WEBVTT 00:00.000 --> 00:09.000 Just to match it, do you think about what's next in terms of technical adjustments? 00:09.000 --> 00:11.000 I can't grasp what's new. 00:11.000 --> 00:13.000 We don't need humans anymore. 00:13.000 --> 00:14.000 Yeah. 00:14.000 --> 00:15.000 Yeah. 00:15.000 --> 00:19.000 It's amazing what they do already. 00:19.000 --> 00:20.000 Right. 00:20.000 --> 00:28.000 Someone I was in a meeting, this was 20 years ago, and they're like, what do you see coming in 10 years? 00:28.000 --> 00:34.000 Like, I'm not understanding what's here now, like the one in 10 years, and that was 20 years ago. 00:34.000 --> 00:40.000 Like I said, it's what these pieces of equipment can do, and it's just line by. 00:40.000 --> 00:45.000 I don't even drive the trackers anymore because it's too computerized for me. 00:45.000 --> 00:46.000 Yeah. 00:46.000 --> 00:48.000 I'm sure your brother's just thankful for that too. 00:48.000 --> 00:49.000 Yes. 00:49.000 --> 00:50.000 My nephews are. 00:50.000 --> 00:51.000 Yeah, yeah. 00:51.000 --> 00:56.000 And I think we're going to roll another, I don't know if you want to hook with us. 00:56.000 --> 00:57.000 I do. 00:58.000 --> 00:59.000 Yeah. 00:59.000 --> 01:06.000 So, Doug, thank you so much for hosting us at your farm and your leadership with the Soybean Association. 01:06.000 --> 01:11.000 That is outstanding and very pertinent to our discussion today. 01:11.000 --> 01:15.000 And I want to thank both Matt and Casey for being here today also. 01:15.000 --> 01:24.000 And just, you know, looking out at this beautiful farm, I just think about how much of, you know, 01:24.000 --> 01:28.000 that agriculture is sort of the backbone of Wisconsin. 01:28.000 --> 01:32.000 And farmers that I know work harder than anyone else I know. 01:32.000 --> 01:40.000 And with great benefit to our state and our nation and frankly with soybeans the whole world. 01:40.000 --> 01:48.000 And I know that farmers during tough times want markets and opportunities not handouts from the government. 01:49.000 --> 01:58.000 So, I want to acknowledge the headwinds that farmers have faced sort of historically but also currently. 01:58.000 --> 02:05.000 You know, natural disasters and mother nature is sort of, you know, you don't, there's no one to blame. 02:05.000 --> 02:08.000 But that's something that you have to deal with. 02:08.000 --> 02:12.000 Volatile markets that happens with ups and downs routinely. 02:13.000 --> 02:19.000 And low commodity prices can be a real strain on our farmers. 02:19.000 --> 02:32.000 But there's some recent actions that also have impacted our soy economy as well as other crops. 02:32.000 --> 02:33.000 The trade war. 02:34.000 --> 02:45.000 I think about how when President Trump announced that there would be tariffs, a lot of our trading partners announced that there would be retaliatory tariffs. 02:45.000 --> 02:52.000 And some of our trading partners said if you're going to put a 50% or whatever percent tariff on certain products, 02:52.000 --> 02:57.000 we're going to find other countries to make deals with and buy from. 02:58.000 --> 03:04.000 And so that created a huge impact for our soy farmers. 03:04.000 --> 03:13.000 There were also last summer there was a bill that President Trump pushed that cut nutrition programs in this country. 03:13.000 --> 03:20.000 The largest ever cut to SNAP and other cuts we saw in USDA. 03:21.000 --> 03:30.000 The cumulative effect of some of these created a $15 billion export loss to China since March of last year. 03:30.000 --> 03:33.000 And nearly half of that was soybeans. 03:33.000 --> 03:36.000 So really a significant impact. 03:36.000 --> 03:42.000 And all of this is driving up costs, but also driving uncertainty. 03:42.000 --> 03:47.000 Which is the enemy of farmers and businesses across the board. 03:47.000 --> 03:50.000 For planning purposes, you need certainty. 03:50.000 --> 03:59.000 And I had one person say, you know, the uncertainty is like a tariff in and of itself, you know. 03:59.000 --> 04:06.000 But now recently we've had a lot of major additional impacts. 