Episode Transcript
[00:00:00] Speaker A: Fertilizer talk, folks. You guys love it. You love fertilizer talk. So I got the guy, the big kahuna, the big guru of the fertilizer market, Josh Linville, joining me in episode 103 to talk all things fertilizer for prairie farmers and beyond. I can't wait. Let's get into it, folks. Episode 103 right now.
[00:00:21] Speaker A: Hey, folks, welcome to the what the Futures podcast, your quick guide to better farming decisions.
[00:00:34] Speaker A: All right, folks, so welcome into episode 103, recorded in the UPL studio each and every week. And actually, after recording today, we do a little tear down. Little tear down of the studio, of course. We're heading to Moose Jaw next week for the Crop Marketing Made Cool conference. Thanks to everybody that bought a ticket and is coming out next week. I certainly look forward to seeing you at the Crop Marketing Made Cool conference. But we do a little tear down because I like to the stage at the conference. I like to replicate or bring out the vibes of the studio. So we're going from UPL studio to live from the UPL stage next week in Moose Jaw, Saskatchewan. Again, UPL appreciate you stepping up and helping support this great event for Western Canadian farmers, helping them manage risk, helping them learn. Yeah, just being a part of this great event next week. All right, we've got a packed show today. We've got Josh Linville with Stonex joining me here.
Later on in the show, you know, you, you reach out to folks, you line up guests like nobody just arrives and says, well, the odd time someone says, hey, I'd like to come on your show, most of the time when those come in, you shake your head and say, no, thank you.
But for me, I reached out to Josh, said, hey, would you, would you be interested in coming on the what the Futures podcast? And instantly he's like, yeah, let's do it. Send me some dates and times and we'll rock and roll. I said, I'll get back to you later that day. I didn't. The next day he messaged me again, said, hey, dude, let's do this. When are we doing it? Let's get some dates and times on the schedule. So I didn't expect to have the guy, the fertilizer. I don't know, can we say fertilizer like Messiah, like the fertilizer guru, the big kahuna. He's the guy, right? He's the guy. So Josh will be coming up here in just a minute. Yes. We get to some sensitive topics and we'll leave it to that all right, so I'm recording this the day prior to the StatsCan report. Now the day of the stats can production report is December 4th. So by the time you listen to this, it was yesterday or a couple days ago. All right, but we have, and before I get to this, I should say Tyler Yuk will be joining us as well shortly from the Nation network.
Nation Network Oilers Nation every day.
Check those out on YouTube. But he'll be popping in here in just a few minutes. So anyways, by the time you listen to this, this is old news, but we have, this week we have what I call.
[00:03:21] Speaker A: The closing of a crop marketing window. Now I'm taking a bit of a bold chance by making the statement on Wednesday because I don't know what the report's going to, to give us. I have the estimates in front of me. I don't know what the report's going to give us. But even with all that being said, I'm still going to put, put it out there that a crop marketing window is closing. Maybe not for feed grains. That window I think continues to maybe grind higher a little bit. But I'm talking about canola futures, canola prices, wheat prices. I throw some of the pulses in here as well. Some lentils, some peas, yellow peas specifically. I think oats will be a bit of a struggle here as well. What I'm talking about folks, is that you have this crop marketing window, this post harvest crop marketing window that basically happens right after harvest. The markets rally. You find yourself in a pricing opportunity window. I've mentioned this, the last number of weeks that we were in a window here in the month of November, we had a futures rally, we had price rebound from, from the harvest lows. But moving forward, guys, moving forward, it can get, it could get into the winter blues here. A little bit of the doldrums when it comes to crop marketing. You can have prices start to start that next decline lower. Sometimes, especially in years of big production, often we go and find some lower lows, lower than harvest lows between now and spring and then spring comes, things happen. You have a new production cycle and away you go. You can, you can get many different rallies. What changes this, what can have an impact on this is if we do have a South American weather scare, then that can rally this market. We got lots of crap going on geo from a geopolitical side. You know, Putin's messages this week were quite aggressive against Ukraine. Things like that can happen. Some of that can influence markets going higher. But I need you to be very Very sharp right now because in my opinion, as this report drops on Thursday, there good chance that a window is closing and it will reopen when? I don't know. But that's why we've been aggressive the last number of weeks here. All right, all right, let's get into it here. I see Tyler has jumped into the studio this week. Tyler, your R Chuk. How's it going, buddy?
[00:05:44] Speaker B: I am, I am doing good. Caught the tail end of that. That Putin guy, he's always up to something.
[00:05:49] Speaker A: Oh, man, his. He was aggressive this week, so I don't know what it means, but hopefully, hopefully he backs off here a little bit. So.
But what happens? He puts out a message and then, you know, Russia, Ukraine, big players in global wheat markets issues, concerns about shipping, freight risk and our wheat prices rally. So it's weird how you can sit here in Alberta and say, well, if he says one more aggressive thing, I might gain 30 or 40 cents on my price. But sadly, that is what happens.
[00:06:21] Speaker B: Yeah. The layers to what you talk about, it's cool. Crazy. Even though I just heard like a two minute snippet of it. That's wild.
[00:06:26] Speaker A: We, the messaging here is, is from a business perspective. We had a window to, to take advantage of on the sell side. And now we enter, we enter this extended like Christmas break where often, you know, the price for your commodity that you've grown is, is down and getting lower and then you wait for that next bullish upside story and it takes time. So anyways, Tyler, how. How's your week going? I know you're a busy guy. How's the week going?
[00:06:54] Speaker B: It's. It's going pretty good. It's nice to have the Oilers back on, back on home ice. Obviously in a little home stand here. The games are all at normal start times and whatnot. So it's, it's been solid. Aside from the snow. I'm living good.
[00:07:06] Speaker A: And we, we actually watched a hockey game or two. You know, like, we actually watched a hockey game or two. Like real hockey being played. A 4 nothing victory on the weekend over Seattle and then, yes, a one nothing loss last night to the Wild, but a heck of a goaltender. And it was still a game. Like it was a hockey game. I enjoyed watching most of it. Did I want them to be more aggressive at times? Sure. But it was, it was a game. Right. And I'll take that compared to the last couple of weeks prior.
