DOMO Capital Management, LLC

Have to love quad witching day.... $ALTO $GPRE

@ZP871 @SweetLilBabyGee Appreciate the insight! Thank you.

@DOMOCAPITAL @SweetLilBabyGee This week is different but spiking fert isn’t switching things back to corn as stated previously. I’m at 93-94 on corn and 86 on beans give or take. You forget this is third year of higher corn acres. Most don’t like corn on corn on corn so that’s fighting an increase as well

The current soybean/corn ratio is under 2.26.... solidly pointing to more corn acres vs soybean acres for 2026 planting...

Not sure it's that easy either. If they already applied any herbicides - soybeans also a no-go as chemicals would kill the seedlings as soon as they sprout. Also - "X" is focused on fertilizer availability while completely ignoring seed availability. Farmers order seeds months in advance... swapping say, 1,000 acres of soybean seed for corn seed in late March isn't very easy - especially if local dealers have already emptied their warehouses....

@DOMOCAPITAL @SweetLilBabyGee It is for those who already applied fert. If it’s on it’s staying corn. I could see a lot of guys who have fert bought but not applied yet holding on to that until fall potentially and planting beans now if they sold or hedged some beans towards the end of last week.

@grampa7 lol, right, cheering for a better draft pick there...

@DOMOCAPITAL no point cheering for the Bucks right now

Well - no need to watch the rest of the NCAA tournament for me.... lol

March crush margins still at YTD highs, but April crush margins now hitting $0.35!! Not sure what this means? In 2022, 2023, 2024, and 2025 the April crush margin was -$0.16, $0.07, $0.08, $0.11... $ALTO's quarterly ethanol production is over 60M gallons... $0.25 YOY margin improvement is HUGE. Benefits $GPRE as well....

@grampa7 That's the spirit! lol

@DOMOCAPITAL a little over a week away from Brewer's opening day

@ZP871 @SweetLilBabyGee And it is also much more difficult than people realize to switch from corn to beans (at least starting at this point of the year).

@SweetLilBabyGee @DOMOCAPITAL You have to put on fert or manure for corn or adjust your yield expectations significantly. Most advanced operations will apply fertilizer on their beans as well in normal circumstances, but after talking to several other growers and customers guys are skipping on beans this year

Cleary part of an American disinformation campaign. Obviously, Chuck Norris is already in Iran.

@OilandGibbs Thank you for the fantastic reporting Brett.

Let’s start the day aligned on RVO: Our baseline (for now) remains the OMB submission we believe will ultimately be released. A significant amount of work has gone into this rule: - Already late - Supplemental comment period completed - WH deeply involved since mid-Dec (unusual) You don’t materially change a rule like this in 1–2 weeks. So what’s the hold? This looks like optics + process: New senior officials need to be briefed — likely triggered by the Iran backdrop. Day 1 policy goal hasn’t changed: Broad D4 RIN alignment → support ag/soy via RVO. At the same time, they’re weighing fuel price responses: - Jones Act ✅ - RVP waivers ✅ - Export restrictions - RVOs The use of the first two adds caution as diesel prices surge. Where we are now: Timing has slipped. End-of-week was consensus — no longer. DC jockeying is back: - API pushing for more delay - ASA/NOPA/CFAA reinforcing OMB alignment Key signal: No credible DC source is willing to stick their neck out on timing right now. Could it move fast? Yes — within 24hrs. But typically stakeholders (Senate + industry) get a heads-up first. What we’re watching: Even a formal signal like: “RVOs will be released as submitted to OMB by [date]” would stabilize things. Next week has multiple opportunities for clarity. If we get there with no read concern rises. Material changes = reopening the rule (~30 days) — something all sides should want to avoid. We’re listening closely and will keep you updated.

They will have to announce higher blending of ethanol to alleviate. Only a matter of time. $ALTO $GPRE

$ALTO $GPRE 👀 "The move would make standard gasoline cheaper by ⁠not forcing refiners and retailers to switch to more costly summer blends of gasoline, while also allowing fuel retailers to continue selling gasoline blended with 15% ethanol, known as #E15, throughout the summer driving season when stricter rules normally limit its use in much of the country."

@NoLuckBruh I posted that yesterday prior to earnings. It didn't happen. I thought it was a possibility.

@DOMOCAPITAL are you really expecting new CEO news this soon? I was thinking april-may

What happens if $LULU announces Jane Nielsen as the new CEO today?

Would the ultimate boss move by Powell towards Trump be to cut rates right before Warsh takes office (so a cut at April meeting) simply to prevent Warsh from being able to immediately cut rates and thus creating instant friction between Warsh and Trump? Hmmmm

$ALTO $GPRE 👀 "Deputy Ag Secretary Stephen Vaden says he’s optimistic that 2026 could be the year a federal #E15 solution finally gets across the finish line. “I think E15 is going to get there,” he said. “It’s frankly been much more of a struggle than it should have been.” Speaking during a lecture series hosted by the University of Arkansas on Tuesday, Vaden said consumers across the U.S. need increased access to cheaper fuel blends. “At a time when the price of gasoline is very much on everyone’s mind, it’s important to note that a gallon of ethanol today sells for more than 80 cents a gallon less than a gallon of refined gasoline.” He says the U.S. has the production capacity to significantly expand ethanol use. “We would be able to have 15% ethanol across the board in every gasoline station across this country,” Vaden said. “We have enough (corn) production to cover that.”

Next add tariff refunds onto $LULU guidance..... Bottom is in.

The entire decline in $LULU 2026 guidance was due to increased tariffs. Gross tariff impact increased by $105M or $0.84 per share, but net impact increased over $160M..... market figured this out during AH and this is why we are positive today. Plus... this tariff impact for 2026 will eventually be significantly lower, because the 15% rate is going away on July 24th and LULU guidance doesn't contemplate that....

Entering a more dangerous phase of the war as Iran begins to directly target energy infrastructure Hormuz stoppage is like a kinked garden hose—you can unkink it and flow will resume Hitting infra is like taking a shotgun & blowing off the faucet to which that hose is attached