Episode Transcript
[00:00:00] Speaker A: Acreage numbers are in for both Canada and the US Crop conditions are what they are here the first week of July. I've got Chuck Penner from Left Field Commodity Research joining me to talk about that and more. We're going to talk about why Chuck's maybe not feeling the love for the pea market right now and his thoughts around stats can adding in all this extra canola from the last couple of years. Let's get into it. Episode 83 of the what the Futures podcast. Let's go.
Hey, folks, welcome to the what the Futures podcast, your quick guide to better farming decisions.
All right, folks, welcome into episode 83 of the what the Futures podcast. Of course, recorded each and every week in the UPL studio. And it's that time of year, folks. It's time to reach out to your retail, your UPL rep, make sure that you've got everything in for the grower rewards program. There's money there to make if you use UPL products this year, this spring, this summer. So make sure you reach out to those folks and get that figured out. I want to talk quickly here. I want to talk about my I stole this from, from Trump. So I want to talk about the big beautiful put in this episode. Of course, we got Chuck Pinner. In just a moment. We have Martin, Martin Carr joining from from Winfield United as well. We're gonna talk about answer Plot.
They have a big event going on around Egg in Motion. And of course, Martin, a wealth of information, some great conversation on fungicide as well. So before we get to that, though, Egg and Motion is around the corner. I've got these beautiful hats that just came in here the other day, of course, raising money for the ccaw. That's the Canadian center for Agricultural well Being. We've got the farm crisis phone number in here, 1 866-FORMS-01. That is the mental health helpline. 24 $7 $35 donation gets one of these sweet hats. And I'm not messing around, folks. These things are, they're beauties. All right. We've got Farmers Rule in the back. Of course. This was designed by 9 year old Paisley Wender. She farms. Well, her dad farms. She's nine years old so she, you know, she's helping on the farm as well. But they farm just outside of Beaumont, Alberta. Great design. Again, you can only get these at Egg in Motion and we only have 500. That's it. These are, these are going to be the hottest hat across the prairies here for the summer of 2025. I guarantee it. All Right now, I'm going to do an Egg in Motion rundown Tuesday on the live show. All right. My Egg in Motion schedule. I'm there for three days. My favorite event is the Crop Marketing Me Cool conference. Like, that's my favorite event now, but this is right there with it. Okay. This is right behind there. I'm going to be at the UPL booth for the entire week. I got to stop with John Deere Tuesday afternoon as well. So that's fun. And we're going to do what we. What we do, right? If you want what the futures T shirt. We don't charge you for those.
We give them away twice a year. The one time is at Egg in Motion. The second time is at the conference. We have a great design. I'm excited for this year's T shirt. When we run out, we run out. We got more T shirts than last year. Great colors. Come say hi, grab your T shirt. You know, throw down 35 bucks or better. I'm not gonna hold you back. If you want to throw 40 down there or 50. We're gonna raise some money. Keep that.
That crisis mental health crisis line open and available for farmers here across the prairies. We have that going on. We also have. It's a little bit of a Jolly Roger theme, like crop marketing, pirate.
We've got these flags. All right. They're what? The futures flags. There's no Jolly Roger on the flag, but it's just like my. My signal out there. Your signal if you fly the flag, that you're a bit of a.
A pirate when it comes to crop marketing. I'm trying to work through what that means in my mind here, but we only have a hundred flags, and I'm going to tell you how you can get one of those. In next week's episode, there is going to be a code sentence, one gentleman, one person that you're going to have to talk to to get this flag. And the reason you want this flag is we're doing a contest this fall, and taking a picture with that flag in it is going to be part of. Of getting your entry for this great trip that we're giving away here. That trip's going to be end of November, so we're going to give that away right after harvest, probably late October.
So these flags is, you know, flying the pirate Crop marketing pirate flag that. My version of the Jolly Roger, I guess. And there's only 100 for egg in Motion. We also have.
Well, I'll be at the John Deere booth Tuesday afternoon. We'll have the treasure chest there as well. So we'll have a bunch of swag in there. Come hang out. I'm going to be in the technology tent and I'm trying to convince them to just let me drive around the tractor they're bringing in the. Well, which one is it now? It is, it's. I know it's got 710 in it. Here we go. Yvonne's got my notes in here. The nine RX710. I'm trying to convince them just to let me drive around with that thing for three days, but we're still negotiations. And then just park, park it at the farm when we're done. But I'll be at the John Deere booth Tuesday afternoon and then so upl Tuesday, Wednesday, Thursday. We have the big what the futures tent in there as well. You can't miss us. Thursday. I'm just going to be more like roaming around. So if you want to get together and do something crazy on Thursday, let me know. Hit me up Ryan at with thefutures podcast. Ca let's get together Thursday at Egg Emotion and let's, let's have some fun. So, of course, Chuck Penner's coming up shortly. Martin Carr is going to be here in just a moment. Two more housekeeping things.
Number one, go to YouTube and hit the subscribe button for me, if you don't mind. It's the best way for you to support the show is by going and subscribing on YouTube or on your favorite podcast platform and also sharing it with a buddy. Share it with your farming buddies out there. Throw it out to them. Let them decide for themselves if they want to tune in each and every Friday and of course Tuesdays on the live show. So I appreciate that. The last thing I did this last July as well. But my, the care home where my grandpa went, unfortunately, my, my grandma Denis, you know, passed away 2008, I believe. 2008. And so grandpa was on the farm for many years before moving off the farm. And anyways, his big concern was about food and, you know, cooking and, you know, going to a place that had a great room for him and great food and you know how important it is, right? And coming off the farm and into town, again, not a big town, but you're coming off the farm. It was a concern. And so he landed at the Bellevue Care Home, which is our local seniors complex. And they're doing a kitchen fundraiser. Now, this fundraiser kind of stalled out a couple years ago. And so last year I thought, well, let's Kick this thing in the rear and let's get it going. And I managed to fundraise about 13 grand, giving away a couple of lunchbox crew memberships. We ended up doing an auction. We had a winner. So Steven was the winner.
He kicked his money over to the, to the care home and then Keith was in right there with him. I said, hey, Keith, if you kick that money over, you know, well, you're in too. That ended up getting to a total of 13 grand. We're doing it again.
Okay, so Ryan, Denis CA is the website. You can go and check out the details. But we're auctioning off a lunchbox crew membership which can't buy them right now. So, you know, if you're looking to get in, that's one way, the only way.
We have a ticket to the crop Marketing Made Cool conference and I'm going to throw a hotel in with it. Okay, you win this ticket, I'll pay your hotel room at the Temple Garden Spa. Temple Garden Spa, Temple Spa, whatever that is.
