Latest / CattleUSA Daily / 208: Tyson Closure, Brazilian Beef, and Market Manipulation? A Full Cattle Market Breakdown with Dan Gerhold and Samantha Cozza-Wright

Transcript

208: Tyson Closure, Brazilian Beef, and Market Manipulation? A Full Cattle Market Breakdown with Dan Gerhold and Samantha Cozza-Wright · CattleUSA Daily

0:00
Today we are breaking down the cattle markets.
0:03
Happy Thanksgiving everyone. I hope that you are having a
0:06
wonderful day with your family. Today we are bringing on Dan and
0:10
Samantha once again to breakdown the cattle markets.
0:14
What is happening in the world right now of commodities, live
0:17
cattle and current events? We have quite a bit to talk
0:21
about this week. From the last time that we
0:24
talked, we had the Lexington plant closed down through Tyson.
0:27
We have some news on Brazilian beef.
0:30
We have some news on the Catalan feed report.
0:32
There is just so much to break down in today's episode.
0:36
Dan and Samantha and I do all of that for you guys.
0:39
And I hope that if you're listening to this on
0:41
Thanksgiving that you are able to sit back and maybe enjoy a
0:45
steak instead of some Turkey today.
0:47
But if you are enjoying Turkey, I won't judge you too much.
0:50
I hope you guys have a great rest of your day.
0:52
Thanks for listening to another episode and let's go ahead and
0:55
hear from Dan and Samantha on their thoughts on the cattle
0:58
market. Welcome to the Cattle USA Daily
1:04
podcast, your go to source for the latest livestock markets,
1:07
industry insights and the update shaping agriculture today.
1:11
I'm your host, Lauren Moylan, a passionate advocate for
1:14
agriculture here to keep you informed and connected.
1:17
Now let's dive into today's episode.
1:26
Dan, Samantha, welcome back to another podcast.
1:29
How is life in western Kansas and Iowa treating us this week?
1:35
Pretty good. Going to see some drops in
1:38
temperature next week, mostly highs of 30s.
1:41
So we're getting right in winter here.
1:44
How about you, Dan? How is life in the Corn State?
1:48
Windy yesterday at 5:00. There's no corn standing in the
1:51
field anymore because it'd all be flat today.
1:55
Winter's here. Yep, it's time.
1:58
It is time. It is time.
1:59
I've got all of my sweaters out. I put away all of my warm
2:03
weather clothes when I got back from my trip.
2:05
It is, it is here. So I gotta love it.
2:09
Gotta love it. Well, what's happening in the
2:11
markets this week, guys? Well, I think we have some
2:14
really big talking points to cover today since we last
2:18
stopped on here. It's only been a week, but with
2:21
everything going on, it seems like it's been a month.
2:23
So, you know, you got the removal of the Brazilian beef
2:27
tariffs, Tyson's announcement of their the closing of their beef
2:31
processing facility in Lexington, plus a Catalan food
2:34
report that came out last Friday, like kind of got
2:37
overshadowed. They're in the mix of things.
2:39
So I kind of want to hit on that a little bit before that gets
2:43
pushed to the sidelines. But overall, I don't think it
2:46
was too painful that we've got, you know, Dan, wishing for
2:49
another government shutdown over here.
2:52
I was surprised to see a cattle on feed pass estimates.
2:56
They came in at 98.7% of a year ago versus that 97.9% that they
3:03
estimated. So not bad really the big
3:06
picture of this report for me, we placed more than we killed
3:09
significantly. So I mean by 342,000 head there
3:14
in the northern Plains. So that being said, I'll get
3:17
right into it. I mean, with those numbers, it
3:20
really is hard for me to justify that Nebraska plant closure
3:25
based on tight supplies. I mean, yes, our cattle numbers
3:28
are low, but you got to also keep in mind Iowa and Nebraska
3:32
placements actually came in higher than last year's.
3:35
And there's been a backlog of fats in the north for months.