04:06.000 --> 04:18.000 The war in Iran has caused the closing of the Strait of Hormuz through which about a third of all fertilizer inputs travel. 04:18.000 --> 04:30.000 And so farmers have seen an incredible spike in the cost of fertilizer and sometimes the availability of fertilizer has been in question. 04:30.000 --> 04:45.000 A recent survey said that 70% of farmers right now cannot afford all the fertilizer they need for their operations or so are taking lots of additional steps to see what they can do without. 04:45.000 --> 04:52.000 And where they can be more tactical and strategic in fertilizing in the planting season. 04:53.000 --> 04:58.000 Diesel is up nearly $2 a gallon compared to what it was last year. 04:58.000 --> 05:05.000 And they get a lot of our nation around the world's global supply of oil travels through the Strait of Hormuz. 05:05.000 --> 05:14.000 So that's had a real shocking impact both for automobile fuel, jet fuel, but certainly diesel. 05:15.000 --> 05:20.000 And so it makes it really difficult for farmers to plan. 05:20.000 --> 05:26.000 And of course you're also struck with all the other increases in costs that all families are facing, right? 05:26.000 --> 05:32.000 Grocery's and housing and childcare and all the things that people struggle with. 05:32.000 --> 05:39.000 So on my part I wanted to just make a couple of things given these challenges. 05:39.000 --> 05:42.000 I am opposed to the war in Iran. 05:42.000 --> 05:54.000 I feel as though it were, well, I feel strongly that it was a war of choice that we weren't under attack and so the President went in without congressional authorization. 05:54.000 --> 06:08.000 And because of that, and I know I'm getting in the weeds, but because of that we've been forcing votes on war powers resolutions to contend that the President doesn't have the authority to declare war on his own. 06:08.000 --> 06:13.000 And we are actually steadily gaining support. 06:13.000 --> 06:28.000 And our last vote right before the Memorial Day recess resulted in 50 in favor, 47 in opposed to bringing the war powers resolution to the floor. 06:28.000 --> 06:35.000 So we now have a majority in the Senate, but we need more than that to actually drive a vote to bring it to. 06:35.000 --> 06:43.000 And in addition, I'm involved in a number of pieces of legislation regarding the price of fertilizer. 06:43.000 --> 06:47.000 I wanted to just highlight the Fertilizer Transparency Act of 2026. 06:47.000 --> 07:02.000 This is a bipartisan bill that will give farmers more insight into input costs in real time so that planning can be used so you can rely on that for planning. 07:02.000 --> 07:12.000 I've also been involved in a couple of other bipartisan bills relating to fertilizer and looking at some more that might be introduced in the coming months. 07:12.000 --> 07:19.000 I'd like to have us more independent substances because Americans have fertilizer production. 07:19.000 --> 07:22.000 There's been some initiatives to do that. 07:22.000 --> 07:35.000 It's a struggle because a lot of the inputs that we rely on are produced in other nations, including Canada, where we have a trade agreement that's being reevaluated right now. 07:35.000 --> 07:44.000 So what I really want to do is elevate the stories of how this is impacting Wisconsin farmers, soybean farmers, corn farmers. 07:44.000 --> 07:52.000 And talk about how this is impacting you. 07:52.000 --> 08:10.000 And so I want to just start with a question of how you're experiencing the rising fuel diesel and fertilizer costs in your operation happening at the same time as spring planting season, et cetera. 08:10.000 --> 08:20.000 And just for folks who aren't in agriculture and aren't on the farm, we're sitting in a location that has a lot of diesel consuming equipment. 08:20.000 --> 08:30.000 Tell me a little bit about what you have on your farms and how much diesel you need throughout the season and what you're doing when it goes up $2 over a gallon over last year. 08:30.000 --> 08:32.000 Jim, do you want to start? 