And then the other one in there is, I'm going to do a little crop marketing consulting as well. If lunchbox here is just not enough, if you want someone to create your crop marketing plan and help you create that and start executing, we've got that available as well. So we're going to do some zoom calls. We're also going to do an in person meeting here as well. And Yvonne said, well, Ryan, what happens if somebody in Manitoba wins? I know where the airport is, folks. I can jump on an airplane and I can come say hi. So yeah, if you're in Manitoba, Saskatchewan, Alberta, bc, go for it. I'll make sure that I get out to your farm and we get this crop marketing plan going for you. All right, that's it for housekeeping. Now let's keep moving along here. Now the markets are getting, well, Canola market's exciting here once again. And you know that we, we had the wind taken out of our sails on Friday. Trump saying, hey, I'm not gonna do.
I need. I'm, I'm ending all trade talks until Canada removes some of these taxes, the market sinks before that. I feel like the market got a little bit bored with the headlines. The 45z stuff crop conditions across the prairies. It kind of got a little bit bored of that. And then away we went. On Sunday, Carney came out and said, oh yeah, we're going to scrap this technology tax.
And the market popped up, conditions turn hot.
Maybe there's some of that now supporting this market. As well. And we're challenging some of the, some of the highs from just a few weeks back. Now I look at this market set up and I'm not nervous about it yet.
And I think the one reason being is that, you know, I'll talk, I talk to farmers from all over the place and I'll get Ryan. This is the best crop that I've ever seen at this time of year. To Ryan, I. Crop insurance is coming out. I just don't know what level yet. So, you know, there's always that variability out there, but it seems to be pretty extreme here this year or maybe a bit of a bit more in both camps or something like that. It's like one or the other feast or famine out there.
But I was thinking like if you were sitting here and I've been part of some conversations where farms are increasing hail coverage, making plans for fall, getting a plan in place here for, for the, the harvest run, and even looking at equipment and is there any upgrades that need to happen there, any changes, things like that. And so imagine sitting there and in July and looking at your crop and increasing your yield while also seeing a market rally like that's, that's perfection, right? And so, you know, often the markets will find their high in the spring or early summer. You sometimes you get two cracks at it. But what I want to say here folks is that if $750 November canola, if 780, $800 November canola, if it gets there, if that is just something that you can't let pass you by, like if you farmed in 2024, lost some money and we're like, I want to make that up and $800 futures are going to do that. For me, there is a path here to protect your margin in the next days and weeks.
Like you could sit here in a couple days and say, you know what, I can't afford to not lock this all in at 750.
What can I do here? How can I do this without taking on the risk of delivering this? Of course, if you have a broker involved, reach out to them, they'll give you the strategies.
But if you don't, you could phone a couple companies out there and do a no price established put option. They probably have different names for them, but essentially it's a put option with no basis and no futures. You basically have your strike and if you don't produce that crop, you just pay back the premium. So if you bought a put for 40 bucks a ton, you just pay that back and that's it. If you produce the bushels though, you have to deliver them right? There's a contract there. But if you don't, it's one way to lock in a floor and give yourself number one, some potential upside in the futures if it continues to rally, but also limits your risk if you can't deliver, if you can't physically harvest it and deliver it now. I encourage you to reach out to Bunge, reach out to Cargill, reach out to Vitera and ask them what the heck is this guy talking about? And see what they come back to you with. You'll be surprised.
Back in, was it 22? 20, 22. I remember going to the, to my dad and my brother and my uncle and my father in law and anyone who would listen and say, hey, we can lock in next year's crop.
I think the strike was a thousand. You know, no basis, no futures, no delivery risk. We could lock it all in at a thousand. Call her. Good. And we didn't, should have, we didn't. But it's out there. And for me, like if you're sitting here saying, man, I can't turn this away, like, I need to figure this out.
You got some work to do here, you got some phone calls to make, you got some, you know, get your, your, your pen and paper out here, do a little scratching, figure out your strategy. But there's a path here to lock in this rally, leave your futures upside open, but also not have that delivery risk. Okay? I'm calling it the big beautiful put. Because not that I want to take, put my, all, all my eggs in one basket, but to me, it's an interesting setup for this market. And it wouldn't surprise me if the high is established here shortly, or maybe it already has been, but, and that you can execute this so on wheat, not exciting. Soybeans, corn, not exciting there either.
But canola, that's the one to look at. Can't do this on a specialty crop or an unhedrable crop, but it's there in Canola and maybe it'll be there in wheat this summer yet. We'll see. As of recording, we'd had a, a heck of a good day today. Spring, Minneapolis, spring wheat. But I, I want more. I want more out of your wheat market. Let's go. But it's there. It's there for Canola and, and so like talking to a farm today, you know, we were just looking at, you know, his first sales being done, you know, called 20% or whatever it was 25% and you know, you put some there at 14, 1450 and then, you know, looking at locking this in, using this put strategy. And his average price was going, you know, in the high 16s and on a farm where yield is in increasing right now. So again, I don't know, I think there's something there, something to think about and if you want to jump on board. We haven't made any T shirts yet with the big beautiful put, but if it works out, we'll definitely make some T shirts in the future. I would say, folks, from a marketing perspective, I'm going to talk about this at, at Egg in Motion. They're, they're giving me a microphone at Egg and Motion or I'm going to just talk really loud, but I'm going to do a little presentation and I'm going to just talk about how, you know, your crop marketing plan, you set up your plan.
And for me, there's, there's strikes in involved, there's dates involved. There's also the ability though, to pivot and to make adjustments throughout the growing season. I'm on record on this show saying, hey, we, we weren't getting any rain at all. We're in mid June. We bought call options. We're protecting some sales that we made, protecting against the buyout. You know, we have some of those running right now. I'm not saying we, we didn't buy them perfect, guys. I didn't buy them on the exact dip and I didn't sell them at the exact high. But we got a little action going in those and we bought those because we were worried about, you know, the buyout and the production side. Now we see rains happening, our crops are getting better and so we're still not at the point where we want to make physical sales.
Put options are definitely our friendlier strategy right now. We're doing some of that here as well. And then, you know, as we get comfortable selling, then we may unwind some of those calls. Selling physical. We may do a bit of physical and do some puts, but it can evolve and it can change. What I want to say here in my crop marketing plan is chatting with a lunchbox crew member this week and just saying, like, man, you know, we cut a little bit of this done. We were aggressive on our feed barley. We were caught some oats done, got some flax done.
