Corn price reality check, and where do beans go from here?

Chris: Welcome to the Ag View Pitch. Again, you've got Chris Barron and Dwayne Lowery, and we're here on Monday's episode after the report. Dwayne, welcome, and talk to us a little bit about the news of the day here. What are we seeing?

Duane

Lowery: Hi, Chris. Well, we had the weekly crop progress, planning progress, and crop condition data released this afternoon. Um, basically you have, uh, corn was 92% planted. That's pretty much in line with the estimates. Um, you had 79% emerged. Uh, corn condition was 59%, good and excellent. That was identical to last week. Soybean planting was 77% complete. Um, that was compared to 60% last week. And trade estimates that had an average of around 79%. So today's 77% is a little bit less than people expected. I think even though the average guess was 79%, I think there are a lot of people that were kind of quietly thinking it might be, you know, more like 81 or 83% complete. So I think some people will be surprised and disappointed that it's 77%.

Just to give a breakdown on the states in, in the beans, Iowa was 89%, Illinois 70%, Indiana 64%, Ohio 46% planted, South Dakota 70%, Michigan 53%, Missouri 57%, Wisconsin 77%. Um, so I don't know, you, you're probably at least 2 weeks behind pace in bean planting. And the soybean planting at 77% implies there are 19.4 million acres of beans that intended to be beans that have not been planted. And the corn, uh, at 92% implies that there's 7.5 million that have not been planted. I am a little suspicious on this 92% planted figure in corn. If you apply the math to that and say that there's 7.5 million that's not been planted, I think it's possible that, that 92% could include acres that are considered to be done and, and already dispositioned, but yet not planted.

So in other words, I think it's possible that some prevent plant acres are in there already, which would imply that it's possible that your prevent plant acres still could be in that 9 or 10 million acres in corn. I don't know if that's the case, but I think it's a possibility. But in terms of reaction to the report this afternoon, I think the corn will be seen as largely neutral. Nobody's going to be able to say that's a bearish number, but people could be, you know, not really all that excited about it. They could say that the market is kind of factored in this storyline, and to a certain extent that's probably true. People would also look at today's price action where you couldn't exceed the overnight high during the daytime session. In fact, you know, came down and pretty much traded unchanged during the day and fell, you know, a dime off the overnight highs type of thing.

I think people see that as being a little disappointing and maybe a sign that the market is getting a little bit mature. But in the case of the soybeans, even though the planted figure is probably a little bit less than the trade was looking for, I think there's a, a raw reality in the fact that there's 19 million acres of beans that have not been planted that when taken in the context of a 5- to 7-day forecast in all these areas that we talk about and focus on are wet, and then you even have a 6- to 10- and an 8- to 14-day forecast that has at minimum a moist look to it, there's some serious question as to how many of these acres we're going to be able to get planted.

And with that is, is a question as to how motivated is the farmer to make that decision, to fight the fight, to put the struggle in, to plant beans in, in poor conditions this late on the calendar, because we're going to be at the prevent plant date before they're going to have an opportunity to get back in and plant those beans. To whatever extent the farmer was motivated to plant corn and not do prevent plant unless he absolutely had to, I think that the farmer is somewhat less motivated to make the same commitment to getting beans planted that he had to get the corn planted. And I think that's for multiple reasons. I think the economics of the price incentives were— corn were greater than they are in beans, even though the prevent plant payment on beans is less than corn and may not be, you know, as, as attractive as the corn payment was.

In the case of beans, they probably didn't have any inputs in the ground yet. Everybody's tired. I think that has some bearing on it, and I think that there's— this problem is broad enough that, you know, most landlords are going to have an understanding mindset towards the idea that all these acres didn't get planted. So I think there's a lot of things that are going to push the farmer or lean the farmer in a direction of maybe taking prevent plant on beans a little earlier or with a little bit more conviction than he may have done that in, in corn. And with that being the case, if there's 19 million acres not planted— just to put in perspective, just a couple of weeks ago USDA said we had a billion bushel carryout. But if we lost 4 million acres in, um, uh, excuse me, 5 million acres in beans due to prevent plant, that's 250 million bushels, give or take, less than that.