[00:07:37] Speaker B: So I think they're starting to show signs that a hot streak could be coming here. And it's really not something I was kind of saying maybe a month ago and. But even if you go back, that eight, three drubbing at the hands of the Dallas Stars was horrendous. Like I'm, I know that happened over the stretch of games I'm about to talk about and that was really, really bad. But if you go all the way back to November 19th, they lost 7, 4 to the Washington Capitals. Two empty netters in that game. It was a one goal game where they didn't get a save, but they played really well. The next night they go into Tampa playing the second of back to backs and they played great. A little unlucky to not win that game in overtime with the save Vasilevsky made, but that's another really good game. They go into Florida, final game of a long, grueling road trip. They beat the Florida Panthers, outplay them substantially. And then the Dallas game.
[00:08:21] Speaker C: Sure.
[00:08:21] Speaker B: But then the two you just mentioned, like five of their last six games have all been really, really positive building blocks. So if they do go on a nice run here leading up to Christmas where they win a bunch of hockey games, it might feel like, whoa, they snapped out of it all of the sudden and out of nowhere. But the building blocks I think have been put in place the last number of weeks here.
[00:08:40] Speaker A: Yeah, yeah, for sure. I agree with you on that one. Do you think I saw a comment somewhere about practice time that they needed to get some practice time in to change some structure around? Like do you think there's any truth to that, that they actually just needed some practice time or is it just the, the players are playing hockey again?
[00:08:57] Speaker B: No, I think there is a little bit of truth to that. Like you even go back to like the gaps in the season through October and November. I'm just double checking it right now where they've had three days off in between games. They didn't have that once in October after the regular season began.
Time they had it in the early stages of November was after a game in Dallas. So the fifth that like they wouldn't have had three full days. The fact that they had three full days off after that Dallas game and they were at home and they didn't fly to Seattle until the third day there. Like that means something here especially, you know, you have some injuries, you have some guys moving around in different spots in the lineup and you're trying to correct issues in your game. Like it's difficult to do that on the fly when you're Chris Knobloch, when every night after a game on the road, you're landing in a New City at 3am the next day is a write off. The next day is your only off day before the next game and the next city the next day. Like it's just a lot. So I think the schedule easing up here and giving them one days off and now finally a handful of games at home where everyone's sleeping in their own bed, you're not getting on a flight after the game. It does mean something.
[00:10:00] Speaker A: Yeah.
[00:10:01] Speaker B: Yeah.
[00:10:02] Speaker A: Do you think that, do you think that the home schedule and the next few weeks, do you think all the talk about Skinner or Pickard, is this all just going to settle down until the new year and, and we're just going to, you know, let everything quiet down? Or do you think that the. There's a trade happening for the Oilers before the. What do they call it, the Christmas freeze?
[00:10:25] Speaker B: Yeah, the roster. Yeah, Christmas roster freeze this year is on like the 20th or maybe the 22nd. Whatever day it is, the rosters do freeze for a week. I don't think the Oilers are going to view that as any sort of a deadline. I do think that there was a point last week where things maybe got like after coming off that Dallas loss, I think frustrations were really high inside the organization and I think they were starting to more aggressively, maybe make some calls. And I think Pittsburgh, Kyle Dubas, the Tristan Jari thing, that one was probably the number one spot to look if we're talking about hypothetical deals, but I think that's cooled a little bit. And as much as this maybe isn't the right approach, I do think they're on a little bit of a game to game run here. Stuart Skinner has been excellent. Now he's in back to back games. He's bought himself a little bit of time. Like, I don't think they're itching to trade Stuart Skinner now, especially if they think he's going to enter a run of a little hot streak, which he's done in the December, January months in years past.
Calvin Pickard is still the one to watch for me. I think that win over Tampa Bay or, sorry, the OT loss against Tampa Bay where he played, unbelievable, that probably bought him two more starts. The only other time we've seen him is when he came in for relief of Stuart Skinner. And I won't hold a guy to the fire for not playing good in a relief appearance, but he'll get a start or two on this home stand and you know they have another road trip coming up if things go poorly. I think we could see Pickard go down before that roster freeze and Connor Ingram come up. But for now, I just think every good game that these goaltenders give you, Stan Bowman's probably breathing a pretty heavy sigh of relief because it's just like one more day where I don't need to do that. Pickard for Ingram swap.
[00:12:00] Speaker A: Yeah, fair enough. So I'm looking at the standings here in Daily Face Off. We've got the Flames in last place in the, in the Western Conference, the Canucks in third last. The Jets, Winnipeg jets are below the Oilers in the standings here as of recording as well. Like if I'm, you know, the Prairie Farmers, the teams they root for here, do you expect any trade activity from any of those teams leading into the roster freeze?
[00:12:25] Speaker B: I mean Calgary is an interesting one because like they're one of the few teams in the NHL who seem to have resided to their fate of like we need to be sellers this year. So you're looking at a guy like Rasmus Anderson who's just an absolute lock to get traded. It's a matter of where and when, not a matter of if. In Vancouver, very similar boat key for sure would pending ufa. I think that's maybe a guy who you could see move sooner rather than later. Is it before the holiday roster freeze? I, I, I don't know because it, it takes two to tango and it would take a team who's willing to give them a first round pick plus for a guy like key for Sherwood. And I don't know if there's a team out there willing to do that right now. So I don't think anyone's jumping to make a deal. Winnipeg is an interesting one. You know, they, people aren't really talking about them nationally at least in the same breath that they're talking about the struggling Oilers. But like they're not going to have Conor Hellebach until some point in January. Who knows if it's the later stages of January, it might even be the beginning of February. Like he's going to miss significant time with that operation and they just need to try keep their head above water, which they have not been doing a good job of since he went down. And this isn't a slight on Eric Comrie or I believe Thomas Millich is the goalie they called up from, from the Manitoba Moose. Like Eric Comrie's most career games he's played in a year is 20. They're probably asking him to play 20 over this stretch with Hellebuck gone. Like if the jets can't Keep their head above water. They could be in a really, really bad spot once, once Connor Hellebuy gets back into the mix.
[00:13:51] Speaker A: Now I'd say, like you look at the wild card spots on the Eastern Conference and the Western Conference, I would say, like, there's a lot of teams in the mix here. Sticking to the Western Conference. You've got the Sharks and the Seattle Kraken in the wild card spots today.
Do you expect them to be there at the end of the season? Or like, are you. Do you think the Oilers or the jets or somebody else can work their way up these standings?
[00:14:17] Speaker B: I'm not a big believer in San Jose. I think it's one year too early for them.
Seattle.