But it just seems like we didn't get a lot done that once we got to this dry end of May and into June, we just couldn't do much. And I just realized that crop marketing Plans, they do pivot and evolve, and even though I want to be 30% sold by a certain date, it doesn't always happen that way. And you have to be okay with that. I'm not saying you just sit on your hands. I'm saying we have a plan, but we're willing to work the plan, tweak the plan, and you're still looking to execute the plan. All right. Okay, Leo, let's get into it now here. Let's bring in Martin with Winfield United. And then right after that, we will have Chuck Pinner. Let's go.
All right, Martin, thanks for joining me here on the what the Futures podcast this week.
Of course. Martin joining us. He's with Winfield United. So welcome into what the Futures. Martin, how's your week going?
[00:17:54] Speaker B: It's great. Well, thank you for having me. And, yeah, week's been going good. It's been already Wednesday, so it's a short week.
[00:18:02] Speaker A: Yeah, it definitely. It is already Wednesday. I can't believe.
[00:18:05] Speaker B: Yeah.
[00:18:06] Speaker A: So, Martin, I, you know, we've got some cropland canola on our farm here for. For the first time this year where we're keeping a close eye on it. If, if there's one field that's getting, like, a little love from the camera and from, you know, me instructing my brother, go take pictures of this. Take a video of this. This is the field that's getting. It's getting a little. A little love on the camera side. Right now. We've got cropland in this year.
We. We've had north of Saskatoon. We've had a challenging growing season, but it's. It's. It's turning here a little bit. We finally have some moisture, and we finally have caught some rains the second half of June. So. So thankful for that.
So I appreciate you jumping on the show. When we were chatting with your team, I was saying, who could I have, you know, join me here? Leading into Egg in motion, who's available? And they said, we want Martin to get on that show with you, but he's the busiest guy in the company, so thanks for making the time.
[00:19:09] Speaker B: Hey, I appreciate you having me and. Yeah, absolutely. Happy to be here.
[00:19:14] Speaker A: So, Martin, just give us just a brief. What do you do? What do you do over at Winfield?
[00:19:19] Speaker B: Yeah, well, especially this time of year, I guess what keeps me busy or why I'm busy right now is a lot around our answer plot. So, I mean, that's our.
Where we do a lot of our research and a lot of our touring in. In Western Canada, we have one Answer plot location. You know, the answer plot program in the US is a, is a large institution. They've had, I mean each year they'll have, you know, 120, 130 research sites. Right. It's, it's a huge, huge program with some very, very large statistical numbers they can put behind any project they do. Obviously in Canada we not, not scaled to that, that degree, but we do have one really cool site and that is in east of Saskatoon. It's about 15 minutes east Saskatoon on, just off of Highway Highway 16 there by Colonsay.
And yeah, it's, you know, the types of things that we're doing out there. We look, we do have Canola hybrid trials. So that cropland Canola you were, you were just talking about.
Every year we look at different experimental lines. So I mean this year alone I'm looking at, there's eight different Liberty Link experimentals as well as some, you know, Optimum Glide and some True Flex stuff like that. Right. So we're always looking at different, different products that could be the next thing in a crop plant bag.
So that's, that's one thing that we do a lot of, a lot of work and testing out there and we, we kind of have two big, two big Canola trials out there. The first one is more of your very standard Canola performance trial. The other one that's kind of interesting in that, you know, as of this, as of today, it looks identical. But what it is, it's actually our shatter trial. So we do want to test our things that the genetics that are going into a cropland bag. We want to see how do they stack up against some of the, you know, the industry leading products in that market space and see, you know, how, how good is this to, to straight cut, how, how does it hold up? You know, we desiccate it, leave it for six weeks, put the shatter trays down and actually weigh it off to see how much was lost in those trays and obviously compare the yield as well. So yeah, I mean that's, that's some of the stuff we do out there as well as a lot of demonstrations. So demonstrations. I mean those are, they haven't even been sprayed yet. They'll get sprayed here in the next three to five days.
And then, so then we can actually show that during the tour. Right. So we can show how different modes of action work. We can show how, you know, maybe some different adjuvants might, might play a role in herbicide efficacies. Right. So that's a lot of Stuff that will keep me busy here probably for the next week or so as we, as we lead up to the show. Yeah.
[00:22:08] Speaker A: All right, so answer plot.
So you said something about a tour there. What, what, what do we got going on from a tour perspective? How does that look?
[00:22:15] Speaker B: Yeah, so, so what we have, yeah, during that, during that week of Ag Emotion on that, on that Tuesday, we do, we do have a tour that basically goes through the morning there. So yeah, there's, like I said, there's those, there's four, four manufacturers that, that are present. They kind of have their own, uh, little space at that site. So. Okay, let's at, yeah, Corteva, Adama, UPL and nufarm.
[00:22:43] Speaker A: And is this for like, retail level customers or is there farmers that attend as well?
[00:22:53] Speaker B: Yeah, so absolutely.
Our key focus is retail retail. Agronomous retail salespeople would definitely be the bulk of the audience. Um, but definitely we, we do welcome farmers to, to come as well. Right. So that's something if, if you're interested in, let me know.
That's something we could, if you're in town. I mean, a lot of people do come to do come to the Haymotion show. Right. So if that's something that, I mean, it's just the other side of Saskatoon.
Yeah.
Can definitely, definitely hook you up to the tour.
[00:23:28] Speaker A: Awesome. All right, sounds good. Now you cover Western Canada. You got a Western Canadian flavor of what's going on across the prairies, you know, for the 25 growing season. Is there anything that, that kind of stood out for you so far?
[00:23:44] Speaker B: Yeah, well, so I. So as, as I'm sure you've, you've, you've experienced as well. Right. I mean, this one has had its challenges thus far. I'd say it's nearly a little bit like five years ago when we had that very dry start and then the rain started to come a little bit. Right. So hopefully it continues. Hopefully it wasn't, you know, a blip and blip in the radar.
But yeah, the things have, from what I've seen in some of my travels, things look much better now than they did two weeks ago.
I think a couple weeks ago things were starting to look quite serious and we're looking quite challenging. A lot of this moisture did come in time that it seems like it's perked up a large amount of area. Right. Never say every area, but it does seem there's optimism in a lot more guys. And I would say that seems to be a bit of a generic genetic brush over fair amount of area so definitely something I've noticed there. I mean out at our site, out at answer plot. One thing that I could say I've noticed or it was a little different this year than actually I'll say probably the last four or five years is some of the insect pressure and one of the insects that seems to be a little bit different this year was around flea beetles.
