Episode Transcript
[00:00:00] We're going to get to the nitty gritty today. We are going to work on your crop marketing plan. What you do now will not only help you survive, but will set you up for success. Having a crop marketing plan is exactly what you need to be working on right now. You don't have control over the unexpected political and economic changes, but what you do have control over is how you prepare and react to a volatile environment. In this episode, we're going to work on your crop marketing plan. You walk away with a little bit of guidance and confidence. You need to make decisions and have a strong bott. Bottom line. Let's get into it.
[00:00:34] Hey, folks, welcome to the what the Futures podcast, where we break down complex market trends into simple, actionable advice. It's your quick guide to better farming decisions.
[00:00:49] All right, folks, welcome into the episode here number, number 64. We're going to call it episode 64 because I did that episode with Susan Stroud, and instead of sitting on it, we decided to, to get it out a little faster. So it went out on what, Tuesday, I think that was. And so this will be episode 64. So let's set the stage for that. Of course, I've had just a, a slew of wonderful guests here the last while, and it's time for a little solo episode for this week. It's going to be short and sweet. You know, one of my learnings here coming out of the holidays, is that every episode does not have to be 60 minutes or longer. It doesn't have to be that there can be a great episode of 15, 20 minutes in length. It's okay, right? But I was inspired by a tweet from High Heels and Fields. That's Leslie.
[00:01:46] I used to work with her dad, Garnett, back in the day. Garnett used to call me every few weeks to talk about the Lethbridge feed market. He just, we were both doing farm consulting and he just thought that I was the guy to call. So Garnet and I had some great, great conversations back in the day about the feed market. But the tweet reads, you know, what is your top concern for your farm operation in the coming year? Now, before that, it said something about busy planning, but, you know, the, the, the meat here is, what is your top concern for your farm operation in the coming year? She has a huge following. Great following and a lot of responses. So I just started to scroll through the responses or the answers, I should say. And what came up, you know, consistently here was, was crop marketing. Okay. And, you know, Crop marketing, you know, farm business stuff, tariffs, policy, those were common themes. Commodity price uncertainty, that was one that, that you know, dug in a little bit more. Margins trade, you know, impacting margin decisions. And then of course, weather, you know, and I know some of you are, you know, have had six, seven, five, six, seven years of drought, brutal to see.
[00:03:18] And you know, insurance came up as well here. But you know, with the weather, I can't, I can't predict the weather. All right, or I can't help you on the weather front. Mother nature is going to do what mother nature is going to do. But I saw this and I thought, hey, you know, I can, I can, I can help on the crop marketing side. I think I can try to put something out there that farmers can relate to and maybe take something from. And so, you know, I just, there's a lot of answers there, a lot of responses and crop marketing stuff came up consistently, which it normally does.
[00:03:56] So, you know, I'd love to help you on the weather side just to dial in the forecast and say this is what we have. And the best I can do for the Lunchbox crew is to have, you know, weather outlooks every six weeks from BAMwx. So we have that in the calendar. So we're gonna, you know, have a good idea on what's coming.
[00:04:15] But I can help with your crop marketing plan and I wanted to talk about that today. And maybe there's some farm business stuff that's related to it. I'm gonna be honest. If I sit here in mid February, I'm planned out, right? My, my plan is, it's there. It's been worked on the, the plan started last spring. So it's, it's there, right? The plan is there. I'm on the execution side of the plan. On the farm business side, the plan is in place and now it's a focus and a hyper awareness of executing over the next number of months. Which is your most, more often than not, your most critical part of your crop marketing plan or time of your crop marketing plan is over the next three to four months here it's the month of March, the month of April, the month of May.
[00:05:11] So I thought it'd be a really good time to just dial in here with what's going on from a crop marketing perspective and give you hopefully a helping hand. You know, of course you can always seek the advice of a professional out there in your neighborhood. I'm just going to do my best to give you some guidance here, but don't, don't Forget, always seek the advice of a professional out there. So I'm in the execution part. The acres are set, the budget set. Honestly, the budgets, they are what they are right now. You know, knock on wood. We don't have a big massive repair bill or we have it in the budget at least.