If you lost, uh, 4 bushels an acre— because remember, USDA did not affect the national yield if we took 4 bushels an acre off the national yield, considering the, the planting date and the conditions, I don't think that's an unreasonable possibility. That's another 330 million bushels. All of a sudden you got to carry out that's less than 500 million. It might still be adequate or even plentiful, but it's, it's half of what the marketplace has been trading. And add into that the background that prices on soybeans is at the bottom side of the last, you know, several years of price history. And so I'm not sure that the bean market has totally digested the, the scope of the problem that we have staring us in the face in terms of loss of acres not getting planted, period, or the, the extreme lateness on whatever acres do get planted.

So it's possible that the soybean reaction tonight, tomorrow, rest of the week, whatever, may find quite a bit of buying from multiple sectors of the trade, including the speculator sector, which just recently got out of short positions. So I sense a certain amount of emotion that is still here, probably greater in soybeans right now than it is in corn. And we want to talk a little bit about upside potential and how mature the corn market may or may not be. And so, you know, we do want to talk about that. But that's kind of a recap of the report this afternoon.

Chris: So the narrative obviously is from the dissertation of everything you just said on the soybean side of things. So the narrative has changed from corn to soybeans in the market. So does that mean in the week ahead, do soybeans start to take the lead? You know, where, where's this, you know, what's the outlook as we go into the, this upcoming, the rest of this upcoming week? You know, with what we know on the soybean side of things? And does soybeans take the lead and corn's going to follow a little bit now, or does corn settle off and stay the same and beans got some upside? What, what's your thoughts there?

Duane

Lowery: Well, I think there were signs that soybeans were starting to try to take the leadership, uh, Thursday and Friday of last week. I think, uh, in my Sunday comments, um, I mentioned the fact that soybeans might be the focus and might have more of an emotional reaction this week early than maybe corn. And I think that was kind of how things materialized in today's performance. That being said, you know, I'm not sure exactly how to characterize this. Yes, I believe it's true that some of the buying energy and emotion is going to be more directed towards soybeans. And I think there's probably some justification for that. And if there is justification based on the planting progress, based on the amount of acres not planted, based on the calendar date, based on the forecast, if that is all true, then that's your fundamental explanation for, for beans to take on a leadership role.

But you also have a situation here where if you go backwards in time, the marketplace had all its concentration and focus on being long corn, being bullish corn, and, and there was a still a willingness at that time to try to be short beans. So as the focus in the trade shift to beans, what happens is you have intermarket spread traders that had been long corn, short beans, that now they run in to buy beans, and they also might turn around and sell corn. So it does create a certain amount of selling pressure in corn that may be tied to just speculators moving money. I think this— the way the market performed today was a sign that this is happening and unfolding. I think today's reports probably, uh, give it that incentive for that type of activity to continue.

So it doesn't necessarily mean that it's bearish corn, but it, it does mean that corn may struggle to build a lot of momentum in the next 7 or 8 days compared to how much momentum it built in the last 7 to 8 days. So we might see corn market trade above today's high, that's certainly possible, but we may see it struggle to get a lot of momentum. And we also may see a situation that over the next 2 or 3 weeks, the, the corn market kind of establishes a price zone in the upper part here of what we've seen, that maybe there's some resistance there. I won't call it necessarily ceiling, but certainly the air will be getting a little bit thin up there for the investor. While in the case of the soybeans, you know, there's probably a stronger desire or willingness to pay up for soybeans here. Whether that's right or wrong, I don't know.

I'm just trying to pass along what I sense is, is the trade's willingness and where they want to put their money right now.

Chris: From a strategic standpoint, you know, We talked at the beginning of the week or yesterday, you know, last night about just taking a little risk off the table and that, you know, corn may be pausing and all that kind of stuff. What, what's your thoughts there? You know, what, what's a strategy that some of these growers, if they haven't done anything or they're thinking about doing some stuff, what's a strategy that you think might be something that we should be thinking about at this point in time on corn? And obviously I think you're probably going to say sit on your hands on soybeans maybe, but you know, tell me what you're thinking on both.

Duane

Lowery: Let's start with the beans. You've accurately predicted that I would say I prefer to sit on my hands because it— I believe that the soybean market has some more near-term upside potential. I'm not sure how to define it. But if somebody said 25 to 50 cents from where we settled today, I'd have no problem believing that. And I'd have also have no problem believing we could get there in just a matter of days. In the same token, there is a certain amount of reality that we have a large supply of, of beans, both in the US and globally. And there is some demand questions, although I think most of the demand questions towards soybeans are associated with China. And I think for a large part, that's already been factored in. And personally, I think it's been overly factored in. I think there's going to be more demand coming there. Than what the trade currently thinks.