3:38
I mean, this isn't the first time that we've seen Packers cry
3:41
tight supplies. We've seen it before, even when
3:44
they were far better off on cattle numbers than we are now,
3:47
and that's even when slaughter numbers were up.
3:50
So I won't beat around the Bush. I think a lot of it was market
3:54
manipulation. I think it's monopolization.
3:57
And unfortunately, I mean, they succeeded.
4:00
We were limit down on Monday immediately after the board
4:03
opened up. Cattle feeders are taking lower
4:06
bids this week. Seeing 2O72O8 on your negotiated
4:10
fed cattle trade. And I mean that's what happens
4:13
when you've got 4 big companies controlling 85% of the market.
4:18
We've seen what they're capable of.
4:20
There's been a lot of lawsuits come to head, you know, this
4:22
year over them price fixing pork, beef, $140 million was
4:28
paid by Tyson just this year. And as huge as that number
4:32
sounds to us, it really doesn't make the slightest number of
4:36
dent in their revenue. So matter of fact, Tyson's
4:39
revenue as a whole was actually at 2.1% this year.
4:42
And that's just Tyson. I mean, we're not even talking
4:44
about the three other major beef Packers.
4:48
I mean, heck, JBS came out with record high revenues last week.
4:51
Bottom line, I think they're going to drive up beef prices,
4:55
cattle prices lower, and not only will they save money doing
4:58
that, but they'll make more money on what they kill.
5:02
So I think a lot of people have kind of resorted that.
5:05
Tyson's inventory from Lexington will be rerouted to North Platte
5:10
US sustainable beef plant, smaller localized plants that
5:13
are dotted throughout the area. I think that's that'd be great.
5:16
And if we can shift these cattle to local owned processing
5:19
facilities than one of your BIG4.
5:22
But I think lower slaughter capacity could be a concern if
5:25
we don't have more of those available.
5:27
So that's also keep in mind that's only available if these
5:31
feed yards are already aren't in an AMA contract with one of the
5:35
big four. I mean, meaning they committed
5:37
100% of their inventory to 1 Packer.
5:40
So that being said, what happens when these feeders have an AMA
5:44
contract on it and the Packer doesn't show up?
5:47
I mean, they've got market ready cattle backed up.
5:50
Could that be part of the backlog and feeders in in the
5:53
North? I mean, it could, but I think
5:55
really the point of this, it goes a lot deeper than meets the
6:00
surface. So also something to keep in
6:02
mind, Tyson has a processing plant under construction in
6:06
Amarillo. I honestly wouldn't be surprised
6:08
to see them build another one in the next year or two.
6:11
I definitely wouldn't take this closure as news that they are
6:16
downsizing or anything like that.
6:19
They aren't going to just hand over that market share on a
6:22
silver platter and welcome in this extra competition.
6:26
So I'm sure they've got something in the works.
6:29
But moving on, you've also got the most recent 40% tariff
6:34
removal on Brazilian beef. So as those cheap imports start
6:38
to funnel in, I think that's going to give the Packers more
6:41
leverage in the markets. You know, I realize most of
6:44
those cuts are going to be your grinding cuts for burgers and
6:47
ground beef, but the Packers I think are, are very likely to
6:51
mix these cheap imports with our quality product.
6:55
You know, slap AUS label on it, market it just the same.
6:59
But I sure as heck is it going to bring down beef to the
7:02
consumer. Really the only people that have
7:06
seemed to cut the brunt of it are producers.
7:08
And you know, we don't get a dime from beef unless you're
7:11
buying it completely direct and most people aren't.
7:15
So really big picture cattle values have fell 20% off their
7:19
highs. I know beef isn't 20% cheaper in
7:21
the store. So it doesn't make a lick of
7:24
sense to crash our our market. That being said, the
7:27
fundamentals are still very much in our favor for the market to
7:30
pull out of this domestic demands very high.