[00:05:50] And the work keeps on. You know, we're going through combines right now. My brother's going through his combines. Like that's, that's what's happening on the farm in February. The combines are getting their, their farm green light process done. So anyways, I've got a few things here that I wanted to talk about. I also have, you know, some guidance here from the crop marketing handbook that we put out in December. And I think we might have actually a digital version of this as well now. But anyways, crop marketing workbook. I've got that for guidance here for today.
[00:06:30] And in here we had a marketing plan checklist. Okay. So I did take some of today's ideas from here.
[00:06:37] But you know, if I go through what our weekly, what our monthly tasks are, you know, checking market prices, we're doing that every week. Monitoring basis levels, we're doing that at a minimum every week. And updating our market bias. Are we bullish? Are we bearish? You need to have that conversation with yourself about where you see these markets going. And if it's always bullish, well, then we got to have another conversation. Right? But you should check your bias. Are you truly bullish or bearish? And if you are bearish, then you might take a look at your crop marketing plan and make some decisions. What we're doing on a monthly basis is we're updating our grain contracts and seeing what's next to deliver. We're reviewing outstanding targets, reviewing our brokerage statements. Those come every day. So you could review that every day if you want, but definitely once a month. And then of course, reviewing our percent sold. All right, so in January we did a cash flow update. We did inventory as well. If you had a December year end, you did inventory, cash flow update. And then I said private crop insurance review, which is ongoing.
[00:07:40] I was chatting with my buddy today and you know, I hear that the private insurance offers are out. I hear that they are generally higher for premiums. And of course, everyone in Saskatchewan and Alberta continues to wait for their provincial crop insurance. So ongoing. Right. That's going to be an ongoing thing. In the month of February, I have crop power rankings, which is going to play in today a little bit. Spring seeding plan. Just reviewing that plan that you have, you know, are those acres set? Do you have your. Your. Your seed? Is there any swing acres in here? Why. Why not? I have crop budget review and cost of production update. Because the reason I put this in February is that when it comes to your cost of production and your budget, I think for the most part, you can dial that in really, really good right now. You can get it quite precise, and you're just going to get busier moving forward. Like you just get busier in March, especially for your cattle. You might be calving right now. You know, my friends Keith and Dallas, they're full on calving right now in this weather. Um, so, you know, reviewing your. Your break evens here and your budget because you. Well, you'll see in a minute. Return on investment calculations. I like updating those as well. Sometimes one crop has to help another crop out on the farm to get the farm to a level of profit. And then I'm just reviewing my fall contracts, making sure those are updated and reviewing my outstanding targets because there's a crop marketing window here that is. Has opened. And it's one of the most important times for you and your farm when it comes to crop marketing. Okay, all right, let's take this. Let's take this book. I'm just gonna put it aside here and go back to some of the notes I made. All right. Cost of production.
[00:09:52] I know you cringe. I know you cringe at this, but, you know, let's just quickly. I don't know what it costs you to grow crop on your farm. I don't know if you're 500 bucks an acre, 540 bucks an acre, 700 bucks an acre. I don't know if Your overhead is 2, 3, $, 400 an acre. I don't know. But I was looking at some of the numbers from some of the, you know, the provincial numbers out there. My number has been around 600 bucks an acre. Like, that's. That's all in. That's making all the payments. That is all my costs, my fertilizer, seed, all that stuff. 600 is 580, 620, like in there. Per acre is a number that I use pretty consistently. All right? And so I start to look at where prices are now, where my margins are. So let's say if I'm 600 bucks an acre to grow green peas on our farm and I'm budgeting, you know, 50 bushels, well, my, you know, break even there, we'll call it 12 bucks, right? We're just doing easy math. For the show.
