Latest / AG Bull / AG Squawk with Davis Michaelsen | Tommy Grisafi USDA $6.00 Corn Hoax

Transcript

AG Squawk with Davis Michaelsen | Tommy Grisafi USDA $6.00 Corn Hoax · AG Bull

0:13
SPEAKER_01: Deep breath, everybody.
0:15
SPEAKER_01: What a day.
0:17
SPEAKER_01: I'm gonna sing about it a little later because I figure I've got a choice here.
0:22
SPEAKER_01: I can sing or I can cry, and I just can't let you folks see me break down.
0:29
SPEAKER_01: Not today.
0:31
SPEAKER_01: Not today.
0:32
SPEAKER_01: I'll also bring in Tommy G.
0:34
SPEAKER_01: He's gonna talk us through kind of some next steps and help us with some perspective.
0:39
SPEAKER_01: He's actually got some very positive things to talk about today in the wake of those reports.
0:45
SPEAKER_01: I'll run down the high points of the WASDI report coming right up.
1:03
SPEAKER_01: From behind the big blue, bodacious microphone of Ag Bull, your pal Davis Michelson.
1:08
SPEAKER_01: Pleased is punched to have you along on this Friday.
1:11
SPEAKER_01: It is a report day.
1:12
SPEAKER_01: In case you haven't heard, it's October 9, 2026.
1:17
SPEAKER_01: It's a Friday.
1:18
SPEAKER_01: And hey, there's this grandma put on put on another roast.
1:22
SPEAKER_01: The harvest window is wide open for most of crop country.
1:26
SPEAKER_01: And well, although those growers in the southeast who have made such impressive gains in just overall production over the past few years are gonna get soggy if they haven't already.
1:45
SPEAKER_01: But uh, as I said, it is it is report day.
1:48
SPEAKER_01: And once again, corn took it in the teeth.
1:52
SPEAKER_01: I was just talking with Tommy Grissaffi.
1:55
SPEAKER_01: I'm gonna bring him in in just a little bit, but he's got a ton of positives just on the surface here.
2:02
SPEAKER_01: If you're a corn grower trying to make a buck, it looks a little tough today.
2:07
SPEAKER_01: And we we're going to acknowledge that.
2:09
SPEAKER_01: I'm gonna bring the things that moved the markets around, some of the report details.
2:14
SPEAKER_01: I'm calling it report details light.
2:17
SPEAKER_01: And then we're gonna bring in Tommy, and he's got some some very sunshiny perspective to bring to us, and I'm very excited about that because it is important to keep perspective.
2:28
SPEAKER_01: It's easy to just focus on the negatives, but here we like to accentuate the positive anytime that we can, and I think we'll all be better for it.
2:38
SPEAKER_01: Welcome to AgSquawk in the afternoon.
2:40
SPEAKER_01: Glad to have you here.
2:41
SPEAKER_01: Before we get too much further, I'd love to direct you to AgBull.com.
2:45
SPEAKER_01: You can take your marketing by the horns at AgBull.com.
2:49
SPEAKER_01: Take advantage of our AgBull Intel, our daily services.
2:53
SPEAKER_01: Uh, we we won't blow you up for no reason, day after day after day, but we will absolutely keep you informed with what you need to know when you need to know it, maximize your chance for success at Agbull.com.
3:06
SPEAKER_01: Some housekeeping.
3:08
SPEAKER_01: Big week this week.
3:10
SPEAKER_01: I had a great time doing these shows.
3:12
SPEAKER_01: First of all, Randy Martinson called it.
3:14
SPEAKER_01: We'll talk about that a little bit later, but on Monday, first thing, I asked him about the reports, and at that point, he was in the camp of eh, it's probably not gonna do much.
3:24
SPEAKER_01: It might, probably not.
3:26
SPEAKER_01: He said, either way, he's comfortable just standing pat where we are and looking for a little better opportunity to re-enter some of these markets here.
3:37
SPEAKER_01: And I I think in a in a sort of in a sort of left-handed way, he he was uh speaking prophetically there because this may just look like an opportunity.
3:46
SPEAKER_01: Like I said, Tommy's coming up.
3:48
SPEAKER_01: I'm getting ahead of myself here, but Tommy may echo that same sentiment.
3:52
SPEAKER_01: I had some guests on this week offering discounts for Ag Bull viewers.
3:57
SPEAKER_01: First of all, you might remember Sam Goldberg, the filmmaker behind Perfect Sundays.
4:02
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4:05
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4:10
SPEAKER_01: The Painter Sisters are in there if you know them.
4:13
SPEAKER_01: Uh other people from Ag Sharky shows up.
4:15
SPEAKER_01: Rob Sharkey shows up in a cameo appearance on this here, and it's a uh the story of a dairy recovering from tragedy.
4:23
SPEAKER_01: Go to perfectsundays.com and enter the code AGBull at checkout to receive an exclusive discount.
4:30
SPEAKER_01: That's perfectsundaystv.com for that.
4:33
SPEAKER_01: Might be some good weekend watching.
4:34
SPEAKER_01: Take your mind off the markets a little bit.
4:36
SPEAKER_01: And then yesterday's guests, Mike and Carter from Terrain, also generously offered viewers a discount on their services.
4:44
SPEAKER_01: If you uh once again enter the code Agbull at checkout, AgBull at checkout.
4:50
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4:52
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4:58
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4:59
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5:10
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5:12
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5:16
SPEAKER_01: Okay.
5:17
SPEAKER_01: That was the housekeeping.
5:19
SPEAKER_01: Let's talk about the WASDI.
5:20
SPEAKER_01: Let's just talk about it.
5:21
SPEAKER_01: Let's talk about it.
5:22
SPEAKER_01: Another extremely bearish report for corn today.
5:26
SPEAKER_01: The yield was raised to 181.2 bushels per acre, which moved production up as well.
5:30
SPEAKER_01: New crop ending stocks were increased, and despite higher export forecasts, it was not enough to offset the increased corn production number.
5:39
SPEAKER_01: The thing is, the trade was expecting the yield to move lower.
5:43
SPEAKER_01: Massive market reaction to the downside.
5:46
SPEAKER_01: The average on farm corn price per bushel cut a dime to$4.70.
5:51
SPEAKER_01: Soybeans were more neutral-ish, although still initially the read was slightly bearish.
5:59
SPEAKER_01: We didn't end up in bearish territory, I can tell you that.
6:03
SPEAKER_01: Let's not get ahead of ourselves.
6:04
SPEAKER_01: Yield was raised less than a full bushel to 53.1 boo per acre, which raised total production, but just slightly.
6:11
SPEAKER_01: Ending stocks little changed on soybeans, with exports up just slightly.
6:16
SPEAKER_01: The average on farm soybean price held steady at twelve bucks even.
6:21
SPEAKER_01: Over to wheat, production was all but unchanged.
6:25
SPEAKER_01: Exports were cut and feed and residual was raised.
6:29
SPEAKER_01: That put ending stocks at 740 million bushels up from September's 717.
6:35
SPEAKER_01: The average on farm price was lowered from 640 to 630.
6:39
SPEAKER_01: The bummer here is that cut to exports kind of suggests the disruptions in the Black Sea have not yet equated to an increased export demand forecast.
6:51
SPEAKER_01: And that kind of surprises me, but we'll have to wait and see on that.
6:56
SPEAKER_01: So let's do get to the tail of the ticker.
6:59
SPEAKER_01: We'll rewind right back to the open.
7:01
SPEAKER_01: Corn, soybeans, and wheat explored early session lows from the get-go, but quickly recovered to trade mostly higher.
7:08
SPEAKER_01: Cattle futures recovered from yesterday's losses with feeder futures opening on session lows.
7:13
SPEAKER_01: Lean hog futures were under moderate selling pressure in early session trade.
7:18
SPEAKER_01: And this, okay, so I tuned in.
7:20
SPEAKER_01: This must be, I just want to say, I think 11.15 or so.
7:24
SPEAKER_01: The report was out at 11.
7:26
SPEAKER_01: Immediately following the report, corn futures dove 18 cents lower.
7:29
SPEAKER_01: Soybeans dropped a dime.
7:31
SPEAKER_01: Winter wheat futures fell 10 to 14 cents.
7:34
SPEAKER_01: Now we wound up uh lower than that on corn, lower than that on wheat.
7:39
SPEAKER_01: Well, right, kind of right in there on wheat, but both were off session lows.
7:43
SPEAKER_01: And I think that's part of what Tommy wants to bring out as kind of some positive news.
7:48
SPEAKER_01: Let's do get to the settlements where December corn, I just gotta say it.
7:51
SPEAKER_01: I gotta say it, it gives me no joy, down 20 and 1.5 cents on your December corn, 479 and three-quarters at settlement.
7:59
SPEAKER_01: November soybeans up.
8:01
SPEAKER_01: November beans were up.
8:03
SPEAKER_01: Shook off that neutral to slightly bearish report, up four and one half cents on the NOVE,$12.92.
8:10
SPEAKER_01: Meal and oil were both higher with soybean meal leading the advance in the soy complex.
8:17
SPEAKER_01: On the wheat side, Chicago December wheat down 12 and a quarter, 6.71 to the KC down 17 on the day, 7.19 and 1 quarter.
8:28
SPEAKER_01: Probably some pessimism about that export forecast, would be my guess.
8:31
SPEAKER_01: Let's go over to the cattles where the news is much better.
8:35
SPEAKER_01: It was a stampede higher in the cattle, November feeder cattle up$7.7 and one half,$341.95.
