Latest / AG Bull / AG Squawk with Davis Michaelsen | Chris Winward Swift Trading

Transcript

AG Squawk with Davis Michaelsen | Chris Winward Swift Trading · AG Bull

• 0:11
  SPEAKER_03: Well, corn beans and cattle had a pretty good start to the week today.
• 0:15
  SPEAKER_03: Hogs and Winterweed weren't having it.
• 0:18
  SPEAKER_03: We'll talk, I don't know, rodeo, fishing, music.
• 0:22
  SPEAKER_03: Oh, yeah, and probably probably WASD and markets too.
• 0:36
  SPEAKER_03: From behind the big blue, bodacious microphone of Ag Bull in Kansas City, USA.
• 0:43
  SPEAKER_03: Your pal Davis Michelson.
• 0:45
  SPEAKER_03: Happy to be here with you all, the handsome newsman, handsome as ever.
• 0:49
  SPEAKER_03: Yeah, I already got a comment today.
• 0:51
  SPEAKER_03: Is it flannel weather already?
• 0:52
  SPEAKER_03: We're post-Labor Day.
• 0:54
  SPEAKER_03: It was a little chilly overnight.
• 0:55
  SPEAKER_03: Supposed to be 90 today in uh KC, but uh then cooler after that.
• 1:01
  SPEAKER_03: You know, I just woke up this morning thinking about flannel, and and here we are.
• 1:05
  SPEAKER_03: So why not?
• 1:06
  SPEAKER_03: Pleased to be back here in the Ultimate Man Cave from Nashville.
• 1:10
  SPEAKER_03: Had a heck of a great time out there in Tennessee Music City, USA in Nesvik Towers.
• 1:18
  SPEAKER_03: If you viewed our programs from late last week, you might have noticed I was in the office of Mr.
• 1:24
  SPEAKER_03: Thomas Grashoff himself, high above Nashville on the ninth floor.
• 1:29
  SPEAKER_03: And uh I flew home on 9-11.
• 1:32
  SPEAKER_03: The wife was a little worried when I booked the tickets.
• 1:34
  SPEAKER_03: She's like, seriously, you're gonna you're gonna fly on 9-11?
• 1:37
  SPEAKER_03: Yes, I am.
• 1:38
  SPEAKER_03: America, baby, is what I said.
• 1:40
  SPEAKER_03: America.
• 1:42
  SPEAKER_03: I uh hope you all had a great weekend and took a moment to think about 9-11, the sacrifices the families left behind, the folks who lost their lives just for showing up for work that day.
• 1:54
  SPEAKER_03: Whatever you might think of the event itself, good people lost their lives tragically, and we need to remember, remember them and remember the sense of unity.
• 2:04
  SPEAKER_03: See, I'm gonna get started again.
• 2:05
  SPEAKER_03: I feel very strongly about 9-11.
• 2:07
  SPEAKER_03: I remember right where I was when I heard.
• 2:09
  SPEAKER_03: Chris Winward from Swift Trading will be our guest today.
• 2:14
  SPEAKER_03: And there's lots to talk about with him.
• 2:16
  SPEAKER_03: Of course, we should probably talk about the aftermath.
• 2:19
  SPEAKER_03: I'm calling today the aftermath of the WASDI report, which was out on Friday.
• 2:24
  SPEAKER_03: Corn took another cut.
• 2:26
  SPEAKER_03: Beans, we moved around sort of in the inner workings of them, but we're gonna see what uh what it looks like today.
• 2:34
  SPEAKER_03: And I'm curious, I've the November soybean contract is back up over$13.
• 2:40
  SPEAKER_03: We'll we'll get into the settlements in a bit, but I'm curious.
• 2:43
  SPEAKER_03: One of my questions is gonna be can we consider this a rejection of life with a 12 handle for the November soybean contract?
• 2:51
  SPEAKER_03: We'll see what Chris thinks of that.
• 2:53
  SPEAKER_03: Heck of a guy, a long history of interesting things that fascinate me that I can't wait to talk to him about.
