3 Year Low for Canola Oil Demand?| Guest: Susan Stroud Explains

[00:00:00] Speaker A: So we know canola futures have been on a little bit of a tear here the last number of weeks. A little bit of upside in this canola market, which has been great to see. The February feedstock report came out. It was in regards to, you know, feedstocks used for biofuels and canola oil after having a great end of 2024 came in at a three year low. So I messaged Susan Stroud from no Bull Egg friend of the show and said, Susan, we need to talk about this. We need to tell me what's going on. So let's get into it, folks. Episode 75. We will have Susan Shroud with Noble Egg joining me shortly. Hey folks, welcome to the what the Futures podcast, your quick guide to better farming decisions. All right, folks, welcome into episode 75 here of the what the Futures podcast. And I want to, I want to thank Ian for his text this week. Ian sent me a text directly, said Ryan, like, what would it, what do we have to do to get more than one podcast episode per week? Like, where could you not figure out a schedule for, you know, maybe May, June and you know, September, August, September, where we could get multiple podcasts going per week? I, I don't know, guys. I'm going to have to hear from a few, a few more. So send me a message here. Either social media, email me, go to the website, whatever, hit me up, let me know if we should do this because I'm not opposed to it and I have an idea, but let's. Is Ian alone in this or do you guys want a little more? What the future is here during these busy, busy times. All right, each and every episode is recorded in the UPL studio. And I know I mentioned Egg in Motion last week, but I'm pumped. I'm going to be in the UPL booth for Tuesday and Wednesday all day Tuesday, all day Wednesday at Egg in Motion. We have some fun stuff planned. We are designing our swag right now. Designing our T shirts we gave away. I can't remember how many T shirts we gave away last year at Egg in Motion, but all you had to do is was come over to the booth and say hi and grab your T shirt. Like there was no, it was not very hard. And we're beefing it up this year. Like we're going to have T shirts to give away. We've got a couple other fun items in the work and then in the works. And of course we've teamed up with the Canadian center of Agricultural well Being to. We got some great a Great hat that we're going to be seeking donations on. It's, it's going to be a one of a kind thanks to Paisley and a little bit of help from her sister Everly as well. But we are going to ask for a donation and you can get a one of a kind what the futures collaboration here with, with, with Paisley and family. So yeah, so looking forward to that. And just we've been dialing it in in the background for Egg in Motion. I hope that we are just there having a coffee Tuesday morning. I know upl's got the coffee bar set up. We're going to have a little crop marketing made cool conference reunion. The one morning with a little breakfast, sandwich, coffee. I'm going to do a crop market update. It's kind of my second go. So we're just, we're a little bit more tuned up for this year and I'm excited for that. So my big theme here, I've got Susan Stroud with, with Noble Noble Egg coming up here in just a moment. We've had a decent, a decent canola rally back from the dead. You guys know this already. We, we got canola out of the grave through the wheat futures in it for some reason. Oh, freaking wheat. I just got a text from a buddy and that does consulting and it's a four letter swear word and then the word wheat after that. So, you know, we're all, we're all feeling it. We're all feeling it out there right now in the wheat market. One thing that, that comes up during this time of year, I don't. You guys could probably tell me a little bit better. But it's classic for on our farm. The one thing that I could put on a T shirt every year that comes out of my dad's mouth is that it is dry and we're not selling a darn thing. And it's like clockwork. And then it's me for days and weeks going through all sorts of strategies for him so that he can remember that he can still manage his risk and protect his downside without exposing himself to a buyout scenario or a big buyout scenario. Not just him. This week I got it from a few. But I'm sitting on my hands. I'm not doing a darn thing. We're in a drought. And until that changes, I'm not marketing grain. That's honestly, it's a little bit sad. And it's a little bit sad because marketing grain does not have to be. Hello grain company. I see on your website that you now have a price of X amount per bushel. Please write me up a contract and fax it over. Like, that's not. It doesn't have to be like that, right? It can be. Hey, you know, my Canola margins here are getting high enough with a good yield that, geez, I might be able to offset some of the loss in my. In my wheat acres or. Oh, wow, you know, we're sitting here middle of May in this market. It just spiked with this dry. This dry forecast. But my guy says it's gonna rain here right away. What can I do? What can I do? Like, I got a put option in place. Can I sell some futures in my trading account? Like, what could I do here to participate in protecting margin without exposing myself to a buyout? Like, it's. It's. The reason I say it's sad is because more often than not, it's like clockwork. That I get the, hey, it's dry this week. We're not selling anything. Followed by market peak, followed by wet forecast, market pulls back verified, it finally rains. So that's all. That means 2021, being the exception, finally rains. Market craps the bed, soils the sheets. The. So the sad thing is that the. That you can have your cake and eat it too. You don't have to sit here and bury your head in the sand and sit up, you know, not do anything. You could do something. You could do something from a crop marketing perspective that protects margin, protects profit, but doesn't expose you to a major buyout scenario. You can limit your risk. You can totally take on no risk. If you have your brokerage account openly, there's things you can do here to protect against lower prices. I'm not saying the high of the Canola market is here in the first or second week of May. I'm not saying that it might be, you know, time will tell. It might be. But all I'm saying is that this time of year, it is very rare. If you think about your career, you think about all the selling decisions you've made, it is very rare to sit there and say, why the. What the heck was I thinking in May of whatever year, why did I make that sale? Okay, yeah, 2021, sure, 2020, I'd have to look at a chart and see. But 22, it was a May peak lunchbox crew. I was going over all the peaks and I had a lot of Mays written out. I'm positive 2022 was a May. That's when Hyzer established the sad thing is that farms don't take action. The weather turns, gets wetter, and then the markets pull back. And I know you feel better on the sell side because you sit there and say, well, I finally got that rain. I'm all right that I dropped a buck. You know, I got the rain. You don't have. You could get the rain, get the yield and get the dollar. You can have it all. Okay? So I get. It's, it's, it's a little bit sad. I don't know if we'll make T shirts up or what we'll do here, but it's a little sad when it gets a little bit dry in the spring, people freeze up and watch opportunity pass them by. Some of you listening wrote big checks for buyouts in 21. I know you did. Okay? I know you did. Our farm also went through this, okay? We had a massive buyout scenario, but we also had a massive call option that was just offsetting the risk the entire way. The funds transferred over. Buyout gone. You're gonna say, well, that's sad, Ryan. You could have used those funds to buy something. Okay? But that's not, that wasn't the point of that strategy. The point was to make sure we didn't have a big buyout, and that's. We did not have a big buyout. So I don't know, folks, it gets tense out there. That's why markets rally as well. And just don't forget that once we're all comfortable with the crop, then you never know what's going to happen. We've got Sabrina with UPL this week. We've got Susan who's going to get us updated here on everything going on with biofuel policy. And then we got me covering all