Margin protection 101 explained

Chris: Welcome everybody to another episode of the Ag View Pitch. Today we're going to talk margin protection. It's that time of year when you got to make some really important decisions. We're lucky enough to have with us Jared Creed. Jared, how's it going today?

Jarod

Creed: It's going well. Thank you as always for the invitation.

Chris: You bet. You bet. And Alyssa told me when we start this podcast, I need to make sure and mention about the Ag View Executive Business Conference, January 22nd through the 25th. And Jared, you're going to be there. You've been there ever since we started the conference, haven't you?

Jarod

Creed: Yeah, I think this will be my 4th year.

Chris: Yeah. So, yeah, we did Arizona, Florida, Arizona, and we'll be back in Florida this year. So we're going to be in Fort Lauderdale. Florida, Hollywood Beach at the Margaritaville Hotel. I do want to just kind of mention some of the other speakers. We've got Dr. David Cole, we've got Joe Vaklovic, we've got Jared here, we've got Pete Meyer, we've got Damian Mason, we've got Mike Finley, who's an excellent person on personal finance and managing liquidity. Paul Nefer, who a lot of you know, is going to be talking about new tax laws and those kind of things. Andy Junkin, the stubborn farmer, is going to be talking about family succession and business transition. Those types of things. I'm going to be hitting on some cost of production analysis. Maybe, uh, maybe Jared can, can pick on me on that one when I'm talking about kind of where we're at at that point in time in January.

Ben Gordon with Fractal Ag is going to be hitting on land values, those types of things. We also have the chief economist from Farmer Mac that's going to be there too and talk a lot about some of the lending and financial things that's going on in the lending industry. So we're got quite the, quite the staff of educators. So we're looking forward to it. I'm excited to see you and Pete Meyer and, and Joe Vaklovic arm wrestling on where the markets are going to go to at that point. So that would be interesting.

Jarod

Creed: So, you know what, you brought up something that sparked a thought. What are we talking about today? Yeah, we're going to go through margin protection, its impact and decision-making for 2025. But here we are talking about a conference several months down the road. Looking ahead towards 2025 costs, I think you and I can both agree on a pretty educated guess here that our costs year on year aren't changing. Barely, maybe modestly, but barely. And that leads right into this discussion. Why? At least I feel very, very strongly why the risk going into next year, if you look at just the price, yeah, you can make the assessment that I don't have the same downside price risk. Sure, corn can only go from $4.50 to zero now instead of $6 to zero. I'm not saying it's going to zero, but cost didn't change, price is lower going into next year.

That to me says that watch out, we have an enormous amount more risk to the tune of $150, $200 an acre versus this time last year.

Chris: Yeah, my phrase the last few weeks has been there's a storm brewing.— and I think it is, and I think we have to prepare for it. I mean, what do you do when it's black in the West and the clouds are moving in and the wind starts to blow? You're putting machinery away, you're closing the doors and battening hatches down and all that kind of stuff. Kind of the same thing here. And that was a great transition to bring us into the topic of margin protection because there is a storm coming. We have an opportunity during the month of September as we record this here on the, on the 12th of September. This will go out tomorrow on, on Friday the 13th. So it's a, it's going to be one of those things where people need to, um, at least at a bare minimum investigate what is margin protection.

And with that said, I want this to be Margin Protection 101, but we will get into some specifics as well. But the first question I have is would you please explain it for those who don't really completely understand what is margin protection?

Jarod

Creed: How does it work? Yep. And I'm going to say one thing before I answer that question. I'm going to encourage— please listen to this entire conversation. Don't get frustrated about margin protection. This margin protection that— yeah, talk to your agent, call somebody, call me. I don't care. It's not a pitch for our business, but you need to learn about it. So what is margin protection? High level, it is an area-based program that you can stack on top of your standard revenue protection, Multi-Peril Program. However, a few key differences. It sets a spring price earlier, as in, as it is setting it right now. We are 3 days away from having the final price for 2025 margin protection. Right now it's forecasted to be somewhere around $4.40 on corn $10.40 on soybeans. Last year it was $5.09 on corn and $12.95 on soybeans.

