Weekly market outlook: Jun. 7-11th - the rollercoaster ride continues

Narrator: Thank you for listening to the Weekly Market Outlook. It is our pleasure to bring an industry-leading market analyst to provide you with the most value possible in your farm business. Please reach out anytime by emailing cbarron@agviewsolutions.com.

Chris

Barron: Welcome everybody to another episode of the Ag View Pitch, and today we are having another discussion on the markets, and we are going into still the front part of June, the 7th through the 11th this week, and we've got Peter Meyer with us with S&P Global Platts. How's it going, Pete?

Peter

Meyer: I'm doing well, Chris. How are you?

Chris

Barron: Doing good, doing good. So this is the first time that we've had the pleasure of having you on this show. So would like to have you go ahead and give yourself a little bit of an introduction, tell our listeners a little bit about what you're up to and what you do.

Peter

Meyer: Well, at S&P Global Platts, we have a team that covers grains and oilseeds, both in the U.S., South America, and also the Black Sea and EU27 and Russia. I'm part of that team, and we also— our focus has been primarily of late, we deal with a lot of energy companies, so our focus has been on the bean oil market, which has been very, very exciting. Well, it's been a one-way trip up. So basically, we cover corn, wheat, soybeans, and our client base are anything from pension funds to hedge funds to seed companies to— it's a wide variety. But within the last year or so during the pandemic, all the oil companies have become clients of us on the agriculture side, which is pretty exciting for us as it opens up our client base quite a bit.

Chris

Barron: Well, that's pretty sweet. And the cool part of that for our listeners and having the opportunity to get some perspective from you, because it's exactly what we try to do with the Ag View Pitch, is bring a unique perspective that gives producers things to think about and in a different way and kind of how it affects them as producers. And so with that said, excuse me, with that said, Pete, let's go into first of all China. We've been the last few weeks, we've been kind of hitting up our analysts and talking a little bit about the impacts of what China is having on the markets. Can you talk to that just briefly here in the beginning.

Peter

Meyer: Sure. So I think that the, the wild card with China is going to be their corn demand. Now their soybean demand is going to remain static in our opinion. By static I mean, you know, they're going to import 100 million metric tons this year between the U.S. and Brazil predominantly. We see a 2% increase to 102 million metric tons, but really it's their corn buying that royaled the market this year obviously. And, you know, if anybody out there says they saw that coming, well God bless them because I didn't see it coming. And I don't think anybody saw it coming. And really, the market has been dominated by China. So when we start to look at China, what I did is I looked at the last 5 years of their production, and their production has been roughly about 260 million metric tons. It has not improved at all.

Now, the USDA thinks that they can get up to 265 or 268 this year, and the history says that's not going to happen. History says that it's going to stay right around 260. So then for me as an analyst, what I need to do is look at what I think the structural deficit is. The structural deficit would be their demand as compared to their supply, or their production, I should say, not their supply, because their supply is not transparent. Nobody has any idea. According to the USDA, they still have 100 million metric tons in supply, and some local analysts that we talk to in China think that number is much, much, much lower. So anyway, so when we look at the structural deficit, the last time that China was in balance in other words, they produced as much as their demand was, was 2017-18.

It crept up a little bit, and this year we identified it— well, I don't know, when they started buying, we started to look at it a little bit harder. We identified the deficit of 29 million metric tons. Now, the USDA has 24 million metric tons on the book and old crop, and we, uh, and, you know, for a long time they were slow playing that number. Actually, I'm sorry, that number went up to went up to 26 million metric tons in May. They slow-played that number because the USDA said that the pace of export shipments was not matching it. They said that as soon, a while ago, it's just as April. I mean, recent is the word I'm kind of struggling to find, as recent as April. They went from 24 to 26. We think the deficit is 29. Now, as an analyst, I have no idea what they're going to import. All I can do is identify their structural imbalance, and it's 29.

Now they have, whatever they have, 22, I think, on the books from the US. They've already bought 6 from Ukraine. Maybe the number's 5 from Ukraine. So they're at 27, 28. We feel very comfortable about our imbalance. So that's what's happened in the past. What's going to happen in the future here now? We think that that imbalance kind of runs the same way that it did that the soybean imbalance is running. We see it going up another 2 million metric tons, not 2%, 2 million metric tons. So we think that imbalance runs from like from 29, uh, this year to maybe 30 to 32, and I'm leaning more towards the high side on 32. So now what we've seen is that they're coming in, they're obviously, obviously buying in advance, they've made some big purchases. And when you look at the USDA, I mean, given the fact that they had such little acreage to work with given the prospective planning report.