[00:10:58] And so the cool thing here is that when you do your updated cost of production and you do your break evens right now, you can start to write in your margins positive or negative, right? Because you have and you're receiving bids for the fall of 2025. Now, I'm talking about $14 green peas. I'm talking about $10 yellow peas. I'm talking about maples at 17 bucks. I got flax at $17. I got small green lentils at 42 cents a pound, red lentils at what, 32 cents a pound, 33 cents a pound, something like that.
[00:11:35] Canola, 13 something for most of you, maybe a little bit in the 14s for some.
[00:11:43] I got wheat at 7 and a half or $8 or $8.25, depending on where you farm. The numbers are all there, all right? And so use those numbers. Don't use your projections.
[00:11:58] Use reality for now in this scenario. Because if you can get to a path of profitability on some of these crops, you should start taking a look at that. You should start pricing some of that. And if you have a big negative, like if I'm a $600 wheat grower and I need, you know, a budget of 65 bushels, I need 925 for my spring wheat. I know we love planting our spring wheat. I know analysts out there are talking about higher spring weed acres. I hope your cost of production is sharper than ours so you can make a bit of money. Because we, I don't know, we'll see.
[00:12:39] But, you know, at spring wheat at 9:25 a bushel for a break even or whatever, it's going to be nine bucks for a break even.
[00:12:47] You know, why wouldn't I throw a $9 target out there? Is it even achievable?
[00:12:53] Not today.
[00:12:55] But why wouldn't I start? Or maybe it's end goal of $9. So I'm gonna do a little bit here at. At 875 or 870 or something. I'm gonna build that up and hope to get something at 9:30 and build that $9 average or build that path to profitability. You can't guarantee that the price of wheat's gonna get over nine bucks. I can't. Maybe you can, but I can't. And so it might be a lost number, but you may have to have. My second point here is have a hard conversation with yourself, all right, about what you're growing this year, because it could be a margin thing where you're sitting here and oh man, like, all right, $9 wheat, you know, let's do this. You know, I'm going to do it anyway, let's going to grow it anyway, but let's do this, stay sharp. But it could also be crops that other people are migrating to. So you have to have, you've got your cost now, you've got your margins. You're seeing some prices out there. You use those actual prices. Don't use the projections for now. Use those actual prices and then have a conversation about is anything I'm growing, could it turn into a situation of oversupply?
[00:14:09] And you might sit there and say, well, Brian, everything could turn into a situation of over under supply, like mother nature is going to dictate. Okay, I get it right, easy. But honestly, when you're out there and you read reports that, oh, you know, small green lentils are going through the roof from an acreage perspective, red lentils are climbing, you know, maple peas are going to be the highest acres. And whenever green peas are on the rise as well, wheat's on the rise. Okay, you don't have to say, you know, you don't have to look at that one from an oversupply perspective. You do need to stay sharp. But when I go back to my green peas here, my break even at 12 bucks and I'm staring down a $14 offer with act of God picked up on farm, why wouldn't I start? Especially if the trade is looking at more acres.
[00:15:02] Now I let's go back to last year, same scenario. I'm probably on record saying this as well, so you could come and shame me about this, but I sat there and looked at green peas last year and said, geez, we might be in an oversupply here and prices, you know, might not be about $14. You know, I was more aggressive on my green pea marketing and what happened is we had a very high bleached crop and we did see some smaller yields.
[00:15:32] It happened. And so what I'm asking you today though is to just acknowledge that these crops that you're growing, some of these crops may be subject to a significant higher acre number. And with that are setting themselves up, those crops up for the chance of being in an oversupply situation. So if you can lock in profitable levels with act of God, you know, why wouldn't you, until mother Nature starts to give us tell us the story of what's going to happen, because all you're doing right now is saying, hey, I'm profitable, but I'm just going to risk it. I'm just gonna, this is a flyer. I'm just gonna see what happens. That might be the most profitable crop on your farm this year, and you're not even doing anything about it, Right?