08:32.000 --> 08:39.000 I mean, here we got our one tractor that we use for struct telling and multiple other things. 08:39.000 --> 08:42.000 It's got 300 gallon fuel tank. 08:42.000 --> 08:47.000 And, you know, so we're putting in 200 gallons a day. 08:47.000 --> 08:56.000 This year we usually go through six semi-volids of diesel fuel, off-road diesel fuel in a year. 08:56.000 --> 09:09.000 And this year we didn't go and contract much out because, you know, prices were good and there was no indication that things were going to change. 09:09.000 --> 09:14.000 So we didn't go on our farm and we didn't contract any out. 09:14.000 --> 09:18.000 Now that's going to come back and really affect us. 09:18.000 --> 09:27.000 Like I said, when you put in, you know, 200 gallons into one tank and that $2 increase for $100, you know, right there. 09:27.000 --> 09:32.000 I live last year, we spent $120,000 in fuel on the farm last year. 09:32.000 --> 09:35.000 For both, we put in that hand from our truckers. 09:35.000 --> 09:40.000 So, let's do that pricing. 09:44.000 --> 09:49.000 So, I mean, yeah, we've got a storage here for us in a load each time. 09:49.000 --> 09:51.000 You know, we're having a good time. 09:51.000 --> 09:57.000 So, we've set up a number of items that we use in different practices that we still burn fuel. 09:58.000 --> 10:02.000 At springtime, what we use is our low-unit fuel. 10:02.000 --> 10:04.000 I did the math on the per acre. 10:04.000 --> 10:08.000 We probably, you know, we spent 10,000 to $100,000 a year. 10:08.000 --> 10:13.000 I wish we didn't have some water early before the sauce started. 10:13.000 --> 10:16.000 I brought some solos to the new tree. 10:16.000 --> 10:18.000 Durano. 10:18.000 --> 10:20.000 Luckily, we didn't go too much. 10:20.000 --> 10:21.000 Toronto. 10:21.000 --> 10:25.000 I'd like to follow the different story because you're in a whole lot of people's office. 10:25.000 --> 10:26.000 Yeah. 10:26.000 --> 10:29.000 Well, let's sort of do a little bit more. 10:29.000 --> 10:31.000 Kind of running the same ice. 10:31.000 --> 10:32.000 Yeah. 10:32.000 --> 10:33.000 Okay. 10:33.000 --> 10:36.000 Yeah, we're similar to Casey. 10:36.000 --> 10:38.000 We don't raise lives back at all. 10:38.000 --> 10:39.000 We're purely real crap. 10:39.000 --> 10:40.000 Yeah. 10:40.000 --> 10:43.000 And so, for us, spring, no-till. 10:43.000 --> 10:46.000 So, we're not running a bunch of tillage equipment in the spring. 10:46.000 --> 10:48.000 We're just running a planner in the sprayer. 10:48.000 --> 10:54.000 So, our field demand in the spring is this low, but it'll ramp up considerably in the fall 10:54.000 --> 10:55.000 of harvest. 10:55.000 --> 11:00.000 We're, I think, it does affect guys more as if they're full of tillage or livestock operations 11:00.000 --> 11:02.000 making hay, you know, your dairies and stuff. 11:02.000 --> 11:05.000 They're running equipment all the night. 11:05.000 --> 11:06.000 Yeah. 11:06.000 --> 11:07.000 So, hopefully manure. 11:07.000 --> 11:08.000 Okay. 11:08.000 --> 11:09.000 And some of these other processes. 11:09.000 --> 11:11.000 Those pumps are filled. 11:11.000 --> 11:12.000 Yeah. 11:12.000 --> 11:17.000 And thankfully, we have had an increasing commodity price. 11:17.000 --> 11:20.000 So, that does help us out a little bit. 11:20.000 --> 11:25.000 I mean, if the bottom comes up, hopefully the top comes up a little bit, too. 11:25.000 --> 11:27.000 But it makes everything more expensive. 11:27.000 --> 11:28.000 Yeah. 11:28.000 --> 11:29.000 Your lines are under more stress. 11:29.000 --> 11:30.000 Yeah. 11:30.000 --> 11:34.000 Well, now, we don't have irrigation in our firm. 11:34.000 --> 11:35.000 Yeah. 11:35.000 --> 11:38.000 But irrigators, those are run by diesel pumps. 11:38.000 --> 11:39.000 Oh, okay. 11:39.000 --> 11:41.000 So, to water their crops. 