Episode Transcript
[00:00:00] Speaker A: Alison Thompson with the Money Farm joins, makes her debut on the what the Futures podcast. We talk all things USDA acreage. I also have James Mitchell from the Crop Management Network. James said Ryan, let's not talk global.
Let's talk about domestic. Let's talk about what's happening in Western Canada as we get planting this crop. We're going to talk all things fertilizer. You're going to want to hear it. Here we go, episode 116 of the what the Futures podcast.
Hey, folks, welcome to the what the Futures Podcast, your quick guide to better farming decisions.
All right, folks, welcome to episode 116 of the what the Futures podcast. Of course recorded each and every week in the UPL studio.
I want to point your attention to a new fungicide that Uplifts has just launched called Telluron, to be used in your Canola or your cereals. Check that out. Of course, crop prices have rallied here lately. We want to get all the bushels. We can take a peek at that new fungicide by UPL called Teleron. Also, shout out to UPL sponsoring the SJHL playoffs. We are starting round two today.
It looks like we've got Flint Flawn, a wagon of a team going up against Wayburn. Maybe a bit of a surprise to see Wayburn squeak through, but they had a pretty, pretty smooth first round. And then we've got the, the rough and tumble Battleford North Stars playing the Yorkton Terriers. The, the North Stars already have like 200 penalty minutes here after the first round. So they're, yeah, they're certainly going to be a tough out. All right, Lots to get through today. We got to catch up to cup of coffee. I've got the questions that I didn't get to when we had Susan Stroud on earlier this week. If you want the latest on the EPA update, the impact of Canola, you know, some of the positive news around there, go and check out Tuesday's cup of Coffee episode. That's where you're gonna find that. But there's three or four questions I want to get to in. In just a moment. We've got Allison Thompson from the Money Farm making her show debut. She's been on all sorts of other programs, but she's making her what the Futures debut. And we're going to talk about the USDA acreage numbers. We're going to talk about, you know, is corn still a factor acreage wise? Have farmers kind of committed to corn nice and early this year? Are we going to see those acres hang in? And then of Course, being out of Minnesota, huge crop diversity. We're going to talk a little canola here as well. After that we have. James Mitchell is going to join me. We're going to talk not global fertilizer, but we're going to talk about domestic fertilizer. What to expect if you're a prairie farmer listening to this show, banking on logistics to run smooth. Is that going to be the case in the spring of 2026?
James is a no nonsense guy. Not here to be scary or, or to put fear out there. That's not, you know what, what anytime James been on the show the last couple years, it's not his messaging, just some very practical. Here's what's going down, here's how it's going to impact us and what to watch out for. All right, so yeah, another, another great show here for you on the what the futures podcast. I want to get some positive moments this week. Before we do that though. Just, just a reminder again, this is the design for Paisley last year our winner of our hat design contest with the proceeds, all the monies coming together for this great event, this great promotion to go and help fund the mental health crisis line through the Canadian Centre for agricultural well being 24 7. Support from people that know farming. All right, so deadline to get your designs in is mid April. Here you go to Ryand ca download the form. It's at the top of the website. You can't miss it. If it's not you, it could be your kids, your grandkids, maybe your partner is a teacher and they would want to get this into their schools. I'll buy as many classrooms pizza as possible here across the prairies and looking for some more designs to come in. All right, so Ryandeni CA deadline's coming up April 11th. Try to get them back to us so we can keep the process moving along and get those up for a, a vote. Positive moments for this week. I did, you know, on the hat theme, I got some new hats done up from 7, 6, 4 customs. That's Steph.
So big thanks to Steph. We've got the W, we've got me wearing the T and then we've got the F3 different colors. I don't even know what I'm gonna do with them. They got some really cool patches on the back as well, but I thought they could be kind of fun. I don't know what to do with them. I don't know how we should distribute these, but we have a pile of them. So I'll do Some thinking, and. And we'll get going on that.
Also, for positive moments this week, Finley and I.
So Finn was in the emergency room a couple weeks back now, and he had to stay home for a week. All right? He wasn't feeling good. He had to stay home for a week. And I told him, when you're feeling better, buddy, we're gonna go down to the John Deere dealership and we're gonna get you some new toys. We were desperate for a green cart, so needed that, and, you know, you go pick out a few things. So we went today, and Finley picked out a couple small pieces, and he. Right away, he went to the biggest tractor. Toy tractor, and he's like, dad, like, this is the one I want. I said, yeah, you know, I get it, buddy. But today we're looking for some smaller stuff. And remember, you wanted that green card, so let's go and focus on that today.
And then he looks at me again. He's three years old, and he says, I forgot my money. I forgot my piggy bank.
And I was like, yeah, that's okay. You know, Dad's got it for this week. Don't worry about it.
If I had my piggy bank, I could buy the big tractor. I said, okay, man, we will.
We will come back. You can bring your piggy bank. You can get yourself that big tractor for spring. So we got something to look forward to here over the next few weeks. But just. Just a cute moment from. From my little guy there. Also, we did. We finally booked a little vacation. We're gonna head to the Bahamas here later.
Later this month. So that. That kind of came out of nowhere for us over the last couple days. So, yeah, we're all sick of winter. We're sick of winter at our house as well. And so we're gonna take a little trip here at the end of April. And then finally, finally, my dad, Leo turns 60 years old this week. In fact, he turned 60 years old yesterday, April 2nd, my dad's birthday. He is celebrating in Belize with some friends and my mom. And the last I saw him, evidence that he was out there enjoying his birthday. He's sitting at a picnic table or standing at a picnic table that looks like it's in the middle of the ocean.
I don't know. It looks kind of cool. But I also want the listeners to know that Leo can't swim.
So hopefully. Hopefully they had that life jacket nearby, because.
Yeah, pretty neat.
Anyways, dad, happy birthday. And, you know, cheers to turning 60.
Last one for you guys here today. Is that my wife asked me if I hit puberty this week because I am struggling. I've got the hot tea going. It's late at night. So the voice is failing me here a little bit. And so, yeah, apparently I did hit puberty this week because I'm hitting all sorts of.
All sorts of levels in my voice as we record episode 116. All right, I do have eating your veggies for later on here in this episode as well. But let's go.