And it just seemed like that flea beetle population came a little bit later than than had been in, in previous years. So it was actually, it was nice that the canola was able to get to you know, a reasonable size before it was just starting to get chewed. Right. So yep. Didn't seem like there was as, as many of the, those, those yellow striped especially from that that early side of things. It was more of the, that that black crucifer flea beetle and it was a little bit later. So the amount of damage that we were getting out at that site for sure definitely less so so and from a, you know, widespreadness of of that. I mean definitely heard of fleabille spraying this year. Right. It wasn't like it was a, it was a non issue.
But yeah, I mean hopefully that maybe that, that be nice if that trend does continue.
Hopefully it wasn't just a one year blip.
[00:26:06] Speaker A: Yeah, for sure. Yeah.
I would say it was a little quieter on, on my, what I was hearing as well. But again talking about a large area, there's going to be some differences in there for sure.
[00:26:16] Speaker B: Absolutely.
[00:26:18] Speaker A: So Martin, obviously this year, you know, dry start for many then the moisture kind of coming in here the last half of June, my weather partners over at BAM Weather, they've got a bit of a mixed precipitation forecast. Some unsettled weather continuing for the first half of July.
From a fungicide perspective, you know, how, how would you tackle this environment?
[00:26:43] Speaker B: Absolutely. I mean it could be disease by disease environment. Right. I mean there's certain ones are, are, are more, more obvious that they're going to be a problem. And there's other ones where you're, you're spraying them purely on some, some speculation and using weather forecast to determine. Right. But you know, you think of things whether it's a fuse head blight or a Sluritini or something like that. I mean you're really relying on, on some trends and some bit of forecasting to tell whether it's gonna be a problem because I mean by the time you see it, it's, it's far too late. Right. Versus a leaf disease. I mean you can see that coming up the plant a little bit, right? So those, those ones that are, you've got to put on and you know, you're, you're using it as essentially insurance, right? You're, you're putting it on then you're ensuring your crop that, you know, you're, you're mitigating this, this risk here.
So that's when I think about, think about that you're putting this, this fungicide on. Yeah, it purely depends on, on, on how, how, how bad the infection could be, right? Not that, not necessarily is for sure, but yeah, could be.
So I mean, when you're, when you're spraying it, there's lots of things we gotta consider. Obviously waterflow is a big one. The drop of size, where is it all going and is it, is it actually against the target? And then once it's there, what is it doing? So we, we. I know that's something we spend a lot of time on at spray clinics. Is, is, is a lot around deposition, droplet size, all those kinds of things, right? If you're trying to, you know, get fungicide down deep into a canopy, right? Because when you think about, let's just talk Sluritinia for a second. I mean, you want to try and hit the petals, but you also want to try and make sure you're protecting some of that leaf down below. Because where those, those petals are landing, if there's fungicide on those leaves already, it does help prevent that infection from, from growing, right? So you know, a lot of our adjuvant technology, we, we do talk about helping help with some of that, right? Getting that fungicide down into the, into the canopy and making sure that diseases aren't, aren't present. And also, you know, if you got the right surfactant package in there, right? Because you want to make sure those droplets are landing, sticking, spreading and not bouncing off, rolling off all those kinds of things. And droplet size, right? If you've got two, two course of droplets, I mean the coarser ones are nice because they'll fall down, but also you just committed a lot more volume per droplet. You might run out of droplets, right? So making sure you got the right droplet size, you know, not too coarse, not too fine, kind of like Goldilocks droplet pattern as well as enough of them. So making sure you're not skimping on the water volume.
[00:29:28] Speaker A: You guys spent a fair amount of time and energy and research on, on this, right? Like in the winter, you guys are doing these spray clinics as well, like really focusing in, on, on this. It's Fascinating for me, a crop marketing guy, to see when I go to an event and see the spray set up that Winfield has. So.
[00:29:47] Speaker B: Yeah, yeah, absolutely.
[00:29:49] Speaker A: Yeah.
[00:29:50] Speaker C: Might be a bit more of a.
[00:29:51] Speaker A: Nerd thing for me, but I saw what I expect and then I see you guys spend a lot of energy on that. So that's, that's really, really cool.
One thing that I'll highlight there that stands out for me is you said, you know, ensuring that crop and, you know, folks, reach out to your local retail, your local crop marketing experts as well. But I just want to share, like, you know, the last day or so, I've been a part of some conversations where some farms have. Have increased their budgeted yields on their farm. They have made a phone call to increase their hail insurance.
The market, you know, Canola, specifically the Canola market, as we're us recording this. Let's not jinx it, but, you know, we gained over $25 a ton today, over 50 cents a bushel. You know, we. We are seeing profit enter this Canola market in a big way.
And this to me is part of that conversation. Well, getting all those bushels to sell at these high prices and making sure that mother nature doesn't. Doesn't knock the wind out of your sails with the big white combat. So anyways, Martin, great, great points there and appreciate the discussion around funguside. Thanks again, Martin.
[00:31:07] Speaker B: I appreciate it. Right on. Thanks for having me.
[00:31:12] Speaker A: Oh, always good to have a new guest on the show here. And of course, agronomy, not my. All my strength. So good to have guys like Martin here with Winfield United joining us and you know, our cropland canola. We'll keep you guys in the loop on, on how things progress out there, but it's looking a little better now that we've had some rain as well. Just real interesting year on the farm from a rain perspective. All right, positive moment for the week. I got two little stories here.
Well, first, when I turned 40 years old and, you know, there's no, there's no Corvette in the driveway yet. I've not booked any, like, plastic surgery or anything at this time.
Contemplating hair. I don't know if it's still called a hair plug. Contemplating that, guys, you know, if I took this off, you'd see why haven't booked it yet.
But turning 40, you know, someone told me here, we're at the parade the other day, and she said, growing old is a privilege. You know, I wouldn't call myself old yet, but 40 is older and I am getting those phantom injuries now. So apparently I got more of that to look forward to.
But you know, my 40th birthday, we ended up, we spent our first night away from the kids. Like we've been, I've been away or Chantel's been away. It was our first night away from the kids. We, Chantal got us a boutique hotel on, on White Ave. Ended up going to a couple of restaurants and bars and doing some shopping on White Avenue in Edmonton and just had a great time.
And we, everyone survived.