But we're going to take a county expected yield that is issued by the RMA and break it down this simple. In essence, it is the trend-adjusted APH of the county, no different than Chris on your farm. You have a trend-adjusted APH, but now the RMA is taking that across the entire county and creating a county trend-adjusted APH. We're going to take that APH, we're going to multiply it times the spring price that is being set now. That gives a— call it a target revenue base, and then it's insurable at 95%. One other caveat on this, or two caveats, an advantage. It allows you, as you are booking inputs, for the 2025 crop, like right now, it allows you to go ahead and get a floor in place via this program versus waiting and hoping that the February insurance average is at a similar price or higher. Another component is the input cost calculation.

In the same timeframe, August 15th to September 15th, it's establishing a spring price for your N, P, your K, your interest, your diesel. It's taking a consideration of what is that cost per acre for each one of those inputs. And they consider that the spring price for those inputs. Then when do you harvest those inputs? Primarily, you're going to harvest those when you plant the crop. So they will recalculate all those input costs again in April. So think about the term of margin protection. If input costs go up, the government views that as eating into the margin of the farmer. Therefore, it would increase the coverage that the farmer has equivalent to the dollars per acre. The input cost change, vice versa. If input costs go down, it is going to reduce the coverage. So that's done in April. That's step 2.

We got the spring discovery period now, April, rediscover the harvest prices for inputs, and then we're going to go out to October just like a regular multi-peril policy, and it's going to calculate what the harvest averaging period is for corn and soybeans. And at that point, it's a simple algebra equation. I know I'm guaranteed X amount of revenue after the April calculation. And if price is lower, I divide that revenue guarantee by the price, and that's going to tell me exactly what the county yield has to be. Or vice versa, I can take that revenue guarantee and divide it by the yield that I think the county can have, and that's going to tell me where price has to be. It is that simple. It is middle school algebra equation. And last piece here on margin protection, again, you know, I said it stacks on top of your multi-peril. But it operates a lot like your multi-pearl.

In the event that we have big drought, big production issues, and the harvest price ends up being substantially higher than the spring price, it's going to recalculate the guarantee just like a multi-pearl policy would, meaning at that point in time, the trigger event is yield and yield only. If corn goes to 6 or goes to 7, what have you, you're going to take the county expected yield times 95% and whatever that number is, if the county doesn't yield that, every bushel that doesn't get raised is going to be paid at that harvest price. And then the last kicker is, is paid at 120%. So if the program triggers $100 an acre for the county, times your acres, the payment you're going to get is 120% of that. So you're black and white.

Chris: Yeah. And you could also buy like 100%, not to confuse it, but you can buy a little less.

Jarod

Creed: You can buy different coverage level protection factors, so on and so on. But yes, that's the, that's the basics of the program.

Chris: Awesome. So that was a great explanation. If you didn't quite understand it, go back and listen to it again. Or if I'm a slow learner, so I listen to things about 5 times over and over again myself. So, so let me ask you this question. This is a, this is a statement that I hear a lot. I hear a couple of them. Number one is, well, it's too expensive and also it's, it's too confusing. So again, you just explained how it works. And so, you know, A lot of us err on the side of we want to hit the easy button. This is not the easy button, but this is an opportunity to mitigate a ton of risk, assuming that you step back and decide that I don't want to just hit the easy button, I want to understand this. So respond to the comment, it's too expensive.

Jarod

Creed: Yeah, don't let me forget about the too confusing piece. You might make a note there. Okay, too expensive. Anytime in any human purchase, sale, transaction, what have you, we oftentimes will say that's cheap or that it's expensive. But that means we are comparing it to something else. So I challenge individuals to tell me if margin protection is expensive in their eyes, what are they comparing it to? What are they trying to compare it to to say that that is expensive? So the most common, uh, example would be, hey, it's giving me a downside protection in the marketplace. The easiest way I can go do that on the Chicago Board of Trade is to buy a put option. That's going to give me downside price risk, but my put option is only covering price. My put option does not cover price, yield, and input costs, and it certainly doesn't pay me 120% if I have a loss.

And on top of that, this program is subsidized by the government. A put option is not. Today, there isn't a single county in the U.S. that you can go out there and say, I'm going to grow X amount of bushels of corn and I need to go buy put options equivalent to what I'm going to grow, you're going to spend more doing that than what you are within a margin protection program. That's the simplest explanation of expensive compared to what. Now take it a step further. Is in the environment that we are in, if you can ensure 95% of your revenue opportunity for a cost of 4% of your revenue, is that really expensive when you're still going to spend 1 or 2% regardless? You're talking about 1 or 2% more to use margin protection because you're still going to use multi-parrel. I don't consider that expensive because quite honestly, if I walked into a, you know, I live in Waterloo.