11:41.000 --> 11:42.000 Yeah. 11:42.000 --> 11:43.000 It's crossing them a lot more. 11:43.000 --> 11:44.000 Yeah. 11:44.000 --> 11:45.000 Yeah. 11:46.000 --> 11:47.000 Yeah. 11:47.000 --> 11:48.000 Yeah. 11:48.000 --> 11:49.000 Yeah. 11:49.000 --> 11:50.000 Yeah. 11:50.000 --> 11:51.000 Yeah. 11:51.000 --> 11:52.000 Yeah. 11:52.000 --> 11:53.000 Yeah. 11:53.000 --> 11:54.000 Yeah. 11:54.000 --> 11:55.000 Yeah. 11:55.000 --> 11:56.000 Yeah. 11:56.000 --> 11:57.000 Yeah. 11:57.000 --> 11:58.000 Yeah. 11:58.000 --> 11:59.000 Yeah. 11:59.000 --> 12:00.000 Yeah. 12:00.000 --> 12:01.000 Yeah. 12:01.000 --> 12:02.000 Yeah. 12:02.000 --> 12:03.000 Yeah. 12:03.000 --> 12:04.000 Yeah. 12:04.000 --> 12:05.000 Yeah. 12:05.000 --> 12:06.000 Yeah. 12:06.000 --> 12:07.000 Yeah. 12:07.000 --> 12:08.000 Yeah. 12:08.000 --> 12:09.000 Yeah. 12:09.000 --> 12:10.000 Yeah. 12:10.000 --> 12:11.000 Yeah. 12:12.000 --> 12:14.000 Yeah. 12:14.000 --> 12:15.000 Yeah. 12:15.000 --> 12:16.000 Okay. 12:16.000 --> 12:19.000 There's these other things, I'm trying to start it by from other countries. 12:19.000 --> 12:22.000 But I don't, I'm getting enough to talk about fertilizer. 12:22.000 --> 12:23.000 Yeah. 12:23.000 --> 12:24.000 Do you need? 12:24.000 --> 12:25.000 That's much more impactful to us. 12:25.000 --> 12:26.000 Row crop, rise. 12:26.000 --> 12:27.000 Just fertilizer and especially no secret, 12:27.000 --> 12:28.000 I've got a soy bean shirt on, 12:28.000 --> 12:29.000 cases where a corn shirt, 12:29.000 --> 12:31.000 people grow like raw corn, 12:31.000 --> 12:33.000 you know soy beans as well. 12:33.000 --> 12:35.000 So in the soy beans base, 12:35.000 --> 12:37.000 fertilizer is a lower demand. 12:37.000 --> 12:39.160 We've got great soils here in 12:39.160 --> 12:42.880 here in southern Wisconsin. We're good farmers. We're taking care of the land. 12:42.880 --> 12:48.680 So we do have a cushion of certain fertilizers. The big one is of course 12:48.680 --> 12:53.840 nitrogen for gold corn so it doesn't store it. You need to purchase that 12:53.840 --> 12:58.520 every year. So that's kind of the one I think a lot of guys are zooming in right 12:58.520 --> 13:04.600 now and just ways that we should increase domestic nitrogen production and keep 13:04.600 --> 13:11.760 that production here. That's the thing that would be so close to that. 13:11.760 --> 13:19.240 This goes back to the last fall. To be impated we put down the bus for some 13:19.240 --> 13:25.720 testing that we found last fall was by $30 more naked pool than previous years. 13:25.720 --> 13:33.600 We have our nutrient numbers up. We're supposed to be able to cut back out in certain areas and push other places. 14:03.600 --> 14:09.320 We don't have to necessarily make all the adjustments. But I was visiting a firm we can have it though. 14:09.320 --> 14:14.680 We are the Wisconsin. He's out testing every field going like we do 14:14.680 --> 14:23.920 without this year. And really it was micro, micro managing his farm operation. 14:23.920 --> 14:30.320 There are farmers that are doing that. I mean majority of farmers buy all their 14:30.320 --> 14:37.520 inputs like in December, January. So most farmers had their stuff paid for for 14:37.520 --> 14:43.400 this year. But now it's just talking to a guy from the local co-op that works on 14:43.400 --> 14:47.480 buying for next year. And they're going to start buying in July for next 14:47.480 --> 14:54.560 week's. And they said even if the Iran were stopped right now or most was open 14:54.560 --> 15:00.480 it would take six months to get things figured out before prices would even 15:00.480 --> 15:05.960 think to stuff coming down. While these co-ops and you know different dealers 15:05.960 --> 15:10.960 are buying that stuff now at these high prices. And so that's going to be 15:10.960 --> 15:18.480 transferred to us when we're buying this December and January. So I mean this 15:18.480 --> 15:23.960 year yeah it's an impact but it's next year that's going to be the big impact. 