I think the biggest mistake Seattle's made is like continually trying to just get in as the eight seed. I think they would probably benefit from just not ripping it down to the studs, but trading away some pieces, getting a couple of good top five picks and trying to do this build up the right way.
Chicago though, Chicago's the one I believe in. Like, Connor Bedard is having an unbelievable season. He's vaulted himself up into that star superstar sort of status in the NHL. But it's not just him. They are getting legitimate Vesna caliber goaltending from a guy like Spencer Knight on the blue line. They have so many good young blue liners that I don't think just the casual hockey fan is fully like, gotten to know yet. Alex Vlasic. He's not going to be an Olympian this year for Team USA in 2028 when we're going back to the Olympics, he's going to be a lock on that Team USA blue line. They have Lev Shunov, who is the top five pick. Sam Renzel is one of the best young defensemen in the game. Like that Chicago team is really close to being complete. And who they remind me of is that 2017 Oilers team that ended the decade of darkness where it was like, whoa, this is a coming out party for Leon Draisaitl and this is Connor McDavid kind of, you know, really cementing himself as one of the game's best players. And where they made a mistake was at that trade deadline where the only move they made was bringing in David De Harney like a fourth line player. And they had money, they had assets and they didn't want to spend because they kind of went like, we're early in the rebuild. We don't want to waste future picks and all of this stuff. And then they made it to the playoffs and it's like, man, they, they maybe go on a deeper run. Maybe they beat Anaheim in that game seven. If they would have gotten more aggressive at the trade deadline. And then it's funny because then they overreacted to losing in the playoffs that summer and everything kind of went to again for a couple of years. But for Chicago, I, I think their gm Kyle Davidson should get aggressive. I think he should add to that team because I think they have a legitimate shot at making the playoffs this year.
[00:16:11] Speaker A: Not that I get too many chances to pull David De Harney, his name out to, to flex here a little bit, but my wife's cousin is married to David De Harness cousin. So they're, you know, we're not quite family, but we're darn close. I would.
[00:16:26] Speaker B: Yeah, yeah.
[00:16:27] Speaker A: So, yeah.
All right, man.
Now one more hockey thing. So folks, if you're, if you're listening to this, if you're an Oilers fan, number one Tyler and the Nation Network, they take these wonderful vacations. Is the Vegas trip sold out yet?
[00:16:43] Speaker B: No, I think on double occupancy. We have eight more spots left on that bad boy, so you can go to. Thank you for giving me a chance to plug this nationgear ca. We stay at the Circa Resort, which is on Fremont, which is unbelievable if you have a second look up circa Stadium swim and the pool and sportsbook setup they have there. The TV is like a thousand feet. I'm not even exaggerating. Like, it's massive. So it's a really, really high end, brand new resort in Vegas or relatively brand new in Vegas. We go to the game together. We're sitting in a lounge that has unlimited food and beverage as well. So when you look at the cost, if you're like, man, it's a little high staying at a high end resort. Food and beverage covered at the game. Your hotel, your flights all included. Your transportation tune from the airport in Vegas is covered. Your transportation to the game is covered in Vegas. So we just kind of COVID it all. All you need to do is click a couple buttons on Nation gear and then show up at the airport in March. So I'm really excited for our second nation vacation of the year.
Nice.
[00:17:37] Speaker A: I. My wife just, she was in Vegas a few weeks ago and she stayed on Fremont as well, but at one of the shadier hotels. And when she came back, she said for our first trip away from the kids, we've only been away for one night from our small kids. She's like, we got to just do Vegas. Like she had a Great time. Loved Fremont Street. And I was like, well, there's an opportunity, hon. We go check out an Oilers game, too, while we're there. So, anyway, so fingers crossed I can pull that off here. Maybe for Christmas.
All right, Tyler, last thing for you today. Do I have a legitimate beef with Chris Chalmers in the fantasy football league? Is do I have a beef, A legit beef here? Should I at least let this slide?
[00:18:16] Speaker B: No, I think you have a legit beef because I think it's so funny for Chalmers to go on a podcast and accuse you of being one of the guys who's, like, not checking and not trying or whatever when, one, you have the same record as him, I believe. And two, Chalmers is the guy who rarely ever shows up to the Real Life podcast, even though it's part of what he's supposed to be doing. And more often than not, when he's on the podcast, forgets to do his one job, which is to update us on the fantasy football league. So for him to be calling you out is absolutely ridiculous.
[00:18:45] Speaker A: When he called me out, like, I'm the worst team in the league today, so I gotta. I have to be a little bit quiet, too. But when he called me out, I was in second last place, and we had the same record.
And, you know, I think. I think with him, I. I want to throw a challenge out to him. Maybe Christmas is coming, maybe just a. A friendly wager of something to put in. In the. The spirits, the liquor cabinet for the holidays. But I believe that we're going to end with the same record. I'm still going to lose because I have less points, so I am going to be relegated. But I believe if you see him tomorrow, you tell him Ryan's betting you something for the. For the liquor cabinet, for the holidays, that he's going to tie you and at the end of the season. But if you see Bag Melt, he's got to set his roster because he plays Chalmers. So as long as Bag Milk sets his roster, then I think I've got a chance here. So.
But yeah, I was like, what is he talking about? I'm in the mix with, like, six other teams here, and I think I made 30 waiver moves. Like, okay, was my GM skills, are they a little weak right now? Okay, fine. But, hey, I'm trying. I'm showing up every day. I'm making the phone calls. So anyway, 30 is a lot too.
[00:19:53] Speaker B: Like, that's way more than whatever Bag Milk's done, too. So I don't know. I don't think you deserve to be relegated. So I'll. I put it in the prep sheet from. For our pod tomorrow so we won't forget.
[00:20:02] Speaker A: All right, buddy. Thanks for coming on the show this week. You know, I probably won't see you between now and the end of the year, so. Have a great Christmas, man, and look forward to chatting again here when the calendar rolls to 2026.
[00:20:12] Speaker B: Yeah, you too, man. Obviously, having young kids, Christmas is a real fun time for, for you, I'm sure, so enjoy every every day.
[00:20:18] Speaker A: The elves are out every every day now, so.
[00:20:20] Speaker B: Yeah, I don't envy you at all. Anyways, we'll chat with you in a month.
[00:20:23] Speaker A: See?
[00:20:27] Speaker A: Well, always fun to talk a little. A little hockey, a little something different than. Than markets with my buddy Tyler. Now check him out. He's on a pile of stuff. I have no idea how he. How he keeps up with it all, to be honest. They. They put out a lot of hockey content each and every day.
