Sunday market outlook

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Chris

Barron: Welcome everybody to another episode of the Ag View Pitch, and today we're going to have another conversation about the week ahead. You've got Chris Barron and Duane Lowry here. So Duane, how's it going today?

Duane

Lowry: Good, Chris. I'm looking forward to the week ahead.

Chris

Barron: Yeah, that sounds great. And again, just to remind all the listeners here, you know, Duane and I and have this conversation, you know, once a week here on Sundays. And really the whole idea is just to bring perspective and not really making any predictions here, but just kind of having a conversation around what's going on in the market and bringing forward some of the information. We'll be talking about some of the yields and this quarterly stocks report that's coming up. So Dwayne, let's kick it off though here first with kind of what we're seeing, or maybe expecting with this quarterly stocks report that's coming up?

Duane

Lowry: Well, the quarterly stocks report oftentimes does not create a big move in the marketplace, and oftentimes it's, it's, you know, just fine-tuning of some numbers. I think this year in the case of corn, there are some expectations that The strong basis levels we've experienced all summer long and continue to experience even into this time frame. People wonder if last year's crop was overestimated, and therefore as we get to the last quarter of the year, the, the time frame of the year where the, the bins are the most empty and, and the most accurate level of checking inventory, people wonder if we're going to get— find out the crop was smaller and find out the stocks are less than we thought. I understand the logic behind that. I'm a little bit concerned that such thinking sets us up for some level of disappointment.

While it might be true and the logic might be there, I'm not sure that we can— I'm not sure how much confidence we can put in, in USDA's stocks report to show that to us. There is also a belief in the trade, right or wrong, that USDA reports have had a tendency to be only negative to us. And so people are also looking over their shoulder wondering if we're going to get hit by another round of bearish information. And I'm not sure there's any real reason for that other than the pattern of how it's been. Just to put in perspective, most quarterly stocks report or the September quarterly stocks report, most of them tend to be, a little bit negative or have a little bit larger increase. That's, that's the tendency, but most of the time it's such a small amount that the marketplace really isn't trading it.

This year, you know, the exports for this quarter in corn are probably half of what it was for last year. The ethanol usage during this last quarter is probably down about 4%. The, uh, Feed demand, um, through the first 3 quarters has probably been down around 2%, but there is a belief that the 4th quarter feed usage will be up and could be up by quite a bit, maybe as much as 10% from a year ago. So the overall feed demand by the time we're done, um, may not be down that much for the year in total. Uh, but the, uh, estimates for the, the, uh, stocks, um, are at 2.428 billion in corn. That's down slightly from what the USDA carried— projected for a carryout. The beans are down at 982 million. That's down a little over 20 million from what USDA last projected for carryout estimates.

So there is a general expectation that these quarterly stocks could be a little bit supportive, at least a little bit supportive in relationship to the last supply and demand balance sheet projection. But neither one of those numbers are statistically significant. So for the market to have any real impact, there's going to have to be some sort of a surprise here. And obviously, I have no idea what that's going to be. But there is a belief in the trade, or at least a pondering in the trade wondering if we're not going to, in that, you know, rare instance, get a bullish number from USDA on the corn because of how basis has performed. And like I said, I'm a little concerned whether that sets us up for some level of disappointment. But that's kind of where we're at for that report. That's— that'll be out tomorrow at 11 o'clock in the morning.

Chris

Barron: Yeah, basis is really the big tale, isn't it? With— I mean, just seems like when you look across the country at the various basis levels, obviously, you know, the areas where there's a prevent plant, and we're seeing really strong areas, but Is there anything else going on with basis that we should be paying attention to from the farmer's perspective as we get closer to harvest here?

