Episode 24

April 26, 2024

00:37:48

Wheat marketing..... does your break-even matter and is it holding you back?

Hosted by

Ryan Denis
Wheat marketing..... does your break-even matter and is it holding you back?
What the Futures!
Wheat marketing..... does your break-even matter and is it holding you back?

Apr 26 2024 | 00:37:48

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Show Notes

Episode #24 was recorded in the UPL Studio! Check out the latest on products like RANCONA TRIO @ https://www.upl-ltd.com/ca

This weeks episode was a SOLO one with Ryan behind the microphone. New internet connection and new recording software seems to have fixed the sound issues of the last few weeks. So this episode is all about crop marketing with a bit of an emphasis on wheat. Does the market care about your cost of production? And should your break-even numbers stop you from selling wheat this spring? Check out the episode as Ryan covers this and more. 

Thank you to show sponsor John Deere. Become John Deere's Chief Tractor Officer, check out the details here https://johndeerecto.com/

Ryan's positive moments for the week include attending game #1 of the Edmonton Oilers playoff series against the Kings. He also give kudos and a shout out to volunteer fire departments across the Prairie provinces and farmers with full water trucks. 

The mailbag was empty once again this week, as I expect many of you are busy prepping for the growing season. So Ryan turns the tables by asking "Do you have any concerns about the proposed Bunge/Viterra merger?" Email [email protected] your answer. 

And remember to keep the questions coming. By submitting a question you can potentially win a bag of P516L from Pioneer Seeds Canada. This is our last month giving away seed until sometime later this year. Don't worry Maggie is brainstorming a new prize for spring and summer. Have a question? You know what to do, email me and be our next winner!

2024 PLAYOFF HOCKEY POOL STANDINGS

SPRING PLANTING MUSIC PLAYLIST. Enjoy Ryan's Top 100 songs to help you successfully plant your crop.