Just put them in YouTube and this stuff guarantee will pop up. All right, I want us to just get back to the crop marketing window here. So I do have the, the, the estimates for, for the. The stats can report in front of me just to talk about how these numbers could compare to. To history. So we'll see if I can pull that up here as. As we're recording. But these, these numbers come from Karen Braun off X, I believe.
I don't want to miss speak. I think she's changed to a different organization now. But anyways, Karen puts. Has great work, does a great job. So. So her.
I'm just going to pull up metric tons here. There we go. Okay, so 2025 production. Okay.
And I don't know if I have all my crops pulling up here.
Let's go with all wheat. Yeah, there we go. And I got to go back. I got to get 2013 in the mix here for this because 2013 was such a big year. Okay, so just some context here for us. So, so let's. Let's start with an easy one. So barley. Barley is expected to come in at 8.9 million metric tons, a range of 8.7 to 9.2.
All right, so when was the last time we grew 8.9 million tons of feed barley? Or pardon me, of barley malt barley's in here as well. Well, that number's. That year's 2023. And we grew just about 10 million tons of 2022. We've grown 10 million plus tons a couple of times. 2019, 2020. All I'm saying is the barley number is completely fine. All right? Even at 9.2 is completely fine. So the pricing window for barley, as I said earlier, not to me, it can. Can continue to grind higher. It's not closing, but let's go and grab a big one here. Let's go look at Canola, for example. So you got an estimate 21.25. So 21.25. The last time we grew a canola crop that size was once before.
If this number is true, we don't know if real numbers come out tomorrow. Right. Or as of recording here tomorrow. But old news, when you actually listen to this.
So 21.25, 20.8 to 22 million tons. Well, we only grew 21.25 or greater once, and that was in 2017. 21.4. A lot of 18, 18 and a half. 19 in here. 21.25 is the estimate. 22 is the highest estimate we'll see. But on the canola side, and the market was already responding today, down 15 bucks a ton. You could be entering a time frame here if a big number gets printed or did get printed this week, that we are, you know, closing a pricing window and we will reopen another one, another day, but again, entering big cash flow months, big time crunch, months to get work done, things like that. It's a big number. It's an important number.
So just something to think about there. All right. We've only done it once before and potentially, in my argument would be, I believe we're going to print the biggest number of our history. That. That is my. That is my expectation. Recording this before the report comes out. We go down to. Let's go to wheat. Let's go to Durham. Durham, Wheat here. I got to pull Durham into this chart. So just let me. I gotta add some crops. When they.
When you pull up the chart originally, it doesn't always have.
Pardon me, have all of the.
So peas. I gotta select some peas in here. Put a little bit of rye in the mix here as well.
Canola is one of those crops that we wanna be a bit cautious around that number. You throw in slow exports on there, which we did sell more to Europe and more to Japan.
But the China, China being out of the market is starting to have a bigger impact.
All right. Oats, oat estimate, 3.66 million tons. Again, 20, 22, 5.2 million tons. 4.2. 4.5 and 19 and 20.
It's not a big scary number. It's a big number. A bigger number than the last couple of years. But it's not a super big scary number for oats. The oat market, yeah, probably slides a little bit here as well, but it's a bit more manageable. We've grown something in this, in, you know, out of the last 15 years. It's probably the seventh largest crop or something like that. All right, peas, 3.97 million ton. Well, that's a big number. The last time we grew that, man, we pulled off big crops in 19 and 20. But you'd have to go back to those years. This would be the fourth largest crop, pardon me, sixth largest crop in the last 15 years. And then you throw in less demand, less export potential with China and the tariff, India in the tariff, that one can get a little bit nasty. I'm, I'm 80% sold yellow peas.
Likely those getting eight bucks in Alberta, moving to 100% soldier. But again, that's a scenario that could get just a little nasty here, especially on the demand side. Lentils. Lots of lentil growers listening into the show this week. 3.26 million tons of lentils.
You know, you go across the last 15 years, that would be the largest lentil crop.
Small greens, large greens.
Those markets certainly facing the most pressure. But even our red lentils, well supplied. Big crop in Australia, again, it is potentially here, you know, the largest crop that a comparison would be 2016. And a comparison for me is, has been 2016 in the futures markets as well. So anyways, from a production side, again, that's a big number, a big lentil number, a big canola number. All right, all wheat coming in, potentially the trade thingy. 38.49 million metric tons last year. 36 million tons. 2020, 35 million tons. All right, 2013, 37.5. I, I believe, and I've said this before, but I believe that we will have the bit largest wheat crop in our history.
And I know, I know that a lot of things have to go right to print that number, that big number. But I think about wheat varieties in 2013 versus wheat varieties in 2025 and it's not much of a comparison there. So that's going to be a big number. The good thing with wheat is that we have tremendous demand, tremendous demand for, we've been, you know, analysts have been telling this to us for years. High protein wheat is in demand. And here we are, we're a high protein wheat grower globally and our wheat in high demand.
Still.
I still think, you know, this number could be, it could even be, you know, heaven forbid, higher.
It's not bullish, guys. It's not bullish. Even though our demand's really strong, it's not a bullish, bullish number.
All right, Durham. 7.15 million metric tons of Durham. Last time we grew a crop of that size was 2016 at 7.7 million tons. You get the point. This would be the second largest crop in 15 years. You know. You understand what that means?
Yes, there's premiums for ones of twos out there, but there's a big Durham crop, potentially the second largest in the last 15 years again. We'll see. So just coming back to this, folks, these numbers get printed, the trade maybe thinks these numbers are true anyway, it might be priced into the market some way somehow, just a little bit. But they, the, the impact is still negative. A pricing window closes behind us and we look for the next one in a timeframe where winter is here, logistics suck. Everything gets a little harder to do from a export shipping side. It just gets more challenging.
And hey, and you guys all have the bins locked up, not selling anything and bills are coming due. So all I'm saying, folks, is be a little bit more proactive.
Have your numbers, have a sharp pencil, know what you need for dollars, and make sure you have that in place in advance.
If you're going to wait. If you need money in February and you're going to wait this thing out, I wish you the best of luck. I don't think that's going to be a great decision at the end of the day if you do that. I'd rather you be more proactive now. Well.
[00:29:30] Speaker A: That'S it for crop marketing talk. So let's turn it over to Josh Linville here of Stonex and we'll chat all things fertilizer.