the crop marketing stuff in between. So buckle up, let's rock and roll. A little bit of an extended episode for you because you have time. If you're in the drill this weekend, you got a little time, a little extra time for the what the Futures podcast. So let's, let's get into it. All right, folks, Susan Stroud with Noble Egg joining me here once again on the what the Futures podcast. Susan, welcome back to the show. [00:09:44] Speaker B: Hey, thanks for having me. [00:09:46] Speaker A: So last time we were on, I just want to give you an update from, from across the Canadian prairies. So we are, you know, as of the first week of May here, going back and forth in the field, planting our $6 wheat. We're still having a good time doing it. We're not making any money doing it. But we're having a good time planting the wheat crop right now. So I thought I'd throw that in there. From our conversation last. [00:10:10] Speaker B: I'm glad. Well, at least it's your. You're going glass half full. [00:10:14] Speaker A: Yeah, it's, you know, we thought like when canola prices dipped down to that like $12 a bushel here across the prairies, we thought that was bad. But then wheat basically said here, hold my beer and gave up everything. And we're sitting here staring down the worst wheat prices in the last number of years. So it's, we'll see if it loses its shine at harvest time, but we're still going to put in 19 million acres of the stuff. Right? So we got to do it. I sent you a note last week. Your, your Wednesday update, the hot take came out and you had an article there in regards to the February, I want to call it the Feedstock Report. What caught your attention in that update? [00:10:59] Speaker B: Yeah, so unfortunately, as we all know, government data is frequent, is often delayed. There's always a lack of feedstock data. So when we're talking about feedstocks as it relates to grains and oil seeds, for the sake of this conversation, we're talking about what did we make biodiesel and renewable diesel and there are a few other biofuels like sustainable aviation fuel and some things like that. But anything that is made out of a fat or oil, a waste oil feedstock, that's, that's what we're talking about. And so so to back up in the US the start of 2025, that's when 45Z was implemented. And so that's really changed the subsidy dynamic here for in the production of biomass based diesels. And so February is our second month of the year and you know, we thought that January was bad and turns out February was even worse. So total feedstock demand was hit a two year low, so around 2.1 billion pounds. But the noteworthy decline, so we saw soybean oil hit a four year low, Canola oil was a three year low and corn oil was a two year low. So anything that's a more a crop based feedstock hit multi year lows. Now with the exception corn oil is actually a byproduct of ethanol production and so has a very low carbon intensity and it's very desirable when you're making something like renewable diesel. But this also just kind of speaks volumes to the shake up in the overall market. Huge reductions in the production of biodiesel and renewable diesel as we lost that $1 per gallon blending tax credit effective January 1st. [00:12:58] Speaker A: Is that tax credit like 45z? It is still. Is there still meetings going on? Are they still doing the, what do you call it? Not consultation, but there's the process. I don't know, I just remember there were supposed to be some meetings and. [00:13:15] Speaker B: Yeah, sure, it's, it's not a final rule yet. And the other thing that just that further complicates the issue is the fact that we, it was part of Biden's Inflation Reduction act which has been in place for a few years. We didn't receive the details on it until about a week and a half before Biden left office. And then the issue now that this is sitting in the hands of a different administration. And so there's still a tremendous amount of uncertainties. Unfortunately. The industry has to take what it's been given now and move forward with that. And so the biggest changes, and especially those that affect Canadian canola producers is that canola oil, it doesn't matter if it's from Canada or here in the US the finished fuel made with canola oil has a carbon intensity that is score that's too high to qualify for any subsidies under any tax credits under 45Z. So that's the reason that we've seen a drastic drop in the amount of canola oil used in biomass based diesel production. And so prior to 45Z taking effect, I think canola had at one point, maybe in December, it hit a high of like a 15% market share of overall feedstock demand. And then we hit hit a multi year low in February and I think it was 4% of overall feedstock used. Just huge shakeup because we've always been a big importer of canola for food use here in the US or food. And now since canola oil was approved as a pathway into the renewable fuel standard, just meaning that it's a recognized by EPA and will receive, you can generate rens if you're producing a biofuel using canola oil. So when the pathway was approved back in late 22, we saw tremendous uptick in canola oil imports and all of that being going for biofuel demand here in the US and of course now this is demand that that's hit the brakes in a big way. [00:15:36] Speaker A: In your opinion, is this still kind of, is it temporary because we don't have, you know, final guidance and it's just what we're working with today, or is this a trend that you expect continues on and late into 2025 and beyond? [00:15:52] Speaker B: Yeah, unfortunately, it's still a huge question mark. I think the other thing that we have to keep in mind, we have a few, you know, not only is the 45Z thing still in question, but we have a lot of groups that are actively advocating for additional changes. So for instance, you have a Farmer's First Fuel Act. I'm probably saying it wrong, but some bipartisan legislation that's been introduced, it's not the first time it's been introduced, but it's been reintroduced. That would. There are a few things in that that are important. One is that it's seeking to ban all imported feedstocks. And so of course that has a tremendous impact on Canada considering that the overwhelming majority of US canola oil supplies are actually imported. And again, that's just a proposal. The other thing or the other piece of it, with that legislation, they're also trying to get the indirect land use change penalty removed. And so this is one of the biggest points that, that put crop based feedstocks at a disadvantage compared to used cooking oil or tallow, which are considered waste feedstocks and have a very low carbon intensity score. So as it's set up now, and what indirect land use change means is that in the, the models that the government uses for these programs to determine carbon intensity, it's saying that here in the US if we start producing more biomass based diesel and we are using more soybean oil for that, it means that someone's going to have to grow more soybeans to offset whatever those bushels were doing previously. And in this case it's saying that deforestation in Brazil is a direct result of us using more soybean oil for biofuels. And this is just an example because unfortunately, indirect land use change, this penalty haunts all, you know, all crop based feedstocks. And the, I guess the point that a lot of industry groups here in the US are trying to make, they're trying to say, okay, epa, we understand why you have this in there. But at the same time, us using more soybean oil for biofuels does not mean that were directly causing Brazil to expand acreage, deforestation, so on and so forth. So what they're trying to do is get that indirect land use change penalty removed from the CI score. And so it would put crop based biofuels on a more even playing field with waste feedstocks and at the end of the day raise subsidy. [00:18:52] Speaker A: Okay? [00:18:54] Speaker B: That's what keeps canola oil at this point in time out of the mix as a feedstock. In 45Z, it's because of indirect land use change that the carbon intensity score is too high. So I guess my point after all, my rambling is that there are several things that we're kind of juggling here. So one, we have 45Z is just this huge change in subsidy structure and incentives here in the U.S. ultimately, it's