So there are some supply side or demand side that cause some pause about how optimistic we should be on soybean price potential. And we do have some downside risk even from where we're at right now. I have no problems admitting that that downside risk exists. The problem that causes me want to sit on hands is that beans are at the bottom side of parameters for the last several years. And I find little incentive to, to go out there and make a sale here. Um, I also, uh, find little incentive to make a sale until we get into a period where we have a better handle on what that August weather is going to be like. Because if we have any type of a problem or a threat, then all of a sudden bean prices can get significantly higher. And the last thing that causes me to want to sit on my hands is I don't think the bean price is very attractive for a return for the farmer.

So all things considered, I'm inclined to be more willing to wait. On the other hand, when we shift over to gear towards soybeans, as we talked about in the podcast yesterday, I definitely want to change people's attitudes and focus away from being super bullish and focusing on conditions and talking about where corn might go. Like, you know, could it go to $5 or $5.50 or $6? Any of those things are possible given the right set of circumstances from here forward. But I think that you have to give respect to how much has already happened. You have to give respect to the fact that even if you take another 4 million acres out of corn, and leave the bushels as the USDA projected, which was down 10 from, from last year, basically down 10 from, from trend, you you've got just under a 1 billion carryout.

Now I personally think that carryout figure could be something quite a bit less than that, but, uh, we don't know that. And so far that would just be a guess on my part or a what-if scenario. And I think the marketplace is going to come to grips with maybe around a billion bushel carryout in corn. And that will be because they're going to take, uh, maybe add 4 million to the prevent plant ideas from the 3 million that USDA had in there. And, um, if that's the case, even a billion bushels, um, there will be people in the trade that feels, uh, current prices or any additional prices will ration demand. I had said in one of our last podcasts that I didn't think we had rationed a single bit of demand yet, and to a large extent I'd probably still believe the same thing.

But the more time that you spend up here, the more you advance the calendar, the more time you have to have that impact, and you have an opportunity to create that demand, uh, reduction. And I think the corn market has found itself entering a price zone where all those things could happen. Now, is it possible corn could go another 20 or 30 cents higher than where it finished today? That is absolutely possible, and it wouldn't shock me if it occurred. But in the terms of farmer marketing, you cannot wait to that last minute. You can't wait to that last cent. And if you've done a nice job of, of, uh, um, adjusting your sales towards the expectation of the price strength that we've already had, it's, it's a very good time to reward the market.

You know, whether that occurs, you know, today or tomorrow or tonight or whatever, you know, I guess that's up to every individual, but I think the Everybody needs to look at how much the prices have come up, what this price calculates to your own operation. And if you're in an area where your crop is in pretty decent shape, maybe later than you wanted to be but not super late, uh, that means one thing. If you're in an area where you did not get all your acres planted and what you got planted weren't put in the greatest of conditions, you may have a different look on how you calculate that. But everybody is going to have some bushels to sell. And, uh, it is important to lean on the crop insurance for one, but you also got to step up and do some marketings as well.

If you have an operation that you need to or strongly desire to move some bushels at harvest because of space or logistical problems or because of, you know, cash flow needs, it's not difficult to say, okay, the market's rallied far enough that if I know I have to, to market X number of bushels at harvest time, I'm comfortable saying maybe you ought to be 65% sold of whatever that figure of X equaled to be. In terms of strategy, I've said all along that, um, I want to maintain physical ownership as long as possible. And I believe that still is the, the general rule I'd follow because I think the, the physical ownership is going to be demand for that actual product. And I think a lot of places are going to have, uh, shortages of supplies and that'll cause great grain to move in directions that it normally wouldn't move. And I think that creates a firm basis environment.

And so I'd like to keep the ownership of the cash as much as possible. That being said, a lot of people have seen cash basis improve lately, even in new crop positions. And so if you're a cash grain only marketer, and that's how you want to do business, and that's how you've been doing business, then I would continue to do that. You know, I wouldn't allow that one little thing to make it so I didn't make cash sale. It's still more important to get that price locked in. For the guy that is looking at, you know, being flexible on some other different strategies, you know, there's got multiple approaches. You can hedge, you can do HTA.