[00:29:41] Speaker A: All right, folks, very thrilled to welcome Josh Linville to the what the Futures podcast. Josh, welcome to the show.
[00:29:48] Speaker C: Hey, man, thanks for having me. I appreciate it.
[00:29:50] Speaker A: When I sent you a DM on, on X the other day, I didn't, I didn't actually think you would be like, yeah, let's do this. So I really, really appreciate it.
[00:29:58] Speaker C: Hey, I gotta have something to fill the day. We just had a little bit of snow come through Kansas City, so I'm sure not going outside to spend my time. I'd rather be inside doing this.
[00:30:06] Speaker A: Yeah, fair enough. Yeah, we got a little bit of winter arriving. Well, but we'll take it. It's that time of year in Canada, so we'll take it.
So, Josh, I want to start right off the hop here.
I looked up, of course I cheated. I used AI to look this up. But I looked up, you know, earnings and revenue for the last quarter and for 20, 25 for some of these major fertilizer manufacturers. And you know, correct me if I'm wrong here, but they're doing okay financially. Is that a fair statement that on the manufacturing side, they're, they're doing pretty good these days?
[00:30:40] Speaker C: Yeah, they, I think they're going to be okay. I think they're gonna be able to pay the rent and keep the lights on for another quarter. I think they're going to be. And maybe they'll be able to cover a couple salaries. Yeah, it's been a very good time, especially to these North America based fertilizer companies. You know, if you're not in one of these areas that are causing some of these supply demand issues around the world, you're reaping the benefits. You are getting rewarded for having investing these facilities when the margins were not so good.
[00:31:07] Speaker A: Yeah, are we, this is a bit of a loaded question, but are we, you know, the chickens have come to roost here for, you know, for prairie farmers. Like, it's tough going out there. It's tough going, you know, when I look at the equipment side, you know, what's going on with, you know, the auction sales, what's going on at the equipment side of, of agriculture. It's kind of, it's tough going there as well. Is, is that coming for the fertilizer industry now? Are prices going to work lower, you know, farmer or prices available to the farmer, hurting margins and the chickens will come home to roost here. Where are you at on that?
[00:31:43] Speaker C: I'm a big believer high prices eventually cure. High prices eventually being a very, very key piece of that statement though, right. It's, it's one of those things when you look at where we're at today and a lot of people look at the surface and look at the pricing and saying, just like you said, input price is incredibly high, output, grain price is incredibly low.
Why am I getting pinched on both sides of the equation? And we always look out our back door, we look to our surrounding area to see what and why and where.
Unfortunately, a lot of these things that are driving it now, every fertilizer's got its own reason, right? But yeah, a lot of these things are being driven halfway around the world. When I talk about why, you know, nitrogen prices are high, I talk about China, I talk about Russia, I talk about Europe, we talk about phosphate, I go back to China, I mean, unfortunately, it's things halfway around the world with governments that honestly couldn't care what our opinion is on stuff. So it's unfortunately situations kind of out of our hands for the moment.
[00:32:36] Speaker A: All right, fair enough. When you talk about the global, global factors influencing price these days, is there any changes out there? Is there anything that you look at and say, you know what, this has been this way for the last couple of years, but it's about to change, or it has started to change.
[00:32:53] Speaker C: So let's start with urea. I know it's a pretty popular topic for nitrogen. Everybody likes to talk about it. One of the biggest things we've been talking about is China. They historically export somewhere around five to five and a half million ton.
Well, when the whole Russia, Ukraine situation happened and the world thought, hey, we're lose Russian exports, prices started to skyrocket, inventory started to get tight, supplies, you couldn't find them. And the Chinese government, being communist that it is, stepped in and said, okay, we're done, we're going to slow down exports. We're not going to allow this anymore. We're going to keep these tons at home for our own farmers and keep our price lower. And fortunately for the Chinese farmer, it worked really, really well. Unfortunately for the rest of the world, it worked really, really well.
Last year it came to a head 2024. Their exports of euro is only like 262,000ton versus 5 plus million. So everybody's like, why is the price so high? One of your leading exporters cut it drastically.
Well, this year, our January through October data hit 4 million tons. They still got two more months to go. So China feels like it's back. It feels like they're back to being comfortable.
The Russia, Ukraine, war still waging, of course, when we want that to be done. But these talks are kind of hopefully getting better. The European nitrogen production outlook is improving with lower gas prices. So there's getting to be a subtle shift. What I'd love to see is more production coming online. And that's a big topic. That's something I really bang the table and say, North America, Canada, U.S. why are we not building more here where the demand is? But, you know, so far that's fallen on deaf ears.
[00:34:25] Speaker A: Obviously, look at the now numbers wise, margins wise for these, for these fertilizer companies. But is it just the long game? It's a, it's just a tough road to build something new or there's other projects to focus on. Like, you know, the demand is, is here like in, in western Canada later this week.
I expect that the stats can production report is going to say that we grew the largest crop in our, in our history. Like that takes nutrients, that takes more fertilizer to pull that off again in the next year or the year after. So why not the investment?
[00:35:02] Speaker C: Yeah.
The first hurdle is the government. It's the regulation, it's restrictions. Let's face it, both of our governments have been, oh, we want green energy, we want clean energy. And listen, I'm all for it. I'm a big advocate. I want to leave the world in a better place for our kids than what we got it. I'm not saying it was terrible when we got it, but I'm always a big fan of improve things where you possibly can.
[00:35:22] Speaker A: Sure.
[00:35:22] Speaker C: Well, if we need this new production, I'd rather produce it here where we can control the environmental piece of it or we can produce it cleaner than they would halfway around the world.
That's a hurdle because it's seen as, you know, dirty energy. So let's say you get over that hurdle. Well, now you got to talk about money.
Well, to build a brand new facility, you're probably talking 4 or 5 billion US dollar to build that thing.
And I don't have that sitting at the bank. I don't know a lot of people that do. And so then you got the money hurdle that you got to get over. Yeah, we've seen some help from the US Government that's been putting some dollars into it. I know there's been a couple looks up from the Canadian side kind of looking into it, but nothing near enough to help really push it across the line. Be like, all right, yeah, we're going to build this.
So even if you have the government regulation to say yes, you can go. Even if you have the dollars to spend on it. Well, now it's going to take several years from the second you say, yes, I need the money, I've got it in hand, I'm going to build it. You're still talking all that construction time before the first ton goes out the door. What does the market look like in, you know, one, two, three years?