7:33
Our bottle numbers are still drastically low.
7:36
That hasn't changed any, not yesterday, not in the last month
7:39
and 1/2 in order to justify, you know feeders falling off $80 a
7:44
hundredweight or fats to fall off $40 a hundredweight.
7:48
I don't know that we will get back to the highs that we were
7:51
at, but I think there is huge potential for recovery.
7:56
But that being said, the board set spaces for cash.
7:59
So the futures market has to stabilize and find its footing
8:03
before cash is going to. My question at this point, and
8:07
I'm sure everyone else is where's the bottom of the
8:10
market, you know, is the media, the presidential administration,
8:14
the big four, are they going to throw more bearish news at it,
8:17
at us? I mean, I don't know, I wish I
8:19
did. The fact that we were asking
8:22
this question, I think it's very frustrating in itself.
8:26
And really the only accurate way I can answer that is with a
8:30
crystal ball. You know, I mean, I just I don't
8:32
know, but that's what we have Dan for.
8:35
So Dan, what do you have for us today?
8:38
If. You want the good news and the
8:39
bad news. Give it to all.
8:42
All of it. Give it to a straight.
8:44
I look back at the last month, 5 weeks, whatever you want to call
8:48
it, the government basically telling us we have to become
8:50
competitive with the rest of the world, with South America.
8:53
I mean, obviously we're, you know, if you look at Australia's
8:57
prices, we're very, very competitive at the retail
9:00
counter. But South America wholesale,
9:03
we're not. They can beat us up and down.
9:05
Hands down, they're the cheapest place to raise it.
9:07
It costs are not as high. Obviously we don't want to turn
9:10
into South America and I think that's a poor decision.
9:13
But if you're going to bring meat in, you're going to shut
9:16
down the plants. They're telling us get
9:18
competitive or, or you're going to get out.
9:20
So I'm not the big picture. I'd like to give you a glimmer
9:24
of hope and be optimistic because we have sold this market
9:27
off a long ways and you know, it's, it's very common to see us
9:32
get a bounce. I know there are a lot of
9:34
producers. I can hear it on the phone when
9:35
I'm talking to them. There's a lot of producers
9:38
waiting for that exact same bounce to get covered.
9:40
John, that makes me very, very nervous.
9:42
In the last week, I should say in the last three days, there's
9:46
been a lot of producers take profit on hedges.
9:49
You know that the term we've talked about before, the dead
9:52
cat bounce. In the last two days
9:55
specifically, we've seen that dead cat bounce, open interest
9:59
drops in a market that stabilized, slash went higher.
10:03
That's not bullish. You don't have strong new longs
10:06
coming into the market. You're just getting out of
10:08
hedges. That's very, very scary.
10:11
There is the potential that within trading this week, I take
10:14
profit on hedges. They've been upside down.
10:17
You know, a year on a lot of these hedges, all of a sudden
10:20
you get close to a break even. Hey, let's take some, let's take
10:24
some of our money back, right? It's like I said, it's coming
10:28
through the phones. OK, So then what happens when
10:31
managed money comes back to work next week, between these next
10:34
two, you know, between Thanksgiving and Christmas And
10:36
they're like, oh, shoot, the government's still fighting beef
10:39
prices. Let's get out of our long
10:42
positions. And the potential is more down
10:44
in this market. Very, very concerning.
10:47
You know, more than a month ago I mentioned in one of our
10:49
newsletters that you know I was running out of things to be
10:53
bullish about. It took the perfect storm that 7
10:55
things to to drive us to those insane 24250, you know cash back
11:02
features same way at 380 in the theaters.
11:04
It took all seven of those things in that five year
11:08
timeline to make that happen. We ran out of things bullish to
11:11
throw at the market. As some say, you got to feed a
11:14
bull every day. Now we're sitting here and
11:16
everybody's asking the question, when are we going to run out of
11:18
bearish things to throw out this market?
