"If you're going to sell something....buy something." - Dave Norris

[00:00:00] Speaker A: If you sell something, buy something. Words of wisdom from Dave Norris. Norris Crop Consulting joins me here. Episode 137. We go through the gamut. We cover Russia, Ukraine, the Strait of Hormuz, El Nino, politics, inflation, it's all here. It's all impacting your commodity prices, your inputs. Let's get into it. Episode 137 with Dave Norris. Hey, folks, welcome to the what the Futures podcast, your quick guide to better farming decisions. All righty, folks, welcome into episode 137 of the what the Futures Podcast. Of course, recorded each and every week in the UPL studio. And if you're looking to get something just checked off the to do list, why don't you go ahead, go to upl, go to the website and go and get signed up for the Grower Rewards program, one of the most lucrative programs in the Prairies. Go check that out. Reach out to your local retail or UPL rep and figure out how you can get signed up for Grower Rewards. Of course, you'll also be able to catch UPL with us at the Crop Marketing Made Cool conference coming up December 1st and 2nd in Brandon, Manitoba. And we thank them for sponsoring the stage UPL Live in Brandon. So looking forward to that. All right, folks, you can subscribe to the channel here on YouTube if you'd like. We have almost at 1600 subscribers, so cruising along and if YouTube is not your thing, then go and check us out on your favorite podcast platform. And if that just doesn't quite do it for you, you can go to Ryanden Ca Sign up for the email blast that we send out on Fridays. And I found this to be quite funny today. I listened to this actually this evening here before recording, but I was listening to a podcast and it said that, you know, as, you know, we, we consume content now, you know, as people here in 2026, they said we'd strongly, strongly advise that you do your newsletter or your Friday email as a podcast. I mean, like, what are we doing here, guys? Like, seriously, is that, is that what you guys want? Do I have to take the Friday email and spin that into a podcast? Anyways, I, I got a good chuckle out of that one, but you can go. We. I usually have a pretty funny meme in there, some words of wisdom and, and some action items as well. So you can check that out again. Ryan, Denis, ca Before we get too far down this week's episode, I want to give out to give a shout out. Sorry to producer A. All right, this is Aaron's first episode of the what The Futures podcast. No pressure, Aaron. We know that you're doing a great job here behind the scenes getting this thing tidied up and looking pretty. But this is the first of of the the trio. Now we've got Aaron, Tyler and Eli working their magic here behind the scenes over at what the Future. So thanks, Aaron, for your efforts this week. Of course, as the intro, we've got Dave Norris joining, making his what the future's debut. Of course, he's been on other shows here recently. Dave is somebody that I, I met earlier this year through a, a joint connection with Trent Clarenbach. So thanks, Mr. Clarenbach, for hooking us up, but we go all over the place in this discussion and, and if you, if you work with Dave, which many farms do like, you know, this guy's dialed in and I don't know if anyone can out research out research Dave Norris, I. It's like a little project of mine to find who is out researching this guy because he's got some range when it comes to what he ties together here for crop marketing and, and, and just general farm advice. Actually. I don't know if I could put myself in the camp of Dave yet. Maybe one day when I grow up and get a bit more knowledge, I can be in the same camp as Dave. But I almost consider us similar because it's not just about, hey, you should sell grain at this price. And this is why it's also both the input side of the business and it's also about the strategy that we, as we talk about later on here, you'll find out in a few minutes. But we love volatility and we'll talk about why. I think that makes us somewhat similar in our approach. Again, Dave and I have chatted like five times, so maybe I'm putting the cart ahead of the horse here. All right, positive moments for this week. You can see that I spent the day in the sun. This nice little rouge here. It was cloudy all day, but a beautiful day for the Vegarville Fair. This goes on the calendar. The first Wednesday of every August, it goes on the calendar. It's an automatic. And we plan our summer around this. All right, and the cool thing is that, well, number one, I ran into a bunch of listeners, podcast listeners there. Apparently I might have to set up a booth at the Vegarville Fair one day because ran into quite a few people today, which is always great, nice to say hello, but our kids, so, you know, we've gone now, I think this is four years and we get to Stay a little bit longer every year. Like, it starts with the parade. And then there was one year we went to the parade, went home after the parade. Right? Kids are small. I don't even know if Finn was born yet, you know, and we go home and then, okay, we did the parade and then we did like an hour of the fair and then we went home. And then last year, Finn was just not jiving. He didn't, didn't like want. He didn't want to do the rides. I want to wear the bracelet. I still got my, my, my fair bracelet on. And so, I don't know, we left. We had a huge downpour last year anyways, we left pretty early. But this year we stayed all the way to like 4:30. And the kids did. I lost count after 16 rides. Like, this is a small community fair. You didn't have to wait if there was one spin going on for the ride you were on next. You didn't have to wait very long for anything. And in fact, when we were doing the super Slide, which I did as well many times, you just go down and run back up and go down and run back up. Anyways, it was a great time. And it leads me to my, kind of my next one here about seeing my, the growth in my kids. Like, I know they're getting older and they're growing up. You know, Finn's, you know, past the three and a half year mark now. Willa turns six here in just over a month. But it's, it's to see how they grow and how they handle different environments and, and different, you know, challenges or new experiences, you know, like, if any was really kind of reserved and quiet and, and it took a little bit for him to warm up and to get, get kind of going. Well, this summer especially, he's just taken off. He's going and meeting new kids. He jumped out of the bounce house at the fair today. Dad, I just made a new best friend. I'm like, okay, buddy. That's awesome. You guys were in there for like 20 seconds. But that's cool. You know, you made a new best friend. But he's, he's talking to other kids, right? And, and you know, and not scared. On the rides today, he was the one leading. He wanted to go on the bigger rides and the bigger rides. And in fact, he got his mother and I out on. Well, I'm good with rides. But Chantel, you know, it took a bit for her to, to want to go to some of those bigger rides or get that courage and he was. That was like, let's do this. He wanted to go on the Ferris wheel. Our first ever family foursome Ferris wheel ride. And even pulling his older sister along, saying, hey, let's go. Don't be scared. Let's do this. So, I don't know, just great to see the growth, you know, in the kids. And. And even with Wella right now, her mind's just exploding, and we're getting the questions. We're getting the questions that you all get right as parents. I'm getting these for the first time. But even the other day, she was like, you know, where do babies come from? And we're like, okay, like, we're handling that now. Like, we didn't even have a meeting about that yet. And I told my wife, I'm like, we need to be aligned on a strategy. Okay, what's the strategy here? Because if I get that thrown at me in the middle of nowhere, I need to know what to say. I need to be able to answer. But anyways, the kids just growing, and it's been a great summer and a fun summer. My last one here, positive moments, going over a bit