8:45
SPEAKER_01: Let's just look at some of these.
8:46
SPEAKER_01: $7.92 higher in the Jan,$7.95 higher in the March, out to the April,$767 and one half higher on your feeder cattles,$331 and 45.
8:56
SPEAKER_01: Over to the fat cattle.
8:57
SPEAKER_01: They had a pretty good day today as well.
9:00
SPEAKER_01: The December contract was up 350, all told, settled out at 227.05.
9:06
SPEAKER_01: Here again, looking out to the Feb 362 higher.
9:10
SPEAKER_01: Out to the April, 330 higher.
9:12
SPEAKER_01: Good day in the cattles.
9:14
SPEAKER_01: And then over to the Lean Hogs, your December contract down 77 and 12 cents at 67.82 and one half.
9:24
SPEAKER_01: Uh, thanks to our sponsor, plus 500.
9:26
SPEAKER_01: I've said it before here at Agbol.
9:28
SPEAKER_01: We use Plus500 T4 software every single day.
9:31
SPEAKER_01: I was just using it every day for real-time quotes and a host of other important functions.
9:37
SPEAKER_01: T4 software from plus 500, just plus 500, thanks to plus 500.
9:44
SPEAKER_01: And just give me a moment here.
9:45
SPEAKER_01: I gotta grab my guitar.
9:54
SPEAKER_01: All right, as I said a little bit earlier, um, if if I didn't sing, I would cry.
9:58
SPEAKER_01: Tommy will probably have something to say about that.
10:01
SPEAKER_01: That that may you know have made this song completely unnecessary.
10:05
SPEAKER_01: But but I thought that now might be a good time to regale you with just a little bit of song.
10:11
SPEAKER_01: Are you ready?
10:11
SPEAKER_01: Let's all just take a moment.
10:16
SPEAKER_00: Yesterday.
10:20
SPEAKER_00: Oh, the downside seems so far away.
10:26
SPEAKER_00: Then production numbers clear the way.
10:31
SPEAKER_00: I can't believe this was the day.
10:49
SPEAKER_01: The Beatles yesterday was the number one hit.
10:52
SPEAKER_01: With that, let's bring in Tommy Grasafi and get a little help in a good news.
10:57
SPEAKER_01: Tommy Grassoffi, the Ag Bull T-Rex himself.
11:01
SPEAKER_01: How you doing, my brother?
11:03
SPEAKER_03: You know what, Davis?
11:04
SPEAKER_03: I'm doing all right.
11:05
SPEAKER_03: My nerves were a little bit uh rattled when we were lock limit down.
11:09
SPEAKER_03: I was scared, not for me personally, just for agriculture, but by the end of the day, I said I started writing down all the positives, and I have a excuse me.
11:23
SPEAKER_03: Getting choked up just thinking about all that.
11:26
SPEAKER_01: Yeah, take it easy.
11:27
SPEAKER_01: Deep breath.
11:27
SPEAKER_01: It's okay.
11:28
SPEAKER_01: It's that kind of day today.
11:29
SPEAKER_03: You know, you gotta you gotta write down the positives and life's and the negatives.
11:33
SPEAKER_03: And I have a long list of positive and ag, and it happened late in the day, but uh I think we have to talk about it.
11:40
SPEAKER_03: And I will give you credit.
11:42
SPEAKER_03: You said on the show a few times this week, nobody thinks we're gonna do anything, but that's what they thought last time.
11:48
SPEAKER_03: And going into the report, I just want to let people know if you think someone has these USDA numbers before they come out, why was corn up five cent bid a second before the USDA report?
12:01
SPEAKER_03: Why were beans up 10 cent bid?
12:04
SPEAKER_03: And then they gave what was extremely bearish numbers in the corn and bearish in the beans, too, if you just look at the yield.
12:12
SPEAKER_03: But uh, there was a lot of positives in the back end.
12:15
SPEAKER_03: And we'll get into all that in a bunch more here.
12:17
SPEAKER_01: Yeah, for sure.
12:18
SPEAKER_01: Weismeyer did some digging.
12:19
SPEAKER_01: I just want to throw this at you because this almost feels like tinfoil hat stuff to me, Tommy.
12:24
SPEAKER_01: I don't know if you saw this, just came out right before we went, before we hit the big blue button to record here.
12:30
SPEAKER_01: Just gonna quote it here.
12:32
SPEAKER_01: Weismeyer writes, quote, USDA's October crop production report shows Nebraska's estimated corn ear count rising 1,700 ears per acre from September, but the accompanying irrigated and non-irrigated figures move in the opposite direction, raising a question about how the statewide estimate was calculated.
12:51
SPEAKER_01: A table on page 33, if you know, you know.
12:55
SPEAKER_01: Table on page 33 puts Nebraska's all corn ear count at 26,700, some numbers here up from September, an increase of 6.8%, irrigated corn ear counts declined, non-irrigated counts fell 300.
13:10
SPEAKER_01: Tommy, it it almost feels like there was, I don't know if you could even call this a rounding error.
13:15
SPEAKER_01: Almost like maybe something went wrong with the data here.
13:17
SPEAKER_01: And I hate to, I hate to be that guy because I feel like I'm arguing with the ref at this point, which is something that I absolutely hate doing, and I hate to even watch.
13:27
SPEAKER_01: But this this does seem conspicuous.
13:29
SPEAKER_01: What do you make of it?
13:30
SPEAKER_03: It does.
13:31
SPEAKER_03: And when you talk about that arguing with the ref, someone, a good friend of mine, Jack Fitz, Jack Fitzgerald, I used to work with them at Advanced Trading, he sent me this quote during the report or right after, and it caught me off guard.
13:43
SPEAKER_03: You've probably heard this one, but it was do you feel like you're betting on a boxing match and the winner has already been declared before the punch is thrown?
13:51
SPEAKER_03: And that was after the report.
13:53
SPEAKER_03: I'm no expert on ear counts in Nebraska, yeah, but I'm a big fan of crop tours and everything else.
14:01
SPEAKER_03: I've been on them, and I'm a big fan of farmers walking their own fields.
14:06
SPEAKER_03: And you uh what I'd like to do, and I'd like to see you do, is you had on a few months ago, and we could, if folks want to go out and Google it, Kip Tom was on the show.
14:19
SPEAKER_01: Oh, yeah.
14:19
SPEAKER_03: And Kip Tom is a farmer in Indiana, and he's now been appointed to the USDA to help clean up these numbers.
14:28
SPEAKER_03: And he had talked about releasing numbers more often, using all types of what seems to be far out technology, but not that far out technology when you think about what's available out there in the world.
14:41
SPEAKER_03: I'll give you an example.
14:42
SPEAKER_03: I mean, yesterday, three of the big telecoms had three of their worst days ever because Starlink said, you know what?
14:48
SPEAKER_03: No, no, we're gonna do this and that.
14:49
SPEAKER_03: And three traditional telecommunication companies would be like, that would put us out of business pretty much.
14:56
SPEAKER_03: And I mean, that's how fast technology is moving.
14:59
SPEAKER_03: So the fact we don't have a better read on what's out there is something everybody should be questioning.
15:04
SPEAKER_03: I really do believe that.
15:06
SPEAKER_03: And I got a whole laundry list of you know, sayings from legendary owners of clearing firms, and uh, some of these guys are still in the business, some have passed, and their kids and grandkids now run the business.
15:19
SPEAKER_03: But I want to quote one of them was from Mr.
15:22
SPEAKER_03: Dick Freimeier from Iowa Grain, and he used to traditionally go in the crop reports flat, and he would always say, You want to sc you want to trade with the guys screwed up and not be the guy screwed up.
15:35
SPEAKER_03: And if if a 20 cent down day in corn just ruined you, you were out of position.
15:40
SPEAKER_03: You were the the cards were stacked against you before the number even came out.
15:45
SPEAKER_03: Because if you're betting everything on that we can't go down, and historically, these are pretty good prices, maybe not at this cost production.
15:52
SPEAKER_03: I will note that, then you were out of position.
15:56
SPEAKER_03: And I do anytime you want to jump in the positives, I got a list here so long that it'll yeah.
16:03
SPEAKER_01: I th I I think I'm ready here, you know, and I I have a feel let's can we just start with with King Korn here?
16:11
SPEAKER_01: Because we bottomed out here on my screen somewhere around 470 and then settled out at 479 and three-quarters.
16:20
SPEAKER_01: Is can we call that a recovery or or are we dreaming to call that a recovery?
16:24
SPEAKER_03: You can call that a hell of a recovery.
16:25
SPEAKER_03: I'll tell you why.
16:26
SPEAKER_03: Over 50,000 futures just in December.
16:30
SPEAKER_03: I didn't look at the March, the May, the July, the September, the December 27.
16:35
SPEAKER_03: 50,000 contracts traded in the bottom penny.
16:39
SPEAKER_03: So from down 29 to down 30, 50,000 contracts traded in December corn.
16:45
SPEAKER_03: That most likely is an incredible amount of length that is out of this corn market.
16:52
SPEAKER_03: Coming into this week, maybe we had fun length of 360.
16:56
SPEAKER_03: We'll get commitment of traders here after the close, and Agble clients and AgBull subscribers will be sent that.
17:03
SPEAKER_03: And but that was as of Tuesday.
17:07
SPEAKER_03: So you take what we did here Wednesday, Thursday, and Friday.
17:11
SPEAKER_03: You come into next week commitment of traders, you're seeing an incredible amount of fund link that came out of this market.
17:18
SPEAKER_03: You're also take a note, write this down.
17:22
SPEAKER_03: What did the open interest do?