15:23.960 --> 15:33.960 That's right. Would you say most soy and corn farmers would buy in January 15:33.960 --> 15:40.480 December? Majority of them do. That's why operations may be not. The ones that 15:40.480 --> 15:43.920 don't are the ones that are doing canning crops they're not sure what they're 15:43.920 --> 15:48.000 going to you know what's going to be in canning crops or what they're going to 15:48.000 --> 15:53.440 put in a corner of soy. So it's sort of the ones that are buying all this way. 15:53.440 --> 16:00.440 Tell me a little bit more about how the trade wars and especially the 16:00.440 --> 16:11.600 cancellation of contracts with China impacted the global demand for soy and 16:11.600 --> 16:16.720 how that trickles down to each of your operations. You know when you hear 16:16.720 --> 16:24.400 that China decided to you know retaliate for our tariffs and purchase 16:24.400 --> 16:31.360 from Argentina, purchase from Brazil, purchase from other countries. What's 16:31.360 --> 16:38.080 the impact on each individual operation? Where do you see that? You sell to someone who 16:38.080 --> 16:44.560 then sells it to the local market. Just explain to a late person how that works. 16:44.560 --> 16:50.040 And yeah I mean we're selling to our local co-opter, local elevators and 16:50.040 --> 16:53.440 they're the ones that are selling to the bigger companies that ship it for a 16:53.440 --> 16:57.840 whole lot. Yeah. You know someone like Matt's got the longs close to him that 16:57.840 --> 17:04.600 does the worldwide shipping right there. But you know what I see when it comes 17:04.600 --> 17:12.320 down to all this stuff is like when China was going back and forth we're buying 17:12.320 --> 17:18.480 we're not buying. You know as farmers we're pretty optimistic people you know 17:18.480 --> 17:23.520 things are gonna work out. We're gonna get through yeah we may have a bad few 17:23.520 --> 17:27.840 bad years here and there but we're gonna have those good years to help us get 17:27.840 --> 17:33.440 through and everything. What stuff that's been going on I'm seeing less 17:33.440 --> 17:39.760 optimism when I talk to my neighbors because okay yeah our prices they didn't 17:39.760 --> 17:48.000 drop dramatically through all this but we're not seeing that build-up of okay 17:48.000 --> 17:53.800 in the future we're going to be you know sending you know soybeans to China or 17:53.800 --> 17:58.440 anything. This is kind of lag effect when you hear those announcements. Yep and so 17:58.440 --> 18:02.480 you know so we're sitting here going okay are we going to get to China market 18:02.480 --> 18:10.000 back probably not. We need to be working on you know working on other countries 18:10.000 --> 18:15.160 and whether that's soybeans or corn we need to be you know spreading it out more 18:15.160 --> 18:20.720 and not so reliant on one country and we need to find a lot more domestic uses 18:20.720 --> 18:26.120 for our products and that way we're not so reliant on the world market. Yeah. Any 18:26.120 --> 18:30.200 other comments from there? We travel quite a ways for our soybeans. We go down to 18:30.200 --> 18:35.360 Joliet on the South Side Chicago and this year versus last year they're paying 18:35.360 --> 18:40.160 a dollar fifty more bushel. You know that's a container market and it all goes 18:40.160 --> 18:46.680 whether it goes to China or Vietnam. Yeah. The longest goes everywhere. Yeah. Right. In that 18:46.680 --> 18:49.520 area and granted it's just like a fertilizer you don't know it's gonna 18:49.520 --> 18:53.880 happen next year but as of right now the market's up that much compared to what we 18:53.880 --> 19:01.240 say last year. Yeah. Yeah our beans we were still fifteen hundred acres of soybeans and 19:01.240 --> 19:05.760 they're split about five hundred five hundred five hundred and I would say five 19:05.760 --> 19:09.640 hundred and my food grades. I know. So those are going to Joliet going to the 19:09.640 --> 19:15.660 container and those are going to you know Vietnam Korea and Japan. Yeah. To be consumed 19:15.660 --> 19:20.580 not through the longs. Five hundred of them are going into what I would call the 19:20.580 --> 19:25.540 commodity bean market so that's like a straight export to China oil and then we 19:25.540 --> 19:32.820 have five hundred acres this year for the first time. And they're crushing it 19:32.820 --> 19:39.380 feeding it to cattle and that's a really to me good opportunity. I mean it's 19:39.380 --> 19:42.900 domestic and better than domestic it's Wisconsin. Yeah. It's going at staying 19:42.900 --> 19:47.620 right here and I think we need to make sure we're not putting all of our eggs 19:47.620 --> 19:56.700 in the basket. Right. Right. I have a question about those. There's 19:56.700 --> 20:06.820 different markets for corn and soy and there's a big battle that we've been 20:06.820 --> 20:16.900 fighting to try again. The impact soy and corn differently. How do you 20:16.900 --> 20:21.620 watch the various associations corn association and the soy association. 