Kids survived, we survived. It was emotional being away from the kids for the first time, but we all survived. I turned 40 and nothing has really changed a whole bunch. So yeah, so it's good. 40, 40 is good. I'm looking forward to this. What everyone tells me is this new decade. All right, my second positive moment here for the week is just a story about our almost five year old here, Willa. So Chantel, they go to the library this week and I get out and so we, we park underground and all you have to do, parking is free, but you have to register your plate. Okay? You basically type it in, takes 30 seconds, you're good to go. Chantelle decides not to do this. She forgets.
So they come out the library and there's a ticket on the windshield. Chantel's like, you know, a little bit upset about the ticket. It's a $60 ticket, right? It's a parking ticket. It's not bad. Well, Willa, she'll be five in September. She says we can't tell dad. And Chantel's like, no, no, no, we can tell dad. I tell dad everything. She's like, no, give me that ticket, Mom. I'm going to take care of it and we're not going to tell dad. So Chantal's like, well, what are you going to do with the ticket, Willa? What are you going to do with it? She says, I'm going to take it up to my room, I'm going to hide it and it's just going to go away. Then the topic came up about the police showing up at our door if this, with this, looking for this ticket. And Willa said, don't worry about it, Mom, I got it. It will be well hidden. They'll never find it. And in her sweet, you know, little five year old mind here, just tucking that ticket away, it makes it go away. And I thought that was just a really funny story this week. So, you know, we might consult a lawyer, but I think we're probably going to pay it and hopefully the cops don't show up at our door anytime soon. Otherwise, will is going to be scrambling to hide that parking ticket that Chantel got. So.
All right, one last one as well. Just while I got you here is I just kind of thought of this last minute, but, you know, my dad had a surgery this week and it went well. He's recovering well. It's not something that, you know, that we, we have to be concerned about. It would be fairly minor surgery overall. But, you know, there's a process of going into surgery involving sensitive, you know, sensitive things. Right. And, and you just, you know that they do this, you know, dozens of times a day, and it should be okay, but it's just, it's good to get through it and to see that he, it went well. He's recovering. So shout out to my dad who's, who's on the, the IR here halfway through the growing season. But, you know, with the right, the right care and recovery, if mom takes good care of him, he'll be ready to rock and roll for, for, for harvest time. No problem. So good on you, dad, and speedy recovery over there.
All right, that's it for positive moments for this week. All right, folks, I just, I want to put, just shed a little bit more light here on Egg in Motion. I'm gonna be gonna be at the John Deere booth Tuesday, July 15, for the afternoon. I'd say come around, you know, shortly after 2. I'll be there. I'm going to have the treasure chest full of swag to give away, maybe some entries into some trip contests we got coming later on here this fall, some flags, some T shirts, all sorts of good stuff to, to give away there. I'm going to be in the technology tent. If you want to learn about the latest precision upgrades, if you want to talk to the JD Link folks about the new Starlink agreement and what that looks like for connectivity on your farm.
That's where I'm gonna be. I'm gonna stay in the shade there, but I'm also gonna try to get as many pictures as possible in front of the, the 9 Rx710.
And of course, they've got a couple of beautiful combines down at the show as well. So you'll catch me in front of the green paint, of course, Big John Deere Farm, and looking forward to spending some time with them at egg.
All right, folks, I got Chuck Penner here with Left Field Commodity Research joining me once again on the what the Futures podcast. Chuck, welcome back to the show. It's early July. How's the summer going for you?
[00:37:09] Speaker C: Well, it's hot and dry, but that's no surprise. Actually out here out east, it's looking pretty good still. There's still some reserves of moisture there and so it'll be able to handle this for a little while anyway. But yeah, it's always nice. It would be nice, actually. We did get a quarter of an inch last night, so.
[00:37:30] Speaker A: Okay.
[00:37:30] Speaker C: Yeah, every little bit helps.
[00:37:32] Speaker A: You know, I try not to live in a bubble, but I do. And this week in Alberta, it's going to 19 degrees Celsius because I'm going camping, so. Right, it's going to 19 because we definitely didn't book a site around a splash park and expect 25 degree weather. We. Anyway, I'll digress, but that's not the case for the prairies. It seems like it'll be warmer everywhere else. What do you think on crop conditions right now? Where you at here?
[00:37:58] Speaker C: You know, it's almost like groundhog year this year. Like in some ways it's shaping up that way, especially for the guys down south.
You know, it's been, oh, how many years? I feel those guys have just suffered for the last few years. So again, some optimism early on and then it just turns hot and dry and you see those kind of things just, oh, just go, just go downhill. And talking to someone from Montana today, this morning and, and out there they're talking about they're not even going to take some of the stuff, not even take the harvest. They already.
[00:38:32] Speaker A: Oh, really?
[00:38:33] Speaker C: So it's pretty wicked down there.
So, yeah, that has some impacts. I was looking at Montana crop condition, like their USDA ratings and stuff like that and things like mustard ratings in Montana, surprise, surprise. There's not many people looking at those ratings from usda, but I do.
And so, yeah, like, they're where they were in 21. Like, it's really wicked.
[00:39:01] Speaker A: So, like, do you think that we're setting up for impact on special some of the specialty crops, some of the small acre crops here where, where conditions can lead to a, a little bit of price gain. Are we not quite there yet?
[00:39:16] Speaker C: I don't know that we're quite there yet. I mean, for some of them, we're also still going to be carrying over some decent old crop supplies.
So that'll buffer it to some degree.
But it really is the crops that are, that are focused on that area down south.
So even when you talk about lentils, again, Groundhog year green lentils are further south and southwest and, and so on, and those are the ones that are going to take the hit again this year.
Whereas red lentils last year the more in the central areas had some really good yields. And so so far, I mean fingers crossed, all that kind of stuff, the red lentils are still looking okay. In fact they might have some worries about disease issues or things like that. So in some ways it's kind of shaping up like last year again.
So I mean we could talk about the acreage numbers and all of that kind of stuff because there's some. Yeah too. But yeah, yeah, let's.
[00:40:13] Speaker A: I'll say just on conditions here.
Like what's been kind of weird like for our farm.
Like you know we're not pretty standard sized farm in Saskatchewan.
You know, we're not spread out super crazy wide. But the amount of rain, the difference in rain totals on the farm is insane. This year it's like one area there's like we're at the highest on the farm is just over 3 inches. And that all happened the second half of June basically.
But like we have early seeded fields, wheat fields that have not that have had like an inch and a half of rain on it that look just horrible. And then we have some later seeded fields or some canola fields with three, three and a bit on it and they look phenomenal. But it's insane how it just seems like the, the events, the rain events have been really small or like small in size.
[00:41:08] Speaker C: I don't know. Yeah, most of them have been. There was one sort of week or so ago. It looked like a decent sized system going through but even within that. Yeah, clearly a big variation from one area to the other.