If I walked up to John Deere, let's just use them as an example right now. Don't you think they would have loved to have margin protection last couple years? Hey, I'm going to go into their headquarters and here's a 95% program on your revenue to ensure you're going to keep that revenue and it's going to cover your cost adjustments. Inflation, right? Cost gone up. And guess what? We're going to subsidize it as well. And here's your premium. It's 3 to 4% of your revenue.

Chris: What is this?

Jarod

Creed: This wouldn't take that, Chris.

Chris: What is the subsidy level?

Jarod

Creed: Uh, 35%.

Chris: Okay, so another question for you.

Jarod

Creed: Um, you can't let me conf— about the confusing part.

Chris: Okay, go ahead, hit the confusing part.

Jarod

Creed: Confusing— the confusing part cannot be the excuse of I can't understand margin protection, because if you Understand your multi-apparel, able to understand margin protection. The confusing part, probably for most, is how to manage it interseason on your marketing plan. And the worst part, if it's confusing, it's because your agent doesn't know jack bleep, right? They got to know how the program works, and they got to teach you how it works, and then you have to implement it into a marketing plan. Too confusing is a bogus excuse, right?

Chris: Yeah. And we'll get to that on— I've got a question on what you want to ask your agents and I'll get to that one and we'll circle back a bit. But I do want you to explain a little bit on how to use this program in conjunction with your regular revenue protection, multi-peril, you know, whether maybe by ECO or SCO or, you You know, because we've got a lot of clients I know that buy 85% RP and then they'll stack ECO on top of it and then may or may not buy optional units, depends on the size of the farm, how spread out they are. So talk about how those two work together in concert.

Jarod

Creed: Yep. So we're going to make it simple, and I encourage all your listeners just to get your phone calculator out. We're going to use a county that has a 200-bushel expected county yield. All right. We're going to take that $200 and we're going to multiply that times 95%. That's the coverage level. And right there, that's going to tell us that if the county yields below $190, no matter what, there's going to be a margin protection claim.

Chris: Okay.

Jarod

Creed: 5% yield drop, it's going to pay. If we take it a step further and multiply that times the spring price of $440. So we've taken $200 times 95% times the spring price of $440 comes up with $836 an acre guarantee. Chris, what price are you willing to bet me an uncomfortable amount of money that you don't think corn can go to one year from now?

Chris: That I don't think it can go to?

Jarod

Creed: That you don't think it can go to.

Chris: Well, I lived through the hog market in the '90s that went back down. That did go to almost zero.

Jarod

Creed: We never know. All right. So let's just start with saying what happens if corn next fall is $4. We have $836 an acre guaranteed. I divide that by $4. That tells me now the county has to yield 209 bushels an acre. Which is almost 105% of the expected county yield. Let's do that one more way. We're starting back at 200 times 0.95 times 440. We're at that $836 an acre guarantee. If anybody recalls, what did September corn on this year's crop get down to? It got down to $3.60. Mm-hmm. If this year's crop went to $3.60, why would we be so certain that next year's can't go to $3.60 or maybe even lower? But let's just say that corn goes to $3.60. I'm taking that same $836 divided by $3.60, and now I'm talking 232 bushels. So let's stop for a second.

A 200-bushel expected yield in a county and the market drops down to $3.60, which is an 80-cent drop from today's price, the county now has to yield 116% of its expected yield. How many counties go out there and pull 116% just out of the hat? It doesn't happen very often. It takes something special to really make that happen. So now we get to start working with the farmer, you know, being able to, you know, more accurately be able to project what yields can and can't be. As the market goes down, there becomes a hedge from your margin protection. And eventually, if the market goes lower, the yield requirement to offset that hedge is unattainable. And that's exactly what is happening this year. So all of a sudden, my margin protection has created this big, big hedge across every farm, and my insurance doesn't care what I do or don't have sold.

So to keep it very, very simple, if I'm 50% sold on my own crop, Market drops for next year, $0.50 a bushel. Now my margin protection is in the money covering me on every single acre to the tune of 120%. I'm 50% sold my physical crop. I'm 120% protected from my margin protection because insurance is in the money or it's out of the money. It's 1 or 0. Those 2 don't mesh. They stack on top of each other. I'm 50% sold, 120% sold. I'm 170% sold now because as the market goes down, my revenue is going to go up because I am double dipping in an old-fashioned way. Now, if that happens early enough in the year, we have to admit to ourselves all we're doing now is speculating that the market's going to go lower. So what do you do if the seed is still in the bag? And all of a sudden the county has to yield 120% of its expected county yield. Not going to happen.