ended up cutting canola oil out of the mix as a feedstock. It also bans imported used cooking oil to be used in the production of renewable diesel. And then the other thing is it, it no longer incentivizes fuel imports because we used to be able to import biofuels, blend them and get that dollar tax credit and that's not happening. So it's really cut supplies. And then the other piece of it now there's actually three pieces. So that's piece one that's already in place. Piece two is behind the scenes. They're still, they're working on potential legislation that that one, it either could possibly ban foreign feedstocks altogether. So that's a major issue for Canada. The other thing that they're asking for is the removal of that indirect land use change penalty, which, you know, let's say that maybe they do get that removed. That means that canola oil could potentially be back in the mix. But if it would be passed that we're banning foreign feedstocks, then you're back to square one. So there's several things. And then the other big thing that's been the news lately, and a lot of the reason that soybean oil has been so firm is because you have not only ag industry groups, but you also have big oil coming together as they are trying to talk with EPA about forward mandates. So the renewable volume obligations that we have as a part of the renewable fuel standard here in the US So those are revisited from time to time. And it's the case right now for 20, 26 and, and 27, the number that's been touted, it's very large, it's much more closely aligned with actual production. One of the big biggest challenges and the thing that's really hurt margins in biomass based diesel production, particularly let's just say the past year or so, the thing that's hurt margins the most is that we have, we're out producing the mandate by a mile. And so it's depressed rent values, it's hurt overall margins. And so this is something that ag industry groups and apparently Big Oil are trying to work through. And those rumors of these larger numbers, a lot of that is why we've seen the bean oil market so strong. [00:21:56] Speaker A: So, yeah, I'm sitting here. Across the wires comes, you know, this Big oil, Big Ag meeting from, you know, the couple of days prior or something like that. And bean oil rallies, canola rallies. Like canola was like, I want to say, like it's, it was kind of, it's back from the dead here a little bit like canola futures have rallied, giving farmers opportunities at some of the highest prices in the last 12 months. And it was after these stories came out that Big oil and Big Ag, we're getting together. These larger volumes, I suppose, were being proposed. Like, what are the odds, the chances that. It's a bit of a loaded question, but that we get to those bigger numbers here. Do you have an odds maker out there that's weighing this for you from a percentage standpoint? [00:22:55] Speaker B: Yeah, there are groups that have been fighting really hard. And you know, the, the problem that we ran into, or when EPA first, initially when they put the mandates out there, they, they had, they really underestimated how quickly we would see renewable diesel capacity explode. And so that's really, that's how we get ahead of ourselves. Yeah, it's been, and I think the market is growing, the market's growing tired of the, the weight game here because it's been, it felt like every day last week it was a new rumor, though. [00:23:34] Speaker A: It's. [00:23:34] Speaker B: The RBO is coming up today. It's coming up today, you know, and it's because it's late. [00:23:39] Speaker A: Today's the day, right? Yeah, today. [00:23:42] Speaker B: So. And we've actually, we've seen, seen like the bean oil market. It's, it's down almost 5% this week so far. And that's really because I think we kind of, we got ahead of ourselves. Bean oil tends to track with energies quite well. And I mean, and it's all because it trades as an energy commodity now because of its biofuel demand. And so we really saw it get ahead of itself the past few weeks. We had an almost 20% rally in a very short period of time. And then as we saw the energy complex start to roll over, I mean, that's definitely not good for bean oil. Being oil is finally taking a step back. And it has to do with the makeup of the market too. I mean, we won't get an update, we won't find out where we're at. Effective Tuesday, yesterday's end of day position until end of the week. But as of last week, I think it was April 29, funds were incredibly Long bean oil one of their longer positions of the past few years. And it just means that that market's ripe for a sell off because it's out there in no man's land. [00:24:54] Speaker A: Well if that is where we're at then my lovely canola futures are need to be watched here as well because I we do have a tight canola supply. We did have a small crop last year so we do have a tight supply. And honestly demand has been I call it just so normal like we you get into the spring crush plants go to a positive basis, there's lots of demand, supply is tight. It's just been a very normal spring from a marketing perspective. But I'm definitely, definitely have my ears perked up here on what bean oil does and in energy, if we switch gears to energy, you know the latest here over the, over the weekend and last week in your reports like energies are weaker. It's a little less expensive to fill up at the pump these days. Where do you see that going from? You know, maybe short term perspective. [00:25:52] Speaker B: By no means an energy expert. I mean we've been moving. You know one thing that we haven't really talked about trade. Not that I want to open. [00:26:05] Speaker A: I thought we could get past through this episode without talking about trade stuff. [00:26:11] Speaker B: You know one thing aside from I think some of the movements and energy markets lately have had to do with opec. But bigger picture markets still, you know, market's on edge trying to figure out what is how is Donald going to approach. You know first we had to kind of deal with it wasn't just oh we're going into a trade war with China again but it's we're going to pick a fight with every country possible including islands that are home to only penguins. [00:26:41] Speaker A: Penguins, you bet. [00:26:43] Speaker B: Markets had to deal with a lot of those things lately and still trying to find figure out like are we headed into a recession? What exactly are we doing here? And you know, going back to Canola, maybe some of the reason that Canola hasn't and it's been several weeks here that we've been on a more positive terms as far as U.S. relations with Canada and suddenly we have all of these things that are exempt under existing trade policies. So that's a good thing overall at the end of the day, as long as we don't have a, a very hefty tariff in place that impacts all Canadian canola oil coming into the US we're in a situation where we likely see more canola used in food applications here in the US Assuming that we still assuming that biofuel policy kind of stays as it is, but kind of longer term view is that we see more canola coming into food applications in the US and then we'll be using more US Soybean oil directed toward biofuels. But you wouldn't know that by the first two months of feedstock data for 25. But we still have, you know, we still have a long ways to go. And that kind of goes back to this idea of a substantially higher mandate going forward. And then again, the potential that we continue to ban particular feedstocks or some feedstocks don't get a credit, whatever it may be. All of those things kind of. And especially because we are not, we're the U.S. we were a big biofuel importer or we had been a big renewable diesel and biodiesel importer because of that $1 blending credit and that generally 16, 17% of US supplies were imported every year. And so the system has to try to find its way through all of these messes because we, we definitely have a supply shock and a void. And that also goes back to, you know, you talking about lower energy prices and things. Well, when you have low energy prices, it's not good for biofuels because biofuels are inherently more expensive anyway. So it only works out well if you have very pricey crude and you have expensive diesel. And so it's much, you know, it could either be