I mean, they struggled to balance their balance sheet and they cut exports dramatically. We don't see that cut in exports. I mean, there we see exports gaining slightly over what they were last year based on the China buying. And I mean, the early China buying has really prompted this fact that given the low USDA number for '21-'22, We've already sold almost a quarter of that, and the marketing year is still a few months away. So out of the 62.25 million metric tons that the USDA expects to be sold in U.S. exports, we already have 15 million on the books, 15.1 million on the books. It's very impressive. So China is going to continue to drive this market.

I think that the pandemic has really put a focus on food security, both for them, for the Russians, for Ukraine, for other countries that, unlike the US where we don't really understand food security, I think that the countries that have always understood food security, and I'll put Russia and China on the top of that, we've seen the way they react when the supply chain broke down, and especially with Russia keeping a lot of wheat inside with, through high export duties. And we expect that China is going to, going to continue on this pace. I mean, Okay, maybe they can produce 263 this year or 264. That'll reduce their, their, their buying to maybe 28. We think that they want to stay in balance, but still 28, 29 this year. It's a number that will, shall we say, add some support to the bottom of the market.

Chris

Barron: Awesome. That's a good perspective on, on China, which leads me to the next topic that I want, that I know you guys are working a lot on, and that's with the soybean oil and what does that mean. Mean for the market as we move forward? What do you see in there? What are you guys working on?

Peter

Meyer: Well, it's really, it's really unbelievable. I mean, historically, on a pound-per-pound basis, soybean oil is worth maybe 1.5 times what soy meal is worth. So, you know, and it's, it's, and that relationship between the two has just exploded. At current levels for old crop, you're over 3.5. The USDA is projecting that soybean oil on a pound per pound basis against meal be worth 3.5 times what meal is. I mean, last year we kind of set a high of 2 times, now we're at 3.5. So vegetable oil prices in general, and I'm talking palm and rapeseed or canola and soybean oil and even fats and talos, they have just exploded. They're up about 175% since the pandemic low last March. And some of that is driven by this new LCFS, Low Carbon Fuel Standard, which is being implemented by certain states.

At the moment, it's only on the books in California and in Oregon, but there are many states out west and a lot of states in the Midwest where you are, Chris, in Iowa, Minnesota, those states are all looking at this LCFS. Basically what it does is, this is a whole environmental sustainability energy transition, whatever kind of name you want to put on it. This is just going to be an explosion in renewable fuels, in our opinion. And quite honestly, I mean, it's starting to feel like it's going to make ethanol look like a backyard barbecue. And like I said earlier in the beginning, our client base had been the funds and the pension funds and some of these other corporate types. But now all the energy companies want to know what we think about soybean oil. Now, just to give you an idea, Chris, there are, you know, 30 or 40 plants that are proposed out in the U.S.

Some of them are out on the West Coast. They're making SAF, which is sustainable aviation fuel. They're making renewable diesel, and they're making biodiesel. Biodiesel has methyl ester in it, renewable diesel does not. A lot of those plants, what they all thought that they were going to get is the fats and talos. Okay, and you have the biggest renderer in the country, which is Darling down in Texas. They have a joint venture with Valero. Cargill now has a joint venture with somebody else. And the fact of the matter is the fats and talos market is not that transparent. So they were smart. They got into these deals with these refiners or these fuel producers, and they kind of have a captive audience there.

Just to give you an idea and give your audience an idea, if only 70% of the announced plants get put online with the capacity that they have, and it's very, it's extremely variable what the capacity is, they would need about 12 billion pounds of fats and tallows if that's what they wanted. We only produce 14 billion pounds in this country, and we've only produced 14 billion pounds for the last 5 years on average. So where do they go? The credit, this LCFS, Low Carbon Fuel Standard, they get a credit from the government for it, is not that high for the vegetable oils, but they need to keep these plants running. And that's why they're all interested in the vegetable oils. So what that has done is you have ended up with this explosion here, basically on a, on a straight line where bean oil was worth typically 36 to 40 cents. Now it's worth 71 cents.