Do we really need to be short 150 to 170% of my crop? No, we don't. We need to adjust our positioning. And that's where the confusing part can come in, Chris. I won't get too deep in the weeds in that, but why be short something you don't have risk on? That's the exact same situation as why be long something you have a tremendous amount of risk on. It is imperative that the understanding of the program has to marry up with understanding how it works within your marketing program. They have to interplay. And there are situations right now, I will tell you, I have to explain to bankers, she— in Harvest, our producer currently You got me. I just got a notice that my internet is unstable.

Chris: Yeah, yours is a little unstable there. Just— I'm not going to edit this. Okay, go back about a minute ago.

Jarod

Creed: The banker— have to explain to the banker of the harvest update that right now we are actually Texas hedged on a physical grain between our physical grain sales and our brokerage account. But when I throw in 120% short from margin protection, I'm still over 100% sold. So that right there, that's a synopsis, short synopsis. And it's going to be really, really hard to quote unquote teach over a, you know, 30, 45-minute webinar here.

Chris: Right. The other thing that I think you get some pushback on, and I'm just throwing these things at you so you can respond, is is so with the RP, let's say that a person did buy 85, bought, bought, you know, ECO or whatever, you can't double dip and collect on both. So whatever you collect on the margin is subtracted from the revenue.

Jarod

Creed: You're basically insuring at 95% at that point. Mm-hmm. You're going to get not the higher of necessarily, but if anything's going to trigger, it's going to start from 95%. And then if your multi-peril kicks in, that's where you're going to start having coverage from 85% or 80% is going to pick up the slack. The difference in ECO, SEO, it doesn't care if you get a multi-peril claim or not, but ECO, SEO has a max payment as well. And right now, uh, I would highly encourage everybody, what prices have done, SEO would be a terrible decision for for next year. Terrible on both corn and beans. Lean on ARC-CO. It's free. The government will provide it to you. Prices have dropped enough that let ARC-CO give you that coverage because you can't have ARC-CO and SCO, but they operate somewhat similar.

Chris: Yeah, that's, that's kind of what I'm seeing is, is same thing is that the ARC-CO and then, you know, if you do anything additional over stuff, the SCO You know, the margin protection, all these opportunities. It's just main reason I want to get this conversation out there is because the deadline on the margin protection, you got to have the decision made by the end of September, right?

Jarod

Creed: Yep. And remember, ECOSCO, that's going to be reflective of the spring price established in February, right? I myself, to our producers, we had the conversation, the money, the wealth, the equity that's been built in the last 2 or 3 years. We're going to do whatever we have access to do to make sure that we're going to take a step forward next year. It's that simple. I'm going to do whatever we can do to take a step forward next year. And doing— in that comment, that does not mean banking on and waiting on whatever the February insurance average is going to be. Not going to do that.

Chris: Yeah. So what questions should— this is a good time to ask this question— what questions should these producers be asking their agents?

Jarod

Creed: Get me a quote on margin protection for my counties and my crops, and please explain it to me. And a follow-up question: how does it work with my marketing plan? The dangerous piece again, Chris, I'm telling listeners, the dangerous piece of this is you can't buy it and just put it on a shelf and come back and revisit it in October. It is a program that has a value every single day until expiration, which in turn gives you marketing opportunities to leverage against it and keyword safely and mathematically doing what it's telling you to do. If the agent can't answer 1, 2, 3 question there. If you're grain merchandiser originator or your broker, if none of them can intertwine those, if the banker doesn't understand it, that's what happens out in the industry every day. I get asked all the time how many agents really, really understand this from an agent level.

It sounds bad to say this, but it's probably less than 1%. And Chris, I'm not an agent. Yes, I own an insurance agency. But we've been implementing this tool for 3 years because it is part of our marketing plan, because insurance is too often thought about as insurance. It is a marketing tool and it has been proven time and time again. And think about this too. Corn goes back to $6 or $5, $5.50, and, ah, I spent a little bit more money on my insurance that I wish I didn't. Well, what does that mean for the next future years? We just expanded our opportunities for 2 or 3 years longer. And right now, uh, I'm a little skeptical of, are we going back into a 2014 to '18 time frame that we can't afford to lose any money?