Let's go to questions from cup of Coffee. Let's go there. And while we're doing that, while I am pulling up the questions from the, the farmers, I am looking for someone to host cup of Coffee on April 21st while I'm in Toronto. I get to go take the big stage in Toronto for a conference there and then maybe on April 28th as well. If you're interested in hosting cup of Coffee, send me an email. Ryanothefuturespodcast ca looking for a guest host. I will join. I'll come say hi and talk markets with you. But. But you can kind of run the show, get everyone updated on what's happening with crop markets and have some fun with it. So if that is of interest, send me that email. So first question came in from Ryan. Great name, by the way. New crop, canola. Why is there very little carry in the market without a crop failure? Does this have to widen? Is this similar to how John DePape captures 10 bucks a ton for carry? Now, John was on the show a couple weeks ago.
He's an expert at spreads. And I did reach out to John in regards to this question because the answer, Ryan, that I had for you, the reason you see very little carry is thin liquidity.
There's not a lot of volume trading that far out and you kind of lose that incremental carry as, you know, the further and further out you go. And so I talked to John. I said, john, what do you, what, what's your explanation? You know this way better than I do.
And he said, ryan, you're bang on with the thin liquidity. He's like, the other thing, though is that nobody is really eager and excited to go and chase a spread that is so far away, to go and tie up your money and, you know, to make a couple of bucks, like it just doesn't make sense to go and, you know, chase that spread that far out and wait and wait and wait, tie up your money, only get a small type of return on it. So there's that talked about a few other things as well. When it comes to carrying the market, you do want to watch to see what happens between July, November and November and January from a spread perspective. But listeners if you're checking this out go to March of 2027, May, July, it's all very, very similar at 740 bucks a ton as of recording and then it drops to 700 in knob of 27 because of course we're going to grow another crop. So that, that was a great question and thank you Ryan for sending that in. Curtis sent in two questions.
The first one I'm interested in your thoughts on valuing on farm fertilizer and fuel storage beyond the impact of the current war or logistical benefits and logistical benefits.
How do you typically calculate the payback period for that investment?
So Curtis, this is a, this is a fun question and I have an example. I was working with a farm back in would have been like 2017, 2018, 2019 and this farm they would go and buy their fertilizer for year end. Can't remember what month or year end was in but the retail would store it until spring for them. They did the research, priced out the fertilizer bins. Yeah. Did, did some numbers and and we also realized that we were a bit short on grain storage using lots of grain bags that we could throw some, some grain in there for temporary storage and then fill it with fertilizer after. It's kind of how it fit in in the plan.
Now we had some pretty extreme yeah. Years from a fertilizer price perspective and I believe that the farm had paid for those fertilizer bins within six or seven years of them changing this strategy on, on their farm taking ownership of the product, changing the behavior around the buy side as well on when they would write that check and then taking that physical product. And I just remember them saying I don't know why we didn't do this earlier. Like it was an absolute no brainer.
Now it's certainly not all perfect. I can bring people onto the show that will explain to us how they've had to cut bins open and take product out. And product doesn't always store as great as you want it to but you know when you can take ownership of that product and own the decision timing as well. Yeah. I don't know what that would look back look, look like for you on a payback period but obviously when you have extremes like we saw even this year like we're seeing right now, the payback period is, is quite a bit Shorter. I think being able to control the decision, though, just really, really changes and speeds up the. That return for you on the diesel side.
I kind of have two sides of the two sides of the coin on this one. And it's kind of feast or famine because, like, when you put up more storage for diesel, you are. The more efficient you can get, the cheaper your price is, and you have an ability to buy from. From anybody. So the moment that you have an ability to buy from anybody and you have, you know, the most efficient storage like that gets your cost per liter down instantly and by a fairly wide margin like it can be.
It's consistently 15 to 20 cents a liter, like I call it 20%.
And people shake their head. They're like, you're insane. There's no way the lunchbox crew could show you a pile of examples. Like, it's as black and white as night and day. Like, it's.
Yeah, like it's consistent. And there are pockets.
There are pockets across the prairies where fuel is, for some reason, has an extra tax on it. I don't know if it's buying behaviors in the area or what it is, but it's more expensive over there, and I don't know why.
Right.
And so consistently, for me, it's 20%.
There's gonna be situations where it's not that extreme, but there's also been situations where it's been 35%. All right.
I even had a farm change a valve or the way that they were taking their fuel and just changing that saved them three or four cents a liter, something like that.
It's about efficiency. Now, I said two sides of the coin, because I'll talk to farms where they make one or two fuel decisions a year. You've got the most efficient setup, but you might be in a cycle where you fill it at this time, it empties. You fill it at this time, it empties. Those are your two decisions for the year. You're putting a lot of pressure on those two decisions. You're buying it the most efficient you can at the time.
You are saving as much money you can, you know, at that time. And you're getting multiple quotes like, it's.
It's great. But from a timing perspective, is it the right time to buy? So that's where it gets a little bit tricky. And there is a. There is periods where you want to set yourself up to be able to fill. And fuel brokers out there will certainly talk through what those timing. What that timing looks like. In fact, we Might have a fuel broker join the show here shortly, the next couple of weeks or maybe next month. But yeah, it gets a little tricky on, on that side. I don't know the, the cost of a tank. I, I know that I have a few farms that have set up some, some new, new to them systems here to take more fuel and, and they did that last year. It was very reasonable. I can get some numbers for you, Curtis, and, and we'll dive into it. But it surprised me how cheap it was to pull off. I, I'll have to ask one farmer when I go and see him here in the next couple weeks if that's already paid for itself. I.
Without a doubt it has. Oh yeah, without a doubt it has. I know where he's bought his fuel and today it's double where he bought his fuel. So anyways, yeah, it's definitely paid for itself. All right. Curtis also asked Lunchbox Crew, I'd like to learn a little bit more about the Lunchbox Crew. I'm not going to go into great detail on today's show, but Lunchbox Crew is, is my version of, of crop marketing analysis. But the difference is that we have a community of farmers that also talk to each other.
And so I put recommendations out, I put strategy together, I communicate fuel prices, fertilizer prices. The group communicates different topics with each other. And at times, you know, most advising type businesses, they don't, I don't know why they don't want their farmers like talking to each other as a community.
I know back in the day it was, well, if we make a couple bad recommendations and they all get, you know, gang up and get together and are mad at us, they're going to be mad anyway if you made a couple bad recommendations.
But also for me, the strength of a community and the experience within the group and I might be the one who's, you know, said, you know, advised to sell feed new crop feed barley this week, that maybe I did that. But also Jason, Sean, Keith, you know, they were talking about going long the Canola market at the end of December when, you know, I sat there and was like, I don't know, guys, I don't believe in it yet. And I, I know some farms looked at that, thought about it and executed. And so I'm not the smartest one with all the answers.