Duane

Lowry: Well, the farmer perspective for the last 30 days at least has been trying to figure out, should he be making some basis sales on bushels he knows, knows he has to deliver or knows he wants to price? Or should he wait, you know, and the one thing about this year, the harvest is going to be very drawn out, and it's been very late. So the user is coming in here to the extent that it's been difficult to buy all summer long, and had to pay a large basis for it. Now he's been expecting, you know, a more readily available supply network. But that just doesn't exist yet. We're just too far behind. You know, as of last week, we only had like 7% of the corn nationally harvested. And in the Midwest, you know, you were 2 or 3% in Illinois, Indiana, and Iowa wasn't even listed. So, you know, you're just— everything's delayed, and that puts more pressure on the user than it does the producer.

And it looks like harvest is going to be delayed because of wetness, maturity of the crop. And I think that while we might get some basis weakness just because of the seasonal part of the year, It seems likely to me that the basis weakness is not going to return to something more normal, and it may end up being a rather meager period of weakness, short-term period of weakness, and it may be a rather small amount of weakness that we get just because of price level and, and what we think is, is probably a reduction in yield and ample space and things of this nature. So I, I think that the basis levels will perform better than normal for sure, probably better than we might worst fears, but, uh, um, it's going to be interesting to see unfold.

And, uh, but as producers, you know, if you can get somebody to give you a little bit of a push on their bid, um, you know, it's probably all right to go ahead and make some basis sales here. But I would just caution that we're not going to get a large drop in basis And the one possible exception to that statement would be if a series of factors came into play that would cause the futures market to stage an aggressive rally, that suddenly bushels that might become available to the market because a farmer liked the price, that right now as we speak now, he doesn't anticipate selling those. But even if that happens, we know what's the reason for the futures rally? Is it because the crop was a lot smaller? Is it because You know, China bought some corn. Is it, is it some other new reason that causes that that might also have an impact on the basis?

So no matter how I look at it, I come to the conclusion that basis weakness here will be much less than we would consider normal for this time of year.

Chris

Barron: Yeah. And the other thing too is, you know, basis is, if you look at the weather forecast, they're calling for above normal precip pretty much across the entire Corn Belt all the way throughout till about the last week of October. So that's going to keep things things at a lot slower pace, which is going to help basis too.

Duane

Lowry: Yes. And speaking of weather, I mean, this week ahead of us, if you're in a swath from Texas Panhandle through Kansas and Nebraska, Iowa, Missouri, northern part of Illinois, it's going to be a very active rain pattern all week. And some of that will be heavy amounts. And they've also been hit with heavy amounts in, in that area over the last several days. So there might be a little bit of harvest activity early this week, but it's going to be a slow week. And then, like you said, even the longer range forecasts show that we're going to get more precip than we'd probably like to have. And then the other side of that, that area, that line I just described, if you're in the southern part of Illinois, the eastern part of Illinois, and most all of Indiana and Ohio, you've experienced a dry pattern for the last 30 days.

And that's an area where the crop— where crops were behind, and so they're not getting a good finish here either. I'll just throw it out there because somebody might see it in the headlines, but over the weekend there was some scattered— I'll say it differently— isolated frost in North Dakota and even west central Minnesota. I don't think that's a market factor. But it was a, it was something that occurred. The marketplace, I would think, should look at the weather that we've had over the weekend, the outlook for this week, and I would say the weather should be a supporting factor here for trade on Sunday night and maybe, you know, provide some support, you know, all week long. But the marketplace, on the other hand, really hasn't been trading weather on a day-to-day basis for a while.

Chris

Barron: Well, and speaking of the, you know, the trend for this, this week, I mean, what are the— from a fundamental— and well, let me put it this way, more from a technical perspective. We kind of understand a lot of the fundamentals, been talking about them, but what, what kind of upside are we looking at potentially for this week technically on, let's say, corn upside and downside?