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View Full Transcript

Episode Transcript

[00:00:20] Alrighty, folks. Welcome to the what the Futures podcast. I hope you're having an outstanding day. I hope you have had a great week and buckle up. Here we go. Of course, you are tuning in to the what the Futures podcast recorded in the UPL studio. The action is picking up across the prairies each and every day. Make sure to check out ran Kona trio for your seed treatment needs. [00:00:49] What the Futures podcast is your weekly dose of clarity in this complex world of agriculture and grain marketing. Again, thank you for tuning in. My name is Ryan Denis. I have been a part of the agriculture industry for many years now. I've been a grain advisor, grain marketing advisor and analyst. I've worked with farmers across the prairie provinces and had a lot of fun doing it. So now taking the show on the road and, and, yeah, trying to share a little bit of knowledge here when it comes to grain marketing in western Canada. I'm working actually on a couple of different projects as well that I hope to announce here sometime in May, but I'll have to stay a little bit quiet for now. Still ironing out a few details, but stay tuned for that here next month. I'm sure I'll be able to share a little bit more here in the next couple of weeks. [00:01:44] So for this week, I'm living large here at the what the futures studio. [00:01:52] I've got a new recording platform. This is the first episode on it, my Internet. If you followed along the last couple of weeks, I've been complaining about the quality of my sound. Well, I've got new chords. I've tried a few different things. I've now got Internet that's hardwired in the garage here in the studio. And so fingers crossed that that solves some of our issues. I still need to get my camera stuff figured out, so we're working on that here shortly. But little by little, we are getting there. I've got my Oilers jersey on playoffs round one. I've got the game on in the background. It's, it's, you know, not all play here at the Ryan Denny residence. We. We got some work to do as well. So the last I checked, it was one nothing kings. And I will see if I turn around and take a look here in the second period. [00:02:46] All right. So I'm solo this week, number one, working with this new platform. So just trying to get some of the kinks worked out. But we had some great guests here over the last month. We had Angie Setzer join us last week to uncover some of the secrets in some of these fancy grain contracts. We had Ryan Copithorne where we covered cattle and the latest in the cattle markets. We had Brett waltz talking about weather with Bam WX and of course Chuck Pinner giving us the latest on specialty crops. And that's over the last four weeks, folks. So it's been pretty packed here in month of April and late March. And so I'm solo and we're going to talk about grain markets in more detail today. We're going to dive a little further into that. And of course, I appreciate everyone that's joined us lately. Look forward to having them on the show in the next couple of weeks here as well and getting the rotation going. But for today, it's me and it's all about grain marketing. Selfishly, it's about me because spring is when grain marketing in your grain marketing team, it's when they shine, okay, in bullish markets that we saw in, you know, 21, 22, not, not so much in 22. They really shined in the spring and helped you navigate the high of that market. But from a crop marketing perspective, this is the most fun that, that folks like myself can have. Okay? This is when we make an impact or can attempt to make an impact. And I hope that the wet, the Futures podcast makes a positive impact for your farming operation here this spring as well. Okay? So we're going to dive into that today. Now, I will say that you should always seek the advice of a professional, not some yahoo wearing an oilers jersey on a Wednesday night drinking a kokanee with his goiler game in the background. So, you know, phone someone wearing, you know, nice pants and maybe a nice tie or something like that. Some of the experts out there and they'll kind of guide you straight. So this is all just my opinions again, take it for what it's worth. And hey, fingers crossed, though, if it helps you out just a little bit. Of course, we've got our regular segments, the mailbag segment where we've got crickets there. So I'm going to stir the pot a little bit in the mailbag segment, which is of course, brought to you by pioneer seeds. And we will wrap up the episode with a healthy serving of veggies because it is the right thing to do. [00:05:23] All right, folks, let's get in a word from our show sponsor, John Deere. Of course, you've seen it all across social media. They are looking for a chief tractor officer. The Brock Purdy commercial is fantastic. Of course, he's a quarterback for the 49 ers. They want someone to create face melting social media content for John Deere all you have to do is create a compelling video. Submitted by April 29. Share it on social media and tag John Deere. And as a side note, I don't know if you've seen this kid. His name's, I think it's Jackson. I'm pretty sure it's Jackson, but he is, like, just a wealth of knowledge when it comes to tractors and when it comes to John Deere equipment. [00:06:11] Anyway, I actually caught wind of this kid a couple weeks ago. My, my sister in law sent me a video of him at one of the farm