I spend a fair amount of time looking at this stuff and trying to provide as many answers as I can.
But also the community itself is quite strong and especially when it comes to on the buy side having that communication and a network is nice.
And it's also my last comment.
Afar mentioned this to me the other day.
Like, you know, I can go on X and I can put something out there, but I'm going to get the trolls, I'm going to get the negativity, I'm going to get the crap within this group. Haven't seen it yet.
Haven't seen the negativity. Haven't seen the crap. It's just, here's my, my question I have. Here's my problem.
You know, I'm looking for a solution for this.
Yeah, no negativity within that lunchbox group, so.
But courtesy. Thanks for bringing that one up. And then last one here, Sheldon. I don't know anything about diesel. Diesel markets. Are there actually futures contracts? What's the volume? And would it be worth locking something in?
So you'd be looking at a heating oil contract or you could look at West Texas.
I have a call option running on West Texas. I'm like the only guy who's got a call option running in the crude oil market that is not seeing it appreciate very much. So, I don't know, it's not that fun, Sheldon, at this time, but you're, you're looking at 160,000 liters or something like that.
When you, you look at some of these contracts, heating oil might be a slightly better one to participate in, but those are the two that you would keep an eye on. If you're looking at hedging your purchase, that would be where you would take a peek. So yeah, talk to a broker, futures broker about, or someone within your network.
But that is how you could hedge your fuel purchase. It's not perfect, but it could work pretty good.
The other thing I'll throw in here, Sheldon, is that some companies offer contracts. Could be co op, could be ufa, where they'll say, you know, you have to commit to.
For example, I don't know if this is true or not, but you know, 100,000 liters of diesel at this price, that's your commitment for the year. But you can take it in smaller increments. You can take 10,000 liters at a time, a physical product or whatever it is. Each contract has the size and then efficiencies and all that come into play. All right, so again guys, great, great questions for this week. So, all right, let's.
My voice is failing me here, so let's, let's get into it here with Allison from the Money Farm and talk all things acreage wise in the US and what the heck's going on with Corn Acres? Here we go with Alison.
All right, folks, let's welcome Alison Thompson from the Money Farm to the what? The Futures podcast. Alison, welcome to the pod.
[00:21:52] Speaker B: Yes, thanks for having me. Appreciate being here.
[00:21:56] Speaker A: So, obviously I want to talk acreage numbers with you, but the last, last time we had a really bad market day, I caught your segment on another show.
And I have to say, that day you. You had, you know, a lot of great answers. I wanted. I was going to say all the answers, but here we are after another rough day in the markets. How's your confidence level today? Like what, what did you see today with, you know, Kansas City wheat falling apart on us, some of the other markets as well? Anything kind of stand out?
[00:22:32] Speaker B: Well, to be honest with you, it's a lot of ebb and flow with the market. I mean, we had, you know, a supportive report, especially on the wheat side, and wheat reacted according to that. We saw, you know, a good day yesterday. But it also comes down to technicals. At the end of the day, we know that the funds have been adding some positioning here, so pullbacks are healthy, honestly, at the end of the day. And as long as it's not doing any chart damage, I mean, that's, that's the main thing we gotta be watching because ultimately greens across the board are looking for a driver. And it seems like every day can kind of throw a dart on which one we're gonna see drive markets. But ultimately, when you're in that kind of environment, the technicals matter. And even in, you know, Chicago Wheat had not a very good day. Double digits, you know, across all three wheat exchanges. But we're holding some good retracement levels. And I think in the kind of environment that we're in, that's going to be key. And it seems so far here, just over the past couple of months, yeah, we've been having some healthy pullbacks, some a little bit more than what we were expecting, like the 70 cent down day in soybeans. But ultimately we see the. As long as we keep seeing the selling cease at some of these levels, that's the key to the market. And, you know, you can't go up in a straight line, you're going to have to see pullbacks. And it seems like that's kind of the environment we're in where we're, we're making stair steps up, but we're also seeing some pretty steep pullbacks back. But as long as buyers come in, we're closing off the lows we're holding that key support. That's. That's it at the end of the day.
[00:24:06] Speaker A: Yeah. And that's a very healthy thing, right, for that to happen, to have, you know, a string of good days and then have that, that back test or that, that, you know, pulse check on a down day and away you go. So, you know, fingers crossed that we find some buying here and some stability. Now, Allison, you are in the great state of Minnesota.
I'm assuming you've got a little crop diversity in the mix with your clients. Is. Is that a accurate statement?
[00:24:35] Speaker B: Yes, we definitely have a mix of a little bit of everything going on, especially in my direct area. But, you know, that's clients. But I have clients all over the US So I am dealing with corn, soybeans, wheat. Those are the, the main three. But also in our, in our area and you know, in the tri state area, Minnesota, North Dakota, South Dakot, Montana and Iowa, we also have some of those other crops starting to come into the mix. So canola has been one that's been stepping in. I do have guys with edible beans, sugar beets, durum grasses, sunflowers, you know, you name it. We could probably put it into the rotations if it's going to work. So. And that's been obviously the key here this year is what is going to work.
[00:25:19] Speaker A: Yeah. And that leads me to my next question. We could talk about 12, 14, 16 different crops. You know, Western Canadian farmers are doing, you know, similar things, but I wanted to dive into this week's acreage numbers. I know response is worth less and you will get some, you know, truer numbers in June. But let's just go through some of the report. If you want to start with some of the small acre crops that kind of jump off the page, that's fine. Or if you want to go with the big heavy hitters of corn and beans, we can start there. But did anything kind of jump off the page for you?
[00:25:53] Speaker B: Well, I think it kind of surprised everybody on how it came out, especially given the noise going into the report, you know, especially with geopolitical tensions and the ramifications that has on obviously oil and also fertilizer. So obviously the headlines Post report is so much focused on corn and soybeans and how that rotation's gonna end up at the end of the day, in my opinion. Going into the report, I didn't see a huge shakeup, to be honest with you.
A lot of the clients that I, that I work with have the fertilizer booked.
And even further south, like into the I states. You know, we like to think where we matter in the fringe areas, but in all reality, it does come down to the big producing states. And in that area they do typically put on a lot of fall application fertilizer. So it's not necessarily the fertilizer story that maybe the media has been necessarily pushing across the whole US it's not everywhere the same. So some of those guys already had the acres kind of locked in of what their rotation was going to be between corn and soybeans further south and up in my area too. I mean, you know, bookings are a pretty big deal up here. And historically that's what guys do is do a lot of bookings earlier in the year. Tax purposes, all that kind of stuff kind of goes into play.