Duane

Lowry: In the case of the corn focused on the December contract. If we have a reason to get below last week's low, which I think was made on Friday, that's $68.25, that's 3.25 cents below Friday settlement. If we take out that level, I think it opens up a technical vulnerability to a test of the, you know, $3.60 area, upper $3.50s. So I'm talking about something that's 10, 12 cents below Friday settlement. I think that type of weakness would be possible, but I also believe that the bigger picture, there's lots of support down in that area, and I think any weakness that we got into that area would quickly run out of ability to build any momentum from a technical perspective and, and be met with good support. So I would classify from a technical perspective, worst-case scenario here, corn has 10 or 12 cents of downside risk from Friday settlement.

And I think if we did go down and test that area, we would not spend a lot of time there. From an upside potential, if there's a reason for the market to start moving up, and we start to get above last week's highs, which, you know, are really not that far away, you know, only about 6 cents from Friday settlement, If we start to get above that level, the next target zone is probably 390, 395 basis dees, and that's 20 to 25 cents above Friday settlement. So you're looking at support 10 or 12 cents under the market, your resistance 20 to 25 cents above the market, and any amount of time spent at that support level I would say would be limited. So that, that's kind of how I'd give you a broad stroke on what I see on the technical side.

Chris

Barron: Yeah, with harvest being really slow, unless there's the Trump tweet or something crazy going on, there's probably not a lot of, not much of a range there. What about soybeans? What do you, what would you say there on the tech side, up and down?

Duane

Lowry: Well, right at the Friday, we settled November beans at $8.83. And I think before I go into this too far, I want to put in perspective here, the soybean market in early September bottomed out just above $8.50, had a quick run-up to $9.05. So you had almost a 55-cent move up in beans. And after that push up, we've spent a lot of time in what I would say is a very narrow range. And I would say a relatively shallow retracement. So considering the scope of the move, the timeframe of the year, the ability to keep the corrective activity relatively minor in a narrow range, I would say overall I would consider that to be constructive. It is true that we finished last week on the bottom side of the weekly range, but I think from Friday's settlement versus the previous Friday settlement, I think we actually finished the week a quarter of a cent higher.

Short-term technical support, I would say, you know, 5 to 10 cents under the market, the market will have a very difficult time building momentum if it were to go down there. There, it might go down there on some sort of a stop hunting mission, but I don't think the technical conditions are set up to build much, if any, downside momentum. So I would say support levels are not very far away from Friday's settlement, and any, uh, probing that we had below that level, I think it would be very temporary and could quickly be reversed. On the other hand, the upside potential, if we start to get above last week's highs, which, you know, are probably, you know, 15, 17 cents away from Friday settlement, I think the technical conditions are set up to build momentum. And I think the charts look that way. I think the technical indicators look that way.

And the other thing I would throw in that mix is the Commitment of Traders report The one released on Friday showed that the large funds had covered small amounts of their shorts in corn, in soybeans, and also in wheat, as well as in, in meal and the oil they're already long. But the important part of that isn't necessarily what happened in last week's report that was released on Friday. I think the important part is what happened in the previous week. And that previous week you saw the funds cover, uh, half, almost half of their short position in one week. And, uh, I thought that was impressive at the time. I think it's, uh, more impressive now a week later that they continued to cover their shorts.

And, uh, I think that points to a picture that they might be, uh, if they're not embarking on a move to cover all of those shorts, let's put it this way, if the market starts to perform well as I described and you get above this last week's high I think they will be very quick to respond to that. So I think that sets up the technical conditions to propel values up towards the summer highs relatively quickly. That might sound like a mouthful, especially with harvest season ahead, but the technical resistance levels, if we start a move, start to begin a move to the upside, the real resistance levels are probably $0.40 to $0.50 away from where we're at on Friday. So I see limited ability to build downside momentum here with technical conditions and technical conditions that set up the potential for upside momentum to build quickly and possibly rather steeply.

So that, that's how the technicals look to me.

Chris

Barron: So you think we got a— or you're saying we got a $0.40 up potential on the beans.