shows, and it was just great. Look him up if you can. But anyways, whoever gets the role of chief tractor officer gets to go hang out with Jackson and get educated on tractors. So it's pretty neat. Anyway, they're having a lot of fun with it. Of course. Head to deer, Ca. Check out all the new equipment, the sprayers, the tractors, the combines. It's all there for you as well. So let's get after it. Our positive moments of the week. Actually, I gotta check the score real quick. [00:06:47] Ooh. Three one. Okay, we can pause that for a bit. Positive moments of the week. Definitely not the score in the hockey game, but I want to give a shout out to the volunteer fire departments in our communities. [00:07:02] And often it's farmers that are the first line of defense as well. When, you know, fire breaks out in a rural area, it's your neighbors that, you know, have spotted it. They're, they're the ones with the loaded up water truck. The sprayer trailer is all ready to go, right? So it's full of water. [00:07:20] They've got deep tillage hooked up to the tractor, and they're the first line of defense. So just a shout out to everyone. I know the peace region is having some trouble here with dryness. I know that, you know, portions of central Alberta also very dry in portions of western Saskatchewan as well. So just a shout out to all the folks out there that, that are that first line of, of defense. When it comes to fighting fire, of course, my second positive moment is my Oilers. My Edmonton Oilers. I got to go to game one, which, if you saw is, was just electric and being in the building was phenomenal. It was the third loudest game in the stadium. It was just so much fun from start to finish. And I know the game behind me is not going as well right now, but it's positive. It was positive on Monday, and I had a great time. So go, oilers. [00:08:22] So switching gears to some of our bigger topics here and again, folks, I want to chat more about grain markets and geez, maybe we, maybe we'll get into a strategy as well. We'll see where the show takes us. I'm going to keep it a little bit shorter today. I'm going to try to keep it to 30 minutes or less, give you guys a little bit of a breather because I got a lot of content coming at you here in May. [00:08:47] So I'll keep this one short and sweet as we get the bugs worked out of our new program here. So far, so good, but it's been a busy week of recommendation. So my hot topic of the week is about crop marketing in the spring. It's about recommendations. It's about spring marketing, which is, of course, my favorite time of year. And I just want to start off with recommendations. So we've seen the recommendations. They came up fast and furious this week. There was sales for 2023 crop. There was sales for 2024 crop. There was sales for 2025 crop. [00:09:30] Yes, folks, there was a canola recommendation for 2025 that came out this week. Okay. It's been busy out there and, you know, you start looking at wheat markets, you know, futures trading, the highest level since January or February, canola kind of rallying up to that level we were at a couple of weeks ago, you know, and then it pulled back. Well, it kind of got close to that again. So these recommendations you, you know, have come out now. [00:09:57] What I want to, what I want to point out here that there's one thing that bothered me today, and it's a bit of a fine line here, and I may talk out of both sides of my mouth just a little bit. So I do apologize for that. [00:10:13] But there was recommendation that went out to sell old crop and new crop wheat. [00:10:19] And then a little while later, there was like a second comment that came out and it basically said, you know, if you're below your cost of production, wait until yield is known and to follow the recommendations in the fall. [00:10:37] So even though there was a recommendation to sell, now, the percentage doesn't matter. So it wasn't a lot lately, you know, not long after the next comment was, but if you're below your cost of production, you know, don't worry about it and sell in the fall. [00:10:56] And so when I saw that, and I used to sit in that seat, you know, there was a time where, you know, as I was leading the group over at FBN crop marketing, you know, we were dealing with working with hundreds of farmers. [00:11:15] And so I've sat in that seat where you put out something that maybe folks don't agree with. And, and I remember the blowback. I remember the comments or the messages or the. This guy doesn't know what he's talking about, or this guy's an idiot or whatever it was, or I'm not doing what they say. Like, this is crazy. It's below my cost of production. [00:11:39] I get it. Okay? [00:11:42] But let's just be clear. [00:11:44] The market does not give a lick about your cost of production on your farm. [00:11:53] Okay? [00:11:55] I know that we wish it did, but it doesn't. And we all know that growing wheat in 2024 was gonna be a challenge. Okay? I don't know too many farms that put up their hands a, geez, my wheat numbers look phenomenal. I'm gonna make some good money on wheat. A lot of folks said I like growing wheat, so I'm gonna grow some wheat and hope I don't lose my shirt on it. Okay? [00:12:21] Now, the market doesn't care about your cost of production, but I also want to. This is where I'm gonna talk out of both sides of my mouth a little bit, because I get not selling crop because of dryness concerns or production concerns. [00:12:37] I get that. I