11:21
Well, on one-on-one hand, I could tell you we don't have to
11:24
run out of bearish things. We just have to run out of
11:26
bullish things and we might continue lower.
11:29
On the other hand, I still have more bearish news in my pocket.
11:32
I'm waiting to hear. So I if, if you want the bad
11:35
news, I don't think it's over long term.
11:38
Short term, we still might get that bounce.
11:40
And I'm really, really hopeful we do for producers that that
11:43
are grossly uncovered on, on calves, on yearlings, on fast
11:47
because plain and simple, it's a shit show.
11:50
I mean, you got you're coming into the first second quarter
11:54
and you got break evens that are going to start pushing 250 and
11:57
back out. And we're trading sub 210 here
12:00
today. I just saw one come through.
12:02
It looks like they they upped their bids in two O 8210.
12:06
It's it's still down on the week, you know, compared to last
12:10
week. So it's a mess, but once again,
12:13
and I've said it 100 times if I've said it once, it all comes
12:16
down to slaughter numbers. October, we backed cattle up in
12:19
the north, made it, made them bigger.
12:20
The Packers asked us to, we listed across the game was
12:23
cheap, replacement feeders were high and make them bigger and
12:28
they build the hole. We've we've been waiting for
12:30
this November, December hole. They filled it.
12:32
They got to come back and buy a few more to get through the
12:35
Christmas rib eye demand to get their primal needs covered.
12:38
You know, you got 2-3 weeks where we might see this thing
12:41
stabilized here. I'm a little very, very nervous
12:44
about Jan, Feb. We got a fresh set of credit
12:47
cards that need paid off. He's back to school.
12:50
He got poor weather. I mean it very, very concerned
12:54
about that. That being said, our tightest
12:56
supplies coming for the second quarter of 2026.
12:59
So if we could keep our slaughter increasing, get closer
13:02
to that 600,000, maybe pop over it.
13:05
The Packers are profitable right now.
13:07
I think that's optimistic. We could clean some of these big
13:10
guys up and and maybe come February, March turn the corner
13:13
and possibly get some leverage back.
13:15
That being said, in order to have that leverage, you have to
13:19
the consumer ultimately decide we need to move the volume of
13:22
meat. It's not all about fries, it's
13:25
also about volume. So if we get the volumes are
13:28
flowing through the retail counter through those
13:30
restaurants, all of a sudden the Packers don't have a choice.
13:33
They have to ramp up the kill, keep that high.
13:35
Then they have to turn around and be aggressive out in the
13:37
feed yards out the country and and buy more cattle.
13:41
So there is that potential for the spring bounce.
13:44
I I don't want to discount that and I don't want to be negative
13:49
all the time, but give me a legitimate reason why managed
13:52
money should come in and buy this with long staying powder.
13:54
I don't know. It's yeah, placements to get
13:57
could drop and they could see that every tension.
14:00
I mean, you could, that's the thing.
14:02
It's a big market. For every bowl there's a bear.
14:04
You know, you, you could make a case and I'm not going to
14:07
disagree with the necessarily 100%, but at the end of the day,
14:12
the trend is your friend, in my opinion.
14:14
And the trend has changed and we're in a downtrend until I see
14:17
new longs coming into this market, you know, and those open
14:19
interest reports every morning, I can't get wildly bullish.
14:23
And you know, I, if I had one fast here for every time
14:27
somebody told me that the fundamentals haven't changed, I
14:31
think I'd be able to fill up that Tyson packing plant.
14:33
They just shut down because it's very, very common.
14:36
I'm hearing it everywhere. And the fact of the matter is
14:38
the fundamentals have changed. It's all, like I said, prices at
14:43
the grocery store, prices at the wholesale level.
14:45
They haven't drastically changed, but volume has.
14:49
OK, so there's a change on your demand side.
14:51
Not uncommon for this season, right?
14:54
On the other side of it, though, we cut the slaughter at the
14:57
wrong time. We backed up, we filled a hole.