[00:41:20] Speaker A: I, you know, like north of Edmonton here, north of Highway 16, you know, I, I see one area, Vegarville, you know, things look phenomenal and you just go a little bit north north of the river there and it's. They haven't barely had anything yet for rain. Like it's just insane. But you know, as I look at prairies as a whole, the situation improved. It's improved. The second half of June, things got better. There is, you know, more hope, more discussion around fungicide, more discussion around buying more hail insurance. There's more of that going on. Not for everybody, but it's gotten better for the prairies.
[00:42:01] Speaker C: Yeah, the, the big difference I would say like from 21, which was kind of this epic drought but that was like, like almost every acre from east to west and north to south was affected by that. And this year there's, there are some really good looking areas.
And then there's really, you know, really, really bad areas, so. So those are going to offset each other to some degree and that sort of thing.
[00:42:24] Speaker A: Yeah, my crop marketing, you know, you expect during this time of year where you're, you know, you're kind of moving sales along and you're okay, a little rally and sell something and you're kind of working. And here it feels like 21, where I'm like, oh, all right, what am I going to talk about right now?
What are we going to do here? Like, yeah, it's been one of those weird years. So anyways, let's talk acreage numbers here a little bit. Last thing on weather. So I've got my long range forecast from bam. Weather is not. It's not impressive. It does not help me sleep at night.
I think the first half of July there's opportunity, but I don't like the setup of the long range. And so I'm, I'm just being a cautious marketer here as we see what develops. Anyways, moving over to acreage numbers, we got the stats can.
Last week I was told, Chuck, that you were the one who went and put all that canola back in those past years, that you went and scratched that in.
But we got the stats can. And then also earlier this week, we got the USDA numbers. Like, that's a whole bunch of data and lots of numbers. But is there anything that stands out clearly?
[00:43:38] Speaker C: Well, on the canola side, let's get that out of the way for squash.
If I would have been responsible for that, I probably would have added about another million tons.
Seriously, they're still way too low. And the thing is, we figure out, okay, well, what are average yields and things like that? Every time they bump up that production estimate, the average yield goes higher. Because it's calculated based on all of that. Right? So what's an average yield these days? And so, you know, all of those kind of things. But yeah, they added about 1.6 million tons, give or take, for the last couple of years, and it's still way too low.
So, you know, that doesn't mean that we're awash in Canola by any means.
Even our outlook for next year, it's gonna be really tight again. So, yeah, we're still pretty friendly toward it, but it's just trying to be a little bit more realistic and see what those numbers are. I was talking to my partner John earlier today and he was talking about his export forecast for next year, and it's down considerably. Just because supplies will be limited. Not because demand is a problem, but because supplies are going to be constraining that so the crushers will crush their. There are 12 million, give or take tons, and the rest will be available for exports. So it's not like a bearish.
We're not trying to submarine the Canola market.
It's pretty tight and looking pretty positive.
[00:45:10] Speaker A: That's the important thing here. That's the important thing, is that, yeah, we went, let's go. Okay, let's go add some stuff. But at the end of the day, you talk to buyers here in July about what's happening. I see specials popping up everywhere, not filling very quickly, like we're on fumes. And then you look at. Like you said with John, okay, yeah, exports might be down, but are we gonna. What supply will we have? And it's just. Crushers are feeling better now. We'll talk about biofood policy in a second. But yeah, we got more crush capacity on. On board, decent margins, I would say for now.
Away we go.
[00:45:48] Speaker C: Yes, our Canola acreage number was like, it was basically bang on. What or our guess. And let's. Let's be honest, everybody's numbers are guesses, but our guess was. Was right around where StatsCan came in, so that wasn't an issue.
If I have to talk about some other surprises. Surprised that that pea acreage held up the way that it did. I think we overthought that. Like me, I overthought that issue about tariffs and all that kind of stuff far too much. So I had stripped out about 400 or 500,000 acres out of the total, and I was wrong, so that's fine.
And so, you know, that was one barley acres. We thought, yeah, they're probably going to be up from last year, but StatsCan actually trimmed a little bit more out of that. So those were a couple of surprises. Flax acres up more than we thought we had. We were higher, but they were even a little bit higher than where we were. So that was, you know, that's a good news story.
Yeah. So those on that side.
That was kind of on the Canadian side of the border. That was kind of interesting.
[00:46:57] Speaker A: Like, the peas caught me offside as well. And then I went and drove from my house to central Alberta, and I didn't see one pea field on my drive. And I took. I didn't take the QE2. I took a side road and I was like, oh, yeah, nobody planted peas this year. Like, there's not a P field on this drive. And then they did just not on Highway 21 or whatever highway I was on.
[00:47:18] Speaker C: Yeah, we'll see. And Statscan won't revise those numbers, like even in December. I doubt that they would revise them.
[00:47:24] Speaker A: So I don't know why they would.
[00:47:27] Speaker C: That's what we're stuck with.
[00:47:29] Speaker A: No point on revising them. They'll deal with it later another way.
Okay, flax acre number, is it a scary number? Should flax growers be aware, considering.
[00:47:40] Speaker C: No, they shouldn't be scared. It's going to be, you know, it's up and so, you know, we'll probably, you know, we'll probably. Well, we will have larger supplies. No, I shouldn't say that because we're carrying over almost none. So our supply levels aren't actually going to change that much even with bigger acreage.
The one thing that I noticed though too is the USDA showed us flax acreage up considerably.
So they might be a little less interested. But I think Europe will still be really strong buyers. Prices there are still sky high.
So I think we're in a fairly balanced, fairly well balanced flax market.
You know, probably not $25 flax market, but, you know, maybe 18 to $20 market, something like that.
[00:48:27] Speaker A: Okay, well, I could live with that. What else on, on the acreage number? What about when you looked at the US Numbers? It was a snoozer of a report, but anything kind of stand out in the specialty crops or those smaller acre crops?
[00:48:43] Speaker C: Yeah, yeah. Again, I don't even look at the corn and soybean numbers, like, to be honest, because there's a million people talking about that. So I don't need to.
But yeah, they dropped their lentil acreage number.
It's still more than last year.
But again, those are grown in that northwest Montana area and, or northwest North Dakota and northeast Montana.
And it's in rough shape there. So the acres may not matter that much on peas. Earlier they had shown a decline in acreage. Now they're up to the highest in maybe five years or so.
So those ones are up mustard acreage. They dropped a little bit again that those yields are going to be in really bad shape.