[00:16:21] So think about that, think about what could be in an oversupply and start to market some of those crops. All right. By the time the trade gets excited about all these acres at the end of April, whenever the stats can report is sometime in April, early April, maybe get all those acres. And then if you get a good spring, a nice start to spring, you know, prices start to fade, they start to fizzle out right away. Yeah, you should be a little bit ahead of that. So from a crop marketing plan, you need to start marketing those crops. Now, if you're, you see the list of crops and the rumbling out there as big acres, you know, you need to start locking in those crops. Now you take the five, the ten bushels, the act of God, if you're profitable, which you know, you know your margins, you have to start.
[00:17:13] It's not, not time to be sitting on your hands. It's time to sit, to look and say, hey, you know, $17 flax, that is profitable. Using my crop insurance yields and my costs of production, that is a profitable number. I'm going to, I'm going to start taking some of that and locking in some of that margin. Okay?
[00:17:34] Now, I'm not talking about canola, I'm not talking about malt barley or feed barley, even wheat, we'll talk about wheat in a second.
[00:17:43] But some of these specialty crops that can get in an oversupply situation, you got to be sharp on those right now. Okay. All right. I'm already at 0.5, so that was like 0.2, 3 and 4. Okay, 0.5. You've reviewed your break evens.
[00:18:00] Now you have the most important three to four months ahead of you in your crop marketing plan, because we are going to kill the crop once or twice. You know, from a northern hemisphere growing, the crop perspective you look at when wheat tends to rally, the wheat market. I listened to a great interview yesterday about the wheat market. And basically, unless there is a supply issue in Russia or the U.S. especially the U.S. their point was there's a lot of wheat in the US the wheat market is the dullest thing out there.
[00:18:39] And it is for a lot of the year, it is very dull. But you go back, it tends to show signs of life in February, March, April. And then sometimes, sometimes you get a little bit more action in May, and then it's more Rare.
[00:18:57] But then June and July, you know, as you go, July is less rare for a peak in the wheat market. So you've got a big job ahead of you here the next couple of months. Okay, so what is your break even on those big acre crops for you? That wheat, the Durham, the canola, the feed, barley. And can you start setting some targets out there? Is there, is, is there realistic targets? Like if you sat here and said my break even is 10 bucks on wheat, I'm going to throw $10 target out there. Well, don't bother. Right? Don't bother. Like there's always a chance, but you're going to grow if Your break even's 10 bucks on wheat. I'm sorry, like you're, you're set to lose some money this year on your wheat crop. All right, so like what is your targets to break even and can you, what can you realistically set there as well? Now I'm not, I don't go guns a blazing at a loss. Right? That's, I've said this on the show before, I don't go guns a blazing at a loss. I'm not going to go out there and take a big bite of a crop at a loss. But I'm going to work within my boundaries and I'm going to attempt to get towards a break even and reduce the damage as best I can. All right, so you should be setting targets now on those big crops, on the canola, on the wheat.
[00:20:20] It doesn't have to be $0.05 ahead of the market. Look at your break evens, look at your bias in this market and set some of those targets out there.
[00:20:30] The thing that you, you got to remember what a target is that you get an alert. It doesn't matter if you put a 20 ton target out there or a 2,000 ton target. You get an alert so your phone dings, the buyer, the email, whatever that your target hit you. You can sprinkle 40 ton targets out there, whatever, 30, whatever you haul with, just to get the alert that it triggered to be like, oh, oh my price is met, maybe I should do more or set the next targets or look at what's going on in this market. Right? Don't forget that it doesn't have to be big. Can be 40 tons, 20, I think 20 ton maybe. They maybe can do less than that too. But it doesn't have to be big. All right, but the other thing here is to take time here in the month of February and write down your. I've got it, I've got It in the workbook as well, but like a pricing pace, right? What do we call it in here? It's basically dates on how much you want to have sold, you know, by a certain time.