Chris: Well, and there's going to be money lost pretty significantly from what I'm seeing, you know, just in the— across the industry, um, just with the price decline and, and Not to mention the unsold 23 bushels in the industry that, that got price reduction. Talk a little bit about the premiums as they correlate with each other. So if you buy margin protection, explain kind of how that works, how that affects your RP when you purchase that.

Jarod

Creed: So if you buy margin protection, you're going to get a modest premium credit on your MultiPearl. It's not going to be some extravagant number. But generally speaking, I'd say your multi-peril premium is going to go down by 20 to 30%. Okay. But your multi-peril premium might only be $15 to $20 an acre for starters. So you're going to shave off a handful of dollars an acre there. But your margin protection in a, let's just say in a 225-bushel expected yielding county, that's going to run $45 to $50 for this next year. And then you stack on your $10, $12, $15 an acre from your multi-parallel. So yeah, you're going to spend $50 to $75 an acre depending on where you're at. But again, that's where I turn the question back around and say, well, what's an at-the-money put for next year? And at-the-money put for next year right now is $0.40 a bushel.

So Chris, if you grow 225 bushels of corn and $0.40 a bushel, there's $90 an acre. Don't tell me it's expensive because that's the only thing that's similar to it.

Chris: Or don't be buying puts either.

Jarod

Creed: Yeah. If you do not buy—

Chris: yeah.

Jarod

Creed: If you don't decide to do margin and you don't decide to buy puts, I'm going to go out on a limb and say that you're probably not willing to sell 100% of your crop right now at today's price either. And I don't think that's a sound decision either, because I would rather stack some of these together, some forward sales, with margin protection, watch for the opportunities when volatility comes around to enhance the position. And yeah, that sounds a lot like trading, but it's not. Again, it's just doing what the program is allowing you to do safely. And we have created— I've heard this from actual clients— there has been generational wealth opportunities created from combining these in the last 2 or 3 years. And this is still a relatively new program. Really been only in the industry for about 5 years and it's just picking up steam now.

And I'm afraid the steam is going to drop going into next year.

Chris: Well, unless— less in some other areas too, right? Didn't it get added into a few areas? And we got listeners—

Jarod

Creed: yes, there's, there's some states that last year was the first year.

Chris: Yep. Yep. So, you know, and I think that's in fairness to the agents, that's where, you know, if the agents aren't schooled on it we need to be bugging them as, as the customer and saying, we need to get— we need to know this. And so, I mean, they— I would think they could do their homework and, and figure this stuff out. All the educational stuff's out there from the companies to, to educate.

Jarod

Creed: Chris, why do you buy the seed that you buy?

Chris: Productivity, um, assurance, and reliability. And I guess the other thing I would say too, any of these things you buy, answering your questions, I think we want to buy buy things that are going to either protect or enhance yield, one of the two.

Jarod

Creed: Okay, so why don't we have the same expectations of an insurance agent when the insurance agency is built on service and knowledge? And insurance is the same price everywhere you buy it. I'm on a little bit of a, of a soapbox here, but the industry is service and knowledge because insurance agencies and agents paid by the US government, not a farmer. Yeah.

Chris: The price is the same no matter where you go.

Jarod

Creed: Exactly. So why would we buy a product that you can go get somewhere else from a more knowledgeable and serviceable agent? Get the relationship crap out the window because we've heard it from numerous producers. My relationship has cost me tremendous amount of money in the last couple of years from knowing about these programs.

Chris: Well, that happens in the financial industry all the time. People get helpers and they help sometimes help themselves. So I guess, you know, I think that's pretty much all the questions I had. I've been thinking about it anyway. Any final things or anything I didn't ask you that we should have gotten out there for people to understand on the margin protection without going too deep into the weeds? Because I think everybody's individual situation. That's why the educated, intelligent agent needs to sit down, understand what their marketing plan, you know, how they market, where their financials are at, and where they— when they need the money too, because you're going to sell the grain at certain times of the year as well, right?