17:23
SPEAKER_03: We don't know that number yet, but look at open interest in corner.
17:26
SPEAKER_03: People still interested in being long corn futures or think of the other side.
17:31
SPEAKER_03: Flip your farmer hat over and say if you're an end user, for as scared as you were when we went from 440 to 540, we came and in two-thirds the way back all the way down to the 470 level.
17:44
SPEAKER_03: And the opportunities that were presented to both sides here in the last six weeks were just incredible.
17:49
SPEAKER_03: If you were long as a farmer, they give you a chance to get sold and get protected.
17:53
SPEAKER_03: And that's one of the positives I really want to talk about today is that I think an incredible amount of length came out of this market.
18:01
SPEAKER_03: I think farmers were forward sold, forward protected.
18:03
SPEAKER_03: Not all of them.
18:04
SPEAKER_03: There's someone watching this right now who's pissed off.
18:07
SPEAKER_03: There's someone watching this right now who's gonna cancel their subscription because I didn't know what the USDA report was.
18:13
SPEAKER_03: But I could tell you from the bottom of my heart, I know where we were at 1059 and 50 seconds.
18:19
SPEAKER_03: We were up five in corn, and we were, you know, that we had the potential of both sides.
18:26
SPEAKER_03: We were we were so high on the high end of the range that the very people who are criticized the most, which would be Stone X, and you and I and Jed would agree, of all the guests we've ever had on Ag Squawk, that young man from Stone X is incredible.
18:46
SPEAKER_03: And you've even said, Hey, you guys are coming out with these high numbers that aren't even near anywhere where the industry is.
18:53
SPEAKER_03: He's like, Those are our numbers, and they stuck to their guns.
18:56
SPEAKER_03: And in the end, they're like almost the exact same number the USDA number and the Stone.
19:03
SPEAKER_03: So why people disregard them, disrespect them, get angry, I'm not sure.
19:07
SPEAKER_03: And as far as all the other people in the industry, like Lucy, you got some explained into.
19:13
SPEAKER_03: I mean, there are big-time professional organizations that are off by 10 bushels per acre, and people pay them for this information.
19:22
SPEAKER_03: And I had the chance to jump on uh this week in agribusiness, and we filmed it before the report.
19:27
SPEAKER_03: And so I know I had to talk in the sense that we could be limit up, we could be limited.
19:32
SPEAKER_03: And what I said, and folks, if you get a chance to watch that, please do.
19:35
SPEAKER_03: We love those guys over there, they're good folks.
19:37
SPEAKER_03: But I said, all that matters as you're watching this weekend show is what bushels do you have and what is your basis?
19:45
SPEAKER_03: Bushels, basis, bins, get back to the basics.
19:49
SPEAKER_03: You have 18 months to sell a crop, not 18 minutes.
19:53
SPEAKER_03: In in my world, I'm down here at Nesvik today in Nashville.
19:57
SPEAKER_03: I mean, it got loud.
19:59
SPEAKER_03: You know that what that trading floor looks like.
20:01
SPEAKER_03: There was uh about 12 traders in today.
20:03
SPEAKER_03: It got loud.
20:04
SPEAKER_03: I heard someone pound the desk, I heard some swearing.
20:07
SPEAKER_03: I can't say on this show because I'd fire myself, but the which might not be a bad idea.
20:13
SPEAKER_03: But in the end, by the end of the day, as I get to go out in Nashville tonight and spend time with my family, I'm like, holy cow, soybeans rallied all the way back and we're up five cents on the day.
20:27
SPEAKER_03: Oh my god, soybean meal closed at the high of the day up nine dollars.
20:34
SPEAKER_03: Soybean oil was up.
20:36
SPEAKER_03: The stock market's having a good day, interest rates have calmed down, the world's not ending today, but in corn, it feels horrible.
20:46
SPEAKER_03: It just feels horrible.
20:47
SPEAKER_03: Now, if we would have closed limit down, Jed worked up the numbers before we went on the show.
20:53
SPEAKER_03: We looked at the 50-day moving average, 100-day moving average, and 200-day moving average, we are 15 to 20 cents below all those averages.
21:01
SPEAKER_03: So if you're a trend follower, one might have to take home that the trend in corn has changed.
21:07
SPEAKER_03: And I always find it interesting to go back after we have a big move like this and look at myself, right?
21:13
SPEAKER_03: We know the the organizations who moderate us and and come, you know, comply us, watch our videos, right?
21:23
SPEAKER_03: And when I had a chance to go on the cow guy several times, I just kept saying, Scott, I don't know how during harvest the funds can be a record length.
21:33
SPEAKER_03: The farmer has the bushels, not a record crop, but a doggone good crop, right?
21:38
SPEAKER_03: How are they all gonna hit the exit door?
21:40
SPEAKER_03: And we find out that when it's time to get out, they can't get out.
21:45
SPEAKER_03: And back to that reference of Dick Freimeyer from Iowa Grain, you want to trade with the guy who's screwed up, not be the guy screwed up.
21:53
SPEAKER_03: And I truly believe some people went broke today.
21:55
SPEAKER_03: I think there were traders who went broke, I think there were people who were so out of position and can get so over leveraged.
22:03
SPEAKER_03: And we have that pop up down there at the bottom talking about futures and options have risk, and Jed could pop that up.
22:09
SPEAKER_03: That disclaimer, but what you can do in futures and options is you can buy something and you only need 10% of the money.
22:17
SPEAKER_03: Well, corn had over a five-six percent move.
22:20
SPEAKER_03: So if you invested a hundred thousand dollars in corn today as a speculator and did it margined up, you could have had one of the worst days ever.
22:29
SPEAKER_03: You can get even more leveraged up by selling options.
22:33
SPEAKER_03: You could have sold puts.
22:35
SPEAKER_03: I went back and looked, and there were puts like just pick one, and there were puts worth two cents that all of a sudden became eight cent bid.
22:43
SPEAKER_03: And if you were short that put, you could have lost all your money and more.
22:46
SPEAKER_03: So the the risk here is so great.
22:48
SPEAKER_03: But when we talk about marketing grain or we talk about what are you guys at Agble Intel, really what we're talking about is managing risk and the combination of crop insurance and getting forward sold and buying back those bushels with options.
23:02
SPEAKER_03: If someone's got great sales, five dollars and above in corn futures, and they own a call that was worth 12 cents and now it's worth two.
23:10
SPEAKER_03: I'm not upset because when they deliver that corn here, they're going to get paid.
23:15
SPEAKER_03: The person who has the problem is the person who's holding old crop, maybe gambling for lack of a better word, long futures.
23:23
SPEAKER_03: You know, they own old crop, they're long futures, they own all this crop, and they start talking like this baby's gonna go up.
23:31
SPEAKER_03: This baby didn't go up, and you know what?
23:33
SPEAKER_03: I brought the red phone out today because I'm telling you, there's tremendous risk here.
23:39
SPEAKER_03: And I knew people who wanted to be short feeder cattle because they thought the corn number would be bullish and feeders would get creamed.
23:48
SPEAKER_03: No, feeders were up seven, eight, nine dollars at one point today.
23:53
SPEAKER_03: If you're a feeder and you're in the cattle industry, you had a damn good day.
23:57
SPEAKER_03: You get to buy corn an incredibly amount cheaper.
24:01
SPEAKER_03: Your cost of feed went down tremendously.
24:04
SPEAKER_03: And the product, uh, we had uh our own very own Carrie Artec, who does technical analysis, said if feeders got back up towards that 340 level, that yeah, from a chart standpoint, they need to be sold or hedged or protected.
24:16
SPEAKER_03: And we blew right through those numbers.
24:18
SPEAKER_03: And so people like Judd Sidwell and cattle ranchers have to be extremely happy with today's price action.
24:25
SPEAKER_03: And those are just some of the positives I've seen.
24:28
SPEAKER_03: I'm I'm not gonna leave here sad.
24:29
SPEAKER_03: I I will say my head's spinning.
24:32
SPEAKER_03: I have a headache, but only from the mass amount of confusion that unleashed at 11 o'clock, Davis.
24:39
SPEAKER_03: Stage is yours, my friend.
24:41
SPEAKER_01: Yeah, absolutely.
24:41
SPEAKER_01: Well, I guess I'll I'll throw it right back to you because I'm curious.
24:48
SPEAKER_01: I've heard and I've seen the charts look ugly, excuse me, but uh, but there's there's room here.
24:54
SPEAKER_01: Hold on to your hats, everybody.
24:56
SPEAKER_01: We're at 479 in the dece corn.
24:59
SPEAKER_01: I mean, there's there's risk down to what four four forty something, isn't there, Tommy?
25:05
SPEAKER_01: I mean, this this feels like a pretty okay day when you consider the level of risk that we're dealing with.
25:12
SPEAKER_03: Right.
25:12
SPEAKER_03: When you talk about whether it be corn futures or what crude oil's done in the past, what the stock market did during the 08 debacle or the COVID debacle or anything else, when we have debacles, some people call them black swans, they seem like it happens two, three days a week in the markets now.
25:29
SPEAKER_03: We have a Trump presidency and administration, and regardless of your opinions of this president, I quoted him today in the office.
25:37
SPEAKER_03: I said, Well, boys, two weeks ago we're sitting here and the markets exploded because President Trump said farmers are going to be very happy.
25:44
SPEAKER_03: I don't think they're happy today, Davis.
25:47
SPEAKER_03: And I think the calls to the USDA and the questioning of how the data is collected, the surveys that were produced, one of the big excuses we'll say by permables was last number we had a few days ago, a week, 10 days ago, that was only like that because the harvest was accelerated into Delta.