[00:21:34] And so what. What I like to do is to set my dates and. And how much I'd like to have priced by certain dates. Sometimes I'll go back and look at, you know, historic dates. Historic levels, more. Sorry, historic dates, not levels.
[00:21:53] And start to paint that picture of when I want to be 10, 15, 20, 40, 80% sold, whatever that number is for you. But to start writing that down in a spot that you can review it on the whiteboard in the office.
[00:22:11] You know, my buddy Scott, he has a whiteboard in his bathroom. He's got his own bathroom. This is crop marketing bathroom. And he. In the morning, he's doing his thing, and he reviews his position in the market, his targets and everything all on the whiteboard. But a spot where you can review it. Okay, because you're going to want to see where you're at when it comes to these levels and these targets. You're going to want to go and say, all right, well, on March 1st, I want to be 10 sold. March 1st, you're looking around saying, oh, man, I'm not 10 sold.
[00:22:44] Okay, why not? And if your market bias as well, the trend is on, is going the right way, I'm bullish. The people I subscribe to are bullish. Okay, that's fine. But the moment that market turns, you better be selling and catching up. And I really, I can't sit here and say, you got to stick to those dates and price on those dates. It's not really how it works. But all of a sudden you get to your next date, and maybe your next date was like, March 25th, and you're like, oh, I was supposed to be 20% sold, and I got nothing done now. Okay, well, the market's not showing me any more signs of rally or it's pulled back or, you know, it gives you a spot here to check yourself against something and do some pricing. Okay, I know it sounds like the simplest exercise, and it is. It's not that difficult. But just to move yourself along throughout the growing season, you may say, hey, Ryan, like, I need to see. I need to see, you know, my. My canola, you know, popping out of the ground before I get too excited. Fine. You know, that's. That's your crop marketing plan. That's your style. But then make your plan from there. Right? Make your plan from there. So pricing Dates, levels, When do you want to be half sold? When do you Want to be 3/4 sold? When do you want to be 100% sold? Writing all that down and reviewing it regularly.
[00:24:08] It's a little bit of discipline, just a little bit of discipline for you to come back to.
[00:24:16] The other thing I had here as well is that, you know, on a lot of farms out there, you have a crop that is in a positive margin, right? Hopefully, yeah. Positive margin. Then you have a crop that's a negative margin. Doing the work to figure out how to make sure that both those, that, that paying crop gets that other crop in the whole farm to a profitable level. That's not a bad exercise to either to do right now. Like, what is that number? What do I need to generate on my canola acres? And maybe you look at all of it. Maybe you're like, hey, need to make a million bucks on my canola. I need to make 400 grand on my weed and I need to make 200 grand on my peas. And I'm good. Everything's paid. You could do it that way as well. But what is that number? You know, what is that? That path to a break even for your farm in 2025? We have had, and we have a chaotic year ahead.
[00:25:10] And I feel really, really good about crop marketing in 2025, and I hope you do as well.
[00:25:22] Right.
[00:25:24] You know what I read on, on the tweet from, from Leslie, there was, you know, I am looking at, it just. It seems like there's a lot of concern and uncertainty and. Well, there is a lot of uncertainty, but try not to stress about what you can't control.
[00:25:45] I'm excited about crop marketing this year. I think that my crop marketing plan from last year to this year can actually be better.
[00:25:55] You know, as a whole and wheat might be the bigger struggle out of everything. But just because I was an aggressive wheat marketer last spring, you guys remember that.
[00:26:07] But I, I do think overall that I can sit here with a, you know, and set the stage for a little slight improvement in my crop marketing year over year. I don't think it's going to be big, but it wouldn't surprise me if I sit and look at the 25 crop and the 24 crop and that my average prices are just a little bit better.