this week. But, hey, a private podcast. Insiders. What? The future's Insiders. We kind of got that going earlier this week, and I spent all Tuesday night entering people. I have to enter it manually, email. To enter this private podcast group. Right. And I spent all Tuesday evening doing that. Just crazy, guys. So I appreciate it. All right? And if you wonder what I'm talking about, you know, if you remember the show, cup of coffee. Well, it's now on the back shelf. All right, it's on the back shelf. And instead, we're. We're doing a little trial here. We're building a little community. It's a private podcast channel, which basically means that if you type it into your podcast platform, it's not going to pull up. You have to be subscribed to it. You have to be an insider. You got to be on the inside of this. Right? And so you have to email me, Ryan, at thefuturespodcast ca to get on that group. And I'm still. I know industry people. You've emailed me. And I'm struggling. All right? I'm going to be honest. I'm struggling. I'm going to see. I got to think about it for a couple more days here and see what we're going to do. I don't get me wrong, like, I want to get the content to you, but I also. I don't know if I Consider you an insider. I struggle with it. All right, so just leave it with me for a few more days, and we'll see what the plan is here moving forward. I'm. You guys know, I'm protective of the farmers out there. The conference is about the farmers. The lunchbox career is all about the farmers. Yeah, I don't know. I'm struggling. All right, before we get into it here with Dave Norris from Norris Crop Consulting, I want to do what I've been kind of tagging here is my crop marketing monologue and just a little banter here about crop markets and where we're at, you know, as we end well, in the first week of August, I suppose I wrote down here number one, you know, re ownership ideas. And I want to kind of squash some of the negativity or some of the, you know, speculation wrapped around, you know, re ownership. I think there's one way that, you know, you out. You know, you can out. We'll get to that in a second. So that's the first one. The second one is, you know, why are companies paying premiums to buy grain for January forward? That was kind of the second one that came up. Because, honestly, guys, from like, a markets perspective, Dave and I will talk about a bunch of stuff that's exciting, but it's. It's a little bit boring here right now, which is fine. Most of you have taken some time off. Well, hopefully you did take some time off, and now you're getting ramped up. You know, people farms will be in the field here momentarily. And. Which reminds me of the harvest playlist is half done right now on YouTube Music. But where was I going with this? Ownership ideas. Why are companies paying premium for January? Yeah. Okay, well, we'll just keep moving on. There we go. Lost my thought now. Anyways, so we'll circle back here now to reownership ideas. And what I want to say here is that when you create your crop marketing plan, when you sat down and, you know, maybe you put it down in a book or you've got it written down somewhere, or maybe you've got a wonderful platform, you're using, like, harvest profit to make your plan. You know, things change, change, and. And things evolve, and it's okay for that to happen, and it's okay to look at the new information and say, how has this changed my marketing plan? You know, with the information I have today, what have. Would I have made those sales? Would I have been as aggressive or. Or, you know, whatever it is, it's okay to sit here and say, hey, I had a plan. Things changed. Now I still want to do what's best for my farm, what's best for my financial statement, what's best for my business. And so is it okay to look at reownership strategies now? If you go out and you just say, I sold 100 tons or a thousand bushels at this level, and you go and reown that entire position, you know, maybe you buy the futures back or something like that, then yeah, I would say, yeah, like there's a little bit of, again, you want to do what's best for your farm, then your operation, but you're taking the risk on if the market does decline, if things change, policy changes, factors come in that are bearish, you could suffer additional loss. Right? So that, that's a bit more speculation and, and, you know, maybe a little bit more, maybe a little less disciplined. It's also very stressful if you're always trying to sell the high. It's really, really stressful to be trying to accomplish that all year long. But when I look at reownership ideas, I simply look at taking a portion of, of my position. So maybe, maybe you've sold, you know, 100 tons of canola and you buy futures on 50 tons or something like that, like you're taking a portion and saying, okay, you know, I want to reown some of this. The things have changed in the market, in the space here, and I want to try to raise my average. I think that's okay. I think the other thing that's really okay and good to look at is, especially during harvest time here, which I know, I know it's maybe not quite harvest time, but from a crop marketing perspective, it is harvest time because look at what prices are doing. It's absolute baloney out there right now. So, so it is a harvest time, but, you know, you can look at a call option and, you know, maybe you've tried it in the past and it hasn't worked out and, and, and maybe, you know, you don't like the premium of call options. That's all fair and that's all, you know, legit comments, but, or thoughts. But if you, if you're looking at this, what's in front of us today, and you're saying, man, I'm a bit more optimistic than when I first sold this, you know, wheat or canola or whatever, you know, whatever it is, corn, soybeans, you can look at a re ownership strategy. You can take a portion. You know, maybe you sold the product for 14 or 15, and you're gonna, you know, reinvest 50 cents on a call option to see if you can participate in, in upside. There's nothing wrong with that. There's absolutely nothing wrong with that. And this is kind of the time of year, you know, over the next four to eight weeks here, where you're trying to find maybe a bit of a harvest low and trying to execute some of these reownership ideas. I was at the parade today. I was chatting with Rick, and, you know, we talked about a whole bunch of stuff. Rick just got back from vacation. How your crops doing? How are things looking, so on and so forth. And I said, you know what? The biggest thing that we have on our plate today here, try to figure out when to reown some of this. Some of these crops went to reown some of this. Because, you know, there are things here happening that, yeah, it could lead to some pretty magical price gains in 2027. And so, you know, if you sit here, I talked about it weeks ago, you know, some of the pain felt when we sold 14 canola. The bushels we sold at 15. Like, some of those painful moments. The wheat that was sold at 750 or 775, you know, we're looking for an opportunity here to reown and try to raise those prices, and we need to. It's expensive to grow this stuff. The wheat that got sold at 8 bucks was at a loss. Right? You're trying to reown this, trying to make it get into a more profitable position. And so don't, you know, don't be intimidated by, you know, intimidated by, you know, trying to figure this stuff out. This is an important time to do that and don't feel like, hey, I sold it. I just got to forget about it. It's okay to do that. But, you know, if you, if you think that the market has changed, it's okay to look at. Hey, it's changed. I think it's changed. This is why. And this is how I want to execute. All right, so I, I, again, I'm not big into selling everything, buying everything, selling everything, buying everything. I'm not big into that. I do like the volatility. I do have, you know, some strategies in place and, and in mind that I'd like to execute on over the next few weeks here and again, all with the idea of just enhancing that crop marketing plan and again, not erasing protection or taking away