more cost effective to use a cheaper biofuel or you want those two things to be, you know, they're moving and somewhat in unison. And when biofuels like, like the situation we're in at the moment, things get out of whack. No one's is, you know, you're not as eager to use it when it's priced substantially higher than petroleum fuels. [00:29:52] Speaker A: Yeah, exactly. Yeah, we have, we have a lot to unpack yet in 2025 when it comes to all this biofuel policy and direction. There's a lot here. I wrote down food. Is there anything from the food side that is, I don't want to keep going down the negativity path here of demand for canola oil in the food side. But you talked about it as being a bit more positive. Is that, is there anything to suggest otherwise or is that a positive spot that we can. Because that's what we started with. Our canola oil was in the food side. So is that our, you know, shining light right now? [00:30:37] Speaker B: I feel like some of the, some of the headlines, the rhetoric, whatever you may want to call it. I feel like some of that's died down at the moment, but it still doesn't mean we're, you know, we're barely into a four year term and it seems like Mr. Kennedy has plenty of things that he's anxious to go after and the seed oil situation is there. I don't know, I guess for the sake of canola oil, you do have, you have the benefit of, for, for a long time, canola has been known and marketed as the by far the. [00:31:19] Speaker A: Healthiest of healthier alternative. Yep. [00:31:22] Speaker B: Well, yeah. And so I mean, I think naturally you have, you're starting from a better place definitely than where soybean oil is. Because soybean oil has long been, you know, we've been through the hydrogenated thing and all of that stuff. [00:31:40] Speaker A: So, so the, the bean oil will go towards the, the biofuel side and then canola will come and swoop in, sweep in to the food side and we'll all live happily ever after. [00:31:54] Speaker B: That sounds perfect. Yeah. The worst thing is that again, it's based on policy, policy, policy and more policy. [00:32:05] Speaker A: It got dark. Like it got dark there a month or two ago. Like I was chatting with farmers and putting up all the what ifs and some of the negativity, the channels that potentially were closing. Like it got really dark there when you started looking at tarif on canola oil to the U.S. on meal to the U.S. china, we have, they have a tariff on canola meal and canola oil, not seed. Our exports are phenomenal. We're shipping lots of canola seed out right now. But it got really dark there and it's nice to get a chance to do a little bit of risk management, have a chance to price at positive margins. Know all while we're planting the crop right now too. So it's been a nice couple, couple of weeks here now, knock on wood. All right, so is there anything globally on your radar right now from, you know, a veg oil, you know, storyline or do you, do you watch, you know, palm oil much? And is there anything globally that you want to shed some light on today? [00:33:16] Speaker B: Yeah, and one of the reasons, another driver kind of in the, the bean oil weakness lately is that US bean oil is no longer. We had about an eight month run as being the cheapest veg oil in the world, so. And a lot of that had to do with expensive palm was quite pricey there for a while. You know, when you go back and think last fall, drought in the Black Sea impacted crops there. Sunseed that Kind of stuff. And so we, the US Was winning by default for quite a while. That is not the case now. So palm is a substantial discount. And then you also have Argentina new crop crush going. And so that's definitely undercutting US Soybean oil in the export market. And so our time, our export time to shine for soybean oil is all but over with now. [00:34:19] Speaker A: Noted on that one as well. All right, Sorry. [00:34:21] Speaker B: Nice and negative. [00:34:22] Speaker A: Just a subtle one in there. Just a subtle one where I'm like, all right, let's keep an eye on that too. But okay, so I want to end on some positivity here. You're very active. I know you got a big speaking engagement coming up next week. You do lots of travel, but you also host your own conference as well, correct? [00:34:44] Speaker B: Yes. [00:34:46] Speaker A: And so I've got agra. Next is what it sounds like you've maybe rebranded it a little bit or made some changes for this year. Do you want to give us a little bit of an inside look? [00:34:58] Speaker B: This is the third year. The first two years were called Summit Nobles Summit, and then whatever the year was. And I decided that was the most overused word in the world. I wanted to give it its own own name, our own identity. And so this year, agronext is the name that it will have going forward. This year it is Wednesday, July 23rd and 24th in St. Louis. So it kicks off doing something a little different this year. We're doing a dinner riverboat cruise along the Mississippi on Wednesday evening to get things started. Actually, I should back up and say we're first taking a ride from the hotel through downtown St. Louis on these party golf carts that have music and lights and all kinds of things so you can take in the sights of downtown St. Louis. They're going to drop us at the entrance to the arch grounds, and so you'll be able to stroll through underneath the arch and go down the steps along the riverfront. We will. We're doing a riverboat cruise that includes dinner and drinks. It's also. It's a narrated tour. Because St. Louis is called the Ag coast of America. The St. Louis port has more belt capacity. Actually, I think it's two and a half times the tonnage capacity of any other inland port in the country. So really big for ag. So we'll do that. Kick it off. The next day is the event itself. We'll be back at Ballpark Village for the third year. So Ballpark Village is a large bar, restaurant venue that's adjacent to Busch Stadium. And we will have sessions all day long from I think the sessions are nine until three. All you can eat and beverages included. And then we will wrap up on Thursday evening with a baseball, a Cardinals baseball game. We have a few private suites that are all you can eat and drink as well. There's a recurring theme, lots of food, lots of beverages. [00:37:12] Speaker A: Sounds like a blast. [00:37:13] Speaker B: Lots of great people to meet and. [00:37:16] Speaker A: Mingle with from a speaker perspective because obviously the location and the setup sounds amazing. Is there anyone that stands out that's going to take, you know, take the stage that you're really looking forward to? [00:37:31] Speaker B: While I'm still working on finalizing sessions and speakers, probably the most recognizable name if you're definitely, if you're in the Twitter X space, Karen Braun is going to be kind of co hosting with me. She's going to help me emcee and moderate during the event. So I'm excited to have Karen there. I also have Scott Gurlt from American Soybean Association. He'll be participating in a panel that focuses strictly on renewable fuels. And I should have a few other, few other people on that panel as well. And so we will definitely a lot to talk about on that one. Also, Wesley Davis with McKinsey & Company coming in. And we're going to talk about the trade and tariff implications on the upstream side of things. And so talking about inputs, a lot of a very substantial amount of the chemicals that we need here in the US And I'm certain in Canada, too, those are coming from China or India. So there's a lot to discuss there. And the way that this ultimately hits us at the farm level, we're always so focused on the export business, which it's definitely important. But we're forgetting about the fact that we import a lot of goods and the way that that hits the bottom line. [00:39:01] Speaker A: Yeah, excellent topic for sure. And you know, if people are interested in getting tickets, do they is there an application to fill out? What's the best spot to go and. [00:39:09] Speaker B: Snake these application applications? That would be good if you visit no bull ag.com and just click the link for events. It's Agronext. [00:39:23] Speaker A: So perfect. Sounds great. And you are opening up ticket sales on which day again? Sorry, was it May? [00:39:30] Speaker B: Friday the 