But, but for the most part, I think we're going to get the fertilizer and it doesn't seem to be the issue, especially for the guys who are booked. It's just going to be those fringe areas. Again, in my area, you know, in the grand scheme of things, Minnesota, North Dakota, in guys who haven't booked their fertilizer, that might be more of the question mark going forward.
But ultimately, guys are already looking at other rotations and other things coming into the mix. And we saw that in the report. So, yes, corn and soybeans, you know, big picture, yes, that was the highlight of the report. But we also saw some upcoming other grains coming in. We saw increased acres for canola, increased acres for sunflowers, some barley also coming into the mix. So you'd like to say, you know, that, you know, obviously beans are down and corn's getting a majority of it. But also I think guys in my specific area are also looking at some of these other crops to put in rotation that have some decent pricing, and we've seen that over the last couple of years.
[00:28:17] Speaker A: So I, I see a barley number, a pretty healthy jump in, in barley acreage. We're expecting that in western Canada as well, some additional barley, little less oats. I don't know if you have a lot of oats in your, in your area there, but I see a lot pullback of, in oats as well, which again, kind of the theme up here as well. What, what was that canola number? Do you have it by chance on the acreage side? I, I don't see it.
[00:28:44] Speaker B: It came in at 2.685 million acres last year. We were at 2.338.
So we're seeing a sizable, a sizable jump. And luckily you Know, I know some guys, my farm included, we grew canola this last year. And as a first year farmer of canola, it's hard to gauge how much you surprise, you know, and we had the rally early and so it made it, I think, a little difficult and maybe harder for some of us that were, you know, first time growers. But we're also seeing that rally kind of re ensue kind of in the same timeline here ahead of planting. And I think it's trying to get acres.
So I do think that also plays into the mix is what cash flows right now and sunflowers, oils, oil season general seem to be cash flowing pretty darn good.
[00:29:36] Speaker A: Yeah, yeah, we, our acreage numbers won't come out for a little while yet, but we're, we're seeing, you know, the same things, right. Like the canola number is very good, which for many prairie farms, not all prairie farms. My southern guys will be shaking their head at this, but in the southern prairies. But, you know, as 40% of your acres being in Canola is pretty, pretty normal for our farm and farms as you travel north across the prairies. And it's been the, the only one that has that. And flax has really penciled out for the entire time. Now we're getting, you know, a little wheat rally. Farms are locking in $8 wheat this week.
With that, the difference in the exchange US Dollars compared to Canadian. Yeah, there's a nice little bump there.
Barley has been really hot for us as well. So it's, it's buying some acres and, and there's some good opportunities there.
[00:30:31] Speaker B: Absolutely.
[00:30:32] Speaker A: Allison, do you expect drastic changes to these numbers, you know, by the time we go into the end of June? Because I agree with you on the fertilizer side.
Not everybody, I wish it was everybody had it all locked in, but majority do.
And I think the, the actual fertilizer impact might be this fall. Like that might be where it really matters. But going back, do you expect a big change into June? It's a loaded question, but I want to throw it out.
[00:31:02] Speaker B: Yeah, no. Well, to be honest, and you guys know this just like we do, it really depends what the weather does and how our spring goes on, what actually gets in the ground. I'll be honest with you, if we have a good spring and guys can get in early, we might see more wheat acres go in. That's just kind of, you know, that's, that's kind of the pattern that usually follows for guys if we're able to. We're probably going to put some in and it's good for rotations. And you're seeing prices where they are so a lot better than they were at harvest. And so if some of that still plays true, I could see us gaining a little bit more on those acres, just depending on what weather does. But if it gets later, then probably not much swing. And to be honest, you know, corn coming into a lot of guys rotations out here. Last year was the first year for a lot of guys farming corn and boy, did they have a great year. I didn't hear from anybody a disappointing yield on corn. And so even though the price sucked, you know, they were able to gain bushels. So they've made up for it to an extent. And that, that I think is where guys are turning towards corn even versus beans.
In our area, we're really topped out on what we can get for a max yield. And I think, you know, if you talk to anybody in North Dakota, Minnesota seems to be kind of the case. We, we really can't get any more corn is where we can get more bushels.
You know, we're really kind of stuck on the soybean side where the I states can really, you know, pound out some really good action. We can't necessarily get that here.
So I think they're looking for these other crops that can do better, can still gain in some yields that maybe aren't quite so sensitive like we've seen soybeans become.
[00:32:43] Speaker A: Okay, I want to, I want to change gears a little bit here, but I did want to ask as well, you chat with a lot of growers across the U.S. what, what's the temperature like out there? Like, are folks excited about the year? Are they frustrated with how the year setting up? Markets have climbed here in the month of March. Is everyone feeling a little bit better now? Like, what's the state out there?
[00:33:05] Speaker B: Well, I'll be honest with you, you can definitely tell it in farmer sentiment. You know, going into the, you know, into harvest this last year, certainly doom and gloom. You know, I think I'm a therapist more than I am necessarily a marketer. Sometimes just talking guys off a cliff, you know, depressed prices and you're selling into five year lows like on the wheat. You know, nobody is excited about that, but boy, am I glad I got guys into owning. I mean that that's, that was the case that needed to be done and luckily enough we've had a substantial rally since then. And the mindset's definitely started to change. They're, they're actually meeting some Break evens, you know, on the major crops. So cash flows are looking a lot better here for 2026, and that's really important, farm economy wise. Right. Going back down to the farm gate. So I say everybody's a little bit optimistic. What makes me a little nervous is that we are getting a decent rally, kind of like we did last year in February, you know, and guys are really hard pressed to make too many early sales. Coulda, woulda, shoulda is really what the response was at harvest last year.
[00:34:09] Speaker A: Yeah.
[00:34:10] Speaker B: But this year we're seeing it extend. We actually, you know, printed some new highs for the year in March on corn, and that is not normal. I think over the last 25 years, it's happened less than a handful of times.
[00:34:22] Speaker A: Okay.
[00:34:23] Speaker B: So chances are that we are probably still going to continue to move higher. Corn's king. So if corn's moving up, we should see soybeans and wheat follow through as well. So ultimately I'm, I'm optimistic going into the year and I think farmer mentality as well. I mean, we wouldn't be in the industry if we weren't optimistic.
