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Transcript

2024 Crop Tour Day 4 · Professional Ag Marketing Podcast

• 0:01
  SPEAKER_00: Welcome to the Professional Ag Marketing Podcast.
• 0:04
  SPEAKER_00: If you want a deep dive into the ag markets and risk management strategies, your search is over.
• 0:10
  SPEAKER_00: Come here after every Friday to get your weekly commodity recap.
• 0:14
  SPEAKER_00: Trading commodity futures and options involves substantial risk of loss and is not suitable for all investors.
• 0:21
  SPEAKER_00: This is your host, Mike Minor.
• 0:22
  SPEAKER_00: Let's get started.
• 0:23
  SPEAKER_00: Today is August 7th.
• 0:24
  SPEAKER_00: I've got Branston here with us, so a little bit of a recap for day four of the crop tour here.
• 0:30
  SPEAKER_00: Remember to go back and check out our professional egg marketing crop tour tools and uh go through the state yield calculator and uh field calculator, uh, some really nice tools there.
• 0:42
  SPEAKER_00: However, let's talk about today's trip a little bit here.
• 0:45
  SPEAKER_00: Uh that nice stretch.
• 0:47
  SPEAKER_00: We had how many stops today?
• 0:48
  SPEAKER_01: Yeah, Mike, we had five stops.
• 0:50
  SPEAKER_00: Five stops, four hundred miles or so.
• 0:52
  SPEAKER_00: Uh I saw some really good crops again through Indiana and Illino in Illinois and uh just into Iowa here on the eastern side of the state.
• 1:00
  SPEAKER_00: So we are gonna give you the uh Indiana number and the Illinois number.
• 1:05
  SPEAKER_00: But first off, what we saw through those uh northern side of those states, anyways, today was a fantastic crop.
• 1:12
  SPEAKER_00: Yet again, uh great crop conditions, uh good to excellent all the way through for basically each and every field that we had passed through.
• 1:20
  SPEAKER_00: So a very consistent trip so far without much variability.
• 1:24
  SPEAKER_00: And uh when we start talking about what we saw today, I think there's a couple big factors when we look at uh the drought map and what that looks like this year compared to last year.
• 1:34
  SPEAKER_00: Like uh you did some research on that today, Branston.
• 1:37
  SPEAKER_00: What did you come up with on the drought map?
• 1:39
  SPEAKER_01: Yeah, so looking back after, you know, year over year um drought map for the Indiana, Illinois, uh, Ohio area, um, we were able to see that last year's drought map was obviously a lot more stressful for the crops in that area, uh, especially around the July 4th area uh time frame.
• 1:55
  SPEAKER_01: And and compared to this year, you know, the the July 4th drought map showed a lot less stress, and you know, still more than what we see right now.
• 2:01
  SPEAKER_01: Um, but it was, you know, maybe a D0 uh compared to like a D3, D4 uh drought.
• 2:08
  SPEAKER_00: Yeah, very good.
• 2:08
  SPEAKER_00: So a really good recap of the drought there.
• 2:11
  SPEAKER_00: Uh really uh at this point through Indiana and Illinois, we came out with a record yield on Indiana at 205.
• 2:20
  SPEAKER_00: Uh the prior record was two oh three.
• 2:22
  SPEAKER_00: We just didn't see anything uh, you know, uh slightly uh even worse than what we had last year, really.
• 2:30
  SPEAKER_00: The drought map uh basically showed us that we should have better yields this year as well.
• 2:36
  SPEAKER_00: Um maybe the samples in some states it sounded like from some other tours weren't uh you know weren't coming out as good, uh particularly Indiana compared to last year's yields.
• 2:46
  SPEAKER_00: However, uh from what we saw on our crop tour for Indiana, I thought it was superb conditions the whole way through.
• 2:52
  SPEAKER_00: Illinois, we come out with a 210, so a little bit better than last year, but still four under the record.
• 2:58
  SPEAKER_00: However, uh when I look at those two states, I mean you could flip-flop depending on the finish and how we go here.