9th. [00:39:31] Speaker A: Friday the 9th. So the day this episode drops, they will be able to snag tickets. Very timely. You bet. All right, Susan, thanks a lot for the extra time today. Appreciate it. I, you know, one of my goals here for 2025 is just to get more familiar with some of these terms and all this policy stuff going on because it, it's gonna, it has a big impact on us as well. And it's, it used to be, watch the export numbers, you know, watch the crush. It's going for food. Like it wasn't that complicated. But now when you throw in all these policies, trade, all this stuff going on, it just brings it to the next level. So my goal is to get a little sharper on all this year in the second half of 2025. Yeah, yeah, go ahead. [00:40:21] Speaker B: You know, I was thinking earlier when we were discussing canola and I think you had mentioned the meal and the oil situation with China. I don't, I just feel like I'm not certain that from a canola perspective, China can pick a, you know, can, can pick, or I should say from a protein meal perspective, China can pick a fight with both the US And Canada. So at the end of the day, you know, their real need is a protein meal for. To feed their hog herd. So when you look at kind of what's happened with the Canada situation and the anti dumping issue and then the 100% tariffs, I don't know, I just, I think that that's something that's important to watch because I really. Their protein meal is becoming more expensive by them avoiding US Beans entirely. And I think it, it maybe leaves them in a spot where they'll be a little more motivated to make sure that they have friendlier relations with Canada, given the abundance that you have. [00:41:32] Speaker A: We did get some headlines this week on that, you know, saying China was coming to the table and had a friendlier tone. So we'll, we'll see what that looks like. But yeah, thanks for that. Susan, thanks again for your time this week and yeah, look forward to our next conversation. [00:41:49] Speaker B: Sounds good. Thank you. [00:41:53] Speaker A: I'm not sure if it's just me or if you guys kind of reminisce as well, but you know, looking back at moments from certain times of the year, when I look at the sprayers going across the field right now, I think back to, well, kind of two things. Number one, I did a summer job for a company where I had to push this little sprayer thing and I almost fell in a, a well, an abandoned well in the middle of the field. I like jumped over a hole and, and what was below that was a well. Anyway, the other story that comes to mind for me is I went to go lend a hand on the farm. I was coming in to pinch hit on the sprayer. And so you get the tutorial, you rip around the Field a little bit and then, and then, you know, my dad says like just, you know, watch your first corner, you know, give yourself some, some room. You're just doing, you know, pre seed burn off like you're some rocket science. Don't, don't worry about it too much. Just, just watch that first quarter. Well, the first corner has one tree, one dead. Not even a real tree, just a dead, dead carcass of a tree sitting there. Just this old dead. It's maybe broken, a poplar tree broken off like I don't know, three quarters of the way up or something like that. Well, I come around the corner and I just crank this thing with the boom. I didn't even. The breakaway wasn't even involved. I hit it before the breakaway, like just bad. So I just think about my skills where I'm coming to, you know, lend a hand and help in that moment. Which then resulted in the sprayer being down, someone having to run for parts and losing, I don't know, better part of a day on that one. So anyways, I was, you know, on social media, it's great seeing all the activity out in, in the field and saw a great couple of tweets here. When it comes to John Deere's see and spray system and some of the stories out there, some of the numbers, some of the actual savings going on, it's been pretty impressive to watch. So John Deere sea inspiration, what we're talking about is 36 cameras on a 120 foot boom, scanning for weeds and spraying only where needed. That's their ultimate setup. And they say that you can cut herbicide use by about 50% and I love saving money. All right, now if you're not in the market for a new sprayer, scene Spray premium is also available as an upgrade. So you can bring precision spraying to the gear that you've already got on farm. It's smart, efficient and hey, I like saving money. So cost savings is a big deal. Ask your local John Deere dealer about see and spray or visit Deere Ca to check it out. All right, folks, of course my favorite segment each and every week is positive moments. I got a couple doozies for you here this week. Number one, the farm is hard at it. Hard at it. Planting crops and getting the, getting the kinks, getting the kinks out, getting the gremlins out. And they're cruising now. So we'll seed in the dust and the bins will bust, right? That's the saying. So lots of positive energy on the farm, right? Now. And the work, the work getting done. So that's positive moment number one. Second one, I'll say for this week. Of course, I love talking about my kids, so I'll save that one for last. But my Oilers, by golly gee, they're in the second round, and they even pulled off a game one victory, which we do not get in the playoffs. Edmonton does not win game one. So, hey, fingers crossed, knock on wood, all that good stuff. The team's off to a good start in the second round. My playoff pool also. Pause a moment. I. As of last night, I was in 70th place, so there's 76 teams, and I'm in 70th, 7 0. But I was dead last, so I'm. It's the second round. The char. I'm charging here. I am charging, uh, in my other lunchbox crew pool, I. I'm the second last, but only because the last team forgot to fill out their bracket. So. Yeah, I don't know. I'll take that. Right. You gotta fill out your bracket. Second last on that one. All right, my last positive moment of the week. I'm. I'm gonna go with the kids here for this one. I took the kids to the park and like last summer when we'd go to the park, like, you know, Finn was a year and a bit old, right? So you're. You're very much, you know, partaking in the playground activity. You are, you know, you're in it. Right. Well, now we go to the park, and I'm still. I'm in it, but they're also. The kids are, you know, they're climbing everything. Finn has no fear, so he often will lead the charge in some of the activities. And. And then Willa sees him do it and she jumps in. But it's been really fun to see them at the playground here this spring. Just. Just, you know, taking that next step, that next level. The white pots are unbelievable. Poor Finn. I can't. I don't know how he gets up after some of them. He's getting knocked in the head. He's bruising his shins. He's bleeding from some skid mark of some sort. But I guess that's what it was like for all of us, right? And. And he brushes himself off and gets right back at it and is having a blast. So if I wiped out like he did, we would not be recording the podcast for a couple weeks. But I'm there trying not to be helicopter paired, trying to leave it happen, trying to keep them safe, but Also, you know, living and learning lessons along the way and hopefully, hopefully we're doing it okay. But, but there was that my, my last little one. I'll just add to the, to the kids. So Will is, you know, she's four, four and a half. And this week her, her teacher approached my wife at pickup and, and said, hey, I just want to share a story with you about Willamina from today. And I thought this was, was, you know, kind of definitely tugged at the heartstrings for me. So I'm positive that Charlie's parents don't listen to the podcast. All right, we're gonna say that. But, you know, Charlie went to Willa. Willa loves doing artwork. And he went to Willa and, and he said that her art, look, her artwork was, was ugly. Okay? Willa has a big heart and so she, you know, sheds a tear or two and she puts a lot of effort into her art. I definitely need to hang more up in the studio because there's a pile of it, pile of beautiful stuff happening. So she goes and gathers herself according to the. Again, this is coming from the teacher and Charlie's doing his work and she goes up to Charlie and she just kind of