[00:36:22] Speaker A: Yeah, yeah, fair enough. You got to definitely have your crystal ball long term, long term plan there.
What about like in the prairies, we expanded our crushed plants over the last couple years. What about just a little expansion? Just a little bit. Hey, let's go and do a little work here and bump this up by 20%. Like, is that easier said than done?
[00:36:41] Speaker C: It is easier said than done. Last Time we saw that happen on a wide scale was back in 2012.
A lot of the nitrogen producers across North America said the same thing. We're going to debottleneck our plants. We're gonna expand our plants.
It wasn't until 1718 that we finally started to see those new tons come onto the marketplace. So it is not a fast process. It takes a while. It's a lot of money to invest it. And honestly, I don't know this. I've never had anybody say this, but I'm just kind of looking at it from my own point of view.
If I'm a manufacturer already in the space, why would I want to expand production? I like the margins that are where they are. The margins are where they are because supplies are tight. Why do I want to expand this thing, water down for my entire complex? Like I said, I don't have that on any sort of accord. I've never had anybody say those words.
But if I'm in that boat and I'm being very capitalistic and trying to eke out every dollar I can, more production means more supply means lower margins. And I don't like lower margins. I like these big, fat margins. I've gotten used to lower the last few years.
[00:37:44] Speaker A: Yeah. And, you know, if it's. It's. I don't know. I'm sure there's an old saying I could try to pull from here, but, you know, it's just if it's working well, like if. If it ain't broke, don't fix it. And, you know, I wonder at times, you know, when you're dealing at the farm level, when I'm chatting with farms, like, the stress level of the decision, because the, you know, what we get, what we get told is. And some of it, there's a bunch of truth to it, of course, but we get told like.
Like this summer, it was, well, if you don't buy it, I'm phoning your neighbor and they're gonna buy it.
[00:38:18] Speaker C: Right.
[00:38:18] Speaker A: Because it's tight out there. Yeah. And then we're told, you know, we can only ship this stuff at certain times of the year to a certain date, and then it's over. So you. If you delay your purchase, you're going to be stuck in the bottleneck. And there's truth to that. You can only move so much product per day, per week, per month. But I just wonder if it's a little bit elevated, keeps everyone a little bit on edge. And that helps on the. On the margin side. But at the end of the day everybody gets their product and we put it in the ground and away we go for the next year. Like, yeah, I don't know. I don't know. It's. It's interesting. For sure.
[00:38:53] Speaker C: I think there's some truth to it. I mean, again, let me say I go back to an old sales role, right? My big drive is try to push you, the buyer, to do something.
And if you're comfortable and you feel like I've got all the time in the world, are you going to make a decision today?
Are you going to hold out? Are you going to wait? But if I can sit there and push you into an emotional state, I can get you nervous. I get you scared, I get you worried. Well, now you're all centered. Now you're uncomfortable. Now you're a lot higher chance say, well, okay, yeah, let me go ahead and do that. It's not to sit there and say any of those reasons are wrong. In fact, a lot of them are right. A lot. One of the things I talk about a lot right now is, guy, spring is almost here. Everybody's like, dude, winter just started. What are you talking about?
From. From a US Standpoint, half of our urea imports come from the Middle East. If you and I came together and said, dude, we're going to buy a vessel of urea, let's break it in. And the tons are at the port and we got to ship. The tempting it is still 30 days before that thing gets here. It is a 20, 26 baby showing up, and then we got to move it into the system. That's another 30 days. So now it shows up February 1st.
Winterfield will lump to you at this point. It's just to sit there and show there is a lot of truth to the things that they say. And we did finally see a spring where ua and you couldn't find it. But these are the exceptions, not the rules.
[00:40:03] Speaker A: Yeah.
Yeah, for sure.
So I'll give you a lay of the land here right now. And this isn't to. This isn't to pick on anybody in Western Canada. I think that everybody is, you know, everybody's in farm business, and we all make decisions on any given day. And some are great and right, and some we wish we could take back. So I just. I want to preface this because I'm not trying to pick on the retails out there, but this is the change in Western Canada right now, Josh.
So in July, it was buying.
Buy now. If you don't, the next guy is. And a few companies said, we're not taking on any new customers, some retail folks. So we're not taking on any new customer supplies.
[00:40:45] Speaker C: Tight.
[00:40:45] Speaker A: All right. Then we have a market peak in July. I think we have a market peak in like early September. And then from there it's been just kind of steadily grinding lower. And in fact, there is no urgency. There's a few retails that have tried to put the 5pm deadline on, only for the farmer to do a bit more research, get even lower quotes. And then that company say, oh, never mind, let's try again next week. Right. But it's at that point now where there's no urgency. And in fact, some retails have just kind of stepped away. And so we don't want to talk about it with, with the, with our farmers. We don't want to talk about it right now because they have their position on.
It was put on earlier this year and they can't compete at these current levels.
I haven't seen that for quite some time, Josh. Like it's been a minute since I've seen that type of environment. Is this something. December's a big buy timeline for farmers with the calendar year end.
Do you think that urgency on the farmer side should be there right now, or is this a trend that could lead into late winter here?
[00:41:58] Speaker C: So as I look at nitrogen, I think we could see this thing continue to slide for a little bit. I'm going to say a little bit over a few weeks.
My. And maybe I'll be a little surprised. Maybe it lasts a little bit longer than that. But I think there's a floor out there. I think when I look at the market, I think, exactly your point. I think most of the farmers across North America have seen this price decline and said, nope, this doesn't make any sense. Prices were insanely high. It doesn't make sense. I'm not making money. I am not going to lock myself into a deficit. I won't do it. And now I've been rewarded for it. So I'm going to sit back and wait.
The problem is now you've got everybody waiting. And the stupid analogy I always use is it's like a dam.
The dam is going to break.
The longer you wait, the more that water builds. Well, the problem is you get rewarded. You get rewarded, you get reward, you get rewarded. But all of a sudden, when that dam topples over, all that demand, all that water comes rushing over and it's that much bigger.
Now, are the dollars going to come year end? I'm really skeptical of it. I mean, frankly, you spend dollars at the end of the year to offset taxes. You pay taxes when you make money. Please show me farmers that made money this year. That's not a part of the equation. So I think that's a little bit of a weak link in the fertilizer market today. Folks that aren't have never been a part of the retail been on a farm, they don't understand that aspect of it.
Year beginning. I think if you've been rewarded, what's the rush to buy? Year beginning.