14:59
Now you got bigger, heavier cattle.
15:01
The weights are proving it. Yes, we could get those cleaned
15:04
up. Fundamentals have changed.
15:06
It's the potentials there for that balance.
15:09
And I'm I'm really, really hoping and praying that we get
15:12
that because a lot of people need it.
15:14
But the fact of the matter is, is it's the trend is your
15:17
friend. Yeah, definitely.
15:19
Dan, Are you ready for the government to shut back down in
15:21
January again when they do this extension thing so we don't get
15:24
any more cattle on feed reports? Down for good on the melt green
15:28
ship. Everything else down we don't
15:30
need it. My opinion?
15:32
I mean, we survived 40 days just fine, so.
15:36
Nobody, Nobody died. How did that happen?
15:39
I think there's probably a very large part of the population
15:42
that would disagree with you on that.
15:43
But I would be OK with not having a cattle on feed report
15:46
this week. Like I think we'd be OK with
15:49
just pushing that a little bit further because like you said,
15:52
Samantha, trickle down effect of so much that we're seeing right?
15:57
Like there is. So we've we talked five days
16:00
ago, guys like we were just chatting the three of us.
16:04
And so much has happened between Tyson plants shutting down and
16:08
Lexington, which is such a massive impact to that community
16:12
too. Because I lived near Lexington
16:15
for 2 1/2 years of my life. Like Lexington was where we went
16:18
to Walmart type of situation in rural Nebraska and that is going
16:22
to be a major impact to that community.
16:24
So, so that is I saw that and it's insane because I don't, I
16:29
don't see the numbers backing it, right.
16:30
Like demand is still there, supply is still there.
16:34
We have seen some lowering of things, but that's a whole
16:36
nother can of worms. And then the Brazilian beef
16:40
situation and just everything else that we've been seeing in
16:43
the news. There has been a lot of push on
16:45
this cattle market. I really wish that this was.
16:48
So this is going out on Thursday guys, to everyone listening,
16:50
we're recording this the day before Thanksgiving.
16:52
I really hope everyone listening to this, if you're listening to
16:54
this on Thanksgiving that you're having a steak or some prime rib
16:57
or something like that, like throw that Turkey to the curb.
17:00
We all know Uncle Sam can't like not Uncle Sam uncle.
17:04
What do they call him for Thanksgiving?
17:07
Whatever his name is, your uncle can't cook a Turkey to save his
17:10
life. And it's the driest thing on
17:12
earth and it probably tastes equivalent to the Sahara.
17:14
So just put the Turkey away. Go grab yourself a steak from in
17:18
the freezer. Go put that on the grill, Dan,
17:20
I'll make you happy and I'll say grill.
17:22
Go put that on the grill and have yourself a great
17:26
Thanksgiving with beef. There you go.
17:30
Dan, what are your thoughts on the Lexington plant closing
17:33
down? You know, it's not specifically
17:36
us, but everybody in this industry has been speculating
17:39
for the last two years one, this was going to happen and which
17:42
plant was going to be. You know, I think you and I
17:44
specifically talked about it. My opinion at the time was we
17:47
were going to shut a southern plant because that's where the
17:49
tightest numbers were. Inevitably they they dropped a
17:53
shift down in Amarillo. That's a big problem.
17:57
The numbers are tight enough though.
17:59
The big problem exists if they don't bring that shift back on,
18:02
if the numbers do start increasing with the with the
18:05
border opening, yeah, border open, inevitably it it, it all
18:11
comes down to leverage. So Lexington was very, very
18:15
hardcore. A lot of those cattle were
18:17
captive MAS, they had their agreements, formulas.
18:20
So now you took cattle that were set for that and they've got to
18:27
go find a home in a different packing plant.
18:29
So that that causes another problem.
18:32
OK. So are those going to go to, you
18:33
know, Phinney County, are those going to go to, you know, plat,
18:38
are those going to go to you've got a lot of choices.