And the crushers are really getting to the point now where they're crushing for oil rather than crushing for beans. This will— we believe this will continue. The sustainable angle for fuel, whether it be in the aviation business or the trucking business or any other diesel business, is here to stay. The question is, is there enough feedstock? In other words, what can turn this thing around? What can turn this thing around is if somebody says, one of these big refiners that has decided to get into this business, says, you know what, they cry uncle and say, you know what, it doesn't make sense at this price. We're not there yet. And I have talked to a few of the renewable guys who, you know, don't think we get there until it gets to $1. But, you know, can bean oil get to $1? I don't, I don't know.

But here's another thing where, you know, between the, the constant demand from China for soybeans and now this increased demand for bean oil, you're setting yourself up where you have a an underlying, a fairly good underlying demand segment. And we actually think that soybeans will outperform corn in the long run because in our opinion, the corn market can turn around here with, if Ukraine has a decent year and gets back in their export, gets back in the export saddle. But we don't think beans have a chance of catching up for at least 2 or 3 years.

Chris

Barron: That's interesting. So it's a pretty bullish report. How long do you think you know, how long does it take before we see, or are we already seeing some of that in the end of the, in the price, that demand structure?

Peter

Meyer: I think we're already seeing that. I mean, you know, it's interesting that, you know, I mean, the USDA had a, in our opinion, had a very, very low price as far as what their beans compared to their corn price. So You know, we would, we would think that, you know, new crop, new crop beans or cash beans probably have a good bit around the $14.50 level, while in corn, if I were to do an S&D on corn, I mean, I think that there's plenty of support between $4.75 and $5. So our average farm price going into next year would be $4.90 for corn on a cash basis to farm gate. I know the USDA is at $5.75. I don't see how a carryout of 1.3 or 1.4 promotes a $5.75 average price for the entire year. But I mean, you know, people have said, wow, you're too low on your corn number.

We don't— our corn price— I mean, can you imagine you and I having this conversation last year and me saying, oh yeah, well, I guess what I think, I think corn prices can average $4.90 next year. I mean, guys would be jumping out of there, you know. So we see that, and also the market is telling you, I think, that there is some support there as well. I mean, it's remarkable to think that within the last month we've traded as high as $6.30, as low as $5. Now we're back to $6, right? Yeah. So that $5 stop, I'm hoping that farmers— it happened so quickly and reversed so quickly, the farmers kind of were shocked that we traded down, you know, a dollar and change from the high and got frozen, and then we reversed the trend real quick. Now, you know, I, you know, I would imagine you're going to find some future support here around the $5.50 level.

Until corn gets straightened out, but, or until the weather gets straightened out. But overall, longer term, we see, we see a lot of demand based on the balance sheets in that $4.75 to $5, which, as you know, is not a bad price to sell corn given where we've been.

Chris

Barron: You said the word weather, and we talked a little bit offline before we started to record this, and I said, well, maybe we talk about weather, and your comment was, well, it might be a little early to talk about weather, but My comment back was it was a little early to talk about weather this spring too. You know, it just seems like, you know, that's one of the factors that is actually in the market right now. You know, what's your thought on weather? Is it from, from a farmer's perspective, what do we need to be paying attention to?

Peter

Meyer: Well, the Northern Plains is where we have our problem predominantly, right? I mean, yes, we do have a problem. And, you know, I went through that section of northwest Iowa last year during crop tour, and it was the worst I'd seen since 2012. And We know there's some dryness there. The east, east of the Mississippi is fine, right? So when we look at the Northern Plains and everybody keeps pointing at North Dakota and South Dakota, I get it because that's where the additional acres are going to come from. Probably in the June 30th report we're going to see additional acres there. Now, you know, is it, you know, do we have to adjust our yield models based on where the acreage is? Yeah, of course, because an acre An acre in North Dakota is not worth an acre in Buchanan, Iowa, right? Not worth an acre in Bloomington, Illinois, right? So we have to adjust it a little bit.

But I think, Chris, what we've seen is that this market has become so emotional. And when you look at the depth of the market, the volume trading every day is okay, but it's just algorithms trading with algorithms. When you look at the depth of this market, I mean, I've never seen such little depth By that I mean the amount of contracts on the bid versus the amount of contracts on the offer. I mean, you used to see hundreds, if not sometimes 1,000 on the bid and the offer. Now you see 10, 20, 25, and soybeans is even worse. So what we're dealing with is an extremely emotional market. If you and I had this conversation a month from now, we're going into Fourth of July weekend, or just in the Fourth of July weekend, I'd say, yep, the weather really matters. At this point, doesn't matter. It matters for the Northern Plains.