Where it could get interesting is some of the prices we're seeing slide. And I'm a big advocate for looking at the fertilizer price versus the crop price. Looking at that value ratio there, we're finally getting down to a level that pseudo makes sense. It's back into the normal range. High end, but it's in the normal range. I think that's going to bring some demand. I know the US government's talking about some subsidy payments of the US farmer. That's going to bring a lot of demand because they're going to spend that money somewhere.
And frankly speaking, there is a generational pull in every farmer's mind. When that calendar flips from 2025 to 2026, it's going to be like, crap, guys, springs around the corner, I gotta be ready to go because yeah, maybe the fertilizer drops a little bit, but at the end of the day, if I don't get it on the ground, I can't raise the crop. I'm going under. I'm losing generations of work because I got cute with my fertilizer buying.
[00:44:10] Speaker A: Yeah, it's for, pardon me, Western Canadian farmers.
So part of the, the financial side or the number side here is that they've taken their grain and locked it up in the bins.
And so you can see it on the grain sales where, you know, the, the line companies, the elevators trying to pull wheat out of the bin, they're having to pay higher than posted prices because farmers have just put it away. But yeah, like where's the cash coming from then? If you're not moving grain then where's the cash going to come from to buy some inputs? So it's really interesting. I've been on the show, I've been an active, you know, I've been telling, you know, asking farms, not telling, asking farms to, to go and do a little bit of like wheeling and dealing and schmoozing. If nobody else wants to buy it right now, then maybe we should be the ones buying it. Maybe there's a willing partner out there, and I have a group of, of farms that have done a, just a great job of communicating and, and, you know, working those, those quotes down. And, and they did get to a spot where they ended up buying here the other day. But from where they started to where they finished, FOSS went down, you know, significantly. We got some help there, I believe, if you want to chat Foss in a second. Yeah, their urea kept working lower as well. So just maybe a time where, you know, you can do a little wheeling and dealing, at least you feel a bit better that you accomplished something, like at a lower price. Right. Because it hasn't been like that the last number of years, so.
[00:45:44] Speaker C: Right. Okay.
[00:45:45] Speaker A: What, what about Foss? Like, why did we see Foss drop, I think, 25, 30, 40 bucks a ton here in, in the prairies?
[00:45:51] Speaker C: A lot of it has to do. Again, we're going back to China.
So China, historically speaking, is the world's largest exporter. They send out something between 8 and 10 million ton a year.
The problem is same exact problem. Russia invades Ukraine. The world thinks we're losing Russian exports. China starts clamping down on phosphate.
And they've continued to do so. Now, recently, I don't think it's because of the fear of a lack of global supplies. I think it's more from twofold. I think domestically China, I think it's higher ag demand. I think that the government's gone to their farmers and said, grow more food. We don't want to buy this stuff from places like the US and, okay, put more fertilizer on it.
The other side of it is battery manufacturing. That's a big chunk. It's all sudden come in, they're like, well, if we can put this phosphate into batteries and send out that very high finished good, that's a lot more money coming in. So do that rather than just send out the phosphate. So their exports have continued to be low, and in fact, 8 to 10 million is normal through October. Their exports this year has only been 4.4 million ton.
But that 4.4 million ton happened in July, August, September, October. So we've had a glut of Chinese exports come in, and we had India finally slow down their buying pace. That's allowed the world price to finally start falling.
I unfortunately, that's one of those things. I think we're limited. I think now that we're getting into November, December, I think you're start getting those data. I think you're gonna start seeing the Chinese exports Slow way, way, way down. And you're gonna start having Northern Hemisphere spring, not to mention Aussie demand popping up. So now you got situational supplies. Go back down. Now demand starts to rise back up. I'm afraid it sets a floor. I don't think we're going back to the highs where we were, but I think we're getting pretty darn close to what bottom of the sink looks like, at least through the spring season.
[00:47:33] Speaker A: You're bringing Australia into the mix there as well. And like, from a crop production side, you know, you look at the US Crop, I think maybe yields are down from where they peaked earlier this, this summer. But the big crop in the US a big crop in Australia, a big crop in Canada, like that is a recipe for needing more stuff, more fertilizer put down the next year. Like, you took more away in theory, so you got to put more down. So I think that's an interesting theme in 2026 here as well. All right, Josh, how you put this stuff out every day, every week, every month. How can people get a hold of you? How can they get in the know when it comes to the fertilizer markets?
[00:48:14] Speaker C: So I try to be on Twitter every day of the week. I try to throw something out there, and when I come up blank, I try and put something else. They're stupid. Just to try and be at it. Because, let's face it, it's easy to get depressed in these markets.
But, yeah, Twitter is a great play. And not just me, man, there's a lot of great information out there. You could dive in, find some good stuff. But my handle there, if you go type in at J. Linville Fert, you'll find me. You always go to stonex.com you can find us there. But we try and put out like a farmer newsletter. Yeah, it's a little more geared to North America, of course, but yeah, we do a weekly YouTube video. So I'll send out that link with a lot more commentary than what you're gonna find elsewhere. And then I actually just sent out the December newsletter yesterday, and it's a deeper dive, saying, here's all the things that happen. Here's the price movements, here's what we think is going to happen. You know, we talked about, like, urea prices coming off. We talked about that. I think it was last month and saying, I think this thing. So slide it.
Phosphate surprised us, but we're not going to be right time. But same thing, you go Google Stonex farmer fertilizer newsletter and it'll pop up should be the first thing.
[00:49:17] Speaker A: Awesome. Sounds good. And appreciate that. One last one for you, Josh. A bit of a weird one, but as a crop marketing, you know, analyst type person, you, you normally have other crop analysts, like one or two people that you bounce ideas off of, and you, you, you, you know, you check what they're doing and you keep close tabs. Is there anybody in the fertilizer space where you're like, you're like, you're the guy, Josh. But is there anybody else where you look and say, that person, you know, maybe it's across the globe somewhere, somewhere else in the US Or Canada, you're like, that's, that's the person that I like checking out their info or their stuff. Like, is anybody stand out on that one?
[00:49:52] Speaker C: Not as far as what they put out publicly. There's a couple gentlemen in the industry I think the absolute world up. I think they are geniuses, a heck of a lot smarter than I could ever hope to be. But the problem is they work for a private company, so they're not going to put that information out to the marketplace.
[00:50:05] Speaker A: But, yeah, fair.