Duane

Lowry: And that's what it looks like to me. And if that happens to be correct, because soybean prices are so cheap from a historical relationship value, and that's largely due to two factors, the first and main one being the fact that China has kind of been removed from the equation, even though they're moving back into the equation now. We'd spent a year and a half with them largely absent, or at least greatly suppressed in terms of of U.S. demand and also their overall demand because of the African swine fever. Now, because of that and also the fact that we were dealing with a billion carryout for the last entire year and prior to, you know, a few months ago the expectation that we were going to have another billion or even higher for this next marketing year. Well, We know the carryout for next year now is not going to be a billion.

It's going to be, you know, something quite a bit less than that, depending on how the final yield trends turn out. And we also know that China has removed the tariffs for the time being to allow purchases of U.S. beans, and they have bought some already. And from what I can gather, that they are, they are planning on continuing to buy in the near term. Two weeks from now, the Chinese delegation will come to the U.S. for high-level trade talks, and everything we've seen in recent press, both U.S. press and Chinese press, indicates that the— there is optimism at the high levels of trade circles that they're going to come to a deal here, and they're going to make substantial progress. So, that'll be interesting to see, but we do have that on the fundamental horizon as well.

Chris

Barron: It seems like whenever there's conversation about we might have some hope with China here or there, there just never does never seem to be much of a response to the upside for whatever reason. Another quick question I had last week, I had the pleasure of having influenza A and got to lay in bed for several days. And so, I I got my fill of the news, I guess, the cable TV news, for probably the next 5 years in just about a 3-day period. But, you know, they're beating Trump up so bad right now and stuff. And it was interesting, they had, you know, pretty good conversation with Japan, and I'm sitting there watching thinking, well, maybe that's gonna move the market, you know, with all that really good news. And you watch the business channels and then you watch the the media, you know, hype channels. And, and there was just no reaction.

I mean, what, what does it take to get some reaction here? You know, I mean, I know you're, you're sick and tired. You've told me numerous times talking about the demand story, but it seems like whenever there is some positive stuff that doesn't even give us some strength.

Duane

Lowry: Well, the invisible hand has seemed to have a heavy thumb on markets. And you know why that is, that would be a much longer podcast than what we're going to do today. First thing I would like to point out for you, just for your own benefit, in case that, heaven forbid, that you get sick in bed again, your time spent sick in bed was probably doubled by the fact that you spent too much time watching cable news.

Chris

Barron: Yeah, exactly.

Duane

Lowry: That was just too depressing, your body couldn't overcome that. But in terms of why we can't get positive news, like I said, that would be a much longer podcast, but I am very confident in the statement that the demand outlook is much better than what we are being led to believe. And if we're looking straight ahead, the demand problems I see as being in the rearview mirror, and I see the windshield is much more optimistic. China is very aggressively and very innovatively trying to solve their pork crisis to increase production. They have domestic pork prices at record levels. And you have that type of incentive to do it. The government is, is deeply involved in major projects to try to increase production again.

And when they come out of this, they're going to have a production model that has much larger concentration of their production coming from large mega facilities and a much smaller concentration of their production coming from the small facilities. And the belief is that they'll be able to control disease and things of this nature in the large facilities much better. And so I think the feed demand outlook is much, much improved. And so I don't really buy into that argument anymore. I think that's over and done with and something on, in front of us is much better. The other thing is Argentina and Brazil were super aggressive with corn exports, you know, achieving record monthly levels of exports, and their ability to export from here forward until their next new crop is going to be, you know, quite subdued.

And I think corn demand globally is going to end up getting— the US is going to get a greater share of it over the next 6 months than they had over the last 6 months, which isn't saying a lot. But I think it could be, you know, good improvement. As far as the China trade thing, it is true the market doesn't seem to want to react to that. Part of that is, you know, Lucy's placed the football on the kickstand quite a few times, and maybe Charlie Brown's finally, you know, decided, I'm not willing to do that. I think that's kind of how— yeah, I think that's kind of how the marketplace is. But at the same time, and the, you know, the statement I'm about to make runs the risk of looking pretty stupid a couple weeks from now, But there's always a political component to everything. And President Trump isn't that far away from an election.