20:21.620 --> 20:27.860 How do you struggle with those those issues. I mean I guess I'd say we work 20:27.860 --> 20:34.420 together we have a few little minor disagreements but I mean like I said 20:34.420 --> 20:39.900 before we grow their carnivores soybean growers we throw everything so we're 20:39.900 --> 20:46.660 very we work together a lot. It's not as first as them type of thing. Yeah and 20:46.660 --> 20:55.060 so yeah we want what's going on. We want what's best on soybean side. We want 20:55.060 --> 20:59.220 what's best for corn because that helps us on our farms. Corn wants what's best 20:59.220 --> 21:03.940 for soybeans because the other things happen on everyone's farms. So I mean we 21:03.940 --> 21:11.020 work more together and yeah like when we come out to Washington DC and come in 21:11.020 --> 21:15.860 and visit the different offices we're pretty much saying the same thing. 21:15.860 --> 21:20.980 You know if there's been times where ones walk in just before the other and 21:20.980 --> 21:28.340 it's the same message. Yes. Yeah or it's got to be 15 that you know they're they're 21:28.340 --> 21:33.620 working on soybeans. You've got to buy them people and everything. 21:33.620 --> 21:37.460 Like I said, we want to work together and we're not competing. 21:37.460 --> 21:39.460 Yeah. 21:43.460 --> 21:45.460 My pleasure. 21:49.460 --> 21:51.460 Right. 22:03.460 --> 22:05.460 Yeah. 22:05.860 --> 22:15.700 Okay. I think part of the the debate the E-15 year round and then stopping 22:15.700 --> 22:18.820 granting the waivers to the small refineries that don't want to do that. 22:18.820 --> 22:27.060 That's on the soybean side we're you know very supportive of E-15. 22:27.060 --> 22:31.700 Like you said it's those small refinery exemptions that's going to hurt the 22:31.700 --> 22:39.140 soybean market. So that's the one part of the bill that you know we have the 22:39.140 --> 22:45.700 little issue with. Yes. E-15 is a great product. We want that to be used but we 22:45.700 --> 22:51.300 we want to make sure that it's not at a detriment to soybeans and it's the 22:51.300 --> 22:56.260 small refinery exemption part that would be hurting the soybeans not the E-15 itself. 22:56.260 --> 23:00.260 Yeah. Yeah. So why don't you hear from your 23:00.260 --> 23:04.980 harming neighbors about the costs that are going up. What's the 23:04.980 --> 23:09.940 discussion like when you're you know you're too busy to be chatting. Most of the 23:09.940 --> 23:14.820 time but for this kind of year. What do you hear about how people are 23:14.820 --> 23:21.300 studying the ABC crisis or farmers are pretty resilient for you. 23:22.180 --> 23:27.540 You know I think the talk is just always keeping an eye on it and keeping an eye on 23:27.540 --> 23:30.500 your equal costs and keeping an eye on the green market and you're figuring out 23:30.500 --> 23:36.900 where to turn around. Yep. And locking margin to be kept and so 23:36.900 --> 23:40.820 we're always upbeat and positive. Usually you know you get bummed out for a few days 23:40.820 --> 23:43.940 and then some changes or another calamity comes up and pulls you that 23:43.940 --> 23:49.780 direction. And when we're talking to neighbors we're not you know well all 23:49.860 --> 23:55.380 yeah you know these prices you know aren't good you know they're going to impact us 23:55.380 --> 24:01.780 but we don't follow them. We sit there okay but what's next what what else can we do. 24:01.780 --> 24:04.820 Yeah. So that's to me. 24:19.780 --> 24:26.020 Right. You can have your price for this season. How much transparency do you have 24:26.020 --> 24:32.580 from the co-op or you know the person or the entity you're selling to on what 24:32.580 --> 24:37.700 is going to be in the future. Is that that's just the dealing with the 24:37.700 --> 24:40.740 volatility or. 24:40.740 --> 24:45.620 On markets you've got the Chicago trade so that's that's really transparent. 