all these floors, but just enhancing the plan here just a little bit. All right, now, maybe this is a segue into this next one. But I got asked the question here the other day. You know, why are companies paying a premium for grain in January? Like, what is going on? Like, why am I getting a call here that I should be selling canola in January, that I should, should be selling weed in January and grabbing this amazing premium or special? And yeah, I, I would say in this environment, as a grain buyer, and it doesn't necessarily have to be for January, but the prices that you have posted today, you, like, today you want farmers to come and sell at those values. You feel pretty good about buying grain at these prices. Okay. And so if you can, in this environment, get the farm to sell because they need cash or they need bin space or, you know, you've hit a magic number that just rings, you know, you're going to want to do that. And so I think, you know, when I see a grain company put out a special for December or January, like, are they sitting there saying, oh my goodness, we have all this demand to fill. We don't know if we're going to be able to do it fast enough. Like, let's go and buy this and make sure we're covered? You know, maybe. But I just think that in this environment, if you can find and look at what those numbers are on the specials, like, you'll see they're often round numbers or these kind of magic numbers that entice, you know, a bit of selling. You know, how the whole numbers do that. Right. We were, you know, I was talking to a guy the other day and we hit nine bucks and he blew out a bunch of weed at nine bucks. May end up being a great marketing call, but after the nine, it went to 945. But yet nine was. I haven't seen nine for a while. Nine's a good number. It wasn't even any technical stuff around the nine. Just thought was the number. [00:21:12] Speaker B: Right. [00:21:12] Speaker A: A whole round number you haven't seen for a while. Sold a bunch at nine. And again, great sale. I'm not saying it isn't, but that round number is there. So I, I think that in this, in this environment, as a grain buyer, you're very happy to own anything at these values. And if you can find a magic number a little bit further out and it entices the farmer to sell, you're happy to take, take that on as well. All right. So I don't know. I don't think there's, you know, I don't think as a farm, you should be super excited to be like, there's a special. I better take that again. Maybe pair that up with a futures rally or really good basis opportunity then you might want to you of look at that. But that's almost a separate analysis. Okay. Yeah. So that's what I have for crop marketing monologue here for, for this week. Now this show, you know, we have to give kudos and thanks to our sponsors John Deere being with us from day one here over at what the futures and of course our farm uses John Deere Operations Center. We're actually going to talk John Deere Operations center on next week's show. But we use my, my brother's the wizard here for John Deere Operations center on our farm and we also spend a little time each week or two in harvest profit. And you know, if you're struggling with getting organized in your crop marketing, well, harvest profit John Deere Operation center, they sync up seamlessly and very, very handy tool. In fact, got our 2027 plan rocking and rolling here and it's amazing, a few clicks of a button how far you can get in creating that next year's plan as well. So you can check that out. Deer ca or harvest profit.com. now let's get into it. Let's bring in the man, Dave Norris here with Norris Crop Consulting. All right, folks, we have Dave Norris joining me here for episode 137 of the what the Futures Are podcast. Dave, buddy, how's it going? [00:23:22] Speaker B: Good. Ryan, how are you doing today? [00:23:24] Speaker A: I'm doing good and I apologize. You were going to make your debut weeks ago but I messed up schedules and we missed you on the strategy session. So glad to have you on. [00:23:36] Speaker B: Yeah, for sure. No, anytime. [00:23:39] Speaker A: So go to Egg and Motion, meet a thousand people and you and I have just chatted on the phone. Never met in person after hours. I got like a little elbow in the back. Yeah. [00:23:55] Speaker B: And then. Yeah. [00:23:57] Speaker A: Met you after hours there. [00:23:58] Speaker B: Yeah, I, I love how the community is so small, you know that eventually, you know, you run into everybody and it's such a tight knit group. Right. And I, I think it's kind of important that, you know, guys like us keep in touch and chat and so we have a good feel for what's going on the market and get different opinions. Right? [00:24:19] Speaker A: Yeah, yeah, 100%. And that's where we're going to go today. We got lots of big topics that we can, that we can cover here and see if we can gain some insight. But Dave, real quick, how can people get a hold of you? Is there a spot, a landing spot? For them to go and find out more about your consulting business. [00:24:37] Speaker B: Yeah, sure. Like, I. I do have a web page. It's essentially just an introductory web page just so people can kind of look me up. And that's at www.nccag.ca. and of course, they can text or call me on my cell, you know, 306-370-1242. That. That's how most people get a hold of me, is direct, right? [00:24:59] Speaker A: Yeah, yeah, you bet. And you're working with farms across Saskatchewan, across the prairies. Give us a range of area. [00:25:05] Speaker B: I would say primarily the majority of my. My farm customers are, you know, Saskatchewan based with, you know, greater focus, you know, from central Saskatchewan to northern Saskatchewan. But we do definitely deal with some guys further south. But, you know, in this business, a lot of times it's, you know, who, you know. Right. And my history was going back 30 years was I was a, you know, chemical rep for Bay Earth a long time ago. And my focus was mostly west central Saskatchewan, maybe stretching over to the east side as well. And so those are the farmers that you knew and just kind of started building a business around that. [00:25:46] Speaker A: Yeah, yeah. 100. I was looking at your. Your background a bit last night, and. Yeah. Dabbled in growing crop. Hey. Like, for the first part of your career. Right. So you got both sides covered now, Growing it. Yeah, the darn thing. [00:26:00] Speaker B: Farm till we were about 36 years old and just kind of doing both, right? Doing being a rep and being a farmer, and then you get kids and everything else gets busy and you have to choose a path. And so then I just stuck with the industry. [00:26:14] Speaker A: Awesome. [00:26:15] Speaker B: Well, you're. [00:26:15] Speaker A: You're doing great things because I chatted with a few of your clients at Egg in Motion. Your name just pops up naturally, which is a good thing. And, yeah, Kyle had lots of good things to say about you, so that was great. So, Dave, we have a. I guess our introduction comes through Mr. Klarenbach getting us in touch with each other earlier this year. And so you were on this path of being a bull, you know, being excited about where commodity prices could be headed. And we had a conversation. I wasn't a big believer when we spoke, but one of us was right, one of us was wrong. And I guess I got to eat some crow here, but I mean. [00:26:59] Speaker B: Yeah, that was pretty funny. I think one of the first times we talked. Yeah. Was maybe a few months ago. I don't know if it was in May. [00:27:06] Speaker A: March, I think. [00:27:07] Speaker B: Was it March? Oh, yeah, Sort of back in March. Yeah. And that's when we have our annual meeting actually with our, with our own clients and stuff. But, you know, one of the things that I really like to pay attention to is what's going on in the macro markets as opposed to, you know, the grain markets and obviously the grain markets and the weather and, you know, that thing will is obviously very, very important. But the macro markets also can really secretly start to drive other markets, I guess. Right. So at that time, you