If you, uh, feel strongly that there's a lot of upside potential but yet you do want a floor price, take a look at some option strategies where you're buying puts, or maybe you're selling some out-of-the-money calls, or a combination thereof up of many factors. In my opinion, it's less important which vehicle you choose. It's more important that you make a decision that you're going to step into a vehicle. And I think that's where you want to be right now. You want to be setting forth a game plan, whether you execute that today, tonight, you know, another day this week. I think you should be in the frame of mind that you're going to execute this plan. You're going to get something done in the near term and you're not going to hold off on everything and put all your marbles in, in one basket, and that basket is, is betting on catastrophe across the whole country.

You know, the market has rewarded you and created opportunities that you didn't expect at all probably 30 days ago. So put in perspective what's been offered, what's, what's there on the table to be taken, and I would strongly encourage everybody to at minimum honestly and seriously evaluate their own operation and look at it from a couple of different yield scenarios. But more importantly, I want you to look at it, what did that same calculation look like a month ago and what's it look like today? And I think when you see the stark difference, that's probably enough for most people to, to warrant taking some sort of action.

Chris: One of the things we talked about too yesterday, um, Dwayne, or you brought up, but was you know, and you just brought it up again too, is the physical ownership and all that. But, you know, like when you, you look at the old crop, and this is just me, you know, when I sit here and I look at cost of production with a lot of growers, and a lot of times what I've seen is the tendency, if you're focused on 2-year crops, sometimes that can kind of goof you up and you're thinking a little bit as far as strategic planning, both on your hedge account and on your cash marketing. And so, you know, yesterday I think you said something along the lines of, um, how'd you say that? You were talking about, um, I just had a senior moment and I'm not that old yet.

Duane

Lowery: Um, you were talking about, uh, and now you're expecting the guy that actually is more senior. Yeah, I'll try to remember what I said yesterday. Don't even ask me what I said 5 minutes ago.

Chris: Well, me too. But anyway, um, I'll, I'll remember it here in a second, but the physical ownership part that you're talking about in the old crop, a lot of times, as I was beginning to say and had my senior moment, growers are doing two different things sort of with those two crops. I've always seen that it's better, and this is a particular year where that really works out well. We've had a buck increase in price of corn And like you said, you know, 2 months ago, who would have thought that that old crop corn that was sitting in the bin that we were thinking, how are we ever going to get any kind of value out of this? And for most operations coming off a really good yielding year, the profitability on the 2018 crop is pretty massive with these current prices.

So I guess my question to you, Dwayne, is what's wrong with emptying out all the old crop you know, have that all gone, because that, that was my senior moment. You said, you know, I'm— when I'm saying this, I'm probably speaking to somebody that's listening, that's probably listening to exactly what I'm saying. I think how you said that yesterday, and that's what I'm saying now. There's probably a bunch of— not a bunch, there's some growers out there that I know for a fact that are sitting there on a fair amount of old crop yet. What's wrong with eliminating all the old crop? The basis is good in most areas unless there's some financial reason, take advantage of the profit that just came from the 2018, stick a fork in 2018, call it good, and then start focusing on this '19 crop with some discipline and with some strategic planning.

That was the whole point of asking you, you know, what's the strategic plan with this 2019 crop? I guess I should have clarified that a little better because to me there's two different, two different things that as growers we got to be thinking about finishing up '18. If it's not done, get it done, I think anyway, and tell me what you think on that. And then focus on '19 and build your plan from there. What, what's your thoughts on that comment?

Duane

Lowery: Well, there's obviously nothing wrong with what you're describing or prescribing, and that is to take advantage of what's been given, close the door on '18, and make sure you have a clean mental mindset on how you're going to handle '19. There's nothing wrong with that. There's probably a I think there's a lot of wisdom in that. In the same token, on the farmer's defense, they're going to be wanting to get the most they can out of everything they have an opportunity to get, which is their old crop that they still have, new crop that they haven't got sold. I get all that. The trick is trying to balance everything. Because there's not a single person listening to this that's been in the business for any length of time that hasn't been through a similar situation that for whatever reason they thought for sure prices couldn't go down.