• 2:59
  SPEAKER_03: And like I said, oh yeah, markets too.
• 3:01
  SPEAKER_03: So we'll get you, we'll get you fixed up, set up for the rest of the week.
• 3:05
  SPEAKER_03: If you're not an AgBull subscriber, let me urge you to become one.
• 3:08
  SPEAKER_03: Check out all the lavish services that we provide and the valuable info at AgBull.com.
• 3:15
  SPEAKER_03: That's at Agbull.com.
• 3:17
  SPEAKER_03: Let me begin today by just ripping something that Weesmeyer wrote over the weekend.
• 3:24
  SPEAKER_03: I'm just gonna quote him straight up here quote U.S.
• 3:26
  SPEAKER_03: farm income faces a gradual deterioration over the next several years, according to the University of Missouri's Food and Agricultural Policy Research Institute.
• 3:36
  SPEAKER_03: That's FAPRE, whose September 10 baseline update for U.S.
• 3:40
  SPEAKER_03: farm income and government outlays projects that higher commodity receipts will be insufficient to sustain current earnings as production costs remain elevated and government assistance declines.
• 3:52
  SPEAKER_03: Net farm income is projected at$155.3 billion in 2026.
• 3:57
  SPEAKER_03: That's down from$162.6 billion in 2025 before declining annually to$142.1 billion in 2031.
• 4:10
  SPEAKER_03: One can't help but wonder if the factors that are in place keeping a wet blanket on the farm economy and on farm finances will be in place until 2031.
• 4:25
  SPEAKER_03: It's an ever-changing world, people.
• 4:28
  SPEAKER_03: I think the Bee Gees maybe wrote about that.
• 4:30
  SPEAKER_03: And they were not wrong.
• 4:31
  SPEAKER_03: Maybe I'm wrong about them, but till 2031, something's gotta change.
• 4:35
  SPEAKER_03: Something's gotta give.
• 4:37
  SPEAKER_03: Eventually, Wiesmeyer continues.
• 4:39
  SPEAKER_03: Of note, Fapri does not view current farm incomes as a trough followed by an expected recovery.
• 4:47
  SPEAKER_03: Its baseline shows continued erosion, even though the revenue outlook has improved since the projections developed earlier this year, thanks to Jim Wiesmeyer, I think, for that commentary.
• 5:00
  SPEAKER_03: Let's uh let's move on.
• 5:01
  SPEAKER_03: I've got export inspections.
• 5:02
  SPEAKER_03: I think we got a chart there, Roberto.
• 5:04
  SPEAKER_03: Export inspections were under pressure compared to the same week last year, although soybeans and wheat were above the previous week in 2026.
• 5:13
  SPEAKER_03: I've got corn there just below week ago.
• 5:16
  SPEAKER_03: Still a good week.
• 5:17
  SPEAKER_03: I mean, honestly, for all three, I'm gonna call it a decent week for uh export inspections there.
• 5:23
  SPEAKER_03: But again, below year ago, look at that weekly change on the beaners up 44.8% from from the uh previous week, 672.8.
• 5:33
  SPEAKER_03: That's that's not a terrible number.
• 5:35
  SPEAKER_03: I don't mind that a bit.
• 5:36
  SPEAKER_03: And we've had a ton of daily sales too.
• 5:38
  SPEAKER_03: China reportedly on track to live up to its commitments, which is great.
• 5:42
  SPEAKER_03: We're getting there.
• 5:43
  SPEAKER_03: We're getting there.
• 5:44
  SPEAKER_03: We're getting there.
• 5:45
  SPEAKER_03: Let's go to the tail of the ticker.
• 5:47
  SPEAKER_03: Corn, soybeans, and Chicago wheat were off to a solid start this morning with KC wheat on either side of unchanged right out of the gate.
• 5:55
  SPEAKER_03: Cattle futures were moderately higher.
• 5:57
  SPEAKER_03: Lean hog futures were under moderate price pressure in early session trade.