know, you could just start to see that governments, no matter what they were doing, were going to spend more and more money. You know, initially, I could have got some pause when, you know, Trump had the doge going and they were going to start to massively cut expenses and Elon Musk was going to be the guy that was going to do that. And that kind of gives you pause, right. They're not going to be spending money that's not inflationary, that's deflationary. But that got cut pretty quick. And they're spending records amount of money in the United States, Canada is spending records amount of money. And then they complain that everything's inflationary. It's insane. [00:28:17] Speaker A: They got to hold the inflation to what, 2% is the goal or something like that, right? [00:28:21] Speaker B: Sure. And spin and spend like crazy. [00:28:24] Speaker A: And I think I read something earlier this week. Trump's trying to remove some ceiling of some, some sort or trying to. [00:28:34] Speaker B: I haven't heard. You're probably talking about the debt. It's probably the debt ceiling. [00:28:37] Speaker A: Yeah, something like that. [00:28:39] Speaker B: Could be the debt ceiling after they can only spend so far and then they have to get approval to increase how much spending they're gonna so good. It could be the U S debt ceiling. Probably. It happens all the time down there. [00:28:50] Speaker A: Yeah, yeah, that could be it. So, so this theory started last year, right. Of, of being a little bit friendlier towards commodity prices and for a few [00:29:02] Speaker B: different reasons, kind of started back in 2021, right. Like that, that was the first year where we really start started to see like that was one of the basises for that happening. We, you know, we kind of got into, I believe there was Covid and the war, and so governments were spending money. Right. And if you look at the Canada spen through that whole cycle, but so did everywhere in the whole world, and it just started creating massive inflation and a lot of these countries are still going through that. So, you know, it can also make commodities weaker when countries are broke and their dollars get devalued. But in the same breath, when you're just at the Beginning of it, it's, it's, it's different versus that it's already been, you know, an experience through part of the market. So that's what we went through, or as part of what went through in 21, 22. And this just had very eerie, you know, similarities, I guess, coming in now. It won't go just on its own. You need a catalyst. Right. To also go with that. And, you know, when you start to hear of, you know, El Nino is coming and everything else, countries increase in their biofuel allotments, governments just don't change overnight. This, this is a pattern. So it just kind of gives you the, the ability just to keep kicking the can down the road. [00:30:18] Speaker A: Did you have the straight of Hormuz in your cards as well? Well, [00:30:25] Speaker B: I'm not going to exactly say that, but, you know, anybody can kind of go back and look at the White House documents from, I believe it was October. And it's their national security doctrine. This is what we're going to do. And if you actually even have a look at that, it's. Everything is written out for you. Very obvious. They were going to go into Venezuela. They're going to control every major in and out channel. That's, that's part of their doctrine, which. The Strait of Hormuz is there, right? That's part of it. They're gonna be controlling Greenland. It's all written down. So I wouldn't say I necessarily knew they were going to do it, but it doesn't surprise me because they said they were. Yeah. What I would say though is that ship started heading over in February, I believe it was. And when they started heading, it was obvious they were, it was gonna go forward. [00:31:17] Speaker A: Yeah, yeah. They don't just move that stuff around. Just like chest. [00:31:21] Speaker B: No. [00:31:21] Speaker A: Chest noises on the board. [00:31:23] Speaker B: No. And they said they were gonna do it. Yeah, that's right. Yeah. [00:31:28] Speaker A: Fair enough. So from a research perspective, Dave, do you dive pretty deep into certain, certain areas? We spend a lot of time, you know, researching some of the bigger themes in the background or Sounds like you do, but. [00:31:43] Speaker B: Yeah, definitely. Right. Like, you know, even today, for example, I'm watching the stock market go to close to well over 7, 800. I, I primarily pay attention the S P. But, you know, I, I had warned guys that we're probably running 8,000. That was my, that was my estimate that, that the US Was going to run this economy hot. Not so. So they have two ways that they can control their economy, and one is like, let's cut and let's get spending under control and lower taxes. Or the other one is you spend like crazy and you hope that just runs hot. And to me that's what these markets are doing. They're running hot. They're going to push it 8,000. It'd be good for his November election. So it's kind of an interesting scenario where they're going to run to 8,000 but they're going to try to keep oil prices around 70. [00:32:33] Speaker A: Yeah, they're gonna have to work some numbers gymnastics or some headlines maybe. I guess just get the Twitter machine fired up and yeah, we'll do it. [00:32:43] Speaker B: So yeah, so there's, so it's kind of interesting because I was looking through my, my calendar and I was just kind of checking when is the next 30 year bond auction. And, and next week is actually quite an interesting week to see where all this goes. But next week is a Wasde report, which that could be interesting. Next week is the India urea tender. That's going to be interesting. You know, China just announced that they will allow more urea exports. So I don't know if you look at fertilizer prices, but they've been kind of, Nola's dropped a little bit. And that 30 year bond auction, that's the last time, the last time it was over 5%. That's not good for the U.S. and [00:33:25] Speaker A: every time, 2007 I think is what I read. [00:33:29] Speaker B: Right. I want to say the May and June one did go over five and before that was 2007. It's, it's a huge signal to the market that this is inflationary. And of course governments are going to have to, you know, pay that interest on that debt. They want to get that down. So you know, the US buying Japanese yen last week, that's insane. So they're really working on these macro, macro events right now. [00:33:55] Speaker A: So I was listening to the all in podcast from the other day and they were talking about how big of a deal, I don't know anything about 30 year bonds, but basically what I got out of that was it's a very safe haven to go and grow your money by. Sure, you know, five whatever percent. And that doesn't happen very often. And then that is something that investors will start looking at to be like, oh, I can go and do this for a long time and, and get a decent return. [00:34:24] Speaker B: True. I mean, but that also, that also tells you that they think inflation is going to run hotter than that because they're having a hard time selling them. Right. So it's a good Bit of it also tells you that they expect inflation to run hot. [00:34:38] Speaker A: Okay. Okay, so let's, let's dial this back in here and we'll go to some other themes as well. But you know, you're sitting here first part of August. You know, as a prairie farmer, you've got inflationary signals out there. You've got what we have for weather and production in the background. How do you sit here? You need to manage cash flow, maybe bin space, whatever, I guess. How confident are you moving forward for. For higher prices? Or maybe that's too far. Maybe we just talk about what farmers should be looking at right now. [00:35:15] Speaker B: You know what I think did not get us get discussed enough last week was the June Crush report that came out, and I think it was 1.17 million ton we crushed. And then if you extrapolate that over 12 months, that's 14 million ton, which a lot of guys sort of have that number penciled