26:07
SPEAKER_03: Well, what line of BS are you giving people today?
26:11
SPEAKER_03: I mean, what the USDA today said was that even in a year that had major challenges in the growing season, watch out Kentucky, Tennessee, Southern states, eastern states.
26:23
SPEAKER_03: We know we have a problem in North Dakota, but that's a small growing area.
26:27
SPEAKER_03: Like a lot of my clients have a horrible yield.
26:31
SPEAKER_03: And if I start talking about how corn could go down to 440, they'll say that's not possible.
26:36
SPEAKER_03: Well, it is possible and it can happen.
26:39
SPEAKER_03: And you can't let one day knock out your whole risk strategy that you have during a year.
26:45
SPEAKER_03: Now, I have clients who, when corn rallied through$5 and we broke through what I call the pro farmer high where we gapped and went, on that last report, we filled that pro farmer gap.
26:57
SPEAKER_03: And I would imagine every gap we've had for a long time got filled today.
27:02
SPEAKER_03: And the there's another chance to buy this.
27:05
SPEAKER_03: If you sold too much grain too fast, old crop, new crop, and you want to own this tremendous opportunity to own back some of those bushels here today.
27:15
SPEAKER_03: But I tell you what, something funky is going on in this bean market because China came back from holiday last night.
27:22
SPEAKER_03: If you noticed the markets, if you took a peek, anyone, right at eight o'clock, corn went from down one to up three.
27:28
SPEAKER_03: Beans went from down three to up twelve right at eight o'clock when China came back from their holiday.
27:35
SPEAKER_03: And there's just a lot wrapped into this.
27:37
SPEAKER_03: Now I'm going to meet this weekend with Mr.
27:39
SPEAKER_03: Jim Wiesmeyer.
27:40
SPEAKER_03: We're going to do Wiesmeyer's perspectives.
27:42
SPEAKER_03: And a big thank you to Jim.
27:43
SPEAKER_03: Jim is now part of the Ag Bull team, and you'll be hearing a lot more from Jim.
27:47
SPEAKER_03: You'll have to be a paid subscriber because Jim's going to the pay side.
27:51
SPEAKER_03: But boy, that guy, the way he cranks out information.
27:54
SPEAKER_03: Matter of fact, I'm a subscriber of Paul Neefer's blog.
27:57
SPEAKER_03: And Paul must ask Jim, can I just quote your article?
28:01
SPEAKER_03: Because Paul Neefer released a paid-for article that was, I just want to thank my friend Jim.
28:06
SPEAKER_03: He did some digging into the numbers.
28:08
SPEAKER_03: And what was Jim's title?
28:10
SPEAKER_03: How did all go ahead and read what his title was.
28:13
SPEAKER_01: I don't think I grabbed the title.
28:14
SPEAKER_01: Here, let me pull up my email quick and I'll have it.
28:16
SPEAKER_01: Oh, I have right here Nebraska ear count jump raises questions in USGA report.
28:22
SPEAKER_03: The one before that is when he said, Let me see this.
28:25
SPEAKER_01: Oh, USGA finds corn.
28:27
SPEAKER_01: Nobody else could.
28:29
SPEAKER_01: October yield jump blindsides most of the trade.
28:33
SPEAKER_03: Right.
28:33
SPEAKER_03: We do have the it's it's good that we're doing this.
28:36
SPEAKER_03: Go ahead and go full screen on Davis or I I gotta look through my bifocals here at my phone.
28:42
SPEAKER_03: But I want to give a shout out.
28:43
SPEAKER_03: Can we do a shout out?
28:44
unknown: Come on!
28:46
SPEAKER_03: Oh yeah.
28:47
SPEAKER_03: Grain stats.
28:48
SPEAKER_03: I am a subscriber of several services.
28:51
SPEAKER_03: Commitment of traders is out for the week.
28:54
SPEAKER_03: Corn took off 60,000.
28:55
SPEAKER_03: Now note this is just as of Tuesday.
28:58
SPEAKER_03: That number is going to be a lot different.
29:00
SPEAKER_02: Yeah.
29:01
SPEAKER_03: So I'm never, I've told you, I've told viewers, I've said it on national TV, I can't go to bed long corn when the funds are record long and the farmers come.
29:12
SPEAKER_03: It it felt like kissing your sister funny.
29:15
SPEAKER_03: It well, that ain't funny at all, right?
29:17
SPEAKER_03: Matter of fact, it's frowned upon.
29:20
SPEAKER_03: And uh let's look at the length here in beans.
29:23
SPEAKER_03: This was as of Tuesday.
29:25
SPEAKER_03: They have a nice length in beans, 251,000, 10,000 longs added.
29:29
SPEAKER_03: And you know what?
29:30
SPEAKER_03: Going home this weekend, they're not nervous.
29:32
SPEAKER_03: Big longs and soybean meal, and uh look at soybean oil.
29:36
SPEAKER_03: Uh soybean oil has a very small soybean oil has a net long position, also.
29:42
SPEAKER_03: It's meal that uh doesn't have that much of a position.
29:46
SPEAKER_03: So incredible length came off corn the last few weeks, a lot more came off in the last few hours.
29:51
SPEAKER_03: And I'm not go ahead.
29:53
SPEAKER_01: And I've I've been worried about that.
29:54
SPEAKER_01: I've asked a number of of really smart folks just you know how how tenuous is the position up there?
30:02
SPEAKER_01: How much how much of a nudge does it take to run some of those longs out?
30:07
SPEAKER_01: And I I think today that question was uh was answered with an exclamation point.
30:12
SPEAKER_03: Yeah, tremendous, tremendous price action today.
30:16
SPEAKER_03: And you know, if someone like me thinks corn's going up and I buy five futures or ten calls or whatever my unit is, right?
30:23
SPEAKER_03: Full disclosure, I went into this report 100% flat.
30:27
SPEAKER_03: I had no position, I had no bias.
30:29
SPEAKER_03: I could have put something on.
30:31
SPEAKER_03: I own a seat at the board of trade, and I just thought about what legendary brokers and commodity traders said.
30:37
SPEAKER_03: You want to trade with the guy screwed up.
30:38
SPEAKER_03: And I'm telling you, the opportunities to get in there and wiggle were there because someone was screwed up and people had to get out.
30:45
SPEAKER_03: Margin calls have to be made.
30:47
SPEAKER_03: And that's what happened today.
30:49
SPEAKER_03: The a lot of trading happened.
30:51
SPEAKER_03: I don't know if it was a record, but just in December futures alone, I think we traded 525,000 futures contracts.
30:59
SPEAKER_03: So this isn't like Oats where they trade 300 a day, these are hundreds of thousands, and upwards of almost a million contracts were thrown around between futures and options today, just in that one commodity corn.
31:12
SPEAKER_03: And just there's one saying, and it you hear it all the time, and people probably get here saying it, but the bull needs to be fed every single day, whether it's the stock market and the Nasdaq pulls off 10-15%, then all of a sudden NVIDIA and Michael Dell and this one and that one come out with great earnings and growth, and the stock market's definitely being fed by you know the NASDAQ, but the grain market had this big hope of China was gonna do something.
31:42
SPEAKER_03: And you know, a few weeks ago, that's when President Trump quoted farmers are gonna be real happy.
31:48
SPEAKER_03: And we all came in on Sunday night with, hey, where's the big announcement?
31:52
SPEAKER_03: Now, rumors were flying around, and we're in the media business, we're in the commodity brokerage business, information business.
32:00
SPEAKER_03: I can't tell you, and Google it, folks.
32:02
SPEAKER_03: Don't take my word for it.
32:03
SPEAKER_03: Google it, China buys corn, and you'll see video after video from word on the street, not not a reliable one, is that China's sniffing around for American corn.
32:14
SPEAKER_03: They may do that, but China is a phenomenal trader, and I think they'd much rather buy corn at 470 than 530, right?
32:22
SPEAKER_03: And they they're gonna have that chance.
32:24
SPEAKER_03: And so maybe, maybe they do put together a package, and everything in the administration is always three months out or after midterms or something else.
32:34
SPEAKER_03: But going home this weekend, crude oil is 92, your costs are high.
32:39
SPEAKER_03: The to produce a cost of a bushel of corn is still relatively high.
32:43
SPEAKER_03: Now, on the super double optimistic side, December 27 corn was only down six cents today.
32:48
SPEAKER_03: Yeah, and Jed said November 27 beans were up six.
32:52
SPEAKER_03: So if you went home and said, boy, I really missed my chance to sell beans, that's why I put out that Ag Bull Text alert.
32:59
SPEAKER_03: Soybeans are up on the day, I think at 1250 or 1255.
33:02
SPEAKER_03: I said, soybeans are up on the day.
33:05
SPEAKER_03: And yeah, you know, we're still getting quotes.
33:09
SPEAKER_03: Just text me and Trump strikes deal with Putin to supply Russian diesel to U.S.
33:14
SPEAKER_03: and uh global markets.
33:15
SPEAKER_03: I mean, the hits just keep playing.
33:17
SPEAKER_03: So where we go home, where you're watching this video, by the time we do Weesmeier's perspective on Saturday or Sunday and pump it out to all you subscribers, the world's gonna be a different place again.
33:26
SPEAKER_03: You gotta roll with the punches.
33:28
SPEAKER_01: Yeah, yeah.
33:29
SPEAKER_01: One day does not a market make.
33:31
SPEAKER_01: Let me ask you, I guess I can start asking this question now.