[00:26:31] We'll see. We will certainly see. Try not to stress about what you can't control. Okay. I know as I'm recording this true, you know, Trump and tariffs like that, who knows? By the time you listen to this what the latest is, but until it's fact, until it actually happens, try to just toss it to the distance or toss it in the back, you know, get rid of it. You can't control it anyway. We don't know what he's going to say or sign off on. So you can't control it. So don't stress about it too much right now. You know, you can acknowledge it, it can be there and you can be aware of it. But try not to stress too much about it until it becomes fact.
[00:27:13] And even when it becomes fact, let it breathe for a little bit, okay?
[00:27:18] In my crop marketing career, anytime I took a big swing with some of these negative headlines that came out, not once did it pay dividends.
[00:27:32] Sorry, 2013, when the whole rail system fell apart and I was an aggressive marketer in the fall, fine, that was it, though. That's the only one. Everything else that came out over the last 15 years and I took a big swing. So worst decisions I made in the year. I hope this helps a little bit. I hope this gets you a little bit more excited about crop marketing. It's very important to be working on your crop marketing plan right now. You guys know you can reach out to me, reach out to the show, reach out to the email, Hit us up on social medias. You know, I'm here to, to help and give guidance and yeah, if you have questions, reach out.
[00:28:18] All right, a quick shout out here to show sponsor John Deere. I added something, something to my bucket list this week. I don't know if you guys have a bucket. Bucket list or not, but the things you want to get done before you kick the bucket. Right? But there's a. It's like the national farm show in Kentucky, I believe.
[00:28:36] The, the, the videos, the pictures out of there. There's. I've got some friends down there right now. I got to get to that show. It looks so cool to see all that, all that new iron. Even this week there was a, a farm show in Lloyd Minster. I completely forgot about it. I think it's Agrivisions is what it's called. It's a great lineup there. John Deere equipment as well. Anyways, Kentucky, I gotta come for you here in 2026 or 2027. I'm coming. Gotta get to that farm show. One of the most exciting things for me at John Deere, it comes to precision ag solutions, all right, and precision technology and having the ability to take some older equipment and updating it to the latest technology. All right? So, of course with everything that they have going on at John Deere, you can manage your entire farm in one place with John Deere operations center. But farmers can now retrofit legacy John Deere equipment and mix fleets with the necessary technology to accomplish gains in productivity from insights into their operation, making it easier to manage their farm. Precision's technology.
[00:29:50] Being able to upgrade some of that legacy equipment, one of the most exciting things for me when it comes to John Deere. All right, let's. Let's go into positive moments for the week. My favorite, favorite, favorite part of the episode. I got a couple here for you.
[00:30:11] And I'm gonna start off here with. Well, I got a. I got an email from Mark the other day, and Mark, in his message, he just said, you know, I have learned so much over the last two episodes when it comes to. Well, the guests were Chuck Penner and. And Susan Stroud with Noble Ag, Chuck Penner with left field Commodities.
[00:30:33] So I learned so much the last couple episodes. You know, thank you for putting those together. And hey, I appreciate that, Mark. I appreciate that message. Great guests, great content and learnings. And I know I learned a bunch of stuff as well. So that. That was cool.
[00:30:49] The other one that I have here for positive moment. Well, it's. It's Valentine's Day. This is a Valentine's Day episode.
[00:30:57] Not really themed Valentine's for the episode, but we have a preschooler, you know, Willa is. Is, you know, she goes couple of days a week to school, and it's a big deal, big deal for the kids. You know, Willa wrote her name out on all the Valentine's.
[00:31:16] The kids, you know, they all, I don't know, there's 20 kids in her. In her class. Everyone's distributing Valentine's. And just to see all of that, like, you remember when you were a kid in school around those days, of course, as you got a little bit older, you know, the stress level climbed a little bit. Like, I remember there was. It's like grade seven or grade eight. You could buy a rose for some of the girls in school if you wanted to. Right. It could be anonymous as well. Very sneaky. I had 13 people in my class. I think there was nine boys. Anyway, you could buy a rose. Anyway, as you get older, it changes. But preschool, Valentine's Day, they had their Valentine's Day party. It's just cool to see her write her name on all the cards and the excitement around it. She had a blast. And then my last one, I wrote in my notes, panic attack, anxiety. And you Know that itself is not, you know, people that have those events. It's not fun.