[00:34:41] Speaker A: I've been at least bearish going back to late winter that I've been in the last three years. Like, I've. Yeah, I don't know that things were looking like there was a chance here for some better pricing and some better margins and. Yeah, yeah, it's not perfect, but yeah, right.
[00:34:57] Speaker B: In this time of year, we have a lot of risk out there yet. Obviously, black swan, geopolitical stuff, Middle east, you know, inflation, macros. I mean, you can, you can name that too. But just even from the time of year standpoint, like, we don't even have the crop in the ground yet. We have no idea what weather is going to do. We still have some demand cards on the table here. So I feel there's a lot of risk still and I think that's why the funds have jumped on and I think that's keeping our markets maybe more supported than necessarily, you know, fundamentals. At the end of the day, it's going to go back to fundamentals, but for some reason, the funds seem to have a reason to be long here and them defending it keeps our prices supported. So, yep, it's been a couple years since we've seen them long. And so if they're going to hold that position here, we do have the opportunity for some good pricing ahead.
[00:35:45] Speaker A: Yeah, 100%. I'm with you on that one, Alison. We appreciate your time this week. Look forward to having you on the show again in the near future. But how can people get a hold of you? What tell us about the Money Farm and what you guys all do.
[00:35:59] Speaker B: Sure. So obviously market analysts. I work with producers across the US not just up north, but Minnesota, North Dakota, Montana, all the way out to Washington state, but also down south too. So going down to Nebraska and through the I states, we work with producers out there.
I also work with some seed companies and some small elevators as far as hedging too. So lots of information that really helped me put it all together from that perspective. So we do offer a daily commentary that we kind of put our spin on the news of the day. So if people want to talk markets, honestly, I'm happy to talk markets. Up these down days, you don't need an account to talk to us, so you can certainly give us a call. Our phone number is 701-347-5985. We're also on the web, the moneyfarm.com and you can contact us through there as well.
[00:36:46] Speaker A: Perfect. Sounds great. One last one for you here. Oh, I was going to ask when did it kind of start or how did you get into this business? Like what was your leap into into consulting and market advisory?
[00:37:01] Speaker B: Well, I come from a family farm, so my dad farms and I should really be thanking him for getting me into the marketing side.
I originally went to school for a business education. I taught high school kids for, for a year in FFA and thought, nope, this is not for me. I thought farmers would be better. So here I am working, working on the market. So I've been with the money farm since 2017. I bought the business in 2023, but the business has been around for just over 40 years now.
[00:37:29] Speaker A: Oh, wow. Wow. Okay, big legacy then. Awesome.
[00:37:33] Speaker B: Yes.
[00:37:33] Speaker A: Oh, good for you. That's great. Again, appreciate you, appreciate you joining the show this week. Look forward to connecting again in the near future. And hey, maybe with any luck we can convince you to come and hang out with us in Brandon Manitoba later this year.
[00:37:47] Speaker B: I'd love it. I'd absolutely love it. Let me know, I'll be there.
[00:37:50] Speaker A: Sounds good. Thanks, Alison. Take care.
Always great to bring in a new perspective on the show and look forward to having Alison back here in short order. And also I really like the geography. I caught Allyson on on another show, Chip Flory show. If you're into grain markets. His show goes out twice a day packed of with information and he just kept firing questions at her and she just kept answering and her answers were so good and thought Out. And I just emailed her after and I'm like, hey, you know, great job on, on Chip's show today. Yeah. And I like, you know, the Minnesota angle and the crops that she covers as well. So great having her on the show and look forward to connecting with her in the next number of weeks here. All right, I wanted to do let's do eating your veggies and then from there, we're going to switch over to our conversation with James Mitchell. So eating your veggies for this week. I have four. All right, I've got four. The first one I'd like you to consider is writing down your strategy. Writing down, you've done your work now. You've done your taking the time, the effort to figure out different strategies through your broker line, company, whoever it is. But take time to write down your bullish strategy if the markets turn, you know, bullish, extremely bullish. And then on the flip side, write down your strategy that you're going to execute on when the markets turn bearish. We're talking about a change in trend. Not the whip, whiplash of markets the last few weeks, but the actual change in trend. Write it down, review it, put it somewhere, maybe in your phone, maybe you got a notebook or something in your pocket. Review it regularly because you're about to get very, very busy.
And when the markets do decide to make a move here, have it in your hip pocket. Have it ready to rock and roll. Oh, yeah, the markets are turning bearish. This looks like a real decline now. Whatever's happened is resulting in this decline. I told myself I was gonna consider boom, the strategy and then get it going. All right, so write em down. Second one. I love hate relationship with targets. But my man, I saw some great work this week. I saw some people put in targets and they hit the peak of the wheat market in the month of March. Like we all want to go higher. Yes. But just putting targets at that upper end, upper end of the range, at the very top. Beautiful. All right. It worked very well this week. Of course it pulled back aggressively after that. But just really cool to see those targets doing their thing at the high end of the range and getting some good sales on two other ones for you budget. And I'm pulling these out of the crop marketing handbook. I owe people copies of this yet.
Maybe.
Well, maybe with your patience, you're going to get a hat then to go with that. That might be a fair trade for my delay on sending some of those out. But update your budget. You know you're going into the growing season.
Maybe you have to increase your, your diesel budget a little bit. You know, maybe you want to go and, and do some tweaks and just figure out where you're sitting now from a break even perspective, hey, maybe it's more fertilizer that you have to put in the budget as well. But yeah, I encourage you to do a quick budget review again before you get busy. And then the one that you may shake your head at is just penciling out those acres for 2027. You're gonna say, Ryan, dude, I'm plant. I'm planted. 26. Right away. What the heck's wrong with you?
It's just about.
It's an exercise of, I call it like discipline, like an exercise of.
In 2027, I'm going to grow roughly this amount of canola, roughly this amount of wheat or pulses or whatever it is. There could be swing in there, it doesn't matter.
But when the market rallies and you see an opportunity to lock in 2027 canola at 16 bucks or 17 bucks, wherever it goes. 2027 wheat. I was looking at CPS wheat for 2027. Let's get the fresh number. Actually, while we've got you here, it's noteworthy, right? Like, it is a, a number that you look at and say, oh, and we're there today. You know, maybe I should do something here.