33:35
SPEAKER_01: If if the long's headed for the exits, at some point they're probably gonna want to come back in.
33:43
SPEAKER_01: Was this enough pressure on corn for them to say, you know what, we hit the release valve, the steam is out of the balloon, now we can get back in.
33:51
SPEAKER_01: It just feels like seasonally this isn't the right time to to do that and to pull the trigger and to to re-enter with some longs here.
34:00
SPEAKER_01: I wonder what your thoughts might be on that.
34:02
SPEAKER_03: Well, speaking of seasonals, I can't speak for all the funds, like who the funds, yeah, but seasonally, like people more research, who is a tremendous seasonal uh provider of charts and services and seasonal lows.
34:18
SPEAKER_03: And remember that time we talked about on the show uh voice from the tomb, you know, like with the instructions on how to make money and stuff, or seasonal levels to buy and sell is what it was.
34:30
SPEAKER_03: The coming into Columbus Day, seasonally soybeans tend to trade higher from here on out for a few months.
34:38
SPEAKER_03: Seasonally, the Friday after Thanksgiving is seasonally a bullish time in soybeans.
34:45
SPEAKER_03: And you know, someone like me who doesn't grow corn now got to buy corn under the cost of production of most of the viewers and listeners of this show, and this should piss them off.
34:55
SPEAKER_03: They should be, I don't think that's right for Tommy to own a seed at the border trade, do nothing all year, you know, wear a black Ag Bull shirt on the on the show and go buy corn under the cost of production.
35:07
SPEAKER_03: But to flip that around to like a cattle analogy, a few weeks ago when cattle were really cheap, I noticed some people bought cattle futures, cattle options, and they said, why raise the cattle when I could buy them$20 under break even?
35:20
SPEAKER_03: And I I noticed people bought cattle and said, I'm not gonna go to the auction and buy them, I'm gonna buy them on paper.
35:26
SPEAKER_03: At least I know what my risk is, right?
35:28
SPEAKER_03: I don't have to feed them, I could be home for lunch every day.
35:31
SPEAKER_03: So these markets get below cost production, above cost production.
35:35
SPEAKER_03: But just to note and just to reiterate, when the funds are record long and the markets moved up, you have to ask yourself several times a day, what amount of energy or catalyst is it gonna take to keep this market going up?
35:50
SPEAKER_03: And I now know the answer once again that we found out how they're gonna get out of this huge position.
35:57
SPEAKER_03: On the on the dead low, on an ugly Friday October crop report on a rainy fall day when there's hurricane weather going to hit the Midwest, that's how they're gonna get out.
36:08
SPEAKER_03: Yeah, horrible price.
36:10
SPEAKER_03: And that's why this is a game for professionals and it's not a game.
36:14
SPEAKER_03: Yeah, I don't like that word when people and I correct myself.
36:17
SPEAKER_03: This is not a game, folks.
36:18
SPEAKER_03: This is very real.
36:19
SPEAKER_03: These are money in your pocketbook, whether it's buying fuel low or getting corn hedge for animals, hogs, or something, or cattle.
36:27
SPEAKER_03: This is very real.
36:28
SPEAKER_03: And in the end, who are we gonna yell at?
36:31
SPEAKER_03: We're gonna yell at that the USDA that their number was wrong, and then we're gonna ask the government for a bailout.
36:36
SPEAKER_03: I mean, the we got to draw the line and take responsibility.
36:39
SPEAKER_03: Great traders don't blame other people, they blame themselves regardless of the scenario.
36:46
SPEAKER_01: I was we've spent a fair amount of time on corn and soybeans here.
36:50
SPEAKER_01: I want to take us up northward.
36:52
SPEAKER_01: I was talking to Randy Martinson.
36:54
SPEAKER_01: I don't know if you happened to catch the show.
36:56
SPEAKER_01: And by the way, you you suggested maybe we need to rename wheat from poverty grass to something else, and and I had suggested success turf.
37:04
SPEAKER_01: And I couldn't get Martinson to say success turf.
37:08
SPEAKER_01: He's he's stuck with poverty grass, and the export forecast here was not friendly.
37:16
SPEAKER_01: That surprised me, Tommy.
37:18
SPEAKER_01: Talk to our wheat growers out there.
37:20
SPEAKER_01: What's the story?
37:21
SPEAKER_01: No exports now, just no exports.
37:23
SPEAKER_01: The Black Sea thing doesn't mean anything to wheat exports.
37:26
SPEAKER_03: One would think, I mean, the Black Sea is still relatively closed, and there is wheat in Ukraine, there's wheat in Russia, but it's not shipping around the world.
37:35
SPEAKER_02: Yeah.
37:35
SPEAKER_03: We got the for sale light on over here.
37:37
SPEAKER_03: We're definitely have the for sale light on in corn.
37:40
SPEAKER_03: It'd be interesting to see that the headwind is what does it cost to take American bushels, whether it be corn, beans, wheat, sorghum, just pick it, right?
37:51
SPEAKER_03: Cotton, canola, pick your favorite commodity.
37:53
SPEAKER_03: You got to get it to the terminal, load it on a boat, ship it around the country, load it off.
37:58
SPEAKER_03: I mean, that cost is tremendous, and there's only X amount of dollars to budget at that.
38:04
SPEAKER_03: So we may feel cheap from a future standpoint.
38:07
SPEAKER_03: We may feel cheap from a uh cash standpoint.
38:10
SPEAKER_03: Speaking of cheap, thinking about what we did here in 470 corn, that puts some cash corn in the the poor basis areas.
38:17
SPEAKER_03: You can look at elevators in North Dakota, and I bet you they're posting 399 bid for harvest bushels today.
38:23
SPEAKER_03: I mean, that's how much we took off this market.
38:25
SPEAKER_03: So when someone gives you a chance, get out, you got to get it and deal with the results there.
38:31
SPEAKER_03: But to answer your wheat question, why aren't we exporting all this wheat?
38:34
SPEAKER_03: They're getting it from somewhere.
38:36
SPEAKER_03: Yeah, they're gonna they're gonna eat their breads and pastas and everything else.
38:39
SPEAKER_03: But I I I do think wheat has a good story moving forward.
38:43
SPEAKER_03: I still think corn could have a good story, it just wasn't today.
38:47
SPEAKER_01: So you're you're sticking with Success Turf rather than poverty grass.
38:50
SPEAKER_01: Is that right?
38:51
SPEAKER_01: Can I put you down for Success Turf?
38:52
SPEAKER_03: I like SuccessTurf.
38:53
SPEAKER_03: Yeah, that was a good one.
38:54
SPEAKER_03: Matter of fact, when you did that broadcasting, called it SuccessTurf.
38:57
SPEAKER_03: I had several people call, comment.
39:00
SPEAKER_03: Uh, if you have a comment on the show, go to the Agbo website, drop us a comment.
39:03
SPEAKER_03: We see them instantly.
39:04
SPEAKER_03: It dings on our phones.
39:05
SPEAKER_03: Sometimes some people say some nasty stuff, but you know what?
39:08
SPEAKER_03: I'm just gonna be nice, everyone.
39:10
SPEAKER_03: Yeah, they don't have to be nice.
39:12
SPEAKER_03: I mean, if you want to watch the show and comment negatively, you can.
39:15
SPEAKER_03: I mean, this is America, right?
39:17
SPEAKER_03: This is America Thanksgiving dinner where it's like, oh, Aunt Barb's over there, don't upset her.
39:23
SPEAKER_03: You don't want her to get Ajita because you're gonna talk politics and you know, who cares?
39:28
SPEAKER_03: You know, whatever.
39:29
SPEAKER_03: I mean, I uh it is what it is.
39:31
SPEAKER_03: These are real dollars flying around, and yeah, you gotta navigate the uh seas, and they're getting choppy.
39:37
SPEAKER_01: Well, and the frustration is real.
39:39
SPEAKER_01: It's you know, I if I have to say it, it's okay to be frustrated, to be a little bit concerned.
39:45
SPEAKER_01: And uh, if if you haven't got a plan in place already, Tommy, maybe we can just riff on this just a little bit.
39:51
SPEAKER_01: If you had a plan in place, you you might have been able to weather this and still be able to sleep tonight.
39:58
SPEAKER_01: Am I am I talking out my ear here?
40:01
SPEAKER_03: No, and I do think I really do believe that farmers are extremely forward-sold in soybeans, extremely forward sold and protected in corn.
40:09
SPEAKER_03: I think the people who got it in the keister more than anyone were the funds.
40:13
SPEAKER_03: The funds can make you, the funds can break you.
40:16
SPEAKER_03: The funds had a horrible day.
40:18
SPEAKER_03: I do think I have a sneaky suspicion.
40:21
SPEAKER_03: There were some large traders out there who had a bad day.
40:23
SPEAKER_03: I think there were some, I think some of the young brokers and analysts who went on the crop tour and and and noticed this bullish number got bullish and they never took off that bull hat.
40:34
SPEAKER_03: And they may be getting a call from the red phone today.
40:36
SPEAKER_03: I don't know.
40:37
SPEAKER_03: I only know what position I had, what position clients have.
40:41
SPEAKER_03: I didn't get any angry phone calls today.
40:43
SPEAKER_03: I got some.
40:44
SPEAKER_03: Are you kidding me?
40:45
SPEAKER_03: You've got it kidding me.
40:46
SPEAKER_03: Is this real?
40:47
SPEAKER_03: Yeah, but by the end of the day, with soybean meal on the highs, soybean on the highs, Nove 27 on the highs, D27 corn.