stands beside him and she just tells them that, hey, Charlie, your artwork looks really, really nice. And it looks like, you know, you're doing a great job today. And I don't know about you guys, but even for me as a person, like, I can, I can hold onto a grudge for a little bit longer than a few minutes. All right? That's one of my things that I gotta work on because I can hold onto a grudge for a little bit. But for her to go and the way the teacher told this story was just to go and, you know, go in and Charlie's artwork, I'm going to be honest, it's fine. But it needs some help, right? It needs some help. But to go and just compliment his work after he, you know, said what he said about her ugly artwork and then to go in to compliment him shortly after and to just park that and give him encouragement, man, like, as a 40 year old man, like, I need a little bit more of that in my life. I need a little bit more of that compassion and, and, and those life skills. And so I, I don't know, I thought when I got told that story, I, I got a little bit, I got a little choked up as a dad. I thought it was pretty special and pretty cool and, and I hope that all of you listening, you know, could take a Little bit of that with you in life because we definitely at times, we need a bit more of that. All right, folks, that's it for positive moments here for this week. All right, folks, I've got Sabrina with UPL joining me on this week's episode. Sabrina is a technical service specialist covering the province of Alberta. Sabrina, how's it going this morning? [00:50:43] Speaker C: I'm doing well. I'm doing well. How are you? [00:50:46] Speaker A: I'm good. Thanks for making the time here bright and early. I know you are in the thick of it right now. Do you mind just telling me, you know, what you're kind of seeing out there in the field right now? [00:50:58] Speaker C: Yeah, a lot of wind, a lot of wind. And so that top layer is drying out really quick. That being said, there are weeds up, so, yeah, seen some wild oats. I was out in kind of that Lougheed Provost area the other day, seen historic spill. So the soils are definitely warming up and some of those weeds are starting to pop up. But yeah, just seeing a lot of wind and seeing that top layer really dry out. So we're hoping to get some rain pretty quickly here. [00:51:30] Speaker A: Yeah, for sure. I think my forecast is trying to give us some chances later this week, but fingers crossed. I'm seeing on. On social media, you know, some farms are a little bit ahead of schedule when it comes to planting, so they're maybe taking a few days off. And I even had one grower in central Alberta. They kind of asked on social media, should I just stop and wait for rain? Generally, you know, the survey results said no, keep going. But is there anything to that right now? Do you think there's time to pause here on May 7th or is it, you know, first part of the year? Let's, you know, let's do the job and, and let Mother Nature handle the rest. [00:52:09] Speaker C: Yeah, I would be inclined to, you know, especially with the forecast not showing any kind of big cold spells in the future. Like, I think that planting probably seems like the best idea and to chase that moisture. I know some of the growers I've talked to are planting a little deeper right now, so that's probably a good idea to capture that moisture that's there. The other thing too, with these winds is there's been some really bad fires around, so especially like north of Edmonton, that Redwater area. So I think maybe planting is a good idea to do just in case, you know, you're in an area that's maybe prone to fire and then you can't get back out there if you're. [00:52:48] Speaker A: You'Re for an amount of time, right? Yeah. Yeah, there's. I was driving home last night and the fire is, I don't know, it's probably like 15 or 20 miles north of me. But coming up the hill, all I could see was the smoke, the huge smoke. And I was like, that looks really, actually really close. And I looked. I'm like, oh, no, it's still got to jump a river to get to me. But yeah, uneasy. Uneasy feeling out there. So. And we know our farmers often are the first line of defense here when it comes to these fires across the prairie. So stay safe out there, guys. If you're. If you're out fighting fire. All right, Sabrina, so you're. You're covering the province of Alberta. I just want to, I just want to ask a little bit about your role. Like what, what do you, what do you spend the most time doing or what do you enjoy the most in your role? [00:53:36] Speaker C: I think what I enjoy the most is that I'm always learning something new because my role is very research and development based. But I use that knowledge I gain in the research and development side to support the sales side and support our customers. And I'm always going back and forth. So I think I really like the fact that it's a very practical, applied role where I'm hearing about problems from growers and then actively working on solutions on the research side. So I really like that back and forth and the practicality of it. [00:54:19] Speaker A: Awesome. And so last year, 2024, we have, for the most part, not everybody, but we have a really good start to the growing season for a lot of farms. And then things change. Mid. In your travels, you know, what did you in through your eyes, what did you see develop in. In 2024? [00:54:41] Speaker C: Oh, I just thought it was kind of all over the place. You know, I have some growers that I talked to who had wonderful yields last year. Yeah. And then some who. It started out looking so good and then, you know, had that heat dome, especially on the canola. That was tough, but, you know, and some people just had crops that were able to recover too at the end of the season. So I think it was all over the place. I thought it was interesting last year that early seeded canola suffered a little bit more than the later seeded canola. Just I think early season canola got the heat dome. The later seed seeded didn't as much, but that's just luck of the draw. Right. I think there's some times where it could go the other way as well. So I Think, you know, the one thing I did hear from growers last year that, you know, the growers who maybe didn't yield as well as they were hoping or that they thought they were set up for, they did say it was a bit of an easier harvest, so a little bit of quicker harvest and growers had some time to get out in the field after harvest and clean up a little bit. So whether that meant doing, you know, a post harvest spray or doing some harrowing. And so I think this year, the little I've seen in some fields just going in is that I think the weed situation going into the growing season is a little bit cleaner this year because we had some time in the fall and also being able to get out and seed being warm right away. I think some of the cleanup opportunities are a little. There's a little bit more going into this season. [00:56:11] Speaker A: Sure. No great stuff with that. We had a small canola crop last year across the prairies. You look at the total and stats can. Let's peg it just under 18 million tons of canola. We have a market rally. We have some of the highest prices we've seen over the last 12 months happening right now. And we're here to talk about a product called Wave. And I want you just to give us the one liner on what Wave can help a farm with. [00:56:46] Speaker C: So Wave is a very versatile biostimulant, and I think the one liner I would give is that it can help both stimulate growth and help protect your crop against abiotic stress. [00:57:03] Speaker A: All right, now, you were on the show last year when we were talking about where it was from. Right. Did we record last year and. [00:57:10] Speaker C: I think so, yeah. Talking about. Yeah, how we. Yeah, we source the. We source our raw ingredient in France. [00:57:17] Speaker A: Yeah. All right, cool. Okay. So when you. When I look at farm economics here in 2025, I'm a believer in, you know, going for the bushels, because if you. If you don't have the bushel to sell, it makes life challenging. So you want to get all the bushels, lower that cost of production and by getting more bushels, more. More volume and then having it to sell, especially when these markets show some strength. You know, when I look at