understand that. Especially after the drought of 2021, the change in our industry, the change in how, um, biotes were handled. You know, like, I remember back in the day, folks, when I started grain marketing, there was a time where I was working with a farmer north of Edmonton, and they had a, they had a contract that they couldn't fill, and we filled it in another province. [00:13:12] So, you know, the Alberta farm couldn't fill it, and we filled it in another province. It went to the same company, went to the same port. All they did was adjust basis a little bit, and we were able to. To move on from that contract. That was way back in the day. I'm not saying that's current like that. I started crop marketing, you know, back in 2011, the good old days. Right? And so it. The game changed in 2021. And I get it, and I've seen it, and I was a part of it. And obviously, it was stressful and expensive, and you never want to revisit that. So I get it on why you don't sell because of dryness or production concerns. But. But markets climb when there is that uncertainty or the most unknowns in that production season or cycle. [00:14:01] So that's one reason that markets are climbing today. [00:14:06] Now you could say, well, you know what, Ryan? The US aid package to Ukraine is causing Russia to increase the offensive there. And increase the tension and, yeah, that's definitely there. And supporting wheat, you've got winter week conditions that dropped, what, 7% in Kansas, I think it was this week, or 5% as a whole. In the US. Those winter week conditions are going backwards. That dryness is a bit of a concern now. And, of course, in the prairies you've got up north in the peace region is just terrible right now, according to what we're seeing on the news with the dryness and everything going on there. So I think there's some contributing factors here, that many contributing factors that are participating and influencing this rally. [00:14:56] But if you sit here and, you know, if you're a little bit uncomfortable, that that could be a reason. Markets are climbing as well. Not a lot of selling happening. You know, everyone's sitting on their hands a little bit, and markets can climb because of that. So, you know, once you're comfortable with your production, there's a good chance that Mark gets a figure that out a little sooner than you have. Right. They're not necessarily emotionally attached. [00:15:23] So it could take a week or two, or they can figure it out a week or two earlier quite often. And then you're caught chasing a little bit, and you're saying, well, I'm comfortable now. We got the rains, and I'm comfortable. But, you know, the market started to sell before the rain hit. After the rains, you want to see what type of rain you got. Was there another one in the forecast? [00:15:43] And then all of a sudden you're chasing this thing and it's fine, I get it. I totally get it. But just don't forget to sell some stuff when you do get comfortable, even though the markets have pulled back. So, you know, when I go back to my initial comment here in my hot topic, the final, you know, comment for me is that, you know, you may not be making money on wheat, but you may be losing the least amount of the year. [00:16:11] Okay, I hope that makes sense, but just let me give you some examples. 2012, it looks like I wrote down we had a July peak in spring wheat. I didn't write down the low of harvest. In 2013, we have a May peak of. I wrote down 850 futures. Harvest $6. [00:16:32] 2020 2014 may we hit $8. Harvest 525. These are all futures, folks. [00:16:39] June of 2015, 625 was our high. Our lowest, 470 at Harvest. [00:16:46] June, 550 harvest low, 475 in 2016. [00:16:51] That was tough sledding. Hey, guys. 2017 July, we peak at eight, harvest low of six. Now, you know, you're going to sit here and say, well, Ryan, I'm not selling at the harvest low. Great. Good. [00:17:02] But what are you getting done at the potential peaks here? And we don't know, I don't know. I don't know if this is the, of the peak is going to be here tomorrow or if the peak is going to be here next month. But from a seasonal perspective, from a little bit of history as well, what tends to happen is markets climb when you're uncomfortable. And so, you know, the, the, when you look at, markets climb when you're uncomfortable. So when you, you look at that earlier comment of all, just wait till harvest to make sales that, and follow our recommendations then I just, I disagree with that. And I'm not saying you have to go guns blazing here, you know, shooting out the lights on, on selling all your crop over the next couple months. [00:17:52] But I also, I want you to lose the least amount of money on your wheat crop this year. Okay. And so hopefully over the next couple months, weeks and months, you figure out how to get some stuff sold and take advantage of these rallies because we are drying Kansas right now, but there is rain in the forecast. We are dry in Alberta right now. [00:18:16] What will that look like in a couple of weeks? [00:18:20] Time will tell. [00:18:22] Oh, it's three, two now. Here we go. Rally, rally cry. [00:18:28] So, folks. Yeah. And again, I don't mean, I don't mean to pick, I guess I'm kind of picking on the recommendation this, you know, from that individual. But you know, I get it. I've sat in that seat. I understand. [00:18:44] But I just disagree with, with the comment there. Okay. I think you got to be a seller during the spring and it's easy