18:42
This is a good thing. Or I would say the smaller
18:45
Packers in the area are in the state of Nebraska because we
18:48
didn't drop one of those guys. Inevitably it it doesn't help us
18:53
long term. From what I understand, it is
18:56
one of the more inefficient plant Tyson bones.
18:58
So that makes me feel like it's easier to swallow, but at the
19:03
same time messes with a lot of people's lives, you know, and I
19:08
think this has a very long tail on it.
19:10
I I would love to give everybody a ray of sunshine and tell them
19:14
somebody's going to step in and bite it and reopen it.
19:17
But I doubt it based on past performance with Tyson.
19:20
It doesn't happen. So it's like I said, this could
19:24
have a very, very long tail. We did.
19:26
We don't like losing kill capacity.
19:29
Yeah, it's, it's happening at a time.
19:31
Not surprising because numbers are so tight.
19:34
But actually next year, if I look at next year, I can make a
19:38
case that there's going to be more feeder Gale available next
19:40
year, you know, next fall, next winter.
19:42
All of a sudden you're increasing your supply pretty
19:44
quickly. Now what happens?
19:47
So we'll see how it all shakes out.
19:50
But yeah, big loss for the cattle producers long term, big
19:54
picture. Yeah.
19:56
I mean, we've seen the stats once plants close down, the
19:59
probability of them opening back up is so low.
20:03
And so I think that that's what the concerning aspect about this
20:06
is like. The stats are the proof is not
20:09
in the pudding there, right? Like it once plants close,
20:12
reopening is not a super common thing.
20:15
And so, yeah, I it's going to be very interesting to continue to
20:19
see how this develops because I was just having a conversation
20:23
with someone about it yesterday and I was like, I simply don't
20:25
know enough about this. Like, we know what they've told
20:30
us. We know what is happening right
20:33
now, but how this is going to continue to impact the cattle
20:36
market, especially like the feeder cattle market in
20:40
Nebraska, where everything's going to go, how that's going to
20:43
shift supply, demand, all of those things.
20:45
Like we just, we don't know yet. We don't know until we're kind
20:48
of forced to be in that situation and see just how the
20:51
movement of cattle shifts and what happens there.
20:54
So, yeah, definitely something to keep our eye on.
20:58
Samantha, any other thoughts? I think just expanding on what
21:01
Dan said, the probability of someone coming in and running
21:05
that facility is very low. I mean we saw them close at
21:08
Norfolk plant in 2006. They stripped it as a beef
21:12
processing facility and you know it still rots to this day.
21:16
They're not going to sell it. I doubt if they do, I'm sure
21:19
they'll put some sort of non competitive clause in there so
21:22
it can't operate as a beef processing facility and pose
21:24
more competition to them. As we talked about supply and
21:27
demand shift further into the year, like Dan said, maybe we
21:30
our placements go up, maybe we start seeing the effects of
21:34
opening that S border and they start to slowly trickle in.
21:37
On the other end of that, I was in the camp that we were
21:40
retaining heifers for the longest time if we had the means
21:44
if we could. But now I'm seeing more
21:46
producers come out and say, well, prices fell off, we held
21:50
on to these cattle too long and we aren't retaining anymore.
21:53
You know, we have to sell them off and get some sort of profit
21:56
to be able to continue operating for next year.
21:59
So we'll see what the effects of that are.
22:02
Yeah, definitely. Dan, what are your thoughts on
22:04
heifer retention? I know this is something that
22:06
you and I have talked about off and on quite a bit and I kind of
22:10
know where you were a few months ago.
22:13
But do you have any updated thoughts on where we are just as
22:15
far as heifer retention, herd rebuilding phases, all of that
22:19
goes? Simple for me.
22:20
You talk to the fence builders and the veterinarians and
22:23
they'll tell you whether or not it's happening.