And they thought for sure prices could go up, only to find out that they had to take significantly less of a price because something changed or their perception and what they thought they were focusing on turned out not to be correct. So we've all been there. There's not a single soul that hasn't been in that situation. So everything we're talking about right now is to try to put that in perspective and try to make sure that producers don't get caught in that position. In terms of what I had said to somebody in our last podcast, I was drawing attention and trying to call out the people that I know exist that are not only long old crop corn, not only long new crop corn in the field that they've not priced, but they have a large or a sizable or notable long position in the futures market or options market. And so they're actually trying to juggle 3 balls in the air at one time.

And as long as everything's going in one direction, that's all great. As soon as things start to go the other direction, next thing you know, you're clumsily dropping every single one of those balls that you're trying to keep in the air simultaneously right now. So my suggestion is, which is basically an echoing of what you're saying, is don't try to keep all these balls up in the air at the same time. In that example I gave, be very quick to get rid of the speculative length in paper, whether that's futures and options, whether it's bull spreads or whatever bullish strategy you may have had on, be very willing to cash those in, take the profits, knowing, understanding, and fully accepting the fact that you're probably going to get out early.

You're not going to get the top, but it's a lot easier to make that sale on the way up than it is to try to make it on the way down and feel like you want to go back in time and get what was offered a few days before. In the case of if you don't have a speculative position and you're just looking at old crop '18 cash on the farm and new crop that's unsold in the field, it's still the same thing. Just like you said, Chris, there's a, there's value in being willing to, to take what was offered and to close the chapter on 2018. It'll give you a cleaner perspective and probably a more honest perspective about 2019. What happens is If you're carrying all this length, whether that's just 2018 old crop corn and '19 that's unpriced, or toss in some bullish positions you got on paper, all of a sudden it's difficult to be objective.

If the market, uh, uh, is up, you think it'll be up every single day from here to eternity. If the market starts to tip over, it will then become easy to get caught in a trap, and then you won't know exactly how to turn, and you'll be scared to make a turn, and you won't want to give up anything because you 24 hours before that it was worth more than that. And so there's a certain amount of peace of mind that is worth just the peace of mind, but there's also the, the impact of having peace of mind about how much better it helps you address decisions that you have to make going forward. And even if you get rid of your '18 old crop, you still got a whole season of decisions to make with the 2019 production. And somewhere down the road we're going to want to talk about 2020 production. I'm not there yet, but somewhere down the road we're going to talk about that.

So it's not going to be without a lack of opportunity to have things to juggle. We're just talking about trying to reduce your exposure. And if that— if you are— have old crop '18 and new crop '19 unpriced, reduce the exposure in, in one or both of those areas. And, uh, it's, it's a good time to be rewarding the market And I admit and concede we're not going to get the top, and you're not going to sell it, sell on the top, but, um, you are so much better off today than you were a month ago. And, and I think that everybody needs to give— put that in perspective.

Chris: So in other words, you agree?

Duane

Lowery: So hard to say that to you, Chris. Yeah, I guess so. I would have to say I agree with you on that.

Chris: Well, yeah, I mean, just there's a lot of operations that could do some things to simplify stuff right now by cleaning up the old crop. If a person doesn't want to sell anything, that's fine, that's a choice, that's a decision. But if you're going to sell something, it just seems to me the basis is good, especially if the yields were good. Nobody can tell me, well, I don't know what my yield's going to be. You know what your 2018 yield was, you know what that revenue— potential is sitting there in the bin right now with real numbers. And in my opinion, for those growers, it's probably a good time to stick a fork in it. But that's just my opinion. And again, this is only perspective. So it's just, it's just from observation though over the years of seeing, seeing sometimes things go the other way. And, and there's definitely—

Duane

Lowery: none of us know for sure what's going to happen. And when we having this discussion on this podcast, I think everybody knows, but it's good to mention it from time to time, you know, that we don't know exactly what's going to happen, and we certainly aren't trying to portray ourselves as anybody that does know exactly what's going to happen. But at the same token, we are hopeful that the conversations that you and I have and the thought processes we have, we hope that number one, they're reasoned, thought out, and, you know, sincere in our presentation. But we think there's value in just listening and participating in these conversations, even if you don't agree with what either one of us have to say. There's value in just going through the discerning process of saying, well, I do agree, or I don't agree. Just that process of discernment, there's— provides a lot of value.

And so I'm just trying to throw something out there to make sure that everybody's looking at it honestly and seriously. And at that point, everybody's making their own decision. We just, we just want to be helpful in the decision process.