for me to say that just sitting here. [00:18:54] But, you know, some of my favorite contracts and I'll go over some examples here in just a minute as well. [00:19:02] But, you know, embracing, embracing the uncomfortable part of what this time of year brings you from a crop marketing perspective, embracing that and figuring out how to unlock, you know, unlock that strategy where you can sleep at night, where you know that you have protected yourself against a buyout, you've taken advantage of a rally, you've sold and yet you've figured out a strategy that lets you sleep at night and that, you know, your buyout is minimum or nothing. They exist out there. Those strategies exist and I hope that, that you can unlock it. [00:19:50] Switching gears just a little bit, continuing the hot topic, but switching gears. [00:19:54] Spring marketing is my favorite time of year. Okay. I'm, I focus on fundamentals. [00:20:01] It's the most exciting in the spring and I've never been smart enough or had the brain capacity or the iq to be a tech, a technical trader guy, a technical theory person. There, there's very smart people out there that have a very good handle on that, and that's who you should reach out to, that stuff. But from a fundamental perspective, pardon me, this is, um, you know, this is kind of not as good as it gets, but it's fun. Okay? Now, the folks, the professionals out there, the advisors out there, um, this is when they make hay. This is when they, this is their harvest. You know, this is their, their time to shine. So you're busy planting a crop. They're busy behind the desk, right? They're working the phones, they're working the text message lines. You know, back in the day, they were working the fax machines. Not so much anymore. I've been crop marketing for so long, I remember faxing market updates out at the very beginning. Like faxing them out, putting people on a fax list. Wow, that makes me feel really old. Anyway, they're making deals, they're watching basis. They're making basis recommendations. They're making futures recommendations. They're tracking weather news. They're dinging your phone with ideas on selling multiple crop years. [00:21:24] And some of my memories of crop marketing, my best memories are from this time of the year and feedback from growers. We'd be doing a post harvest meeting and they'd be sitting here saying, oh, man. When you called me, I was under the drill. I was fixing this, I was doing that. [00:21:45] You know, I was stuck in the slew, you know, and you called and we did this. And it was just the best contract of the year and amazing and fantastic. Like, I remember those, those times. I remember I was at a golf event, a farmers golf event in Viking, Alberta, and I was chatting with a group of farmers. We golfed all day. We're chatting, and, you know, we had seen some $9 wheat. Now, I can't remember if that was a summer of 14 might have been, but I went to one guy or not to one guy, to the group, and I'm like, hey, you know, this market, blah, blah, blah, these are why you should sell. This is why you know where we're at. And anyways, it was, it was, we hadn't seen nine dollar wheat in such a long time. I think I've seen it. I'd seen it twice. It was that time and one time slit before that. But anyways, I remember that day. I remember that conversation, and I remember those couple of those guys making some big sales. And that was by far the high I remember, you know, at Patterson doing futures first contracts, phoning up farmers and saying, hey, I have a recommendation for you. I'd like to sell some wheat. And they'd be okay, great. For September, October. I'm like, actually, it's for September of next year's Harvest. It's 17 months down the road. And I want you to do a futures first, and here's why. And I remember those contracts being a buck 50 ahead of the market. Like, they were unbelievable. And so, some of the more special times of crop marketing in my career have been during the spring, and I've got others. Honestly, you know, my wife said I should have wrote all this stuff down because my memory is not great. But, you know, we had a lot of. Yeah, it's a great time. It can be a great time for marketing crops. I just, again, unlock that for yourself, what that is, and. And focus up a little bit here on. On 2025 as well. [00:23:50] All right, how am I doing for time here? I'm rambling on. Okay. We're not bad. We should still make the 30 minutes. Uh, okay. [00:23:58] Um. [00:23:59] Switching gears. So, mailbag segment sponsored by Pioneer Seeds. I know you guys are busy and I'm not running a contest, so the mailbag is. Is quiet. All right. It's quiet. I didn't get anything. [00:24:14] Which means Alden is. He is solo right now. He is going to be just. If no one sends in a question between now and Tuesday night, he's just going to be gifted a bag of canola seed for the one question we got this month. That's it. It's just. Here you go, Alden. Here's your bag of canola seed. Thanks for the question. I don't even have to draw for it. So if you want to get in and potentially win a bag of seed that you're going to plant here in a couple of weeks, email Ryan at what the Futurespodcast dot ca. Ask me a question about crop marketing business, whatever is on your mind. Maybe you have some tractor thoughts already and send them in. All right. Get a chance to win a bag of canola seeds. And of course, Maggie's hooking us up with a new prize here for the month of May. [00:25:01] So I have another