40:54
SPEAKER_03: If I told you, hey everyone, Tommy Grossoffi, AgBill Media, AgBill Trading, D 27 corns down seven cents, would you be upset?
41:00
SPEAKER_03: No, it's just a normal day.
41:02
SPEAKER_03: Right, it's the front end where all the length is hanging out, had an extremely bad day.
41:07
SPEAKER_03: So personally, I like accumulating length when the funds are short because at some point they have to get out of that and it creates a roar.
41:15
SPEAKER_03: And I don't like hanging out the party, and like my dad said, nothing good happens after midnight.
41:21
SPEAKER_03: Well, we spend a lot of times out at 1112-1 at night here with corn at 525 and wondering how the heck are they gonna get out of it?
41:29
SPEAKER_03: Now we know the answer at 472 on a Friday, limit down.
41:33
SPEAKER_01: Yeah, yeah.
41:36
SPEAKER_01: On another note, you still got any of them Egg Bowl Bluetooth speakers around there?
41:40
SPEAKER_01: You still got some in the box?
41:41
SPEAKER_03: There's some I do, I do.
41:42
SPEAKER_03: They're supposed to show up, and if if you subscribe and pay for a year, as you often say on the show, we have a beautiful Bluetooth speaker where you can listen to this show, your other shows.
41:51
SPEAKER_03: Of course, we encourage you keep the old transistor radio up there.
41:55
SPEAKER_03: We have a lot of friends in AM radio, FM radio.
41:59
SPEAKER_03: I like the way our friend Jesse Allen does it, where you could listen to him on the radio.
42:03
SPEAKER_03: If you miss the radio, you could catch the podcast.
42:06
SPEAKER_03: And he's probably listening right now because he listens to the show.
42:09
SPEAKER_01: Should we give him a shout-out?
42:10
SPEAKER_01: Should we give him a shout out?
42:11
SPEAKER_03: Shout out to Jesse.
42:12
SPEAKER_03: Shout out to Jesse Allen.
42:15
SPEAKER_03: Shout out's really loud today.
42:16
SPEAKER_03: Does that seem loud to you?
42:17
SPEAKER_03: Yeah, it's a little loud.
42:19
SPEAKER_03: I noticed you changed your guitar, a green one.
42:22
SPEAKER_03: What what type of history does that guitar have?
42:25
SPEAKER_01: I got a green one here.
42:26
SPEAKER_01: You know, I had a blue one hanging there, but it just doesn't sound quite as good coming through the interweb machine.
42:32
SPEAKER_01: So I I went back to the agricaster of AG.
42:36
SPEAKER_01: Nothing fancy, nothing fancy, just a fender, you know.
42:39
SPEAKER_01: But I really do I love that guitar and feels good, you know.
42:43
SPEAKER_01: You got to go with with what feels good.
42:46
SPEAKER_01: Here's the thing: we're not saying we're trying to replace AM radio or that we believe AM radio has no place.
42:52
SPEAKER_01: AM radio has the same place that it always has.
42:55
SPEAKER_01: In fact, I was reaching out to, I don't know if he if he watches the program or not, an old friend from WRDN in Durand, Wisconsin, Brian Winnickens.
43:06
SPEAKER_01: W R D N.
43:07
SPEAKER_01: If anybody from Wisconsin is up there, if you know Brian Winnikens, tell him I'm trying to get a hold of him.
43:12
SPEAKER_01: Tell him to check his email because I'd I'd love to talk to him a little bit.
43:17
SPEAKER_01: There's room, baby.
43:18
SPEAKER_01: You can put you can keep your AM radio and stay in touch with all the things that are important to you on there.
43:25
SPEAKER_01: The beauty part of our show, of Jed's show in the morning, of our content for uh paid subscribers, of all the content on the interwebs, is you can listen to it whenever you want to.
43:36
SPEAKER_01: You gotta you gotta run inside, you gotta run behind a tree, you gotta fill up a bucket full of water, you can push pause.
43:43
SPEAKER_01: And then when you're done, you just start it up again and you didn't miss anything.
43:46
SPEAKER_01: Or maybe you th maybe you're watching it.
43:49
SPEAKER_01: What did Tommy say?
43:50
SPEAKER_01: That can't be right.
43:51
SPEAKER_01: You just scroll it back a little bit.
43:54
SPEAKER_01: It's a it's a beautiful thing.
43:56
SPEAKER_01: And really, you you gotta have gotta have a Bluetooth speaker of some kind.
44:00
SPEAKER_03: And I think that that has every place next week.
44:03
SPEAKER_03: We will display.
44:04
SPEAKER_03: I I haven't seen it in person.
44:06
SPEAKER_03: I helped design it, I picked out the speaker.
44:08
SPEAKER_03: You can Shocked it wasn't made in the USA.
44:10
SPEAKER_03: Uh, if you could find a speaker made in the USA, good luck with that.
44:13
SPEAKER_01: Yeah, just to get my guitar was made in Mexico in Ensenada.
44:17
SPEAKER_01: So there you go.
44:19
SPEAKER_03: A couple other things I was thinking of.
44:20
SPEAKER_03: You can also keep your Verizon ATT phone.
44:23
SPEAKER_03: Yeah, you're now going to be able to get a Starlink phone here in the next few years.
44:27
SPEAKER_03: So technology's moving fast, whether you decide to move with it or without it.
44:31
SPEAKER_03: You know, that's up to you.
44:32
SPEAKER_03: I have a friend and client who texts me all these stories about AI and data centers in Texas, and he wants to be on the show.
44:40
SPEAKER_03: We'll have him on.
44:41
SPEAKER_03: He wants to be on cow guy.
44:43
SPEAKER_03: He sent me a chain link thing, and he's like, Tell Scott the Cow Guy this, tell Scott the Cow Guy that.
44:48
SPEAKER_03: I go, here, here's his cell phone, his his email.
44:51
SPEAKER_03: Tell him yourself.
44:52
SPEAKER_03: Like, if you want to get out there, start your own podcast, get out there and tell people.
44:57
SPEAKER_03: But one thing I did want to talk about before we go is there's a group of people on TikTok who have been making videos claiming the corn's not there, it's a disaster.
45:07
SPEAKER_03: Yeah, you'll see it, they'll prove it to you.
45:10
SPEAKER_03: I mean, I don't know if they put out like if TikTok has like a you know how like on X, if someone says something crazy, X will actually put a disclaimer and a note under and saying this picture is made by AI, it's not real.
45:24
SPEAKER_03: But I mean, folks, you got to be careful surfing the internet and watching these influencers who aren't brokers, aren't analysts, have no professionalism to the art of trading or the art of war.
45:37
SPEAKER_03: And maybe in their particular field the the corn isn't there.
45:41
SPEAKER_03: But this is the same group of influencers who actually got hundreds of house moms to say, why are farmers chopping down their soybeans or cutting them with their lawnmowers and then they were paid?
45:53
SPEAKER_03: I mean, a group of farmers got together and said, let's just go cut like a little section of our field and say the government paid me$500 an acre to do this.
46:01
SPEAKER_03: I saw that there was an uproar.
46:03
SPEAKER_03: And I know these guys, they're hilarious, but they're they're David Chappelle's hilarious too, but this isn't professional.
46:10
SPEAKER_03: And so if you're out there surfing the web and you got some line of BS and you bought off on it and you had 200,000 bushels of corn to sell and you didn't sell it because something you sold on you saw on TikTok, you got what you paid for, brother.
46:22
SPEAKER_03: You got a headache, and maybe you think it's cool to hang out with these guys, but it ain't that cool.
46:28
SPEAKER_01: Grain of salt, grain of salt.
46:31
SPEAKER_01: Before we start heading for the door, by the way, I confirmed I don't know if you caught yesterday's program or not, but I did have a couple of Minnesota guys.
46:38
SPEAKER_01: And I don't know if they were upset when I asked them about the Minnesota goodbye, but I like the Minnesota goodbye.
46:43
SPEAKER_01: In fact, my father-in-law is from St.
46:45
SPEAKER_01: Paul.
46:46
SPEAKER_01: He he is Minnesota Goodbye Extreme.
46:49
SPEAKER_01: We're gonna begin the Minnesota goodbye.
46:52
SPEAKER_01: There's terrain water.
46:53
SPEAKER_01: I like the Irish goodbye.
46:54
SPEAKER_01: Not weather yet.
46:54
SPEAKER_01: Not weather quite yet.
46:55
SPEAKER_03: Irish goodbye.
46:56
SPEAKER_01: The Irish goodbye?
46:57
SPEAKER_03: Yeah.
46:57
SPEAKER_03: Yeah, yeah.
46:58
SPEAKER_03: Jenster's seen me pull a couple of those.
47:02
SPEAKER_01: Well, I want to get a little one this week.
47:04
SPEAKER_01: Before we get to the weather, I want to let's let's let's talk bonds just a little bit.
47:11
SPEAKER_01: Yeah, it's a world I know zero about, Tommy.
47:14
SPEAKER_01: So I lean into your strength, your experience.
47:17
SPEAKER_01: You started trading bonds, didn't you?
47:18
SPEAKER_01: Isn't that where you started in the biz?
47:20
SPEAKER_03: Yeah, yeah.
47:21
SPEAKER_03: I started as a clerk in the uh bond room in 1990.
47:25
SPEAKER_03: I also actually started as a clerk in the grain room, but shortly after moved to the bond room.
47:30
SPEAKER_03: But you you know more about bonds than you think.
47:34
SPEAKER_03: Because if you have a mortgage, someone issued a bond against that.