Chris: Well, you and I have talked offline too that sometimes we got to be careful not to talk before we start the podcast because we talk about stuff that everybody else wants to hear. So we shouldn't be talking about anything offline that we wouldn't be willing to say here, you know, knowing that this is just perspective. It's our opinions, our, our research and our information and where we're coming from. In a conversation format between you and I. And hopefully, again, like you said, that's valuable to people. And if, if anybody has other suggestions, ideas, or questions, please let us know, because, you know, and if you have friends or anybody else that you want this podcast going to, let us know too, and we can accommodate that. Any last comments, Duane? And, and as we get towards the, the week going forward, we'll talk again here when it's pertinent.

No set schedule, but kind of watch the markets and we'll talk again. But any final ending comments?

Duane

Lowery: Well, one thing I would add in a little bit in the context of what you just described, just in case anybody's wondering, there's absolutely nothing scripted about our podcast. We do not have a table of contents. We do not start out with a beginning script. We don't start with a middle script or an ending script. We're just basically having a conversation. Everything's off the cuff. There are nothing known except we try to pick a timeframe that we think we're going to start. Other than that, it's all a free-for-all. And so with that is some, you know, real-life experiences. And sometimes we say things that we didn't mean to say, and sometimes we might say things differently if we had that to say over again or correct ourselves or, maybe even changed their mind along the way. But this is all pretty much a real conversation. And we hope that you're getting value out of that.

In terms of, you know, final thoughts in the markets, just look at it from the perspective that corn is entering a price zone that might be— have another 20 or 30 cents. And I want to emphasize the word might. I'm not trying to give you a crutch not to make a sale. I'm just offering some perspective that we're in the upper limits of where these prices probably should be expected to go until we know more about pollination, until we know if we're— we have a problem that occurs from pollination on or whether we don't. And so, you know, we're, we're getting to the point where a guy should feel good about making some sales, getting some price protection on. In the case of the beans, you know, we might not yet be at that type of same equivalent price.

But if we were to happen to get, you know, a shot of emotion over the next few days, because like I said, from last Friday, Thursday, Friday, and over the weekend, there was a significant elevation in people's emotion and discussion and embrace of this whole storyline. We've been talking about this storyline for a month, but a lot of people have not. And a lot of people have been poo-pooing it and not really that concerned about it. Suddenly those people have suddenly become the buyers. And so you have a transition coming here where the people that had been buyers for a long time are saying, well, if you guys want it that bad, you can take over this ownership and you can have it. I think you saw a little bit of that in how the corn market performed today.

And I think you will continue to see that type of transition from one person's hands to another person's hands over the next several days. Especially if there's a little bit of emotion attached to the upside. So take a step back, be respectful what's been given in the case of corn, recognize the beans may have some more to go, and maybe it's not the greatest price, uh, but, uh, look at it somewhat differently maybe in beans. And the most important part of that growing season is still ahead. It is important to point out in the case of beans that if you've got 19.4 million acres that have not been planted, And if you're conservative and you throw, say, 4 million acres that's going to end up going into prevent plant, you'd have a definite different, um, ending stock scenario right now that's virtually written in stone compared to what USDA gave us on the 11th day of June.

And so we know going forward the beans are going to be different than where we were just a few weeks ago in terms of the outlook. What we don't know is how much that will be impacted by weather in, in the always important month of August. And so a guy has to be a very respectful of beans from that perspective. This is not meant to get you super bullish beans, it's just meant to put in perspective that we have significantly altered the carryout outlook now from where we had been for months, and we don't know how much we've altered that, and we're not going to know that for the next few to several weeks. So got to have a lot of respect for beans. But in the case of corn, we are at the point where some of this unknown things is starting to become more known, or more accepted, and therefore it's becoming more priced into the pricing structure.

And so that means that, you know, it's time to— that's why we talked about it's time to take some risk off the table, it's time to ring the cash register, it's time to be thankful for what's been given. And if that means you can put on a strategy that gives you a little bit of both worlds, and that's That's fine, but don't lose sight of what is being offered.

Chris: Well said. I think we'll call it— we'll stick a fork in it and call it done for now. And thanks, Duane, for your comments. Thanks for the conversation. And thanks everybody for listening. And we will be back again with the Ag View Pitch the next time some interesting information occurs. And again, thanks everybody for listening to Ag View Pitch, and we'll catch you next time.