And I think that the emotion that everybody's pushing this, this story about, you know, how dry it is. I know it's dry there and we're gonna, we're gonna need that area to produce to get, to get, you know, to get the yield up. But I don't know, for the heart, for the heart of it, there are some issues, but there are always some issues. And certainly the eastern part of the belt doesn't look like it has any issues. So there is a big story now is about is about the Northern Plains. And certainly I think that there has been some damage between the frost and also this, this drought in that area that cannot be reversed. But, you know, we'll see. We'll see.

Chris

Barron: Seems like every year there's always weather issues somewhere. And, and there certainly has been that this year, but not maybe as severe as some other years.

Narrator: This is Alyssa with the Ag View Solutions team. Here at Ag View Solutions, we work with farms and ag businesses all across the country on cost of production, business decision-making, collaboration opportunities, farm and ag business structuring, and transition planning. We work with operations of all sizes to help you with the important decisions that need to be made in your business. If you have questions or would like to learn more about how we can help your farm and business, please email us at cbarron@agviewsolutions.com, and thank you for listening.

Chris

Barron: So Let me get to, you mentioned the acreage, what that, how that shakes out. We're going to see a report in about 3 weeks here now, so I guess it's time to start asking you guys to prognosticate here a little bit. And what things are you watching for, or a better question is, from a farmer's perspective, what things do we need to be ready for when that report comes our way in about 3 weeks on the acreage?

Peter

Meyer: Well, I think we're certainly going to see more acres, um, and the question there is, you know, how many more acres? I mean, in the U.S., the Prospective Plantings report, we only had 91.1 million corn and 87.6, so that's what, 178, let's call it 179 million. We went into the year, uh, thinking that we were going to plant 183 million, and by that I, and we broke it down to 93 million corn and 90 million beans. We're still of that opinion, but we also think that that's probably going to be the high combined, 183. We don't see how you could get any more than 183. Now certainly we just talked about the Dakotas and North Dakota, you have every prairie pocket has probably been planted with something if it was possible. So we'll have to see what those numbers look like.

But I think what you have to watch is that we could discard some of that acreage depending on where it sits in North Dakota pretty quickly based on the drought. So, um, the 183 was our, was our number going in, but our number going in basically, and by going in, I mean before the March, March report, it's what the market needed, right? I mean, I have to look as an analyst to what the market needs. So I still think that we're probably at 93 and 90, or maybe we're at 94 and 89, but between the two, I don't see that number jumping up, uh, much above 183. I could be totally wrong. I mean, I've seen some estimates out there. At 95, 96 million acres of corn. I don't see it. As you know, Chris, you're, you're a farmer, you run a nice operation out there, you guys make your decisions in the fall.

Yeah, sure, sure, we could, we could possibly have seen, like I mentioned earlier, these prairie pockets being dried, dried out, being planted with something. Will that turn out to be anything? You know, I don't know. So certainly, yeah, you know, from a farming perspective, given the amount of what you have to watch for, the price increase in nitrogen, nitrogen-based products, as you all, all too well know, you know, may have forced some guys into planting some extra soybeans. There's a story for each side of the, for each side of the argument. So, you know, I mean, even I, and, you know, I've driven a grain cart for you from time to time, even I could probably plant soybeans, you know, you run glyphosate over it and you're kind of done with it and walk away. And I do have friends of mine in the seed business that think the soybean number could surprise.

Even if the soybean number surprises, corn will hold soybeans up. And I don't think that even at my high number of 94 million acres of corn, I don't really see, you know, how the carryout could be any higher than, you know, maybe 1.6 or 1.7 given the demand that we and it's really going to— we're going to maintain our thought process that this $4.75 to $5 on the cash side will remain support unless we have an, you know, an unbelievable summer and we can produce well over trendline yields. I mean, my yield at the moment is probably right around the 180 level, 180.5, but as you said earlier, it's June and I really don't put much stock into what the numbers are saying just because the weather really, it's a wild card in June, right? So we started the year at 178.5. I know the USDA started at 179.5, trend is 180.5. You know, we'll see.

