Advantage Packet 8.17.2026

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WEEKLY PACKETWEEKLY PACKETWEEKLY PACKET LEVEL YOUR PLAYING FIELDLEVEL YOUR PLAYING FIELDLEVEL YOUR PLAYING FIELDLEVEL YOUR PLAYING FIELD This is a proprietary, confidential and copyrighted document. Do not forward, copy or reproduce. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results. 8.17.2026

Pro Farmer Crop Tour | August 17th- 20th August COF | August 21st Cyclone Cattle Feeder Days | August 24th-27th August Feeder Cattle Expiration | August 27th August Live Cattle Expiration | August 31st Live Cash Cattle Gridding Cattle Live Cattle Futures Slow to Climb, Quick to Fall Cash Feeder Cattle Feeder Volume and Price Update Corn - Cash and Futures August WASDE Recap IMPORTANT DATES OPPORTUNITIES THREATS Continued loss of long term hook space and further industry consolidation with the closure of Tyson’s Joslin, Illinois plant. 3 4 5 6 FEATURES Feedlot Performance High Moisture Corn Prep7 Pricing corn that needs to be sold off the combine.

4LIVE CATTLE FUTURESThis is a proprietary, confidential and copyrighted document. Do not forward, copy or reproduce. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results. Slow to Climb, Quick to Fall Cattle futures have lost their appetite for the upside. Rallies are limited rather than extended, follow-through is scarce, and managed money has shown little conviction to press the long side. The asymmetry is telling: constructive news is met with profit-taking, while the faintest bearish signal — a softer cutout, a hint of heavier showlists — is enough to send the board lower with little resistance. That behavior is not sentiment alone. Futures are trading in anticipation of weaker boxed beef prices, and weaker leverage for the cattle feeder. Seasonality reinforces the near-term caution. Labor Day represents the summer's final grilling feature; with retail beef largely committed and consumers pivoting toward back-to-school and fall routines; causing demand and the cutout ease as the calendar turns. Importantly, that soft patch has a defined end. The next meaningful upturn in boxed beef arrives with the holiday buying season, when middle-meat and rib demand rebuilds ahead of the end-of-year table — and cash cattle have historically followed that pull higher. Winter weather adds a further friendly bias, as cold snaps slow feedlot performance, disrupt logistics, and tighten near-term supply. The shape of the market is what should guide marketing decisions, not any single price print. The outlook traces a fourth- quarter trough followed by a measured recovery through the first quarter and a build toward the spring high before the market eases again. That contour defines the opportunity on both sides of the operation. The seasonal low is a window to buy feeder cattle, stepping in while replacement values are under pressure; the approach toward the spring highs is the disciplined place to add coverage or stay hedged on cattle that will finish into that strength. Present weakness is a seasonal event, not a structural break — and the calendar, holiday demand, and winter fundamentals all argue for firmer footing on the other side of the valley. The Bottom Line for Producers Use the trough, don't fear it: the low is an opportunity to own feeders, while the run toward the spring highs is the time to add or hold hedges on cattle coming out the other side. Buy weakness in replacements; sell strength in the finished product.Market DirectionA fourth-quarter trough, then a measured climb toward the spring high.

CASH FEEDER CATTLE5This is a proprietary, confidential and copyrighted document. Do not forward, copy or reproduce. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results. Feeder Volume and Price Update Shown on the chart is feeder cattle volume. Seasonally we have likely found the seasonal low in available numbers, with volume expected to build as we move into the fall. Year to date, feeder cattle volume is down 4.7%, compared with steer and heifer slaughter that is down 8.1%. This suggests feeder supplies remain relatively tight, but not to the same degree as fed cattle supplies. We are still roughly two months away from the major fall calf runs and one month away from larger yearling runs. Current yearling purchases are generally penciling near a $235 breakeven, compared with an early-spring futures board near $225. Likewise, many calves selling on video for fall delivery are projecting near a $225 breakeven against a futures board closer to $210. Both calculations assume significant payweight, leaving limited room for performance or market disappointment. With cash cattle and futures continuing to move lower, feeder cattle prices are likely to face additional pressure as seasonal volume increases. Reports out of Montana also suggest fewer calves have been contracted privately than a year ago, as some producers have held off selling in anticipation of another market rally. If accurate, that could leave a higher percentage of calves available to move through the open market this fall than in recent years. For cattle feeders, increasing seasonal supplies should create more buying opportunities, but patience remains important. With current breakevens still above deferred futures, the combination of additional feeder volume and a weakening fed cattle market favors remaining selective rather than chasing cattle ahead of the fall runs. Cattle that are bought with an unprofitable breakeven will have limited opportunities for a solid risk management plan, allowing them to lose significantly more money.

CORN - CASH AND FUTURES6This is a proprietary, confidential and copyrighted document. Do not forward, copy or reproduce. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results. August WASDE Recap On Wednesday, August 12, USDA published its monthly WASDE report. Historically, the August report can be one of the larger market-moving reports of the year, and this month was no exception. The report was viewed as bullish for corn, with December futures gaining roughly 20 cents on Wednesday to close just above $4.80. USDA made several adjustments to the 2026/27 corn balance sheet, most notably lowering its national yield estimate from 183.0 bushels per acre to 180.7. Despite the reduction, this would still represent the second-largest national yield on USDA also increased planted acreage from 95.3 million acres to 96.7 million acres. The more important figure moving forward may be the stocks-to-use ratio. USDA now projects Historically, a stocks-to-use ratio below 10% has been a bullish signal for corn prices. For cattle feeders, the report adds upside risk to feed costs heading into harvest. The August WASDE produced the largest corn price gain on an August report day since 2011, which should provide the corn market some support as harvest approaches. record. The lower yield estimate was the primary bullish takeaway and helped drive the immediate rally in corn. The additional acreage is bearish from a supply standpoint and helped offset some of the impact from the lower yield. In fact, total corn production increased by 13 million bushels despite the reduction in yield. U.S. corn stocks-to-use at 10.1%, supported by strong export demand and ethanol production.

This is a proprietary, confidential and copyrighted document. Do not forward, copy or reproduce. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.FEEDLOT PERFORMANCE High Moisture Corn Prep7 High moisture corn has replaced dry corn for many farmer feeders across the Midwest, and for good reason. Properly harvested and processed, it delivers energy comparable to steam-flaked corn, the same result large yards get from multi-million dollar flaking setups, while reducing shrink and harvest loss and producing a consistently palatable feed that can be harvested early. Getting there starts at harvest. Target 25 to 35% kernel moisture. Corn on the dry end won't process or pack well and ferments poorly, while corn that's too wet brings seepage and handling headaches. Processing is what separates good HMC from great HMC. Rolling exposes starch to rumen microbes and digestive enzymes and supports fermentation, so check rollers and other equipment before harvest to be sure every kernel gets processed. Filling and packing make or break the final product, just like corn silage. Pack in 6-inch progressive wedges (as illustrated below) to maximize density, and have plastic and tires staged and ready the moment packing finishes. Bottom line: Harvest in the right moisture window, process every kernel, and pack tight in a progressive wedge to keep oxygen out. Nail those three and your HMC will feed like flaked corn at a fraction of the cost. Contact a B4W Feedlot Performance Representative to learn more about high moisture corn preparation and harvest. Kelby Sudbeck: 712-953-6409