• 6:02
  SPEAKER_03: Rounding into the lunch hour, Chicago wheat had fallen into negative territory with KC wheat six to seven cents lower, corn around two cents higher, and soybean futures up around 12 cents.
• 6:12
  SPEAKER_03: Cattle futures were at session highs but beginning to falter.
• 6:16
  SPEAKER_03: And lean hogs were on session lows and dropping.
• 6:19
  SPEAKER_03: This just ahead of the lunch hour.
• 6:23
  SPEAKER_03: Now let's go over to my plus 500.
• 6:25
  SPEAKER_03: We use plus 500 T4 software every ding dong day of the week.
• 6:29
  SPEAKER_03: Real-time quotes, futures and options, and other features.
• 6:32
  SPEAKER_03: December corn, 533 and a quarter is up three cents on the day today.
• 6:38
  SPEAKER_03: November soybeans, 13.04 and a quarter, up seven and three quarters.
• 6:44
  SPEAKER_03: Well off session highs on your November beans.
• 6:46
  SPEAKER_03: I've got soybean meal under higher and uh oil higher as well.
• 6:51
  SPEAKER_03: Under pressure, we've got uh December Chicago wheat down three and a quarter, 722 KC wheat, six cents lower, seven ninety-two and a half over to the livestocks.
• 7:03
  SPEAKER_03: Pretty good day in the cattles.
• 7:05
  SPEAKER_03: The October feeder cattle, 337.85 at settlement, up 535.
• 7:12
  SPEAKER_03: And over to the fat cattle.
• 7:14
  SPEAKER_03: There's your your deceas let's go to October, 222.25.
• 7:17
  SPEAKER_03: That's 257 and a half higher.
• 7:20
  SPEAKER_03: The deceas as long as we're bringing it up, up 292.5.
• 7:23
  SPEAKER_03: So 225.15 on your December fat cattle at settlement and lean hogs under pressure.
• 7:30
  SPEAKER_03: The October contract down below 80, 79.61.92 and a half.
• 7:35
  SPEAKER_03: December lean hogs 71.25 at settlement, down a buck 45 all told.
• 7:42
  SPEAKER_03: And with that, allow me to bring in Chris Winward from Swift Trading.
• 7:48
  SPEAKER_03: Lots to talk about with Chris today.
• 7:52
  SPEAKER_03: Good afternoon, Chris.
• 7:53
  SPEAKER_03: Great to have you on the program here.
• 7:56
  SPEAKER_03: And good to see you.
• 7:57
  SPEAKER_03: You look good.
• 7:57
  SPEAKER_03: Everything okay in there?
• 7:59
  SPEAKER_04: Everything's good.
• 8:00
  SPEAKER_04: Thank you for having me on the show here.
• 8:01
  SPEAKER_04: Any show that's got a telecaster in the background is one I want to be a part of, especially with the uh American flag pick guard.
• 8:07
  SPEAKER_04: That's pretty awesome.
• 8:08
  SPEAKER_03: Now, don't distract me right from the top because we can talk about guitars all day.
• 8:13
  SPEAKER_03: I was one of the dudes at Nesvik took me down to uh Grun's, I think.
• 8:18
  SPEAKER_03: Grun's guitar, yeah.
• 8:18
  SPEAKER_03: Grun's guitar?
• 8:19
  SPEAKER_04: Yeah, Grun, yeah.
• 8:20
  SPEAKER_03: And we debated in the parking lot how to pronounce it because it's got that H in there.
• 8:24
  SPEAKER_03: But we spent some time there, had a had a really good time.
• 8:28
  SPEAKER_03: Probably annoyed the heck out of the salesman who just they're trying to make a living.
• 8:31
  SPEAKER_03: And all we really wanted to do was fiddle around to play cool guitars.
• 8:35
  SPEAKER_03: But uh but you're a you're a guitar player yourself, aren't you?
• 8:38
  SPEAKER_04: I am, yeah.
• 8:39
  SPEAKER_04: That's that's originally what brought me to Nashville and somehow stumbled into the futures business.