Yeah. 8, 40 a bushel. 860 a bushel. 2027, CPS growers, heads up, right? Like, what happens if that got a nine handle in front of it in the next couple days? It's out there, so just scratch out some acres. It doesn't have to be perfect. Okay, let's get into it now. Fertilizer conversation, not global. We're talking western Canada. James Mitchell, Crop management.
All right, folks, we've got James Mitchell from the Crop Management Network joining me here. James is a regular on the what? The futures podcast. And James, I certainly appreciate your time. Obviously, you're getting into the, the busy crunch, but I wanted to say I've been doing some presentations here lately in front of some farmers. And you and I had a conversation at the end of October that I've been playing on the screen just to, just to promote the show, to tell people, like, check it out, because things like this are talked about. And in that clip, you say something along the lines, if you miss the market by 20 bucks a ton, it's going to cost you a couple bucks an acre. But if you miss it by 200 bucks a ton, it's going to cost you 25 bucks an acre. Well, here we are. We're like 500 bucks a ton higher than when we had that conversation, so. Heck of a quote, James. Heck of a quote.
[00:43:56] Speaker C: Yeah. Well, thanks for having me back. Always appreciate the time and yeah. And that end of October, obviously we had no idea of the geopolitical impacts of the Middle east conflict.
That was strictly domestic supply challenges. So this is a second gut punch to Western Canada for fertilizer supply.
[00:44:18] Speaker A: Yeah, obviously the global stuff's been well covered here the last little while and. Good point. We were talking about, about kind of our backyard situation. So we're, we're here. It's, it's April 1st.
Is it fair for me to ask, like, what can we expect? I, I'll say first off that I believe Crop Management Network does a heck of a job logistics wise and, and keeping their customers informed and, and supplied. But I, I just want to ask like, what's the expectation here for prairie farmers when it comes to planting which has started in parts of southern Alberta? We're here April 1st.
A little bit of a delayed winter, I call it. But what are we setting ourselves up for this year?
[00:45:05] Speaker C: Probably nothing good as far as supply goes.
We've been on allocation from suppliers now for the last 30 days and we've been notified we're on allocation from now till the end of spring. We call it Hell week, which is the seven days where everybody's going full bork.
[00:45:22] Speaker A: Yep.
[00:45:24] Speaker C: And I expect there's going to be, there's going to be retails and locations that just can't get the product out of the plants because they are on allocation. They are going to be allocated depending on your organization, you know, 10 or 40 loads a week or something like that. And it just won't be enough to compensate for the demand at the, at the location during the peak.
[00:45:46] Speaker A: Is there one product that kind of stands out a, you know, as the one that could be more problematic than others, or are we talking about a basket of, of goods here?
[00:45:58] Speaker C: It's more, it's probably more a basket of goods unfortunately, because, you know, we look at some of the facilities that we pull out of and some of them have multiple products. So, you know, they're getting slammed with three or 400 trucks a day and it's just, they just can't push them in and out fast enough. And you might be there for sulfate, but there could be 40 urea trucks that are blocking the lane in front of you and you have to wait for them to clear to make room. So supply wise, you know, sulfate is fine, phosphate will be very tight, urea is very tight.
But it's just going to be the facilities ability to load out really is going to be the biggest bottleneck.
[00:46:43] Speaker A: Okay, I want to ask like, when it comes to facilities in western Canada, the folks that are making these products, has everyone stayed online as expected or has there been some more breakdowns or any other hiccups? Anything that we haven't covered in the past that happened as a.
Oh, darn it, oh, crap type moment?
[00:47:05] Speaker C: Absolutely. There's been all sorts of those.
Mm. It's just been consistent since, since really the new year.
Yeah. We have had, I won't go into specifics which suppliers it is, but in Saskatchewan and Alberta there, there wasn't probably a plant that was immune to some sort of unplanned maintenance. And then a couple of them had just been running, you know, limping along, going into, into planned turnarounds. So.
[00:47:32] Speaker A: Right.
[00:47:33] Speaker C: The one, one that's pretty public. CARS, land nutrient is going down April 1st for their turnaround. You know, they're going to have inventory on hand, but that's not going to help the situation. And that's a planned outage and you know, 70 day turnaround. It takes a lot of planning and a lot of crew and you just kind of pick the date that you can get those guys available to do the turnaround and that happened to be the day. So.
[00:47:55] Speaker A: Right. Yeah.
[00:47:57] Speaker C: We also have Yara Bell plane going down May 23rd for their turnaround. So we're taking two big producers offline for 70 days each. Usually that 70 days turns into 80 or 85. So that's a big chunk of the production that's out of the market.
Some for the spring and definitely for summer fill, there'll be some scarcity of product as well.
[00:48:21] Speaker A: So I, I was going to ask, I want to get to summer fill in a second as well. But I was going to ask. So, you know, I'm, I'm.
[00:48:29] Speaker B: You.
[00:48:29] Speaker A: I'm used to, you know, having, you know, folks coming to the plant to pick up fertilizer in the truck. It's just down the road, it's coming the, you know, where you might have to wait for a little bit. But it, it's on his, it's on its way type of thing. Not, not waiting for, I'd say waiting for hours instead of waiting for days. Is that a fair expectation for this year to be like, okay, yeah, bring your trucks and we'll, you know, we're going to Load them as we can. We're waiting for hours. Or is it too hard to tell if it's going to be days?
[00:49:03] Speaker C: I don't mean to be the glass half empty guy, but it feels like days this year. You know, there's just so many things that are piling up against us right now.
The allocation from domestic suppliers, exporters from the US that have a sales book on into Western Canada, they're already behind on their rail shipments.
[00:49:22] Speaker A: Okay.
[00:49:23] Speaker C: Right. And then, and then just on the expense side of it, like fuel, the cost of fuel for carriers right now is going to be, it's just going to be another irritant.
Right. Freight rates are going to be a huge irritant as well. And so all of that just, it's just feels like a death by a thousand cuts this year and time.
[00:49:42] Speaker A: Right. It's April 1st, so it's.
Yes. I talked to my buddy up in Bonanza, Alberta that's staring down three feet of snow and wondering when, you know, when spring's gonna show up. But time, it's April.
It is April. So yeah. Is there anything out there that you sit and say, okay, well there's a chance that they catch up on, on shipping or there's a, there's a chance here that they're, you know, this occurs and it's a bright spot. It helps us out a little bit. Like is there anything like that in the landscape?
[00:50:15] Speaker C: Yeah, I guess if we started seeding May 15th.
Right. We probably would be fine. But it just doesn't, just doesn't feel like that. I don't know why it is, but every time it seems like there's a supply crunch, Mother Nature seems to double down on, you know, bad news where she's just like, all right, it's April 25th, let's go.