But if a lot of these acres come out of the Dakotas, then I'm going to have to lower my, lower my anticipation. And I think that a lot of these acres are. So we're going to stay right around this 180 level for a while. But on the acreage side, yeah, I mean, I think we can expect, we certainly can expect an increase, but, you know, I think that even if we get up to what we think is our maximum number of 183 million acres combined, I don't really know that has a dramatic impact on it. Certainly at 94 million corn, let's say 89 million beans, the bean market still, still would stay very, very well supported here. It's really not going to matter.

Chris

Barron: Interesting, because it, you know, that could happen. We've heard from from, you know, like in particular in Iowa, I've talked to some seed companies and looking at, you know, seed sales and stuff, and we're probably a little higher on soybean planted acres than what maybe people might think is kind of what we're hearing. And so, but you don't see that being a major issue on the bean market?

Peter

Meyer: No, I mean, look, even, even at 89 million acres, just to give you an idea, I mean, I have a yield of 51 going in, I still have a carryout of 130. So, you know, versus where's the USDA now, 120 or something like that. I mean, it's fair, maybe they're a little bit higher than that. It's fairly obvious that the USDA thinks 120 is the pipeline and that they can't go below that. Well, if I'm at 130, I'm only 10 million bushels above their pipeline. I mean, even with 89 million acres planted, I mean, you know, it's, you know, it's really, we're going to have to go through a whole summer here because it, you know, we do expect Brazil to continue to increase. We expect Brazilian planted soybean acres to be up another 1.5 million hectares next year. That seems to be the route they're going. But, you know, demand doesn't take a setback.

So we'll see if, you know, maybe it balances out a little bit, but the days of 300 or even 200 million bushels in carryout in beans are— will be gone for at least a few years in our opinion.

Chris

Barron: Yeah, okay, my last comment, last question for today is starting out with the fact that, you know, we talked about China. You had a pretty bullish tone to the conversation there. We talked about the soybean oil, there's a bullish tone there. We talked about the acreage and there's a bullish tone there. We talked about weather, there's potentially a bullish tone there. You know, that can kind of go either way, but kind of wrap this up and talk to us as producers a little bit about perspective. What things, you know, there's a bullish story out here. There's also a roller coaster ride as we go through this. Talk to us about kind of what perspective we should have here in the next couple of weeks. What should we be watching?

I'll throw the last part of the comment in there is that I, you know, in talking to a lot of processors and stuff, they're telling us that they're, you know, maybe 25% bought. In other words, farmers are maybe 25% sold-ish on corn and soybeans. Our client base is a little higher than that. We're, from what I can tell, our clients are, you know, and have more to do to dial this number in, so don't hold me to it exactly, but we're somewhere in that 35 to 40% priced on corn and, and maybe just a touch higher than that on soybeans. So Give us your perspective.

Peter

Meyer: Well, my thoughts are that you're probably in that, overall you're probably in that 20 to 25%. There's a lot of FOMO out there, right, fear of missing out. But there's also, you know, you start to hedge this stuff at where you think it makes sense and the market runs in your face like it just did from $5 to almost $6 in the past week or so, whatever, your margin clerk doesn't care. So I understand where that gets, that gets very, very, it creates a very, very nervous tone underneath. I think that you have to protect some downside here. As I said, you know, I mean, our ideas are that beans will be supported around the $14.50 level in the cash market, corn will be supported on average around $4.90. You know, if you, If you believe us and say, okay, I can live with that, I'm going to let it ride now and see what happens in the summer, okay, I get it.

But if you think that, you know, maybe fit it— I would treat it, Chris, almost like a trailing stop, you know, for your clients, for your listeners that know what a trailing stop is. The higher the market goes, you just— and I'm not saying to sell the whole crop, but I think you have to, you have to use it that way, especially in corn. So we have— I think if there's anything that, that this market has told us that You know, you mentioned the word roller coaster and we use that quite a bit. I mean, we saw how fast it went from $6.38 down to $5 and how fast it went back to $6. This is going to continue to happen, so maybe protect some downside around the $5.50 level in corn if that works for you.

Beans, I'm bullish beans, so I don't necessarily think that there has to be an exorbitant amount of pressure selling concern there, but certainly, I mean, with November beans trading almost $14.50, I mean, it would certainly make some sense there as well. As far as what we're going to see in the market, we believe that this emotional attachment will continue through Fourth of July. We're going to get a lot of data here. We're going to get the acreage report, as you suggested, and then the July WASDE is going to bring that acreage in. But we're going to really have to wait until August or September to see what NASS says about the yield. So it's going to be an extremely volatile, volatile summer. I don't really think that you would— you wouldn't want to be short volatility if you're a volatility player because we see this volatility continuing.