• 8:44
  SPEAKER_04: And but yeah, I I toured for 20 years based in Nashville.
• 8:48
  SPEAKER_03: Country Boy with Big Dreams?
• 8:50
  SPEAKER_03: Is that how you would uh would have described yourself back in those days?
• 8:53
  SPEAKER_04: That's what it was.
• 8:54
  SPEAKER_04: I actually started as a I did research for a pharmaceutical company my first year out of college.
• 8:58
  SPEAKER_04: I'm working like 80 hours a week in a lab, and I was like, I gotta do something else.
• 9:03
  unknown: Yeah, yeah.
• 9:03
  SPEAKER_03: So which is which is harder, working 80 80 hours a week in a pharmaceutical lab or trying to make a living in the music biz?
• 9:10
  SPEAKER_04: Oh, definitely making a living in the music business by far.
• 9:13
  SPEAKER_04: Because there's so many there's so many unknowns, you know.
• 9:16
  SPEAKER_04: You you travel a thousand miles a weekend, and you know, it's there's uh always room for for the unexpected there.
• 9:23
  SPEAKER_02: Yeah.
• 9:24
  SPEAKER_03: Well, I don't want to get us derailed from the jump here right away.
• 9:27
  SPEAKER_03: We'll come back to this.
• 9:29
  SPEAKER_03: I I got lots of questions.
• 9:30
  SPEAKER_03: I got lots of questions.
• 9:31
  SPEAKER_03: Oh, here's one.
• 9:32
  SPEAKER_03: Jed mentioned something in his morning commentary that I don't know anything about, and I I hate to even bring it up.
• 9:40
  SPEAKER_03: Oh, I only bring it up because I know from my end it'll be a short part of the conversation, but you went to Oklahoma State.
• 9:46
  SPEAKER_03: I hear they had a uh pretty good weekend on the field.
• 9:48
  SPEAKER_03: Jed mentioned it this morning, is that right?
• 9:50
  SPEAKER_04: I heard him mention it.
• 9:51
  SPEAKER_04: I I did not watch the game.
• 9:53
  SPEAKER_03: Okay, okay.
• 9:55
  SPEAKER_03: We're on the same boat then.
• 9:56
  SPEAKER_04: Yeah, good, good, good to see them having some renewed optimism for that football team.
• 10:00
  SPEAKER_03: Yeah.
• 10:00
  SPEAKER_03: See, it was the and I I don't want to get down.
• 10:03
  SPEAKER_03: I'm from Iowa, and I was a Hawkeye fan from from way, way back in the day.
• 10:09
  SPEAKER_03: And it just they would get so close, and I would get my hopes up that maybe this time we're finally gonna win the Rose Bowl, or you know, who know we're gonna make it into the Final Four.
• 10:20
  SPEAKER_03: I don't know.
• 10:20
  SPEAKER_03: And I watched and wrestling, of course, in the uh following the Dan Gable era.
• 10:27
  SPEAKER_03: I understand they they beat the Cyclones, they they took the Cyhawk trophy over the weekend, but then dropped the trophy.
• 10:33
  unknown: Broke it.
• 10:34
  SPEAKER_03: I don't know if it broke or not.
• 10:36
  SPEAKER_03: I haven't even seen any video.
• 10:37
  SPEAKER_03: I saw a still picture of it laying on the ground.
• 10:40
  SPEAKER_03: But to me, that sort of describes my experience with the Iowa Hawkeyes.
• 10:43
  SPEAKER_03: I'm gonna be honest.
• 10:44
  SPEAKER_03: And I'm gonna get some Iowa hate for that.
• 10:46
  SPEAKER_03: I'm sorry.
• 10:46
  SPEAKER_03: I love Iowa.
• 10:47
  SPEAKER_03: I just I just can't do sports anymore.
• 10:50
  SPEAKER_04: I just can't.
• 10:51
  SPEAKER_04: I'm originally from Philadelphia, and the the Eagles were always known for that.