And if these talks fail and if they're a complete failure, it's going to take time to resurrect them again. And I'm not sure that politically speaking, he has that amount of time. And he's also under attack like he has been all the time. On every front. And this impeachment, whether you think it's well-grounded or it's not well-grounded, it's going to remain a narrative. And I think politically speaking, he needs to get some of these things off that could be supportive, such as the trade deal. He needs to get them done. So I think he's under some political pressure to do that. I think, um, him and his political operatives are smart enough to realize that. So I think that gives us a little bit of an edge that we're running out of time. They recognize it, and there's a much better chance that we're going to get a deal.

And everything you read, especially in the Chinese press, indicates that the US is moving some, China's moving some. The narrative seems to me to be creating an environment where both parties can come out of this and declare themselves a winner. Nobody has to lose face. And I think that creates a much better environment that the likelihood of finalizing a deal here through this next meeting that takes place a couple of weeks from now, I think it's much better than anything we've seen so far. And because of the political aspect, I'm cynical enough to believe it's probably going to get done.

Chris

Barron: Yeah. And on that Japanese announcement, like I said, that didn't move anything.

Duane

Lowry: Is there any, any thoughts on that or is that Well, it didn't move anything at the time, and if the market begins to move, it's probably something that we won't even go back and look at and try to resurrect that as an excuse either, right? It's just like a missed opportunity in terms of trying to get a reaction to the marketplace.

Chris

Barron: Like you said, the political noise that's going on right now is so much louder than a lot of the other things. It's almost like some of that stuff's you can't even hear it or see it.

Duane

Lowry: It's so intermingled. The other aspect to why the markets have a difficult time reacting now, I think, are twofold. Number one, it's the timeframe of the year. It's harvest time. People aren't comfortable getting excited about embracing bullish positions because of that. It doesn't mean that approach is correct, but that's an assessment of why. The other factor is people were bullish this summer for what they perceived at that time to be all the right reasons and what most, most of us probably still believe were the right reasons and based on the planting narrative, the yield expectation narrative, the loss of acres, etc. And yet the marketplace just destroyed itself. And so with that as a backdrop, you know, people's confidence level in a bullish opinion is greatly weakened, and they're on very shaky knees when they have that bullish opinion. So that confidence just isn't there.

And so— the buying that might be mentally there in terms of an expectation, it doesn't materialize into actual buying because people are discouraged and without hope and have little faith that we're going to get something from USDA that's supportive. And all of that goes back to the mindset that was created with, with suddenly finding an ability to plant all the corn acres intended, even when they also in the same breath told us 11.5 million corn acres didn't get planted. So it's people, their neck, head is still spinning to some extent.

Chris

Barron: Right. Well, while we get closer to wrapping up, maybe here, let's, let's kind of shift gears here and talk a little bit about— I'll ask you first, but What's your perspective on some of these early yields? How, what, what's your take on, on kind of what information has come in as we get close to wrapping up here?

Duane

Lowry: Well, you know, uh, when a guy has an opinion on something like that, uh, whatever preconceived bias we have, as much as we try to filter that out, that always has an influence. And I find myself wanting to have a strong answer to that question and a strong statement and a belief about what the yield trends are. But then I'm reminded that for, in the last Monday's report, only 7% of the country's corn harvest was complete, only 2% Illinois, 3% Indiana, and Iowa didn't even report anything. So when you take your, some of your biggest states, and they're not even harvesting yet, and then you try to extrapolate a yield theme from that, you know, I'm not sure that it's wide. But the same token, I'm going to continue to move forward and answer your question. I would say that the yield reports that we've been getting, some of them have been good.