question for you. All right, my question for you is, what do you think about the Vitera Bungie merger? [00:25:13] The. There's a headline here from Reuters. Bunge Vitara agriculture merger runs into Canada competition concerns. [00:25:25] And it says here it determined the transaction was likely to harm competition for grain purchasing in western Canada, as well as for selling canola oil in eastern Canada. [00:25:38] This is a big deal, folks. So those of you tuning in, selling to these companies, what do you, what do you think? [00:25:49] I also see here that the, the bureau also found Bunge could influence the economic behavior of Saudi owned g three, a competitor to Vitera. So, of course, Bunge is a minority g three shareholder, so they have access to confidential information there. So it's, you know, I, again, folks, just reading this article from Reuters, but what do you think? Does this have an impact on your farm? Are you excited about the merger? [00:26:16] I'm sure they'll get some type of deal done. You know, it's the way it tends to go. So send me a response, Ryan, at what the Futures podcast CA is this a good thing for your farm? Vitera bungee merger all right, moving on to crop prices and news. I, again, wheat sweets. Exciting. [00:26:38] Kansas wheat futures haven't traded this high since January of 2024. Minneapolis, spring wheat hasn't traded this high since February. [00:26:47] I know, folks, it's not super exciting, but, hey, you know, we saw $9 spring wheat trade for new crop in Alberta this week. We saw 850 for CPS. [00:26:58] You know, I saw a wide range in bids from, from elevators, but that was, that's getting a bit more exciting. [00:27:05] We saw some 850 hard red trigger for fall delivery in central Saskatchewan. [00:27:12] You know, that, that's starting to get to levels here that I'm pricing some of that. I'm, I'm, you know, chatting with the guys here this morning. We had set some targets a while back. Just revisited those, and we got a little bit of wheat sold. And I hope to sell more. I hope it keeps climbing. And I can sell even more over the next couple days and weeks here. [00:27:35] So, you know, we're seeing some values, some old crop values. We, we saw, um, you know, I was getting bugged a few weeks ago about farmers selling 825 cps. Should we sell this? And, and now, you know, we saw some 880s today. Not quite nine. This is old crop cps in portions of Alberta. That's, that's getting, that's getting pretty good. There's, there's a play there to execute. Right. [00:28:01] And so wheat markets are showing some very good strength here. But be cautious. [00:28:08] You know, if it is a weather event for Kansas wheat, a rain changes that, improved crop conditions change that. But for this week coming up here, crop conditions I would expect will decline a little bit more. And so it's just something, you know, you've got time. Seems like you have time yet. Hopefully it in jinx you here. But for CPS growers, soft white growers there. There's a play here at some of these, some of these values. And you know, I will say from a crop price perspective posted basis for fall is not accurate in my estimation. And so you want to set, if you're going to set targets, you want to try to factor that in or just lock in futures only again, I'm having a beard wearing my oilers jersey on a Wednesday night. Seek the advice of a professional. But that's my two cent on that one. I'm seeing old crop oats holding that five dollar line in Alberta. Um, not seeing that in Saskatchewan quite yet. Feed barley values. I checked in again on feed barley. I know the odd line company throws a little bit of a deal out there to grab, but honestly, folks, um, I'm not seeing much action in Lethbridge. And you should, you should right now that, like, if you've got a dry Alberta, actually, the southern part of the province has probably done the best here for moisture lately, but there's a lot of barley in the bins. [00:29:34] There's not a sense of urgency yet from feedlots. And so it is the online company just looking for coverage. That's your best pricing opportunity. And so no big changes there from what I can see. [00:29:49] I did see yellow pea bids. [00:29:53] I believe it was Johnston's grain was quoting this. [00:29:57] But just north of that, $14 for yellow peas picked up on farm for old crop, I want to say 1450, but check in with those folks just to make sure on that price. I didn't see a bunch of changes for new crop green peas. Old crop green peas that price picked up or increased as well here a little bit. And even maple peas also climbed a little bit as well. So those old crop values continue to, to climb. [00:30:25] But again, reach out to the folks over at Johnston's. They'll clarify their latest for you. Of course, prices can change in a hurry. [00:30:32] Canola values. I wanted to bring a bar chart here real quick. While we were chatting, canola futures did pull back today. [00:30:44] You know, we saw that July contract attempting to, you know, test some of this resistance. You know, we've traded kind of the 650 level. We were 660 here in that early to mid part of March. And we did trade as high as 650 and change 652 maybe, but pulled back. We're currently at 639 as of recording. [00:31:11] And so, you know, I didn't have a lot of moves to make because I felt like we made these moves already a few weeks ago, but for those of you maybe a bit undersold, you can take a look at this resistance point on canola and see if you can