up. That was a record crush for us. And I'm. I mean what my pet peeve is it takes six weeks to get that announced. I don't know why it takes that. Great. Like, why is it August we find out what June Crush was? But in same in saying that though, like, I thought that was a really unreported number. Like if we're gonna crush 14 million, you know, what's the crop size? That's the debate. And are we, you know, 20 million, 21 million. Regardless of that, that means we're 6 to 7 million ton of export. And we did 8.5 this past year, maybe 9 on a. On what I would say was a relatively weak export year. I mean we, we literally exported not much the first four months of the year. [00:36:20] Speaker A: Yeah, we. We had nothing going on. [00:36:22] Speaker B: Nothing last harvest. [00:36:23] Speaker A: Yeah. [00:36:24] Speaker B: Right. So I don't know. It's, you know, the biofuels and everything else. The crush that we have, the. The debate to me is the size of this crop. Right. And doesn't matter what we think the acres are because statscan came out with 23.4. I believe we probably know there's 24 out there, but I mean, does it matter just be 23.4. And now we have to figure out the yields. What do you have an estimate on what you got? What do you have for production in Western Canada? [00:36:55] Speaker A: Well, I, I don't have a number in front of me, but we could figure it out together. So our. I was looking at our chat last night from late winter, and it was about the Canola acres or at some point we talked about Canola Acres and you had a huge number. Yeah, man, people are gonna laugh at us over this. Or. [00:37:13] Speaker B: Yeah, whatever it is. [00:37:13] Speaker A: And I'm like, actually, no, I'm with you. Like, I agree with that number, but it doesn't. Didn't. Like it matters, but it doesn't matter. Right, right. Because again, 14 million tons of crush export, the rest, not enough supply available. It'll be interesting. [00:37:29] Speaker B: Yeah. [00:37:30] Speaker A: So we do, within our lunchbox crew, we do a crop survey every Sunday. And I left off egg in motion that week because everyone traveled, or a lot of people did. Yeah, I didn't want that to skew the results, you know, driving six hours or three hours and see nicer crops or whatever it was. But this week our crop ratings were the lowest of the year. We dropped about 10% in the group. And so a lot of folks looking for a rain to finish this thing off. Yep, not really happening. Looking at the Bertha army worm map yesterday, looking at some master yellow stuff like, anyways, you know, it's doesn't add [00:38:15] Speaker B: to yield, so doesn't add. And one of the things that we talk about with our, with our customers is what. What's your impression of the crop size? Is it getting bigger or smaller? You don't have to really have an idea what the exact number is right now, but do you think it's getting bigger or smaller? Of course, if we are egg in motion, we had two weeks, maybe three weeks of heat. Europe had a bunch of heat. The US was going through a bunch of heat. You know, but in saying that with all that early moisture, some guys being too wet, tons of humidity, obviously a lot of sclerotinia being sprayed. But it just seems like it's a scenario where, yeah, maybe we lose a bushel on Square Teeny. Maybe we lose a bushel, you know, because we didn't get a finishing rain. Whereas last year was the opposite. The crops kept getting bigger. [00:39:01] Speaker A: Yeah. [00:39:02] Speaker B: And bigger. [00:39:04] Speaker A: If we take 24 million acres, times a 40 bushel yield. [00:39:09] Speaker B: Yeah. [00:39:10] Speaker A: You know, we come in around 21.7 million tons. The carryover for this year is supposed to be 3 million tons, Dave. But I. Except for Steve. I know Steve has canola in the bins. I can't find it, so I don't know if you found it. [00:39:25] Speaker B: No, it's. I agree. I think the number should have been, you know, two plus million ton, three million ton. But I, I don't know many guys that are sitting there with it. And through these last rallies, who sat through that. No, I Nobody did. So I don't think it's there either, to be honest. [00:39:41] Speaker A: Yeah, so it's, so it's, so it's [00:39:43] Speaker B: a, it's probably tight. It's probably a normal amount. And so that's just a wash to me in terms of. Because you need to have carryover for next year anyways. [00:39:51] Speaker A: That's right. Yeah, I agree with you. So you're, you know, are we going to pull off the 40? I guess history says we can. [00:39:59] Speaker B: Sure. [00:39:59] Speaker A: But, but so I wouldn't go much [00:40:03] Speaker B: higher than that with 21.5 and a 14 million crash, you know, say close to 8 million, 22 million. That's an 8 million export, you know, that just kind of keeps things firm. Anywhere between say, you know, 680 on the downside and you know, 8, 840 on a great rally or something like that. Right. Because Canola is still going to be in a huge range. But if we're sub for a sub for 21 million times, that's, that's, that's rationing. And I would say that this, this is what I'm looking for over the next two, three weeks is China coming in, buying canola early because if they start to buy Canadian canola in August, they probably have a good idea what's going on. Yeah, that would just be a red flag to me. Some strong, some strong sales all of a sudden to China, they're getting, they get ahead of it. [00:41:00] Speaker A: Well, Dave, how are we going to get that info? How are we going to find out? [00:41:04] Speaker B: Well, that was on my pet peeve list of information. You know, it takes six months to get crush and you know, it seems like we, we don't get that export information very clearly or definitely in time, especially if you're trying to trade. I mean, in the States they have their flash sales where they get that daily. So yeah, that's what Canada does need. We need flash sales daily. [00:41:30] Speaker A: This is how I'm going to find out. I'm gonna find out from somebody that's been in the industry for like 45 years that talks to the person that did the trade and then they're gonna say, it's rumored that six cargoes traded to China. [00:41:44] Speaker B: Right. [00:41:44] Speaker A: That's how I'm gonna find out. [00:41:46] Speaker B: That's exactly how it happens. Which is insane. [00:41:49] Speaker A: Yeah, yeah. Hopefully hear about it on the old coconut line. [00:41:52] Speaker B: Maybe you and I will be that Chinese contact one day, Ryan. [00:41:56] Speaker A: Oh, I doubt it over here, but maybe you did. You just call me when it happens, right? [00:42:03] Speaker B: Yeah, that's right. Yeah. [00:42:05] Speaker A: Okay, so, so we've got that going on with canola. Things getting, you know, quite tight. A very good story compared to where we're at last year. So that, that's good Canola. Like, I find canola is a market that, yes, like you said, is going to have a wide range, but you're going to have your chances. You just got to be patient on these lows, these pullbacks and, and then, you know, see where this goes because it's been, take a longer term canola chart, look over the last six, seven months here. Like the trend is quite friendly for us. So. [00:42:38] Speaker B: Yeah, true, true. Yeah, it was actually, I was just looking back at my notes. August 12th of last year was when China kind of mentioned that they were going to tariff our canola. [00:42:49] Speaker A: Oh, really? [00:42:50] Speaker B: Yeah, yeah, yeah. That was not a good way to start the season. [00:42:54] Speaker A: No, no, no, for sure not. That led to a path to 600 bucks. [00:42:58] Speaker B: So, yes, I think that geopolitics, you know, they went through their, their stage of let's just do the shock and awe and my, my gut feeling tells me that's settling down and we're just moving forward now. [00:43:14] Speaker A: So you wanted to talk a little bit about Canada, U.S. relations. And as I was thinking about that last night, yeah, I was thinking, and I don't want to jinx us all on this because we do have Kuzma and all that stuff going on, but I felt like things were just going to be a bit more