But some of the areas that were labeled as being some of our better yields nationally or in relationship to last year were places like, you know, Kentucky, Tennessee, Kansas. Well, when's the last time a national yield trend has been influenced greatly by what's going on in Kentucky, you know, or Tennessee, or even Kansas, you know, And so we don't really know yet what that yield theme is going to be, but even in those areas that were supposed to be quite good, and they've had some good yields, but they still seem to fall short of what people expected in those areas. And to the extent that we've had some minor harvest activity in the upper part of the Midwest, um, most of those were early planted fields, and most of those were fields that all season long people felt that might be some of their best corn.

And I would say that the first thing that needs to be said about yield trends is they're very far ranging. You could have some yields near last year and you could have some yields significantly less than last year. And, uh, I would say that the people that have what they were somewhat optimistic about their yields on these early planted yields, and they've actually done some of that harvest, even those to me seem like they proved to be less than what they had hoped for. And I think that as we go into the harvest season further, I'm inclined to think that the later planted crops are going to produce less. And I feel most confidently about that in the beans.

I think the bean yields, what we've had so far, most of it has been very consistently below last year and I would say that if you put a broad stroke in it, it would be 5 to 20 bushels below last year with a lot of the activity I would say is 7 to 15 bushels below last year. If that ends up being the yield theme, then I think national yield projections have to be lowered. And I think, I believe quite strongly at this point until proven wrong that the soybean yields are most vulnerable to weakening from here forward and generating a lower than expected or a much lower than, than anticipated national yield type structure in the yield themes from here forward. I think soybeans are more vulnerable to that occurring than corn is, but I also expect somewhat similar situation in corn. So I see yield themes so far as pointing towards lower national yield calculations. Gotcha.

So what do you think, Chris? That, that's probably more important than— probably you're going to be much more intelligent than I am, so go ahead.

Chris

Barron: No, I don't know about that. I, you know, we've, we have seen quite a few yield points come in, you know, specific to Illinois, Indiana, and Iowa, and some southern Minnesota harvest, but it's all, you know, uh, small amounts. It's, you know, it's, it's growers getting into fields and, you know, maybe getting that first field they planted out on the soybean side of things. And we've seen very little corn, some, but on the soybean side of things, kind of what we're seeing as a trend is that the bean yields on these early planted fields are good. I mean, I think a lot of the growers went into this cautiously optimistic, hoping that the yields would be decent. And by decent, I mean above average or maybe average, with the exception of some of the areas that got super dry during the summer.

But so what we're seeing is, you know, if you compared it to last year, you know, and keep in mind last year was phenomenal, right, across the board pretty much. I mean, with a few exceptions. But if you look at the, the bean yields that we're seeing, then, you know, probably maybe 7 to 8 bushel off of last year on those very best fields yet even. So we're above average, I mean, with where the bean yields are coming in, but they're they're not nearly keeping up with where, where the yields were last year. But we are seeing a lot of, a lot of 60, 65 bushel beans where, you know, last year those, those yields probably would have been in the, you know, high 70s or low 80s in a lot of cases, just with the phenomenal yields last year. And so that's kind of what we're seeing with soybeans. And then, and then even less on the corn though.

I mean, there's, there's The corn yields haven't been coming in quite as good as the bean yields, I don't think, you know, on this early harvested stuff. But I think it's because of the die and dry type stuff. You've had either disease or drought on some of this early harvested corn, or it's for high moisture or whatever. So we've seen some of the seed plots come in pretty good, you know, in certain areas, but they're more to the south yet. And so one thing I would say, Dwayne, is, is, you know, to get the information you're looking for, I was just sitting here when you were talking, thinking about it.

And, you know, with harvest being delayed, I mean, for us to really get the good information I think we need on the soybeans, you know, depending on weather, if the forecast's right, we're not going to have enough of a database of information, I don't think, until, you know, mid to later part of October on soybeans. And what's that tell us for corn then? What, middle of November? I mean, this is going to be a massively drawn-out harvest, specifically on corn, but, but I think soybeans as well, because there's— you can still see a lot of fields that are yellow yet. And what are they, you know, probably 2 weeks off from harvest on a lot of soybeans even. So there's a lot to be written here yet, and we're a long ways from any of these bushels being in the bin.