24:45.620 --> 24:49.540 You can see how long ways as far as the contracts go what the question is 24:49.540 --> 24:52.820 is what the basis is. So that's what they're going to charge you for getting 24:52.820 --> 24:56.260 it from the farm to the market and that's what you know a lot of guys we've 24:56.260 --> 25:00.500 guessed on that. It's more on the input side that you just you just don't know 25:00.500 --> 25:06.740 we look at trend lines and what you've paid years past but then something 25:06.740 --> 25:09.780 happens that makes it spike or change and then that's where it gets a little bit 25:09.780 --> 25:13.860 trickier you know you're like well it's going to get better and it works and 25:13.860 --> 25:16.740 you just kind of eventually you have to make a decision. 25:16.740 --> 25:20.260 So you're just going to take an educated guess. 25:20.260 --> 25:23.380 Unless if they've got a crystal ball that I don't have so. 25:23.380 --> 25:27.940 We definitely don't have a crystal ball here but yeah when it comes to markets 25:27.940 --> 25:30.980 you know we're we got bids out for contracts for the 25:30.980 --> 25:34.980 2026 year and we got bids out for the 2027 year. 25:34.980 --> 25:39.060 So I mean stuff we haven't even started looking at input prices yet. 25:39.060 --> 25:42.260 We've got bids out there going okay here's what we 25:42.260 --> 25:46.980 think would be a good price so we'll start putting those out there and so 25:46.980 --> 25:51.380 yeah we've got some both corn and soybeans sold for 2027. 25:51.380 --> 25:54.980 Okay what sort of volatility do you see in 25:54.980 --> 25:58.500 seeds prices? 25:58.500 --> 26:01.060 Thankfully that's the one thing that's pretty much flat. 26:01.060 --> 26:03.700 Yeah the last last couple years it hasn't changed a lot. 26:03.700 --> 26:06.740 Yep yeah those prices are pretty consistent. 26:06.740 --> 26:11.700 It's a domestic. Yeah I mean well and that's the one thing that 26:11.700 --> 26:14.580 generally we can say is better than the whole 26:14.580 --> 26:20.020 seeds of today are better than seeds of 10 years. Oh yeah 100 percent. 26:20.020 --> 26:25.060 My diesel fuel and my potash are exactly the same that I bought 10 years ago. 26:25.060 --> 26:27.860 They're just cost more. 26:27.860 --> 26:31.540 That's why they're about the seed. Yeah but the seed is the technology is better. 26:31.540 --> 26:36.500 Yes genetics are better. Yeah you can look at that and say well 26:36.500 --> 26:40.100 I understand a little bit and they've done well. 26:40.100 --> 26:42.980 Hopefully this isn't an invitation for the underage prices. 26:42.980 --> 26:45.460 Well yeah you know what? 26:45.460 --> 26:49.620 We're a profiteering. Yeah you know that sort of thing going on. 26:49.620 --> 26:52.260 And I mean on farms that's our biggest. 26:52.260 --> 26:54.980 The biggest thing you hear from people in our biggest fear is 26:54.980 --> 26:59.140 these prices they go up so fast. Yeah but it takes a long 26:59.140 --> 27:03.140 time for prices to come back down for our inputs whether it's fuel, 27:03.140 --> 27:07.380 fertilizer or anything that we're using here. 27:07.860 --> 27:14.820 Well I so appreciate your coming by talking about the impacts of these 27:14.820 --> 27:21.300 these price increases sudden and scary in terms of how long they're going to 27:21.300 --> 27:26.260 stick with us but you know I appreciate that and the 27:26.260 --> 27:30.900 holidays. Okay thank you. 27:31.700 --> 27:35.060 We're here for it. Yeah I am too. 27:35.060 --> 27:38.420 All right I think we're going to do a group photo. 27:38.420 --> 27:42.020 I'll buy the track here. Oh great.