But it's very— really, it's like anything else in the farming business. You really need to protect your downside. Now there's, you know, last year we were at $3, now we're at $6. I mean, yeah, it just makes sense to me. I certainly understand the fear of missing out and also the concern about the amount of margin calls that are going to be hit, but these are good prices in my opinion. They're darn good prices. The question is, I think that there's going to be negative news coming at the end of June on the acreage number. How much of that is baked in into the market, we won't know until about a week ahead of the report. And I think there's going to be a lot of volatility between now and then. And then after that, you know, could we get a bullish Fourth of July weather picture? Sure. Could we get a bearish Fourth of July picture? Sure. So there's uncertainty after June 30th.

I think there's going to be some uncertainty.

Chris

Barron: Yep, and, and the continued roller coaster ride. Sometimes I do a last, last question. I'll do this really quick with you. 2022 sales from a producer's perspective, how, how much do you engage yourself as a producer on the '22 crop, or do you just stay real light on that, maybe dip your toe? What's your thought?

Peter

Meyer: I think you dip your toe. I mean, Dec '22 is over $5, right? But those November '22 beans are below $13. I don't think dip you can your toe into those beans, but certainly in the Dec corn over $5, maybe it makes some sense if you figure that out. Excuse me. The problem, of course, is that we have no idea what your input costs are going to be. Certainly the seed guys that set their cost in July or August or September of the year before did not participate in this rally. Your machinery costs are obviously, you know that. John Deere is up 5, 7, 8%. Your nitrogen costs are way up. So it's hard for me to say, hey, yeah, sure, if you, if you knew your costs were static, you'd say, yeah, $5 corn, yeah, that looks good for next year. Let me just throw something out there just in case.

But given the lack of stability in the input side of it, and the fact that there are some that didn't— some segments that did not participate in this rally are certainly going to try to get you on the back end. It's, it's hard for me to hard for me to say, hey, go sell some Dec '22, right, or November '22. It's just, there's too many variables out there, Chris. And, you know, I certainly don't think we're going back to $3 or $3.50 anytime soon.

Chris

Barron: But, you know, we've, we've done— go ahead.

Peter

Meyer: If I am right and I see the demand at $4.75 to $5 for a $4.90 average, why would you be selling this December 22nd at $5.05 if you don't know what your— if the input costs are going to be, right?

Chris

Barron: Yeah, we've, we've been doing some work on that, and we're just FYI, and this is obviously, it's, uh, it's a moving target, right? The cost side of things with inflation and all the other things going on, interest rates, and like you said, the equipment and all these things. But what we're, we're coming up with a number somewhere in that a 48-cent range currently. And again, it's a moving target, but on the '22 crop, we're 48 cents higher than we were for the '21 crop on cost of production as it sits with where we're looking at all of the expenses, and including land, because we're going to see land rents and some other things go up. And then on the soybean side, we're at about $1.07. So that's the, the current price increase as of right now.

Peter

Meyer: So very, very dramatic, right?

Chris

Barron: So yeah, yeah, it's quite a bit.

Peter

Meyer: You just— yeah, why would you be out there at $5? And then, you know, we'll see. I mean, the, you know, the markets are heavily backwardated, so they're at a discount. So yeah, I'm not too excited about it, but the lack of transparency or the lack of consistency on your on your input cost is the one that has me very, very, very, very nervous. Because as you say, whether it's your landowners or your seed producers, you know, they didn't participate in this rally. And yeah, they're going to want their money next year.

Chris

Barron: Yep, for sure. So this is a great conversation, Peter. Really appreciate your time and love to have you back again and get your insight, especially after we get to or through this report.

Peter

Meyer: Yeah, it's my pleasure, and I wish all your listeners a very fruitful summer, shall we say, and a safe harvest if we don't talk before then. Thank you, Chris, I appreciate your time.

Chris

Barron: You bet, and we'll definitely get you back here way before harvest and get you back here at harvest so you can kind of help us bring in a big crop, hopefully. So again, again, Peter Meyer, and he's with S&S Global Platts. And really appreciate your time and really appreciate you listening, and we will catch you again next time on the Ag View Pitch.