And it just kind of feels like we'll be standard seating time. So we'll have guys in central Alberta going the last week of April.
Hopefully some weather interruptions give us a few catch up days in the spring. But the retailers that have invested in infrastructure and storage will obviously have the advantage over the dealers that haven't and are relying on just in time service out of the plants.
[00:51:00] Speaker A: So I want to ask this question as well, you know, as of April 1st here we did a survey. We had only like 60 people respond, but I think it was like 10% of farmers had not bought their fertilizer yet or had committed to it. I've heard the number 20, I've heard 25 in the US specifically, you know, Would that translate to western Canada? Is there still a group of farmers that, you know, no one has heard from yet that they haven't committed to a product?
[00:51:30] Speaker C: Yeah, there's, there's always a little bit of walk up business that happens. I would see there's geographical differences.
You know, in central Alberta we've been very fortunate to have above average yields and good cash flow for the last number of years where I think there's some areas in the prairies where obviously, you know, they've been five, seven years of below average yields or drought. Yeah. And that's definitely impacting their ability.
Right. To step in and buy. So. But I think if you use a generic number across western Canada there. Yeah, there's probably 10 to 15% of growers left to buy.
[00:52:07] Speaker A: Okay.
All right.
Okay. Now I'm seeing as expected with low inventory available, seeing a huge variance in prices being offered.
Is there still the chance like walk up business can happen and get a product by May 15th and it's going to be tight but it's possible or.
Yeah. Is there any, any rhyme or reason to price right now on, on let's say urea specifically?
[00:52:40] Speaker C: Oh, absolutely, there's. The sooner you get it locked up the better.
We're still not pricing retail off of our last purchase yet. Our. Okay, the last purchase that I've made I paid $1,300 a ton for urea. That, that's going to be the delivered number. It's actually probably going to be more than that because I had hadn't counted on $2 diesel.
[00:53:01] Speaker A: Yeah. Your fuel went up a bit here.
[00:53:02] Speaker C: Yeah, yeah, that's right. So yeah, I mean we've bought thirteen hundred dollar urea, not large amounts of, but we have bought some of it and you know, as we work through our inventory we will be, you know, using that, that number as a cost and we're going to try to price it above that cost. Obviously.
[00:53:18] Speaker A: Yeah. What about like, what about availability on like, you know, I know a farm's not going to be able to switch from dries to liquid, for example.
It's not that easy to do. But is there like, is 28,00 like more readily available where a guy can go top dress that maybe a little bit later or something? Is that a play?
[00:53:37] Speaker C: Yeah, absolutely. Yeah. There's better availability of UAN than there is of urea Right now there's really good availability of ammonia but that's a bit of a stretch for a guy just decide he's going to ammonia for spring.
But yeah, UAN the price per pound of N on UAN is less than urea today.
So.
[00:53:55] Speaker A: Yeah, okay, so, so let's, let's switch gears to summer Phil here. Like with what we got going on, a market correction, I'm sure there'll be a correction from whatever that ultimate high is. But with all these shutdowns and things going on, what's our, our thoughts around or what's your thoughts around summer Phil? Cause now we gotta talk about the global picture in here.
[00:54:17] Speaker C: Yeah, absolutely. I mean if you.
I would say it wouldn't shock me. Domestic suppliers were asking urea that started with a one for summer fill.
Whether that number holds throughout the year is.
Well, it'll have to be proven out. But you know, I don't think we have a good idea of actually how much production has been lost globally.
We know the shipping has not been available through the straight of Hormuz, which is a huge choke point.
[00:54:48] Speaker A: Yeah.
[00:54:49] Speaker C: But I don't know if many manufacturers have shut off production behind the straight of Hormuz or not. There's definitely reduced operating rates in countries that are dependent on LNG for production, such as India, Pakistan as well. I just don't know what the number is going to look like.
And if you wait, if you're paying 11 or $1,200 for fil urea, how much you're going to buy?
What is ultimately, if you wait another eight or nine months, is it going to be the same price anyway?
I don't know. It's going to be extreme caution for a buyer.
And obviously grains have not caught up with it, haven't kept pace with the energy portfolio.
[00:55:35] Speaker A: No. And that's the talk rate is that AGs are undervalued and that there could be this great big commodity, you know, egg run yet later this year. I guess we'll see. Time will tell for a summer fill program because I saw an ex the other day, a farmer said hey, I have a chance to lock in some thousand dollar urea for next year. Like should I, should I do it? You know, that's a tough one to commit to.
13 months in advance, 14 months in advance. Right. Be nice if you could do some crop marketing with it. That made sense. But yeah, yeah, if you take it
[00:56:12] Speaker C: back to like on a global value like a $1,000 urea, give or take is probably around a $500 nola value. Where in. So a thousand Western Canada would be roughly a thousand or $500 Nola.
So we're seeing $700 Nola trade today. We know Nola's undervalued compared to the rest of the world. Yeah, we likely are going to see vessels diverted away from North America unless that price goes up. We also likely to see traders buy barges for re export as well. Unless that price goes up.
So that's going to be a supply crunch.
I think what the one thing is a guarantee is you're going to see protectionism from certain countries that have big influence in the market like China.
You know they are going to be holding product back for food security reasons and they can swing a market tremendously. We saw them two years ago only export 250,000 ton of urea. This year they exported 5 million ton.
Chances are they go back to 250,000.
[00:57:17] Speaker A: Yeah, I did see that restriction back in place and correct me if I'm wrong, but was there not something out of Russia as well with some type
[00:57:24] Speaker C: of pause ammonium nitrate exports which I mean obviously doesn't affect us in Canada, but it is a nitrogen source that will need to be replaced by likely urea in some form, whether it's granular, frilled. Yeah, so yeah, Russia is going to be holding back exports, China is going to be holding back exports. India is going to be a problem because they're only producing roughly 50% capacity today. So they're going to need to retender to supplement the lost domestic production. Plus the loss of the imports from last tender that haven't been able to get through the gulfs. Traders have called force majeure against the contract so that's leaving a bit of a deficit. So in the near term here we're going to see protectionism and a lot of demand from some big players.
[00:58:15] Speaker A: Well hopefully that translates into some demand and some folks stepping up for food security reasons and rallying our grain prices as well because wow, this is a bit of a wild one but I want to throw it out there anyway. Is there any chance that I kind of heard that, you know, farmers in some areas maybe weren't coming to the table and buying so that some companies were almost like returning product like or canceling product. Is that just a completely far fetched type of comments like.