[00:50:06] Speaker C: I will say we, we try to a good job of trying to keep to our own point of view in the marketplace. And this isn't because, oh, we're so much smarter. We don't need to waste our hunt. That is absolutely not the case.
The fertilizer market, with it being as small as it is globally, it is very easy to get caught up in the pack, get caught up in the emotion of it and be like, well, everybody's saying it's bullish where you need to be bullish. I don't want to run back. I want to have a little bit of a different point of view, like the urea thing. I'm going to say that only because it's one of the few things I actually got right.
Everybody in the world was saying, this thing's going higher and higher. I was like, I don't understand. Our prices today, 20 higher than what they were same time last year, though our S D is better today than it was last year.
[00:50:46] Speaker A: Yeah.
[00:50:47] Speaker C: This doesn't make any sense.
This doesn't make sense. It doesn't make sense or you're nuts. You're nuts. All of a sudden, prices are coming off. It's like, okay, this is why I tried to disconnect myself. It's not because I dislike people. It's not because I don't want to know their opinion. I just want to have a different one. If I start talking to everybody it's very, very easy to sit there and go the easy road.
[00:51:06] Speaker A: Bit of a small world, right? And fertilizer, like, it can be so cool. All right, Josh, well, we appreciate you jumping on the what the futures podcast. Thanks for your time. And I know you have a busy schedule, so I look forward to doing this again one day real soon.
[00:51:19] Speaker C: Absolutely. Looking forward to it, man.
[00:51:24] Speaker A: Well, folks, thanks for, thanks for being, being a part of the show here this week. Episode 103, Josh, man, even off camera or off, before we hit the record button, like ask me anything mentality. Nothing, nothing.
Off limits. And he said, I may not make additional friends on the, on the manufacturing side of the business, but that's okay with me. So great conversation, candid conversation with Josh Linville and hope to get him back on the show very quickly. Just to summarize here, folks, you know, for an action item, you know, he did mention that, you know, the next few weeks you'd want to take a harder look at buying some of your fertilizer needs.
After we recorded, we did get an update that a payment of some sort was coming out to u. S. Growers. Money in the bank, maybe. Money to spend on fertilizer, who knows? But that could be something that happens. You know, keep an eye on your local prices. Better to be proactive at this time and take action. Now, I think even the last month has been a decent time, at least the last three weeks to take action and secure fertilizer. It's painful, it's expensive, no matter what. But some good points by Josh and window here to do something. Alrighty, folks.
Well, again, excited for moose jaw here, December 9th to 11th and, and really excited for Wednesday. We've got.
We've got Brett Young. Brett young stepped up there, our sponsor for the evening. We're going to check out the tunnels, the tunnel tour, Al Capone prohibition tunnel tour. Brett Young sponsoring that with dinner and just a great evening overall. So I really appreciate them doing that for us. I did see some interesting stats. It's no, it's no secret. It's. It's funny because you. You sit here and it's kind of weird how things happen at times, but our, our farm we had in, in the last couple of years, we've had some concern about our canola production. We've been doing a little bit more research and due diligence on. On what to do. So we've made a significant change in our canola acres here for 2026, and that's with Brett young. Even prior to them Joining the podcast it's just kind of strange how this happens sometimes. But we, we did our research, we weren't happy with some of our results, trying to figure out the root cause of, of this and made the decision here to try something different in 2026.
And just the other day we got, we've got Brett Young trials comparison trial results came out and a couple of stunners here. Brett young so by 7204, it's a Liberty link, a leader across 34 canola trails at 102% of the mean. Their True Flex 6214.
So top True Flex Hybrid 104% of the mean. And then some soybeans performing very well for them as well. Dino XT strongest soybean performer at 106% of the mean. Anyways, we are excited about having Brett Young on our farm here in 2026. Take a look at their varieties. Brettyoung CA They've got some performers there, folks. Take, take a look. All right, folks, so it's that time of year where, you know, we're all doing lots of reflection.
We're taking the wins from 2025 and hoping to bring those forward into 2026. We're also looking at things we want to improve on, things we want to get more efficient at, looking at planning upgrades, investment stuff like that for the future. It's lean years, it's tougher times for farming and often we want to look at upgrades. And we always think about an upgrade being something new in the yard, something new and shiny that comes into the yard. But that's not always the case or it doesn't have to be. If you're sitting here and saying, you know, I want to do something different on my farm, I want to do something different on the technology side. Like I'm here to say, like at John Deere, you can grab some of this latest technology, some of this new technology out there, some of these automations or efficiencies for your farm and retrofit them, fit them in with the existing fleet that you have now. I can't promise you all and everything, but what I can say is that if you reach out to the folks at your John Deere, your local John Deere dealership, they will set you up with the proper equipment to get your farm on the cutting edge of technology, on the cutting edge of tracking farm data and decisions.
It could be John Deere Operations center, but it could be even more than that. Maybe it's a JD Link connection, maybe it's hey, maybe it's something to do with variable rate application guidance. I don't know, folks. I don't know what you're looking to do specifically, but don't forget that doing an update or an upgrade on the farm doesn't always mean it has to be a shiny piece of equipment. It can be the technology and that can make a huge difference. Check all that out at Deere Ca. All right, positive moment for this week. Heading out to Enchant, Alberta, hanging out with Greg Stamp for his seed update, his seed meeting. So doing a bit of a market talk there. So that's positive for me. Of course, heading off to Moose Jaw so the truck start tearing down the studio today, start loading the truck Friday, all in anticipation of hitting the road bright and early. 8am Monday morning, making my journey to Moose Jaw. Got a couple stops to make, got a stop to make in Saskatoon to pick up some, some clothing.
So we have maybe an announcement on that in the next few weeks.
And, and I got a couple little stops along the journey here. Got to get some Vern's pizza as well in me as fast as I can.
I love Vern's pizza and definitely make that a point on my road trip. So, yeah, a little bit of, you know, getting in front of growers, certainly very positive. Eating your veggies this week, you know what to do. It's fertilizer quotes. Go and take action there. All right.
Your pricing window to me is, is behind you on selling some crop, but it's the beginning of it being behind you. So go and, and get your cash flow needs covered for the next couple of months and I think we'll leave it at that. For eating your veggies for this week again, folks, thanks for everything. Thanks for hanging out. Appreciate your feedback. Hit that subscribe button when you get a chance and let us know what you think of the show as well. For the what the Futures podcast. My name is Ryan and I'm out of here. See you next time.