Duane

Lowry: Yes, that's for sure. And typically a drawn-out harvest like this, and being late you know, seems like there creates other vulnerabilities as the season progresses. Typically, that's supportive to the marketplace. So far, I would not say that's been the case, but markets can change quickly, and we're in a relatively narrow range, and given the technical numbers that I described, it doesn't take much strength to suddenly cause the the technical viewpoint, the chart appearance to look a lot different. And I do find myself intrigued by what's going on in these Commitment of Traders reports the last couple of weeks. You still have, without a doubt, a bearish bias based on their positions. But the movement in the last two reporting periods implies that despite the fact that it's harvest season, they don't seem real comfortable holding on to short positions.

So, um, if the tables turn— and I capitalize the word 'if' if you couldn't see that on the podcast— but if the tables turn and, you know, you start to get above last highs, like I said, again, it's not very far away. Um, this can change very quickly, and all of a sudden, if the price action improves, guess what? The narrative joins the price action, and we'll reach back and we'll look at every yield that wasn't where it should be, and we'll talk about that, and we'll find every yield that doesn't appear to be very good, and we'll talk about that, and the news and the narrative will join in with the price action. So at the end of the day, we need to see something to turn us around and get us a little bit of price action improvement. But once we get that, then I think the conditions are such that we can build some momentum.

But right now, you know, we need to turn the tables on this and, uh, I'm not sure what to think is going to be the catalyst for that. But as I look at the week ahead, and you got tomorrow's report, and I have no idea what that's going to be, but let's hope we can get that out of the way without, you know, any major catastrophe. And then the weather to me looks supportive. And just the drawn-out aspect of it, and hopefully, there'll be a little bit of positive spin coming from expectations with China trade delegation, even though it's 2 weeks away. And it doesn't create— it doesn't require a lot of imagination to get a little bit more supportive narrative out here in front of us even this week. It's not— it doesn't require a lot of imagination. But there again, you know, we have to get the ball started.

You know, it wants to get we start pushing it, it can roll, but we got to get it started. And, you know, I don't know exactly what that catalyst is going to be.

Chris

Barron: Yeah. Well, I think we've kind of about covered every angle of pretty much everything we could cover, at least for the time being. We're going to get a lot smarter on yields as time goes on and we'll continue to have those conversations. And if anybody has questions, comments, things that you'd like us to do differently or bring up or talk about that we haven't yet discussed, please let us know, please reach out to us and give us some feedback so we can continue to do the best job we can on perspective. So with that, Dwayne, was there anything else we didn't hit on?

Duane

Lowry: No, I think we covered everything. We're just— for now, at least. I'm anxious for the week. I want to get this report out of the way and try to avoid some, you know, problem there. But then I think things can, you know, start to look a little better price-wise.

Chris

Barron: Yeah, and hopefully this weather straightens out so, so everybody can kind of get back in the field here and, and we can start getting some information in and start basing some of these decisions off of facts instead of trying to guess some of these things. So, well, thanks a lot, Dwayne, for the conversation today. It was a great one, and we'll continue to do these. And, and again, if anything comes up during the during the week that warrants a conversation and some perspective, we will be on it. So again, thanks Dwayne, and thanks everybody that's listening, and we will catch you again next time on the Ag View Pitch.

Narrator: Thanks again for listening everyone. If you would like to hear more content from Ag View Solutions, listen to our other podcasts. Such as Dad's Wisdom or our current Harvest Series. Ag View Solutions works as an integral part of operations like yours, side by side for farm profit management, business collaboration and structuring, facilitating industry-leading peer groups, and coaching and consulting tailored to your farm's unique needs. We know that no two farms are the same, and we are here to help make your farm be the best it can be. You can learn more at agviewsolutions.com. Email us at agviewpitch@gmail.com or call Chris Barron at 319-533-5703. We really look forward to talking with you.