[00:58:51] Speaker C: Yeah, no, I don't think it is. I mean I've heard industry rumblings of the same thing like large growers who had it booked and not paid for and yeah, just canceled.
They likely had a contract with a due date on it that said shall be paid by this date and it lapsed and the retailer was probably not covered sufficiently.
But yeah, we've heard lots of rumors of that or growers thinking they were looked after and they're not. So it's always best to have a signature or an electronic contract with your retailer to make sure that everything is legal.
[00:59:35] Speaker A: Thumbs up emoji might work in some cases.
[00:59:39] Speaker C: Apparently, that's binding. You're right.
[00:59:43] Speaker A: Oh, man. Oh, we got to try to laugh at some point here, James. All right. Our farm got offered some uan. This would be for next year's. Next year's crop. My. My dad's on holidays right now, so I bugged my brother. I said, let's tell him we booked everything for next year. Just really get the blood pressure up fully while he's on holidays.
The price that we got offered was the. The same price that we were offered before the war in the Middle east even began.
Are we crazy to book a little bit of that in, you know, knowing that our crop marketing has also started for next year? Like, is that just an insane thing to consider?
[01:00:19] Speaker C: I don't think so. I'm assuming it probably started with a five.
Would that be fair? Yeah, that's probably a very good buy from what I can see. You know, we're seeing wholesale, your UAN numbers very close to $700 today.
[01:00:33] Speaker A: Okay.
[01:00:34] Speaker C: They'll probably. It'll have another bump before it springs over. So. Yeah, I think that's a really good place to start your purchasing. And I've been a big proponent of kind of stepping your purchasing out two or three, four blocks throughout the year instead of just diving in both feet and saying one and done. So, yeah, I think that's a great entry point.
There's some weakness on the horizon for the Canadian dollar with.
Even though oil prices are high, but de risking everybody goes to the US dollar in times of war.
[01:01:09] Speaker A: Yep.
[01:01:10] Speaker C: The NAFTA or NAFTA, Kuzma, whatever you want to call it, pre negotiation happening right now. That's causing a lot of uncertainty. So I. I don't see a lot of positives for the Canadian dollar in the. In the near to medium term. So obviously, a lower Canadian dollar is not good for fertilizer pricing.
[01:01:29] Speaker A: No. It'll help out my wheat basis a little bit, but will not help my. My purchase side. Okay.
All right, James, I was at your guys event there in. In March, I believe your grower event was in March this year, right? Was it? Or late February?
[01:01:44] Speaker C: Late February, you bet.
[01:01:45] Speaker A: Yeah. Yeah. So I was there again, great event. And my buddy Trent took the stage there. I didn't get to watch him, but I heard he did a heck of a good job. Anything else from your guys aside that you want to cover today? Anything we're missing that I didn't ask?
[01:01:58] Speaker C: I just want to reiterate a couple of things. One is if you haven't stepped in and bought your product, I highly recommend that you talk to your retailer, make sure that it's available, even.
Even if you're not going to buy it.
The other thing is that if just putting your hand up and saying, hey, I, you know, I, I might be needing some product this spring, probably won't be enough to secure it because at these elevated prices, nobody wants to carry over a pound of inventory at the end of the season.
[01:02:29] Speaker A: Yeah.
[01:02:30] Speaker C: The better you communicate with your retail, the sooner you do it, the better the chance you will get product.
So want to reiterate that and just make sure that you do have a signed agreement with the purchase of your product.
[01:02:45] Speaker A: Yep. Fair enough. Good comments. And I think I'll add to that as well is nobody likes switching products, switching out, you know, to put in ammonia or, or uan. But, you know, I guess if, if it's. Everything should be on the table right now. And that's where you'd want to talk to your, your retail and your supplier and your agronomist and see what that could look like from a plan perspective as well. So, James, hopefully we get some of those, some of those delays, you know, to keep the, the product flowing properly. Hopefully Mother nature helps us out a little bit and that we get a really nice spring to get this all done. And hey, you never know, maybe a pleasant surprise will happen at some point here in the near future. I don't mean to laugh, but it's an interesting scenario, James.
[01:03:40] Speaker C: This will be the wildest spring that I've ever been through. I know this already.
We have a lot of rail coming in right now from multiple suppliers to try to spread out our risk, and it's all scary already.
It is like. So.
[01:03:55] Speaker A: Yeah. Yeah.
All right, well, appreciate your candid conversation as per usual. And yeah, keep us updated. If things get a whole lot better, if they get a whole lot worse, I don't want to. I don't want to talk to you till after spring, but if it gets better, just send me a text message.
[01:04:12] Speaker C: All right, I will do that for sure.
[01:04:15] Speaker A: Okay, thanks, man. Appreciate it.
Well, after I hit the stop button with James, we did promise to get together for a beer in June and just review what actually went down in, in 2026. We. We all hope that it goes a lot smoother and and better.
But also we want you to be prepared, all right? Be prepared to execute and, and give your crop that best chance and, you know, lower the stress as much as we can. So we will revisit that here in June at some point. Big shout out to show sponsor John Deere. Of course, John Deere Operations center, great tool for our farm. In fact, my brother is focusing on the the work plan right now in John Deere Operations Center. So basically simplifying the process, you know, before the thick of it, before it gets crazy for him in the spring he can get everything set up pre planned and have everyone ready to go for the 2026 growing season. Of course, you can use it to keep a pulse on equipment and fields. Make sure that the right work is being done at the right time. Then my favorite part is just analyzing the results. All right, you can check that out.
John Deere Operations Center, Deere CA or talk to your local dealership.
All right folks, well, my voice is running out of gas here, so thank you so much. If you enjoyed this week's show, tell a friend, tell a neighbor. Hit the subscribe button for us as well on YouTube or wherever you get your podcasts. Certainly do appreciate that, of course. Email me Ryan at withthefutures Podcast ca. I appreciate all of your emails and if I don't respond in writing, I certainly do respond through the podcast. So keep them coming guys. I really do appreciate that.
Also, I'm gonna be setting up our our seeding playlist here in YouTube Music. I've been doing that for like five or six years now. That's on the agenda for this weekend.
Now prices may change, guys. By the time you hear the podcast strategy could change as well to so always seek the advice of a professional out there for the what the Futures podcast. My name is Ryan. Have a great weekend.
I'm out of here.