22:24
And lately I've up until this news last week, I've heard a lot
22:29
of it was happening. So how that shakes out, you
22:32
know, I've talked to a couple guys who said, well, I'm not
22:35
selling my heifer because she's not worth 22 grand anymore.
22:37
I'll keep her and make a cow out of her.
22:39
And and then I've heard the other side of it.
22:41
I'm going to sell the heifer and I'm going to, you know, buy back
22:43
the cow in a year or two when the market's lower.
22:45
I've heard both ways. Inevitably, I think part of the
22:48
reason why our Peter Cash supplies are going to jump next
22:51
year is that there he heard you. You got the potential for
22:54
another, you know, three 400,000 head of beef on dairy calves
22:59
next year. I also think, you know, a little
23:02
off that topic. I also think cow slaughter ramps
23:04
up in a big way next year. Your dairy herd, your beef herd
23:07
both got a year older. And to be honest, the consumers
23:11
are are complaining about the hamburger price.
23:13
Yes, steaks are high, but the the hamburger is the one that
23:16
hit the middle and lower class people.
23:18
So throwing the Brazilian imports, you know, throwing all
23:21
a fresh set of quotas for all imports and throwing increased
23:24
cow slaughter. You could see hamburger go down
23:27
next year and actually steaks and all your medals, your prime
23:30
will stay high. So it's going to be a wishy
23:33
washy year to get through, but it's a that's the market.
23:37
It definitely is. It definitely is.
23:40
Any other thoughts that either of you guys have as we kind of
23:43
run out the podcast? Any other current events or
23:45
anything else that we need to hit on?
23:47
Pick your brain a little bit, Dan, As far as input costs,
23:51
especially on corn, where do you think the grain markets going to
23:54
go? The guy in the background here,
23:56
when he heard that, he just stuck his hand up in the air and
23:59
pointed higher. But that's of course a guess
24:01
from him. Like the rest of us, inevitably
24:04
there's a market that did the opposite of what livestock did.
24:07
Low prices are trying to cure low prices.
24:09
We've got a lot of good exports on the book.
24:11
The basis is firming in a lot of places and the spreads are
24:14
narrower. You know, if corn was a big
24:16
problem, you see widespreads and you'd see soft faces.
24:20
So both of those things that find me to be bullish.
24:23
Do I think it's a runaway market?
24:24
No, because it always comes back to energy for me.
24:27
So if I look at our administration's plan to keep
24:30
cheap energy, it's hard for me to get bullish screens.
24:34
There is a pop. I'm I'm cautiously optimistic
24:37
thinking we could see a pop for that 47480, maybe 495 at the
24:42
most. I don't feel like it's a $5 corn
24:45
market, but I hope the for the grain producers out there, I
24:48
hope I'm proving it all. Yeah, definitely, definitely.
24:51
It's an interesting time across all markets, whether it be
24:55
cattle or grain markets right now, especially as we've wrapped
24:59
up harvest for almost everyone right now or at least if you're
25:03
in Iowa and you still that still had any corn to harvest, I don't
25:06
think you have any anymore apparently according to Dan.
25:08
So both of you, thank you for your time today for coming on
25:12
and sharing just some insight and some thoughts into the
25:15
cattle market and what what is going on in the world of the
25:18
industry and kind of enlighting our producers on what they need
25:22
to know. And that it's wild, it's
25:25
volatile, and there's pretty much something around every
25:28
single corner. I hope that the holiday maybe
25:31
slows some people down a little bit.
25:32
And next week when we're talking, we don't have quite as
25:34
much to talk about. But anyways, to all of our
25:38
listeners out there, if you guys need coverage, if that is a
25:41
conversation that you want to chat about, make sure you check
25:44
out the show notes down below and you can get a hold of Dan
25:47
Samantha or anyone else on our team to chat about what that
25:50
looks like for you and your operation.
25:52
Dan Samantha, thank you both for your time today and to all of
25:54
our listeners. We will see you all on another
25:57
episode next time. Have a good one y'all.