a product like Wave, to me, that's a tool to go and help you get those bushels. I hope I'm right in saying that. But can you talk about your experience with Wave in 2024? Because we did find a stressed crop as the season wore on. [00:58:10] Speaker C: Yeah. I think what I noticed is that Wave made the Most difference in fields where there was a pretty obvious stress. So whether that was drought stress or heat stress or even we had a couple trials earlier in the season where we actually applied it to canola seed and there was some cold stress and that we saw around bushel. Bushel a half increase in, you know, replicated field trials. So yeah, I think there were a couple fields where they actually yielded very well. Like I said, there were a few fields last year where they were lucky to kind of miss that heat dome. And then, you know, then we're not seeing as big of an impact with. With the wave. But I think, you know, where there was definitely more stress, that's where we. That's where we could kind of see a benefit. That's something that we would have observed last year. [00:59:05] Speaker A: Okay. And just getting into the. More of the. I don't know if it's practical side of this or the, the technical side of. Of the actual application. Like when are we implementing this wave? When are we tank mixing this with what. What other product? And, and what's our timing like? [00:59:23] Speaker C: Yeah, so we've done a lot of replicated small plot trials that we're taking to yield through those. We tested out multiple rates and different timings with wave on a variety of crops. And we found that canola is one of the crops that responds the most consistently to wave. And the timing where we most consistently see response is kind of that later herbicide timing, that second glufosinate or second interline pass timing. And I think fungicide timing, that early fungicide timing. There's also been some good results, but we typically recommend that sort of later second herbicide pass, you know, as sort of like our primary, like our first choice, I guess. I think last year quite a few growers didn't do a second herbicide pass. A lot of them just did one glufosnate pass. So that's also. We see some responses there as well. But yeah, I think the ideal timing is kind of that later stage canola, like before flowering. I think that's when we can expect to see the most benefit against if there's a heat stress in. During that flowering time. So that later herbicide or early fungicide would probably help most with that heat stress then. But if you're just going in with one pass earlier in the season, that can be helpful too. I think there's some nice biostimulant properties that come up then where you're helping the canola stimulate its root system, which can be really helpful for you Know, just accessing more moisture and, you know, and more nutrients in the soil. So. [01:01:05] Speaker A: So it sounds like it, it's got some versatility from a timing perspective, and it's something that you can be a little bit more aware or if aware of the conditions is the right way to say it. But it's, it's something that is available. Available or accessible many times throughout the growing season. [01:01:27] Speaker C: Yeah, yeah, I think it's a good product. I tell growers to, you know, use it, try it out for a couple years, because then you get to see every farm is different, every field is a little bit different, but you get to understand a little bit more about. Based on your soils and your environment, like when your plants are likely the most stressed. So, yeah, so I think that that helps to, you know, to try it out for a couple years, maybe maybe play around with, you know, that timing a little bit. But like I said, the most consistent timing tends to be that second herbicide. [01:02:02] Speaker A: Pass. Yeah, we're. We're going to try a few different things with it this year on our farm, just depending on conditions. You never know. You say that and then all of a sudden, you know, in a month or whatever, the conditions are there and you're like, ah, we used it all. But the plan is to try to try a few different things. So. All right, so folks, I just want to also point one thing out here. So if you're listening to this conversation and you want to know more about UPL or more about the products, if you go to the what the Futures podcast website, you click on I heard it on the podcast. You dig through there and you can actually find your UPL rep. Sabrina, we have you on here in blue. Canadian Technical Development and Service Team. But the sales reps are on here as well. For the Western Prairies, the Eastern Prairies, we got the whole team on the website. So go and check it out at what the futurespodcast ca. Sabrina, is there anything else you want to talk about today that we didn't cover yet? [01:03:01] Speaker C: I think what I would say just about, like, it's just biostimulants in general. I think that maybe one thing I would say that's me was like, the more I work with wave, the more I'm connecting with people at retails or in other companies who are learning more about biostimulants in Canada. And I think that there's a growing interest, there's a growing understanding, like, I think we're helping to manage expectations around biostimulants. We're Trying to get away from that snake oil concept because we're not selling it as something that's going to save your crop. Like, it's something that's really coming off as like, topping off your yields, you know, putting a nice little top off on your yields, you know, helping out with that bit of stress. [01:03:48] Speaker A: Yep. [01:03:48] Speaker C: And it's been very exciting to talk to so many people who are interested to growers and agronomists who are really interested in biostimulants and trying to understand it better. And I think, yeah, like, I really like working with it because you get to pay, you know, you're paying that much more attention to your crops and trying to really figure out what's going on with them and trying to learn your fields better and understand the stresses better if that's going on in your field. So, yeah, it's just been. I've definitely seen a difference between last year and this year with people's understanding of biostimulants growing, their interest, their skepticism kind of lowering because they know there are people who are doing good research and, you know, really trying to understand these products. [01:04:33] Speaker A: All right, great stuff. I'll just end here with what the futures is going to be hanging out at the UPL booth at Egg in Motion here this summer. I'm looking forward to it. Sabrina, are you going to be down in at Egg in Motion this year? [01:04:47] Speaker C: Yes, yes, I'm looking forward to it. [01:04:50] Speaker A: All right, well, I got, I have way better equipment for recording in the plots this year, so we're going to have a better time with that. [01:04:57] Speaker C: Okay. [01:04:58] Speaker A: All right, Sabrina, I know you have a busy day ahead and a busy week, so thanks a lot for joining me on the podcast and look forward to seeing you at Egg than. [01:05:05] Speaker C: Thanks for having me. It's been great. [01:05:09] Speaker A: All right, folks, I wanted to do a little, I want to do a little eating your veggies here for episode 75, eating your veggies. You know, I always bug everyone that it's, you know, it's the right thing to do. You know, these are the things that you should be focusing on and focus on on the right things to do here. Now it's a little bit different for everybody, but, you know, these are things that are certainly coming across my plate right now. Of course I do. I work with a couple of farms, do some one on one farm consulting. I have the lunchbox crew farms as well. And there's been a lot of action here the last couple of weeks. So anyways, I got, I got three for you Here for this week. And my, my first one here is I know that it's a little bit tense out there from a weather perspective for many of you. I saw one of my good friends up north got a rain here, middle of the week, but it's dry and it's, you know, it's a little bit stressful out there. I understand that. But I also want you to realize that it's not about when you get to moments like this. It's not about freezing up completely and stopping the execution of your crop marketing plan. I'll