calm, like that was going to be. My message today is not as severe. But then you have last week's, you know, Trump's latest tariff stuff. So I don't know, I thought we'd be a bit more calm, I think. [00:43:42] Speaker B: I, I don't, I, I stopped sort of essentially listening to his day to day. But if, if you just look at what's happened over the last, say six months when they, when they came out with the new 45Z program, the big beautiful bill, they totally had opportunities to, you know, maybe try to remove canolas and others. And in fact, they included all of North America. But, but even since then, they have removed used cooking oil from China, they have tariffed tallow from Brazil. Right. And they've increased these mandates so much, you know, to me it's, they obviously, you know, want the Canadian canola. In fact, they, they need the Canadian canola to hit these, they do, to hit these targets. Right. And so they, they have had ample opportunities to do it, I think, with, you know, grains and energies and oils. I, I Think there's a. I think there's actually a good relationship there with the United States. [00:44:37] Speaker A: Yeah. Yep. No, I agree with you on that as well. We, I was, I was going to circle back here, but maybe before we do that, I want your opinion on what's going on in Russia and Ukraine right now and if this is a big deal towards influencing the wheat market. [00:44:59] Speaker B: Yeah. So, I mean, this is, it is a big deal. This war is. What is, is this going to be four and a half years now? It started in the spring. I think it's over four and a half years. Yep. When it, when it happened, my, my impression was this was going to be. I called it a forever war, but I mean, it was going to be a long war, and I still think it's going to be a long war. And I think what's the biggest takeaway out of what's happened recently is these drones that Ukraine are, is using right now are insanely highly technological. Russia's having a very difficult time stopping them. And, and it's being successful for, for Ukraine. They're, they're literally being able to, you know, close the CFAs off. There's, you know, I think, the biggest thing to watch and it's going to continue. It's, it's even, I even heard the other day that Zielinski mentioned something about Crimea is still there. So not only are they wanting to, you know, get the land back from the Donbass and everything else, but they want Crimea back, which Russia has been established in there for, I don't know, 15 years. So that tells me that they're nowhere near a handshake agreement getting finished off. They're, they're going after, you know, obviously you can see them going after refineries, they're going after ships, they're going after straits, they're, they're trying to attack ports. It, it's, it seems like it's got another level of escalation that's going to have to happen before anybody wants to sort of slow down here. [00:46:35] Speaker A: We watched a boat sink last week, a vessel of corn sink. And I was like, oh, I think it was a Sunday. I'm like, yeah, the wheat market's going to be higher tonight. And it was actually lower. [00:46:46] Speaker B: But no, it didn't react to it [00:46:48] Speaker A: like it's from, for me, this is the most intense the war has been. So since those first early days, like when the Russians were coming down to, to Kiev and, you know, the, down the road, you saw the pictures and the videos of what was going on. But yeah, to me this is the most intense it's been and the biggest impact to the export of wheat or grains out of those countries. [00:47:13] Speaker B: Sure. Yep. [00:47:15] Speaker A: Again, the wheat markets, you know, been sliding here lately. [00:47:19] Speaker B: But yeah, I think there's a path to getting the straight open, straight up Hormuz. But I'm more concerned about the Russia, Ukraine situation affecting everything. And you know, the, the biggest one I don't think many people talk about is like Russia is the biggest exporter of urea natural gas uan. And if that gets restricted, that's a problem. Right now short term, I would say the urea market kind of has some flat to even bearish prices to it. China just announced they're going to export another 2 million ton, the India tender next week. [00:47:58] Speaker A: India will try to gobble all that up. Yep, maybe. [00:48:02] Speaker B: But that 2 million ton wasn't there last week. Right. So to me it's still about, you know, it's interesting. It's, it's that Russia situation there where that's going to go. And I, I don't see that getting, I don't see that getting better now. It usually slows down in the winter time though. Right. They like to fight more in the spring and summer. So there's, there's that as well. [00:48:23] Speaker A: Okay, so let's circle back here. I guess I'll ask first of all from you guys have made some great purchases on, on the fuel side here this spring and this summer. You guys have done a nice job on, on that side trying to buy the, the dips, which makes sense. But you guys have made some good calls. Are you fertilizer fuel, are you leaning more neutral right now price wise? Do you think farms need to dig in and do some price discovery? Yeah. Where, yeah. [00:48:59] Speaker B: So we, you know, initially when that fertilizer urea prices came out around I'll just say 750 a ton. We were hesitant just because that previous urea tender was for 1.7 million ton and they got offered 6 million ton. But then once, once things sort of settled down, we kind of were like, you know what, we should take advantage of this. So you know, we recommended guys getting to at least 50%. One thing, one thing I would say though with, with marketing in this environment is that if you're, you know, we were kind of trying to kick the can down the road as much as we could. But at the same time, you know, if you can buy 750, you know, urea and you could probably sell new crop canola, it's probably around 17 bucks at the time. That's a pretty good hedge. Right. So we, you know, a lot of, a lot of guys do use this crop to buy, you know, the next year's input. So that was just a nice natural hedge where we're like, hey, we can make this work. And, and that's the kind of, that, that was the defining factor for, you know, to, to buy the, to buy some fertilizer and to sell some grain at that point in time. [00:50:12] Speaker A: Yep. Yeah, I like that. It's, it's very, in western Canada for fertilizer. It's really quite tricky because all of a sudden nothing matters except for the calendar. At some point it just says, well, this is going to go up now every week for the next four months because, yeah, spring is coming, so. [00:50:30] Speaker B: Right, yeah, exactly. So as far as far as, as far as fuel, I mean, that one's, of course, so tied to that straight. But I, I, I still think there's a lot of motivation to get that straight open. [00:50:43] Speaker A: Yeah, I can't keep up, but the latest here this morning was something about Iran controlling the inflow of vessels or something like that. [00:50:52] Speaker B: Yeah. Anyway, there's motivation to get it open, I'll say that. [00:50:56] Speaker A: Yeah. Yeah. And I'll just add that even with all the chaos, with everything going on around, there's still good times to make good decisions. [00:51:09] Speaker B: Right, right. [00:51:10] Speaker A: Like with, with the chaos, if you can just breathe, you know, figure out your plan and then prepare to execute, you can still do that. [00:51:18] Speaker B: So I, you know, you know, a lot of times, especially in grain markets, volatility can be your friend. I mean, you've marketed a long time too, when nothing is happening. Like, like ask a lent, ask a lentil grower if he would like to see some volatility. I'm sure he would love to see, I mean, 24 to 26 cent lentils for a year is not a great marketing opportunity. But if it would have went from 18 cents to 35 cents, I think they would have taken that all day. Yep. [00:51:48] Speaker A: Yeah. Volatility gives opportunity. Sure, you can get burnt as well, but I'd much rather have the volatility for sure. [00:51:58] Speaker B: I agree. [00:51:59] Speaker