YEAR SO 
FAR, THE RAPID 
SHIFTING OF 
FUTURES PRICES, 
AS WE'VE BEEN 
SHOWING YOU, 
REFLECTING AS 
MUCH.
BRYAN DOHERTY 
FROM SUCCESSFUL 
FARMING BREAKS IT 
DOWN THIS WAY. IF 
THE COVID CRISIS 
ENDS WITHIN THE 
NEXT SIX TO EIGHT 
MONTHS, IT'LL BE 
BECAUSE RAPID 
GOVERNMENT 
RESPONSE 
WORLDWIDE 
PREVENTING A STILL 
LINGERING 
DEPRESSION.
A LOT OF THE 
PRICE FLUX HAD TO 
DO WITH CONCERN 
OF FUTURE 
COMMODITY STOCK, 
NOT FROM LACK OF 
CURRENT SUPPLY. 
CASE IN POINT, 
GRAIN INVENTORY 
LOW FROM 2019 
WEATHER ISSUES, 
CAUSED HIGHER 
PRICES, THEN WE 
HAD A GOOD 
PLANTING SEASON, 
SO PRICES 
DROPPED. NOW 
WEATHER ONCE 
AGAIN 
THREATENING OUR 
HARVEST, SO 
PRICES RISING 
AGAIN.
THIS IS TO SAY, 
VOLATILITY IS THE 
NORM BASED ON 
WHAT WE HAVE OR 
ARE EXPECTING TO 
HAVE. HOWEVER, 
THIS YEAR'S BEEN 
CRAZIER...THAN 
MOST.
AND THAT'S IT FOR 
A DEEPER LOOK 
INTO THE MARKETS, 