Jarod

Creed: Uh, yes. And I think I have one thing real quick. I'm going to pull this up really, really fast here. That today is a WASDE, right? As we're recording this, and I'm just going to pull a random— I'm going to pull up Carroll County, Iowa. And I'm going to tell you what their record county yield is. Their record county yield in the eyes of the government is 236.2. Their expected yield for 2025 is at 220.8, and I just want to confirm that real, real quick. This will be a valuable thing. I hope your listeners are still listening. We're going to circle this back to today's WASDE. Yeah, 220.8. So simple math again, we're going to take 220 0.8 times 0.95 times the insurance price of $4.40. That's a revenue guarantee of $9.22. I'm going to take that record county yield off of that. So $9.22 divided by 236. Is that what I said? Yep. $9.22 divided by 236. That is $3.91.

In fact, if our insurance price is $4.40, 95% of that equals $4.18. Following today's WASDE, there could be an advantage that the price has been set here. If we have a bearish surprise, if corn goes plummeting lower and has a steep hill to climb in the future, you got a 15-day period here to kind of look back at Hey, if corn all of a sudden goes to $4 for next year, I'm already requiring a record county yield and I haven't even harvested this year's crop before I'm even thinking about next year's. Then all of a sudden you're stepping into a program that is quote unquote already in the money. You're buying a safety net that is well above the market. So that probably needs a couple discussions and education around that.

But the insurance price is being set in the event the WASDE is bearish, surprisingly bearish, and we go substantially lower or just move lower in general for the next couple of weeks. You're only talking about a $0.20 drop before county yields must be above the expected county yields. And the expected county yields versus records are rarely more than 103, 104%.

Chris: Interesting. Yeah, I think, I think everything you've said here is really, really good. It should be educational. It should help people have a little bit better understanding. If it's the first time you've heard it, you might need to go back and listen to it a few times. I think we did have a little bumpiness with your internet on your end, but everything came through good. So I think that answers pretty much everything. If people want to get a hold of you or, or if someone wants their agent to get a hold of you, maybe you don't want to talk.

Jarod

Creed: No, no, no, no, no, no, no. That's a good joke.

Chris: I know. I figured I'd give you some crap there. But as far as the farmers reaching out to you, if they have a specific question or they want to, they want to, you know, kind of cross-check what they're hearing versus what, you know, what somebody that's educated like yourself that really understands the nuts and bolts and how to cross the T's and dot the I's, if they want to get a hold of you, what's the best way?

Jarod

Creed: Yeah, so phone is always easiest, 402-680-1744. And maybe, Chris, we could even put some type of a hyperlink on your, um, podcast with a, you know, click here for an email address.

Chris: Yeah, I'll do that. We'll, we'll make sure we put your email address in the show notes here too. So if somebody wants to email you, they can, they can, uh, email you and give you a bad time, or they can ask questions, whichever they want.

Jarod

Creed: You bet.

Chris: So, all right.

Jarod

Creed: Your insurance agent— what's that? Don't, don't carbon copy your insurance agent. Email me. All right.

Chris: Yeah.

Jarod

Creed: Yeah.

Chris: You don't want that much fun, right? So, but, but I think the biggest thing is just being educated. I mean, at least educate yourself and you can decide not to do it, but at least be educated, you know, make a, make an informed decision, I guess, is the main reason I wanted to have this conversation is A lot of times we, we make decisions and there's more information from a due diligence standpoint that's not that hard to get a hold of and not necessarily that hard to understand. And I think sometimes we get busy and we're doing other things. And I always ask people, you know, how much time do you spend on the $30 an hour jobs in your business versus the $500 an hour jobs in your business? And this is more important time than ever to spend time working on your business, quote unquote, versus in your business.

So stay focused on those, on those big topics, those things that are going to, going to really enhance or protect your, your revenue.

Jarod

Creed: Yeah.

Chris: All right, Jared, thanks a lot. I think you did a great job explaining it. Even I understood it. I've heard it a few times, but I think that was a good explanation and people need to listen to it again a couple of times, go back and listen to it again, go through that. Appreciate you using the calculator and going through that. That does help too. To kind of understand the numbers. With that said, thanks a lot, Jared.

Jarod

Creed: I appreciate it, Chris. Have a good one.

Chris: Yep, you too. Appreciate everybody listening. If you got other topics, other things you need, let us know. Also, 19 Minutes, we've got a lot of really good stuff out there. If you're not subscribed to 19 Minutes, I would highly recommend you do that, especially during harvest. There's like 60 episodes in there. They're all timeless. They're all business, um, activities, things you can do to enhance your operation. With that said, Thanks everybody, catch you again next time on the Ag View Pitch.