Durham was up a little bit and that was a little unexpected. So, but again, those are in the, in the really, really tough areas of the northern plains there. So sure, the acres may be the least, the smallest concern or the smallest issue in that whole thing.
[00:49:48] Speaker A: I've had a lot of questions about oats lately.
We saw obviously a little increase in acres in western Canada or in Canada, I should say, what did you say out of the US for oat acres? Anything scary or stand out on that one?
[00:50:02] Speaker C: I think they showed fairly steady seeded area, but the USDA already puts out a harvested acreage. And I don't know how they. I don't know how they figure that now, but they showed that coming down a certain amount. And their stocks numbers, their June 1st stocks numbers were lower as well.
So I think we could see a little bit firmer demand from the US for our oats because it has been really soft the last couple of years.
[00:50:32] Speaker A: So.
[00:50:32] Speaker C: So I think that's gonna, you know, and with. With a little bit of an acreage increase, we thought oat acres might be up even a bit more. But, you know, I think that's gonna. That market is gonna stay fairly well balanced or even firm up a little bit. I mean, the. The. The oat acre or oat growing belt in western Canada has been the part areas that have had some decent rains in the last, you know, two, three weeks like that, so maybe those yields will come around a bit too.
[00:50:59] Speaker A: Yeah, a lot of those old crops were not looking good off this, off the hop, but, yeah, they're improving.
All right.
I've been talking oats lately, and you said soft. I called the market boring, and I would say that it will continue.
[00:51:15] Speaker C: Yeah, I'm using the technical term, Ryan.
[00:51:18] Speaker A: I'm using the. What the futures term, The July vacation mode. What. The futures term.
[00:51:24] Speaker C: It is boring. You're right.
[00:51:26] Speaker A: Okay, so we had a dark winter here of crop marketing. We had some.
Some, you know, geopolitical stuff that was kind of scary.
I don't want to rehash all the scary stuff, but we. We roll into spring.
A little bit of sunshine here for us. Also from a market stance, you know, we're rolling here into July. We've got some updates on some biofuel policy out of the US have you dived into the latest here on. On 45Z or the big beautiful bill? Is there anything there that is giving us some optimism here for Canola?
[00:52:07] Speaker C: Well, I think so. I think as it. As that bill or the 45Z thing moves through, you know, from the different, you know, whatever in the legislatures in the U.S.
i think as it's getting closer to the finish line, it's looking more positive. Again, it's never a sure thing, but the idea that Canadian feedstocks would qualify, I think that's probably one of the reasons why Canola was up today.
It was closed yesterday, so I wasn't surprised at all to see it up Strongly this morning and for the whole trading session, just because it was catching up to that news.
So I think that is really positive. I mean, we can still only crush 12 million tons.
And the U.S.
while their acreage number, they actually lowered their own canola acreage number. So that's friendly as well, too.
So last year, for example, they grew about as much as they crushed this year. It'd probably be down a little bit.
Production will be down, so then they will need to import a little bit more. So that's again, one more friendly signal.
But in terms of like North American crush, we're not going to do that much more. But that demand is probably more inelastic.
You know, it's, it's, it's stronger demand than, for example, trying to sell canola oil into Asia or things like that. So again, positive for crush margins, which in theory should be positive for seed prices as well, too.
[00:53:42] Speaker A: And then last time you were on the show, we talked about, you know, some trade happening to some other areas as well, a little bit of business going to some other countries. So. Yeah, so, you know, you add that in and.
[00:53:55] Speaker C: Yeah, I mean, we would prefer to sell most of it into the US because that's, that is the strongest demand, you know, and if we could convince our prime minister to offer up supply management, maybe we'd get even better access. I don't know. Oops. Shouldn't have said that online.
[00:54:11] Speaker A: Yeah. Yeah, well, we'll see if that gets edited out of the show, Chuck. But just kidding.
Yeah, we.
I wonder what would transpire with that. I have to think about that a.
[00:54:23] Speaker C: Bit more, shake my head at that.
[00:54:26] Speaker A: So I have not seen a lot of price action on pulses lately.
But I was chatting with my friend Brit, who Brittany went from all Bushel, or you know, Brittany very well, and she said, hey, have you talked to Chuck about peace lately? And I said, no, but I'm actually going to have, I'm going to record with him later today. And she said, well, ask him about peace because there's a, some quiet optimism in that market. What's she talking about here, Chuck? What do you got for me?
[00:54:57] Speaker C: Maybe it's quieter than that even.
[00:54:59] Speaker A: I, I don't know. You got to come up with something now.
[00:55:02] Speaker C: Yeah, well, again, you know, we were looking at lower ac and so, you know, that was, that was, that was looking positive or looked like it would be positive. Positive for that.
You know, we are, we are still shipping peas to China.
So even with 100% tariffs, they have a way of, if you, you Know, if they import the peas and then the protein is exported right away, they're, they're, they've got to work around for that kind of thing. Okay, so that was the huge cloud on the, on the pea outlook.
And then, of course, India still has zero tariffs, although India, that demand is just really, really quiet.
So I don't expect miracles from that. To be honest, though, if this new acreage number is close to real and you drove down the highway and didn't see any, and others have kind of said the same thing, but if that number were real, we could be setting up for some pretty heavy supplies, actually of peas.
I mean, right now, bids are quiet because that's what they do at this time of year. It's, you know, as, you know, we're kind of fanatical about seasonals and things like that.
And so, you know, why are, why are yellow pea bids kind of sideways to a little bit softer? You know, the spot. Green pea bids are going to be like they're converging toward old crop or new crop levels and that type of thing. Red lentil bids heading south. That's what they do at this time of year.
And so the short term forecast is, yep, lower prices, pretty clear.
But then it's, how much response do we get after harvest? And that's, of course, the more important part. And the p. Market is going to be.
I think it's going to struggle, to be honest.
Maybe.
Well, the last time I talked to Brit, maybe I gave her more room for optimism. But yeah, these acreage numbers kind of make me uneasy. I don't quite believe them. But, you know, what if they're. What if they're close to. Close to reality?
You know, we could be. I don't think we'll get as strong Indian demand as we did last year and China.
[00:57:19] Speaker A: You know, you did say with, you did say with India that, you know, it would be a later, later maybe into next year if, if it did wake up. It was gonna, wasn't necessarily going to be this fall like you.
[00:57:32] Speaker C: Right.
[00:57:32] Speaker A: We're gonna need some time because they had heavy supply. So I know on our farm, our peas are like 10 inches tall and some, you know, they'll surprise you. They'll surprise you, but we're gonna need a lot of good things to happen here for, for that crop. So it's not sure how many other peas are in the same, same shape, but yeah, you never know. Sometimes those short crops give you a pleasant surprise on the yield monitor. So.