A: All right, Dave, what, what are we missing here? What else do you want to add to the conversation? I have predictions in here. You've got, do you want to do another stock market prediction or. Good on that one for now. Well, 8,000 happen first. [00:52:16] Speaker B: Yeah, it's, it's, it's gonna happen, you know, and it could happen here, you know, as, as quick as Next week. But does it push through that? That, I don't know that, that one. I, I, I do think, I do think it will push through it. I think it's going to be an interesting, interesting fall. But of course, we have that U.S. election, that midterm election in November, and so policies are going to be driven heavily towards investment and you know, as such in the United States. So I think, I think they probably could push through that. Yeah. I mean, the straight, you know, the straight is a, I think there's motivation to get it open, but it's not going to be easy. But in the same breath. Yeah. Like my, my, I guess my, my predictions is that I think El Nino is going to have an impact at some point in time and that's six [00:53:09] Speaker A: months out and we haven't talked on the, in you yet, so this is great. [00:53:14] Speaker B: No, right. And I, I think nobody's trading it and it's, it's, it's such a strong system that it's gotta, it, the chances of it having a major impact on props is pretty high. [00:53:32] Speaker A: So strongest El Nino since. I think I, yeah, I think I wrote 1877 down or something like that. [00:53:40] Speaker B: Yeah. [00:53:42] Speaker A: And the impact coming into, like the spring of 27 being more of the major, again, I don't know, weather stuff, but it may peak later this year. But that doesn't mean that it starts to come down right away. [00:53:58] Speaker B: Right. [00:54:00] Speaker A: From an El Nino perspective. But there's also concern about the flow of vessels through the Panama Canal because. [00:54:10] Speaker B: Oh, yeah, right. Yeah. [00:54:12] Speaker A: There's talk of five or six major shipping lanes being closed for different reasons. But the El Nino being one that could come in here, like, that's just global. [00:54:26] Speaker B: Sure. [00:54:26] Speaker A: Chaos. If that happens. Yes. [00:54:28] Speaker B: Yeah. It, it's, it's just, I don't, I, I think we are going to see an impact. Right. And again, we don't have to know the exact impact. It's just, do you have the bias that's going to happen and all? I mean, everything I see and read and follow, yeah, it's going to have an impact, but it's all on future, you know, six months from now. [00:54:51] Speaker A: Mm. It, India, like El Nino has dry weather pattern concerns for, for India. India is obviously a huge influence on what could happen in, in grains and in pulses here Australia comes into play. Portions of Brazil, you know, some areas are okay, get a bit more moisture, but some areas really, really dry out. There's a lot here. And so, and that's one reason where my crop marketing may be a little quieter Right now, manage my cash flow, manage my space, but being a little quieter, just seeing what develops. And then throw inflation in there, throw in fertilizer availability or access, like. Yep, there's a few things here, Dave. [00:55:44] Speaker B: And, and, and one of the areas that gets hit the hardest is like Southeast Asia, like Malaysia and Indonesia, which nobody talks about the palm oil market anymore. And if you go back 10 years ago, it's, I mean it's still, I think the biggest. We used to talk about oil markets always talk about. Right. And nobody even talks about palm oil anymore. And it's the world's largest vegetable oil market. And so, you know, Indonesia is going to be 50, which that's going to pull a few million ton out. There's a lot of governments is basically taking over and stealing plantations over there, which is sort of insane. Which, you know, a government run plantation doesn't produce as well as, you know, you know, a farmer is actually focused on it private. Right. And combined with. They go dry in that situation. And the palm oil crop is always predictable six months out. So it's still a ways away. But I mean. Yeah, it's just there's so many things out there and none of this, the total opposite was happening last year, right. Where we were getting tariffs and we were getting trade talks and we had big crops. Right. Big crops around the world. Everybody had globally massive crops. It's a totally different scenario. I think the market is just kind of still trying to figure it all out. But if. I think it's one of those situations where you can just, you know, sometimes just, just be patient and let's just play it out a little bit here. But when you do make some sales or some, some things on these rallies like hedge. Hedge it with a purchase. [00:57:21] Speaker A: Yeah, yeah, that's. We haven't been thinking that way either, you know, much the last couple years. Right. Yeah. You know, we staying quiet on the buy side for sure. [00:57:31] Speaker B: You know, you. If we look last year and if you could have, you know, close to $17 canola and 750 fertilizer, you take it all day. [00:57:38] Speaker A: Oh yeah. [00:57:38] Speaker B: Yep, yep. [00:57:40] Speaker A: 100. All right, Dave. Well, you're going to be on another show here in a, in a couple weeks. So let's give Dan Eberhardt a little bit of love here as well. What day is that Growing the Future episode? [00:57:53] Speaker B: Good question. I think it is next week. [00:57:58] Speaker A: See here I should look. [00:58:00] Speaker B: I think it's the 12th. I don't. True. What day? Next Wednesday. I'm not sure when Dan publishes it. If he's putting it out that day [00:58:06] Speaker A: or usually you got to get in there live folks to get the. Get the. As it happens. And then Dan usually turns True. Yes, in a day or two. But if you want the instant, you gotta go over to growing the future and. And get that instant access. So go and register for that when you get a chance. All right, Dave, I really appreciate you making your debut here for what the future's anyway. Certainly appreciate the time we kept you over here a little bit today, but thanks so much for joining me. [00:58:33] Speaker B: Okay. Yeah, appreciate it. Okay, thanks, Ryan. [00:58:36] Speaker A: Take care. [00:58:37] Speaker B: Yeah, you bet. [00:58:39] Speaker A: Great, great, great, great conversation with. With Dave here. And it's funny because I bumped into Dave at. At Egg in Motion. Like you're. It's the second day you've seen a pile of people. And I think I was just like standing almost like in a daze. End of the day, it's after hours and I was like rolling up like a. Extension cord or guy just like hits me in the. Gives me the elbow and I look around. He's like, Dave Norris. I'm like, holy smokes. So that was really, really cool to bump into him. And I was like, Dave, you got to come on the podcast, man. Like, I've been trying to get you on. I screwed up the one time, but I'm sorry, I want to get you back on. And he's like, I don't know, I don't really want to be on podcast, but yet he's on a bunch of podcasts. And we appreciate it because Dave's a wealth of knowledge and as you can see from that conversation, you know, one sharp cookie that, yeah, could be on. On your crop marketing team. So big thanks to Dave Norris for. For joining us. Also, one last one. We're going to talk about this, but I forgot to. Dave has a podcast now. You have to go a little bit into the archives. The. The best place to maybe find this could be on his website, NCCEGG CA Podcast. It's called Jackson Unmasked. If you're like an old school hockey fan, it's. It's Dave talking to his. His dad who played in the. In the show. Played in the. In the wha. World Hockey Association. And I haven't listened to all of them. I listened to snippets on a bunch of them here over the last couple days. But if you like old school hockey talk and story sharing, this is. Yeah, it's really, really cool. So. Man, I don't. 2018. Yeah, he's got these started in 2018. I was deaf. I don't think I was listening to podcasts at all in 2018. So this guy Dave's just ahead of the game over there. All