[00:32:22] But I had a little panic attack this week or anxiety event. I don't know what to call it. But it just kind of hit me out of the, out of the blue and out of nowhere. All right. I was honestly dropped well off for preschool. 8:45, went to do groceries. Okay, 9:00, I'm in the grocery store doing groceries and then just have this, you know, this event.
[00:32:46] And you know, I took, I took some time. I, you know what, I honestly grabbed a couple of grapes, had a little snack and just gathered my thoughts and just tried to focus on my breathing and get through it. Right? Get through that moment. I have no idea what brought it on. I couldn't tell you today what brought it on. I want to say here that it's okay not to feel okay or it's okay not to be okay. So I'm going to turn this into a positive moment because I saw, I read there is a new initiative, the Canadian Centre for Agricultural well Being. There's a new resource for farmers across the prairies. And I picked this up the other day online, a new article. But one of the challenges here in farming is to link up with a professional that understands farming and understands what, what events could be happening on a farm to relate, you know, relate better. And so I don't know if it's necessarily a new initiative, but it's certainly been brought to the forefront for me. But a new national farmer crisis line which is open 24 7, 365 days a year and it's for immediate and ag informed crisis support for farmers, farm families and agricultural workers across Canada. And the phone number here is 1-866- Farn-MS.01.
[00:34:18] So 1866-FORMS01. You can call that anytime and speak with someone that has an understanding of farming. I thought that was really cool initiative. I've reached out to them and I hope they can join me on the show. And hey, it's okay not to be okay. I just want to say that here as well. So that's it for this week for positive moments. All right, so what's on my mind here for crop marketing this week? Well, I, you know, I was working through a scenario with one of the farmers I work with. So we were reviewing rolling a wheat basis contract or pricing it out.
[00:34:57] You know, those are the scenarios offered from the line company.
[00:35:02] We ran the numbers, we went over the fundamentals, talked over some strategies together and you know, made the decision to reward this latest part of this rally, not roll the darn thing but instead they wanted 20 cents to roll this.
[00:35:19] There's a little US Canadian exchange in there as well. For some darn reason thought that was locked in with the original basis but they brought the exchange into it, made it more expensive. Anyway, for 20 cents we could buy a call option not that far out of the money. And that's what we did. That was one thing on my mind for this week. I think a lot of you were looking at that. I know one analyst out there been very, very, very, very strong about locking in wheat basis and sometimes you have to decide to price a roll. And so that was on my mind here for this week. Other than that, this isn't crop marketing but farm business related fertilizer prices continue to climb. Green markets reporting prairie prices up like three and a half percent week over week.
[00:36:07] James Mitchell was on the show a couple weeks ago. Obviously the urea prices uan continue to climb and that's not going away anytime soon. All right, maybe later in June like normal, but between now and seeding prices continue to climb. So just keep that. If you don't have your fertilizer bought, you know, time to get after it. All right, that's it for what's on my mind for crop marketing this week. All right folks, that's it for episode 64 of the what the Futures podcast. Thank you so much for tuning in. You know if you could.
[00:36:46] Well thanks for hanging into the end here but you know, if you could subscribe to YouTube, give us a like comments, ratings, it all helps appreciate everything you guys do and of course, any questions, hit me up. Ryan, what the futurespodcast Ca that's my email. Remember folks, marketing prices change, strategies change very, very quickly. Reach out to a professional at all times. This episode is just to try to help give you a bit of guidance.
[00:37:12] But just remember, it's your plan and you gotta navigate it and execute it. I'm out.