do something there. It's currently trading now. Looks like we're down $4 to 635. But, you know, hopefully you get a chance again in that 650 range to tidy that up here. Of course, we do have some basis contracts will be priced here by the at the end of the week off the May future. So we'll see if that provides any pressure. [00:31:52] Now, I talked about 2025 a little bit, that there was a wreck that went out for 2025. Canola is at 628 for November of 2025. [00:32:06] I don't see any reason to take action quite yet at that level. But hey, um, there's some smart people out there that do. And then DC 2025, spring wheat is trading at 680. So you can get something done for wheat for next year as well. But again, we're currently trading at 07:07 on deceptive 2024. So it does drop off a little bit into next year. Again, I'm not getting too rammy there quite yet, but taking a hard look at it for sure. [00:32:35] Alrighty, folks. Well, I'm over the 30 minutes mark, so let's wrap up this week's episode with, with eating our veggies. Oh, one last thing. Crop rankings. [00:32:45] I know Chuck Penner does kind of the best here for crop rankings, but I did update flax. Flax. I think I saw 17 out there for new crop and so that actually in the Edmonton region put flax in my number one spot. I saw some new crop canola at 1450. So I updated that, that put canola in the number two spot. And, you know, I don't know if anyone wants to make some last minute decisions here. [00:33:12] Most likely not. But I did increase a bunch of values here to try to represent new crop. And, you know, maple, peas, flax, canola all sitting in the top two spots. [00:33:25] Maples and canola were tied in my example, so whatever you can give one of them the edge there. Wheat still, still kind of suck, right? But, but, yeah, I did update values here and I just flex was kind of standing out for me. And my oats are still holding in right at that number five spot, so they're just hanging in there as well. [00:33:49] All right, folks, that was it for crop rankings. [00:33:53] Lastly here, eating our veggies section because it is the right thing to do. Cue the eye roll out there. But here's what I'm focused on for this week. Of course, talked about it many times, pricing some cps wheat, pricing some hard red, getting some new crop on the books, folks. Get after it, secure the bag. Hopefully you're securing the bag out there, making some money, but get some new crop priced and figure out your strategy to unlock that. [00:34:23] Avoid the nerves type thing and avoid the buyouts, but get after it. Number two, set your next canola targets. Now, I'm looking at the high 600s. Okay. Is it a 680 whatever? I'm not sure, but I'm looking at the high 600s. I've done some work here already. [00:34:39] I don't need to do this again. I'm going to go fishing a little bit and set my next target just a little bit higher. But I'm actually going to get that in place here as well because you're getting busier every day. So if you have time, set some targets. [00:34:53] And then last thing is just reach out to your buyers about the ability to price some 2025 crop. The fall of 2025. Don't phone and price it. Just ask if they are offering it. [00:35:08] You know, get familiar with who's offering it, because in the next couple of weeks, I 100% guarantee. Oh, man, have I done a guarantee on this show already? [00:35:19] All right. I don't know. I'm going to 100% guarantee it that you're going to sell. There's. I shouldn't say you're going to sell some 2025 crop. I'm going to sell some 2025 crop. I 100% guarantee that in the next couple of weeks, I'm personally going to sell some 2025 crop. So for, you know, if they offer it, maybe you're going to jump on board with me or not. Time will tell. Um, but just find out who's offering it for next year. [00:35:46] All right, folks, thanks for hanging in with me today. Uh, in closing, uh, egg I three, they had opened up a little bit of capacity. They're getting kind of full. If you need any help with risk management, crop insurance, reach out to those folks. Agi three AI, the playoff hockey draft. I think we have 24 teams in it. I'm leading it as of Wednesday night. [00:36:09] If you're not first, you're last. Ricky Bobby. That's my team. And guaranteed I'm not staying in this spot. But I can say for one day that I led the playoff hockey pool. Of course, that is closed and we'll figure out surprising here as we go. I do have a playlist on YouTube called what the futures hashtag Plant 24. My song of the week is I've been everywhere by Johnny Cash. I've got the kids into it as well. Every morning at breakfast, we're all singing some Johnny cash. I've been everywhere. And I think we got over 300 listens or views on that, on that playlist. So it's. It's not my best work. My team, I've made playlists in the past and I know I made some better ones, but I have added a few songs. I'm going to keep tweaking it. I hope you're enjoying it. Of course. Subscribe to our YouTube channel. I know I'm supposed to say the stuff at the beginning of the episode, but, like, our stuff, you know, give us some ratings out there. We appreciate all the feedback. Help me influence and drive the show here a little bit. And of course, we're on Facebook, we're on Instagram X, all that stuff. Give us a, like, give us a share. Tell your friends about us. And I hope you enjoyed this week's episode. So have a good weekend. [00:37:26] I'm out.

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