right, also, shout out to show sponsor here, Brett Young. Now, the Canola portfolio for 2027. It's coming. It's coming, guys. I chatting with Brett Young the other day and they're working on it getting that next lineup available for everybody to, to take a peek at here for next year. But on social media, we're talking about 7206 and Brad mentioned that it was the highest yielding canola on his farm in 2025. And that got me excited because of course now the canola is out of flower and looking really good. Could use that little rain to finish things up that many of us are hoping for. But we are quite excited here for our Brett Young, our 7206 in 2026. So we'll see if Brad, if we can keep it going here and make it the highest yielder on our farm as well. Of course you can check out all things Brett Young at brettyoung CA and much more coming from them here in the next few weeks. All right, crop marketing prices, folks. Man, it is, it is dull out there. Peas are dull, lentils are dull, oats are boring. Man, oh man, like I struggled. I, I saw like a little glimmer of hope on September feed barley, that's. That is about it export program. So export feed barley showing some signs of life. Still below the highs that were posted earlier this year, but getting closer. Think only a nickel off. So if you're a feed barley grower, take a peek at that. I also, I guess in this section for, for now because I didn't bring it up earlier. Yeah, prices like I got, there's the odd old crop special out there but man, nothing really jumped off the page here, guys. So I'm sorry for this week. Not much there and I a little behind on my input price discovery as well. So what I want to throw in here, some chatter around protein spreads. And it is actually in the marketing plan checklist here. This is a guide we give out at the conference. It says third from the top, check wheat grade protein spreads with your local line companies. Okay. And oh yeah, I do have that in eating your veggies. So I guess for segue we're going to do a bit of a segue here into eating your veggies. So number one, check wheat grade and protein spreads. Now there's chatter around like protein spreads and is there going to be a premium or not, and so on and so forth, blah, blah, blah. It's like globally, I don't know if there's anything that's really stood out. There was some chatter in the US of some higher protein premiums coming into play. So there was a little bit of that. But I don't know, it doesn't. I don't know globally if anything's really changed here to really raise protein premiums or, or anything like that. Okay. But what I do want to say is that it is important to check your spreads right now, because what many farms don't know is that you can convert your contracts. So let's say you locked in a number 113. 5. Most companies, I'm sure there's a few, a few sticks in the mud on this one. I'll have to find that list and get back to you guys on who that is. But you can convert your, your contract. Let's say you did a 1135 and you called your local elevator and you were like, you know what? The, the spread to from a 1 to 3 is only 20 cents a bushel. Isn't that usually 60 cents? Let's say hypothetically that that was the scenario. You could say, you know what, instead of a113.5, make that thing a 3135 for me. And they will convert it. Some companies will do it once. Some companies will allow you to do it more than once. They don't like you to know that, though, and it gets messy with spreads. But you could convert that. Or, or let's say you're sitting there saying, man, my wheat crop is late. Or like our, you know, our pal Jerome here out of Crooked Creek, he got a little frost event on his farm earlier this week. Like, let's say Jerome sat there and said, man, I'm worried about quality on this wheat crop. Now, he's not saying this is hypothetical. It did get frosty. But the rest is hypothetical. He could say, you know what? I'm going to convert my contract. I'm going to grab that spread because it is better than usual, and I'm going to grab that and move it over. Same thing with protein. If you sat there and you're like, man, they're hardly discounting for protein right now. I could move this thing from a113.5 to a312 and, you know, face, you know, a minor discount. You can do that right now. So you may not be seeing, you know, protein premiums come out, but more importantly, you may be seeing an opportunity to lock in a better discount schedule. So yeah, and you may even just take it on speculation because if you take a, if you take a 1, 135 and you go and you move that down to a 213 5, and let's say you did that for 10 cents, that's pretty normal. Or 5 cents, let's say 10 cents. And then the spread changes. For some reason, there's not as much number one out there. So they pay a 20 cent premium and you produce a one. By some way, somehow you produce a one, you deliver. You would get the 20 cents you've taken. You took off 10 cents when you, when you changed it from one to a two, but then you delivered a one and it moved to 20 cents you gain, right? So you gain that extra 10 cents. So anyways, guys, you know, you might be saying that's crazy, Ryan, you know, why, why bother? But hey, I've seen it in the past where people have done these moves and it has worked back to 50 cents a bushel. And in wheat, I don't know if every penny counts, but it sure feels like it does. So anyway, it's up to you. You can do some checking on that. Number two outstanding targets. You have targets out there. Have they hit why or why not? Okay, how close are they to hitting and how important are they for your for your fall delivery plan? Because we're sitting here, it is August 5th in the evening. It is very much harvest from a price perspective because it is absolute dog crap out there when it comes to pricing for many of our crops. We may not be physically doing the act of harvest, but the prices are sitting there saying, yeah, we're just waiting for harvest. All right, so your targets, how important are they to you? And if you need these things to become contracts because you need the cash or you need the space, it's time to update that target and figure out a strategy around that. You know, I talked to a farm this week about fall delivery and it's like, how aggressive should I be on fall delivery? I want to be really aggressive. Like, yeah, great, be really aggressive. You can be as aggressive as you. As you need to be or want to be. It's just to figure out that next strategy to participate in upside. We're not too worried about downside if you're going to be aggressive, but how are we going to participate in upside? And that's what we need to figure out. Move all your grain. I will lose no sleep if you move all your grain. I just need to know what are we doing to participate in upside later on? All right, anyways, outstanding targets. Get it together, guys. Get a plan going. And last one, just get organized, right? Organize your contracts, you know, put them in order of delivery. Again, harvest profit. Great tool to do this in, but put your outstanding or, pardon me, put your. Organize your contracts in there and then just spin that into again your harvest plan. How is that all feeling? Here it is, August. I already told you, I'm working on the harvest playlist. I'm half done the darn thing. That means harvest is around the corner. So it's time to get organized on your contracts and then spin that into your harvest plan. All right, folks, that's it for this week. Again, thanks for hanging out. Send in any feedback. Ryan with the futurespodcast ca of course this recordings has been completed here Wednesday evening and I should do a quick market check for you. Why not? Hey, because it's been a bit of a rough one. We've got down three bucks this evening after an update and we got wheat down a couple pennies here as well. So a little bit of red on the screen here for Wednesday evening. Now this could change by the time you listen to this podcast, so just keep that in mind. That strategy can change and prices can change as well for the what the futures podcast. My name is Ryan Them, and you guessed it, I'm out of here.