All right, what else are we missing? Here, Chuck, we've covered a lot of different things here already today.
You know, last year at this time, people are driving down the highway saying, you know, this crop in 24 is going to be the biggest crop ever. And then that changed.
You know, where, where are you at here for the summer?
[00:58:21] Speaker C: Well, yeah, I mean, well, people were driving down the john the highway last year and looking at the canola crops and thinking they were larger. And then, and then stat scan, stat scans estimates kind of went no. And then. Well maybe, maybe, maybe as they, as they went higher, you know, just, just to be, you know, whatever. When, when I look at the, the acre or the production estimates and stuff like that over the last bunch of years, particularly for canola, where it's easier to figure out that we've missed the canola number, Canola production number because you know where it's all going, it's either getting crushed or exported.
[00:58:58] Speaker A: Yeah.
[00:58:59] Speaker C: And so you have a pretty good idea, you know, how much is in, in elevators and all of that kind of stuff. There, there isn't, shouldn't be a whole lot of mystery to that. But for other crops it's quite possible. But what I would, what I was thinking this week as I, as I was looking at that and thinking to myself, you know, we probably should put more or attach more credibility to those model based estimates in August and September because they're actually closer to the reality than the survey based estimates which kind of tells you which way farmers lean on when they're given stat scan those answers. Right. And you know, whatever. I'm not going to, I'm not going to get too stressed about it. But you know, maybe those September model based things are, are actually not too bad. So. Yeah, for an old geezer like me, that's hard to admit.
[00:59:51] Speaker A: It's like you're mixing in some technology. Maybe AI in there too, Chuck.
[00:59:55] Speaker C: And I'm gonna start using Chat GPT, Ryan.
[00:59:57] Speaker A: Like, you know, that's, that's how I answer most questions now when the farmer asks me hard questions.
[01:00:03] Speaker C: Maybe some new tricks put in there. Yep.
[01:00:05] Speaker A: Yeah, it provides phenomenal answers. Phenomenal.
[01:00:09] Speaker C: So although I asked it to write a mustard commentary just for kicks, like just to see what it would do and it was like completely wrong. I was using prices from two years ago and whatever. So I'm not going to use it to write my reports. Maybe proofreading.
[01:00:22] Speaker A: Not yet. Yeah, not yet. Yeah, all that means, Chuck, is that your stuff, you have to give it to Chat GPT so that they can learn from it.
You Actually might be the problem here. If you fed it to that machine over there in next year, it could be doing amazing reports.
[01:00:40] Speaker C: So.
[01:00:41] Speaker A: Yeah, you just got to give it a chance.
[01:00:42] Speaker B: Yeah.
[01:00:43] Speaker A: Yeah.
[01:00:44] Speaker C: Okay.
[01:00:45] Speaker A: Are you. Are you going to be on the road at all this summer? You got anything lined up or any fancy vacation plans?
[01:00:50] Speaker C: No, we did some. We did our traveling earlier and actually last week I was just down in Nicaragua for a cup just for a couple of days.
[01:00:58] Speaker A: Okay.
[01:00:58] Speaker C: But.
But no, we got.
No, we don't have anything. Anything scheduled. Some. But the speaking things for the winter are starting to already show up, so. Yeah.
[01:01:10] Speaker A: Okay. Yep. Good stuff, Chuck. All right, well, thanks for your time.
Have a great month of July, and we'll check in sometime here in August and see how we're shaping up for harvest.
[01:01:21] Speaker C: Okay, Sounds good, Ryan.
[01:01:22] Speaker A: Take care.
[01:01:22] Speaker C: Take care.
[01:01:26] Speaker A: All right, folks. Of course, Chuck Penner always, always treat to have on the show. He was a little fiery this week, though. Wanted to throw supply management out there. Wanted to talk about stats can and. And throw the blame on. On you farmers for not reporting the right numbers. So a little spicy one from. From Chuck here in July. That's good. We love having him on the show. All right, so for eating your veggies this week, we're in the month of July now.
And so I want you to focus on a couple of different things, I think. Number one, let's put the. The big beautiful put here is number one on Canola. If you're a canola grower in the prairies, go and figure this out. I think you're doing yourself just a huge. Giving yourself a huge advantage by going to figure out this strategy. All right. Talk to an expert. By golly gee, don't listen to me. I'm an idiot on a, you know, in a garage studio buying a microphone. But go speak to an expert and see what they. What they got to tell you there. So number one, do that. Number two, I want you to assess your crop. I know I've been harping on this, but I. Honestly, folks, if you're sitting here putting plus signs on your yield expectations, you better be, you know, sharpening up your marketing skills here. All right, I'm not saying, you know, I know southwest Saskatchewan's dry and southern Alberta. Parts of Alberta are dry. And it's brutal and it's tough to see. It's not everywhere. You know, some of the guys in the peace region suffering even just north of me here, too. Like it's. And even on the farm, it's not perfect, but just Take a look at that crop. Are you doing a plus or a minus when it comes to your yield expectations and then planning around with that, planning your harvest plan, your delivery plan, your equipment plan, all that stuff.
And then here I had, well, update your cost of production, which again, comes in, you know, are you going to be spraying a bunch of fungicide? What's that do to your costs?
You know, if you have time here, you have a couple of weeks where it's a little quieter towards the end of July, just updating that cost of production, seeing what you've got from a margin opportunity and setting yourself up here for, for harvest time. So I think that was three for eating your veggies for this week. So let's leave it with that. All right, folks, it was, it was a warm one in the studio here for episode 83. So thanks for hanging out the first week of July.
I know we kind of flip flopped and talked lots about production this, this week and things like that. It just, I understand folks that you don't have to travel far to get some variability in, in the fields and in the crops. So I think we got a bit of a light crop coming. I think it got a lot better second half of June here, but we also need to see a little more rain yet in July to finish this thing off. So thanks for hanging out. If, you know, share this episode with a friend, subscribe on YouTube. We certainly appreciate that. If you have any questions for the show, if you want me to cover certain commodities, we've been a little bit light on the specialty crop talk, so I'm going to try to fire that up a bit more here over the next days and weeks and see if we can dive into peas and lentils and some of the feed grains here as well. So look forward to that in the next few episodes. Yeah, for episode 83, my name's Ryan. I'm going to finish my lemonade here and go and cool down after a nice hot recording session in the studio. Take care. I'm out.