• 3:03
  SPEAKER_00: Perfect conditions nearly for both states.
• 3:06
  SPEAKER_00: I would say the main factor holding back those yields maybe could be planting pace.
• 3:11
  SPEAKER_00: We started off a little slow for both of them, uh trying to catch up pretty quick here, I'd say, on maturity for both states, but nonetheless, we've had really good weather through the summer here.
• 3:21
  SPEAKER_00: They've got timely rains, things look really, really good, not much stress on the crop at all, and uh we're coming out near record yields, if not record yields for both of those states, and yeah, I feel pretty confident in those numbers uh without much uh uncertainty at all at this point, I guess, on a crop size being incredibly large in that eastern corn belt for you know Indiana, Illinois, Ohio, even Missouri, throw that in there as well.
• 3:47
  SPEAKER_00: Eastern Iowa here from our first stop was fantastic, so really good crop conditions uh in this part of the world, great crop conditions for uh um uh for today's tour, anyways.
• 3:59
  SPEAKER_00: But that eastern Iowa stop uh very unique years uh in the samples that we got with uh really much filled all the way out to the absolute tip end.
• 4:10
  SPEAKER_00: It was incredible, really good conditions, really good samples uh from across that uh you know eastern Cedar Rapids area, and uh somewhere we've stopped each and every year on this crop tour over the past nine years that I've gone.
• 4:24
  SPEAKER_00: It's been a fun uh a fun stop for us with Mike Fitzgerald here in our branch office, and uh really seeing these samples in eastern Iowa should be easily a record yield with the weather they've got, the samples we've got, uh really looks fantastic, Branston.
• 4:39
  SPEAKER_00: Any final thoughts, really?
• 4:40
  SPEAKER_00: I know it's uh not a whole lot to talk about when we've seen the same cornfield about 18 times now throughout the U.S.
• 4:46
  SPEAKER_01: Yeah, no, exactly, Mike.
• 4:47
  SPEAKER_01: The only thing I would add is or or comment back on is, you know, you had talked about um the the the corn, you know, it was planted maybe a little bit later there in that Illinois, Indiana area, and it just really, like you said, it's caught up, and it was some of more of the maybe mature corn that we've seen on the trip.
• 5:03
  SPEAKER_01: And uh just really was caught up to speed there with the good weather that they've been having.
• 5:06
  SPEAKER_01: Uh just ideal rains at the right time, and even some of the moisture that we or that some of the soil that we saw today um still had some moisture in the topsoil area, so you really have to look hard for a problem.
• 5:17
  SPEAKER_00: Uh, that is uh definitely a theme on this crop tour, anyways.
• 5:21
  SPEAKER_00: It's uh been incredibly consistent and probably the most consistent I've seen so far on a crop tour outside of our backyard, and probably what we'll see tomorrow on the way back home on our final stretch of the crop tour day five.
• 5:35
  SPEAKER_00: Uh, we'll get to talk with Lucas Peters on Friday about his northern crop tour a little bit as well.
• 5:40
  SPEAKER_00: Then we'll wrap up uh Iowa's number tomorrow, and uh he'll give us the Minnesota, South Dakota, and North Dakota numbers here after his travels tomorrow.
• 5:49
  SPEAKER_00: Thank you for your time.
• 5:50
  SPEAKER_00: If you need anything, please send us in some results.
• 5:52
  SPEAKER_00: Reach out to us about the crop tour, anything uh you recommend, have seen, uh, very interested in in what people are seeing here today.
• 6:00
  SPEAKER_00: Thank you.
• 6:01
  SPEAKER_00: And thank you to all our listeners.
• 6:03
  SPEAKER_00: Please reach out to us at professional eggmarketing.com.
• 6:06
  SPEAKER_00: Check out our other podcast as well, Professional Egg Marketing, that's released every Friday.
• 6:12
  SPEAKER_00: Trading commodity futures and options involves substantial risk of loss and is not suitable for all investors.
• 6:18
  SPEAKER_00: See you next time.