47:38
SPEAKER_03: So if you owe a little money on your beautiful home out there, which a lot of us do, you know what that rate is, right?
47:44
SPEAKER_03: That's the bond market that determines it.
47:46
SPEAKER_03: You may say, We're never selling this house.
47:47
SPEAKER_03: I have a little mortgage locked in at 3%, no way of selling this to buy a home that costs twice as much as an interest rate that's doubled.
47:55
SPEAKER_03: You know more about bonds than you think.
47:56
SPEAKER_03: You said you and your your little lady were thinking about buying a vehicle a few weeks ago.
48:01
SPEAKER_03: You might have financed some of that, right?
48:03
SPEAKER_03: And it there's no zero percent financing in vehicles.
48:06
SPEAKER_03: If there is, note they're charging you too much on the front end of the vehicle.
48:11
SPEAKER_03: You know, if you go into a car dealership and they say, What do you want to be, what do you want your payment to be?
48:16
SPEAKER_03: I've never seen a bigger gotcha question.
48:18
SPEAKER_03: I want it to be$500 a month.
48:21
SPEAKER_03: Okay, we can get you a mortgage on your pickup for nine years, they'll get it to$500.
48:26
SPEAKER_03: So anyone who has a home, anyone who buys a vehicle, anyone who's ever saved money or spent money, put money on a credit card, is tied to interest rates.
48:34
SPEAKER_03: And in the world of agriculture, there is huge money borrowed to buy land, to buy machinery, financed to buy fertilizer and chemicals and all the way down the road.
48:47
SPEAKER_03: And then there's people who own the land who want a return on that.
48:51
SPEAKER_03: They say, I own this piece of Iowa farm ground, it's trading at$15,000 an acre.
48:57
SPEAKER_03: I want a return on my money.
48:58
SPEAKER_03: That's what makes cash rents elevated.
49:01
SPEAKER_03: If you're ultra conservative, you could just put a money, you can go to your local CD, you can go to your local bank or credit union, put money in a CD.
49:08
SPEAKER_03: That's the short end of the bond.
49:10
SPEAKER_03: But what got a little out of control this week, going back to your bond question, was 10-year, 20-year, and 30-year interest rates, not only in America, but Japan and France of all places, they had a runaway train in the bond market, and that really, really caught people's attention.
49:26
SPEAKER_03: So when I tell you going home, I feel a little better that the bond market calmed down, it was lower several times this week and rallied back, and interest rates are starting to stabilize.
49:36
SPEAKER_03: You want to talk about a headwind.
49:39
SPEAKER_03: The high diesel, the high interest rates, and then the combination of a market going down is a uh serious problem for agriculture.
49:48
SPEAKER_03: And so some of the biggest headwinds we had coming into October, again, I'm beating a dead horse was hey folks, be careful here because we're gonna establish crop insurance levels.
49:59
SPEAKER_03: And in your mind, you think they're higher, and they may stay higher in soybeans for the month of October.
50:05
SPEAKER_03: But the as far as I could tell, for the month of October, we're gonna have a much lower final price on crop insurance here, and that that affects your money.
50:14
SPEAKER_03: So everyone's involved in finance and interest rates, whether you choose to or not.
50:18
SPEAKER_03: You you actually are.
50:19
SPEAKER_03: If you have a checking account, a savings account, a car, a home, you're a bond trader.
50:24
SPEAKER_01: Interesting.
50:24
SPEAKER_01: Interesting.
50:25
SPEAKER_01: All right.
50:26
SPEAKER_01: Uh it's funny that you that you brought up Stone X because I was going back and forth with Mike Castle.
50:33
SPEAKER_01: Just great guy just the other day.
50:35
SPEAKER_01: Got him scheduled for Monday.
50:37
SPEAKER_01: The end edition.
50:38
SPEAKER_01: No kidding.
50:39
SPEAKER_01: 2 p.m.
50:40
SPEAKER_01: Central Time.
50:40
SPEAKER_01: We'll be recording with Mike Castle.
50:42
SPEAKER_01: And the the funny thing was, and maybe we can kind of close on this and go into phase two of the Minnesota goodbye and talk a little bit of weather, but phase two.
50:51
SPEAKER_03: That means we missed the phase one train.
50:53
SPEAKER_01: No, no, this was phase one.
50:55
SPEAKER_01: This was phase one right here.
50:56
SPEAKER_01: We're we're finishing up phase one.
50:58
SPEAKER_01: I emailed Mike.
50:59
SPEAKER_01: I'm like, hey, are you available?
51:01
SPEAKER_01: You know, such and such a date, whatever we'd like to do this time.
51:03
SPEAKER_01: And he uh very enthusiastically, very generously offered up his time on Monday afternoon.
51:09
SPEAKER_01: And so I replied, hey, great, glad to hear it.
51:13
SPEAKER_01: Hopefully the report gives us nothing to talk about.
51:17
SPEAKER_01: And his response was, yeah, it'd be nice to get a break for once on this WASDI here.
51:23
SPEAKER_01: Why don't we use that as a platform for you to kind of give us some closing thoughts on these reports?
51:28
SPEAKER_01: Maybe you need to go back and hit a base or two again, real quick, but we're gonna we're gonna shut down this portion of the conversation.
51:36
SPEAKER_01: Mike and I have a lot to talk about on Monday, don't we?
51:39
SPEAKER_03: We will do a deep dive of the numbers.
51:41
SPEAKER_03: I would love to see what Brian would think about the numbers, your dear friend Brian.
51:46
SPEAKER_03: And uh Brian Grady, yeah.
51:48
SPEAKER_03: The best.
51:48
SPEAKER_03: I mean, I I I listen to his videos.
51:50
SPEAKER_03: We produce videos, I listen to Brian's videos because I respect his opinion so much, and it could actually sway how I'm thinking or if I'm thinking about something wrong.
51:59
SPEAKER_03: Overall, in review, go back and watch tapes of people like myself, others, and find the person who was calling for the$650,$7 corn and say, I'm a little, you know, go to the extremes.
52:14
SPEAKER_03: If there was someone calling for$7 corn, say, I can't listen that.
52:17
SPEAKER_03: That's that that didn't happen.
52:19
SPEAKER_03: That hurt me.
52:19
SPEAKER_03: There was someone calling for crazy low prices.
52:22
SPEAKER_03: I'll just flat out say it.
52:23
SPEAKER_03: I was watching the weekend shows last weekend, and I think uh a gal who's heavily respected, Sue Martin.
52:31
SPEAKER_03: I think she called for$16 beans and six dollar corn, Sue.
52:36
SPEAKER_03: I don't know where we go to pick up our check, but that that's a bold move there, Copper.
52:41
SPEAKER_03: I mean, I don't know how much grain she's long or if she trades futures and options, but you go on national TV on a show like Market to Market and post something like that, okay.
52:50
SPEAKER_03: That's bold.
52:51
SPEAKER_03: That's bold, right?
52:53
SPEAKER_03: Maybe she's still right.
52:54
SPEAKER_03: I've seen it happen before.
52:56
SPEAKER_03: Some of the greatest bull markets come out of bear markets, but if you don't put a date and time on, I think the market's going well, why would I do that?
53:05
SPEAKER_03: I wouldn't do that on this show.
53:06
SPEAKER_03: I flat out told you I went in the report flat, right?
53:09
SPEAKER_03: Because I didn't have an opinion and I didn't want to get messed up.
53:13
SPEAKER_03: And so when you watch the national shows, I'm proud of the show I did this week in Agribusiness.
53:18
SPEAKER_03: And I said, all that matters right now, come in the harvest is what bushels do you have and what is your basis?
53:24
SPEAKER_03: And what can you store in your bins?
53:26
SPEAKER_03: How do you need the cash flow?
53:28
SPEAKER_03: And I said, caution, folks, interest rates are rising and diesel fuel still high.
53:34
SPEAKER_03: Those are going to be two incredibly big headwinds in agriculture.
53:40
SPEAKER_01: What's uh I know you're you're down in uh music city, USA today.
53:50
SPEAKER_01: Got that Friday feeling.
53:52
SPEAKER_01: I know you do.
53:52
SPEAKER_01: I'm wearing my uh my Layla's t-shirt.
53:55
SPEAKER_01: I don't know if you can tell or not.
53:56
SPEAKER_03: Yeah, Layla's.
53:56
SPEAKER_03: Yeah, I might uh frequent that place tonight.
53:59
SPEAKER_01: Well, I've I've got the one t-shirt, but they have several designs.
54:02
SPEAKER_01: So if you happen to get a couple of pops of wine in you and feel like feel like it, I'm an XL.
54:07
SPEAKER_01: Extra large will do me do me just fine.
54:10
SPEAKER_01: Anything but pink would be great.
54:12
SPEAKER_01: Would be great.
54:14
SPEAKER_01: What uh when you look out the window there, I know you've got windows, you may have them blacked out.
54:18
SPEAKER_01: Your lighting looks fantastic.
54:19
SPEAKER_01: Thank you.
54:20
SPEAKER_01: Like there's there's there's no easy way to do that.
54:22
SPEAKER_01: But if you were gonna look out your window there in Nashville, you're high up on the ninth floor at uh at your podcast studio there in Nashville.
54:31
SPEAKER_01: What's the weather like outside?
54:33
SPEAKER_03: There's a little cloudy and haze, those are those storms whipping up from the south.
54:37
SPEAKER_03: They say that storm down in the south, that's all those purplish, pinkish colors there, that that storm just hit max intensity and should start to calm down.
54:48
SPEAKER_03: On the agenda, we were supposed to tailgate at Vanderbilt tomorrow.