never sit here and say, hey, go sell a bunch of physical stuff and put yourself in an uncomfortable position on potentially a buyout due to drought in the next number of months. I'm not going to say that. But what is important to do right now is when you have seen a Canola Market climb $2 a bushel and you are at a path to profitability and you're faced with these dry conditions, it's to make that phone call to the people that you sell grain to that you do business with and just ask them, hey, I don't want to maybe sell anything today, but over the next days and weeks, I am going to want to make some sales. And can you come back to me with a strategy? If I sell you this canola, this wheat, let's stick with hedge crops, corn, soybeans, can you come back to me with a strategy that would limit or reduce or completely not expose me to a buyout? Can you come back to me with that scenario? And while you're at it, send me it via email. Send it to me via text message. If you have any supporting material, send that over as well. Cause I'd like to look at that. Cause I believe that this market is gonna find a high sometime this spring, early summer, let's say. I'll pretend I'm you for a second. If you're gonna believe that that's gonna happen, which history tells us it often does, then prepare yourself. Prepare yourself to take action here. Because what bugs me the most, I was gonna swear instead, but what bugs me the most is when I talk to Farms about, hey, you know, the market's really rallying here. We're getting to levels that are, you know, quite profitable. And the first thing I get back is, hey, Ryan, we're in a drought. We're not doing anything. All right? It's the first week or two of May again. It's sensitive out there. I get it. But more often than not, when everyone's doing the same Things like, I'm not doing a darn thing, the market's rallying. And then when the forecast turns wet, not even when it does rain, when it turns wet, the market pulls back. And then you scramble. The scramble is on. You're not prepared and you don't know what strategy you're going to execute on. It's just not the time to freeze right now. It's the time to get, get educated on the strategy that you're going to execute on. I hope that makes sense. But instead of just saying no, I'm going to go back and forth in this field in a drought and not focus on margin or not focus on my business. I'm just going to go back and forth. And when it rains and the market drops a buck fifty a bushel, I'll live with it because it rained and I needed it to rain to sell something. Don't do that. Don't do that. You can get yourself in a position to grab that buck 50 and still get the rain and still do really, really well, okay, you gotta take a moment this week to phone a buyer. And if you're sitting there and your buyers come back and they're like, hey, yeah, I got nothing for you. Well, then make another phone call. Go introduce yourself to a new buyer out there. I don't think you'll have time to open up your futures account to execute on some futures or option strategies for your brokerage account. If you didn't do it this winter, you ain't doing it in May, I'll tell you that much. All right? But obviously that's the much easier thing to do. You know, I get the argument all the time. Well, I'm not opening up a brokerage account. That's just. I heard people have gone bankrupt from that, and I'm not doing that. You know what the easiest thing for me to do today in a drought with a brokerage account? Buy a put option. Buy a Canola put option, take some dollars, some risk management dollars, buy a put option. And if I don't like that put option tomorrow, I could sell back. If I don't like it next week, I can sell it back. If I want to buy one at a higher strike in a rally, I can. Meanwhile, I've protected downside, haven't put myself, haven't exposed myself to anything from a bio scenario. But anyway, maybe that's now turned into a rant instead of, yeah, maybe that just turned into too much of a rant. Here for, number one, on eating your veggies. Number two, I want you to do a little contract maintenance right now. Because if you're like me, you've been active, you've been active, you've been selling a little bit of canola, you've been looking at your barley market, doing a little bit of your barley, maybe getting some oats, a little bit of oats sold here as well. Heck, if you're growing yellow peas or green peas, you probably got some of those contracted in the last couple of days here as well, or last week or so. But just a little contract maintenance. Because when this market turns or the market rallies, for example, you gotta know, even right on the window of the tractor, I am X percent sold on so many bushels per acre. Whatever it is, just have that visual for yourself. You got a lot of screens in the, in the tractor. Maybe you can put it on a screen there as well. But if not, you know, marker, window, take a look at it. Do a little contract maintenance rate now because it's going to, you're going to be making moves here in the next little while and you're busy, you're busy as all heck right now. So just do a little contract maintenance. Get, get yourself in a frame of mind of knowing your percent sold. So that you can execute the next sale this spring. Okay, in my last one, I'm going to harp on this a lot, but 2026, okay, 2026 canola futures. November 2026 canola futures. Thank you, Patterson. Thank you, Cargill. Thank you, Bungie. You know, you can lock some of that in. For many farms, they're talking about $14 scenarios as a starting point is on a little bit, just a little bit. You don't like the spring wheat prices today, for example, you know, September of 25 at 615. Well, go take a peek over at September 26th, 661. You want to grab that extra 45, 50 cents? You know, maybe not today, but in short order. Don't forget about fall of 2026. I think you should be marketing multiple crop years right now. And especially if there's a path there to profitability. On, like, the price of wheat in portions of the Prairies has a 6. The price of feed barley has a 5. Like, and I'm not talking about like a 501 and a 699. I'm talking about like a 5 and a 6 20. You know, like the wheat market. Oh man, it is not a lot of fun right now. So anyways, those are my three things here for eating your veggies for this week. Well, thanks once again here for hanging out with me this week on the what the Futures podcast. We got a lot of stuff going on in the background. It's been super active on conference stuff. You know, you can't forget about the Crop Marketing Made Cool conference in December in Moose Jaw, Saskatchewan. If you, you know, at the very least application process is open, you can go and apply and get yourself in a position here to get tickets later this year. We, yeah, we've been working hard on that in the background so that's been fun this week. Egg and Motion's been fun and honestly we're in the thick of it for planning for 2026 and of course marketing multiple crop years as well right now which is keeping things extra exciting. If you liked this episode, share it with your your ag community, share it with your friends, your family, your neighbors. I certainly do appreciate it and if you want to send me a little note you can email me. Ryanhatthefuturespodcast Cat, just let me know where where your plants and how it's going. Your percent seeded, you know what you think of conditions and give me a little positivity around your crop marketing plan. How much fun you're having marketing grains, oil, seeds, pulses here. This especially crops this spring. Of course prices strategies can change by the time you listen to this podcast so always seek the advice of a professional out there. I'm gonna try to get a bit more granular in strategies but guys I need you to hang in there with me. This goes once a week. These markets change all the time and so you gotta bear with me cause I'd like to give you more strategy. I just also need you to realize that things change too. So that's it for me this weekend or this week folks. Have a great weekend. Stay safe out there. Take time to recharge just a little bit when you can. Maybe it's a fresh cup of coffee, maybe it's a 50 minute cat nap. You are out there just giving her. Be safe and we'll check in as soon as we can hear from the what's the Futures podcast. I'm out.