54:51
SPEAKER_03: And I think Vanderbilt's playing Old Miss, I believe.
54:55
SPEAKER_03: And uh, it's supposed to rain all day long in Nashville.
55:00
SPEAKER_03: Matter of fact, Greg Solberg uh sent clients and and brokers alert yesterday saying flash flood watches in Nashville.
55:07
SPEAKER_03: So moisture's coming up.
55:09
SPEAKER_03: Will that mess with the markets here in the next week?
55:12
SPEAKER_03: And could it create more harvest delays and uh quality problems?
55:17
SPEAKER_03: I will say one last thing before I go.
55:19
SPEAKER_03: The USDA told us what they thought the final yield was.
55:23
SPEAKER_03: They didn't say anything on the quality of that yield.
55:25
SPEAKER_03: So maybe maybe Sue's right.
55:29
SPEAKER_03: Sue, if you're out there, hit us up on the blog.
55:32
SPEAKER_03: I'd love to have a conversation with you.
55:35
SPEAKER_01: Well, here in KC, we're looking at 86 degrees and sunny.
55:39
SPEAKER_01: It's gonna be mid to high 80s, looks like until oh, Tuesday or Wednesday, where some rain moves in and then she breaks for us, and then we're down into the 50s.
55:48
SPEAKER_01: High's 53 a week from Saturday here in Kansas City.
55:52
SPEAKER_01: I'm kind of looking forward to that.
55:53
SPEAKER_01: The National Weather Service is still watching Hurricane Isaias, expected to make landfall along the U.S.
56:00
SPEAKER_01: Northern Gulf Coast late Friday, early Saturday.
56:02
SPEAKER_01: Life-threatening storm surges expected along the coast with damaging wind gusts extending well inland.
56:08
SPEAKER_01: Tommy, you travel a bit.
56:10
SPEAKER_01: I've been down to the Redneck Riviera, just south of Mobile, down to Gulf Shores, Alabama.
56:14
SPEAKER_01: You've been down there?
56:15
SPEAKER_03: Yeah, I've been to the uh Florida Bama.
56:17
SPEAKER_03: They have uh church there on Sunday, and then they start sugar serving drinks there right after and uh beautiful, beautiful white beaches and have friends down there.
56:26
SPEAKER_03: And yeah, just incredible.
56:28
SPEAKER_03: But you know, buckle up buttercup because they got some bad weather coming in right now.
56:32
SPEAKER_01: Well, I spent a a uh New Year's that I actually remember down in Pensacola one year.
56:38
SPEAKER_01: And just beautiful celebration they put on right downtown.
56:41
SPEAKER_01: It was awesome.
56:42
SPEAKER_03: Were you at the Top Gun Academy down there with Tom Cruise and the boys?
56:45
SPEAKER_01: Not at the Top Gun.
56:46
SPEAKER_01: No, they uh I uh I've abused my privileges at the Top Gun Academy.
56:50
SPEAKER_01: I mean, you think Tom Cruise came in low.
56:52
SPEAKER_01: I said, hold my sparkling water.
56:55
SPEAKER_01: Watch this.
56:57
SPEAKER_01: Yeah, below deck.
56:58
SPEAKER_01: Areas of heavy rainfall forecast throughout much of the southeastern United States.
57:02
SPEAKER_01: The remnants of Rachel will bring gusty winds and heavy rainfall to the southwest this weekend.
57:08
SPEAKER_01: Mostly clear skies, possible exception of far eastern Iowa and northwestern Illinois with seasonal to slightly above normal temperatures expected for most of farm country.
57:19
SPEAKER_01: Phase three of the Minnesota Goodbye begins now, according to popculture madness.com.
57:27
SPEAKER_01: This may be mildly interesting to you, Tommy.
57:31
SPEAKER_01: 1767 surveying for the Mason Dixon line separating Maryland and Pennsylvania was completed.
57:40
SPEAKER_01: Here's something from your old stomping grounds in Chicago.
57:43
SPEAKER_01: In 1919, on this date, October 9, the Cincinnati Reds won the World Series, and eight White Sox players were later accused of intentionally losing games in exchange for money from gamblers.
57:58
SPEAKER_01: Some shady business there.
58:01
SPEAKER_01: And in 1954, maybe you remember the show uh Quantum Leap.
58:05
SPEAKER_01: That hits us right in the gut slot of TV time.
58:08
SPEAKER_01: It's the birthday of Scott Bakula, American actor, 1954.
58:13
SPEAKER_01: And hey, while I've got you here, you know what?
58:15
SPEAKER_01: Stand by.
58:16
SPEAKER_01: Stand by oh yeah.
58:21
SPEAKER_01: Let's just do just a little bit more guitar.
58:23
SPEAKER_01: And I mentioned that might as well.
58:25
SPEAKER_01: If we're gonna hit an hour on the show, we gotta go.
58:26
SPEAKER_01: We're gonna hit we're coming up on it.
58:28
SPEAKER_01: Poor Jed.
58:29
SPEAKER_01: Oh, he'll be fine.
58:30
SPEAKER_01: He'll be fine.
58:31
SPEAKER_01: He's a trooper.
58:32
SPEAKER_01: Here's the thing I mentioned that yesterday from the Beatles was the number one hit in 1965.
58:39
SPEAKER_01: Today.
58:40
SPEAKER_01: Are you gonna play Here Comes the Sun?
58:42
SPEAKER_01: Uh no, I am not.
58:44
SPEAKER_01: I'm gonna play you a different one, and I want you to try and name the tune.
58:48
SPEAKER_01: This one was the number one hit in 1961.
58:52
SPEAKER_01: Are you ready?
58:53
SPEAKER_01: I'm ready, Freddie.
58:54
SPEAKER_01: It goes like this.
59:03
SPEAKER_03: Hit the road, Jack.
59:04
SPEAKER_03: Don't come back.
59:05
SPEAKER_03: It is hit the road, Jack.
59:07
SPEAKER_00: Don't you come back no more, no more.
59:10
SPEAKER_01: Hit the road, Jack.
59:12
SPEAKER_01: And don't you come back no more.
59:15
SPEAKER_00: What'd you say?
59:18
SPEAKER_01: This this day in 1961, the number one hit.
59:21
SPEAKER_01: And then just a few years later, went straight to the Beatles yesterday.
59:25
SPEAKER_01: Ray Charles hit the road, Jack.
59:28
SPEAKER_01: And speaking of hit the road, how do you like that for a segue?
59:31
SPEAKER_01: That's our out.
59:32
SPEAKER_01: Me and Tommy are gonna do exactly just that.
59:35
SPEAKER_01: Thank you so much for uh for watching.
59:37
SPEAKER_01: Next week, as I said, I've got Mike Castle from Stonex coming up on Monday.
59:41
SPEAKER_01: Wednesday, I've got uh I've got Brian Gilbert, South Dakota bankist.
59:46
SPEAKER_01: He's uh gonna talk some finance with us on the 15th, Thursday.
59:51
SPEAKER_01: I'm trying to line up a little bit of a combine cab conversation with our friend Ted Hamer.
59:59
SPEAKER_01: He was with us, uh, I believe it was our first week of Ag Squawk in the afternoon.
1:00:04
SPEAKER_01: Hamer's agreed to try and get the phone do hickey to work in the Combine Cab.
1:00:09
SPEAKER_01: We'll look forward to that.
1:00:10
SPEAKER_01: So uh yeah, let me just thank our sponsor, Trade the News.
1:00:14
SPEAKER_01: We use TradeThe News to keep us informed and on top of the news every single day.
1:00:19
SPEAKER_01: Trade the news is news that you can use.
1:00:22
SPEAKER_01: Use TradeTheNews for useful news.
1:00:25
SPEAKER_01: And of course, if you haven't had a chance, please don't hesitate to visit AgBull.com and check out all the lavish premium services we've got for you.
1:00:33
SPEAKER_01: As Tommy said, we've still got some Bluetooth speakers around that we would be happy to send you in exchange for a one-year subscription, which also includes two months free.
1:00:43
SPEAKER_01: 250 big ones for a one-year subscription or take it slow.
1:00:47
SPEAKER_01: Take it slow,$25 a month.
1:00:50
SPEAKER_01: That's fine by us.
1:00:51
SPEAKER_01: Great information that uh that soon you will learn.
1:00:55
SPEAKER_01: You just can't live without.
1:00:56
SPEAKER_01: You just can't live without it.
1:00:57
SPEAKER_01: Agbull.com or call 85-5737FA, followed by the letters R and Magbull.com.
1:01:07
SPEAKER_01: Uh once again, thanks to the folks at PerfectSundaysTV.com.
1:01:11
SPEAKER_01: Watch perfectsundaystv.com and enter agbol at checkout for a special discount.
1:01:18
SPEAKER_01: And then uh then, of course, the good folks.
1:01:20
SPEAKER_01: Hold on, I've got to scroll up to uh make sure I get this one correct here.
1:01:24
SPEAKER_01: We talked to him just the other day, Mike and Carter from Terrainwater, terrainwater.com also offering a discount.
1:01:29
SPEAKER_01: Terrainwater.com, enter agbull at checkout.
1:01:33
SPEAKER_01: Jed Sidwell will get you set up right and early Monday morning, and then as I said, I'll have a conversation with Mike Castle from Stone X Monday afternoon.
1:01:42
SPEAKER_01: Take it easy this weekend, everybody.
1:01:44
SPEAKER_01: If you can, we appreciate you being here.
1:01:47
SPEAKER_01: Come on back Monday for more Xqualk.