• 10:55
  SPEAKER_04: It's like a laces out Dan kind of moment, you know?
• 10:58
  SPEAKER_03: Yes, yes, exactly.
• 11:01
  SPEAKER_03: Well, let's uh let's learn just a little bit more about you.
• 11:05
  SPEAKER_03: I mentioned Oklahoma State, you pursued an animal science degree.
• 11:09
  SPEAKER_03: Is that was that pre or post the pharmaceutical gig there?
• 11:13
  SPEAKER_03: Is that how you got into that?
• 11:14
  SPEAKER_04: That yeah.
• 11:15
  SPEAKER_04: So I I want I was considering going to veterinary school and I wanted to take a year off and in a uh pharmaceutical company in in that type of environment, you know, you you can have that exposure without actually, you know, you could do surgeries, you could do all that stuff.
• 11:30
  SPEAKER_04: And did that for a year and just decided I wanted to to uh to do something else.
• 11:35
  unknown: Yeah, yeah.
• 11:36
  SPEAKER_03: Interesting.
• 11:37
  SPEAKER_03: You also did a little bit of rodeoing out there in Oklahoma State.
• 11:40
  SPEAKER_03: Can we talk about that for just a second?
• 11:41
  SPEAKER_04: Sure, yeah.
• 11:42
  SPEAKER_04: So I I I grew up with horses and was breaking Colts.
• 11:45
  SPEAKER_04: And yeah, you know, so I I did that on our you know, we had a small farm just outside of Philadelphia and wanted to to do that at in in college on you know on a different level.
• 11:57
  SPEAKER_04: So I naturally gravitated towards airback and saddlebronk horses and uh was part of that team, broke a bunch of bones doing it and had my jaw wired shut for a while.
• 12:08
  SPEAKER_04: Got to meet Chris Ledou, though.
• 12:10
  SPEAKER_04: That that was awesome.
• 12:11
  SPEAKER_04: Awesome.
• 12:12
  SPEAKER_04: That's cool.
• 12:13
  SPEAKER_04: I saw him one day in Stillwater, and he goes, I said, Man, I started riding bucking horses because of you.
• 12:17
  SPEAKER_04: And he goes, Oh, Chris, I apologize for that.
• 12:23
  SPEAKER_04: So yeah, get got to be part of something really cool there, and then decided I, you know, I had a didn't like breaking bones anymore.
• 12:30
  SPEAKER_03: Yeah, you know, that's funny.
• 12:31
  SPEAKER_03: I went down, I was I went to shoeing school in uh the year 2000 down in Lamar, Missouri, horseshoeing school.
• 12:39
  SPEAKER_03: And there were 14 of us in the class, and they didn't all make it.
• 12:44
  SPEAKER_03: I made it, I made it all the way through.
• 12:46
  SPEAKER_03: But the herd thinned itself kind of as you know the time went on.
• 12:50
  SPEAKER_03: But there were three dudes out of that 14 guys that had been bull riders before, and said just what you said.
• 12:58
  SPEAKER_03: They broke too many bones, and one guy broke his back at one point, and like, oh, I can barely ride anymore at all.
• 13:05
  SPEAKER_03: And I thought, okay, so you're going from bull riding to horseshoeing because it's safer?
• 13:11
  SPEAKER_03: That sounds horrifying.
• 13:14
  SPEAKER_04: Yeah, I I used to rodeo with a bull rider, and and he was also a horseshoe, and he said, I said, man, you have brook in bones.
• 13:21
  SPEAKER_04: He said, There ain't a bone in my body that ain't been broke.
• 13:25
  SPEAKER_03: That is some cowboy stuff there.
• 13:27
  SPEAKER_03: Yeah.
• 13:28
  SPEAKER_03: Well, you certainly come with with plenty of uh country street cred, and and we appreciate your perspective because all of that I can imagine sort of feeds into the the things that you do now, thinking about the markets, writing about the markets and and all of that.
• 13:44
  SPEAKER_03: I want to take you back to the WASDI.
• 13:47
  SPEAKER_03: We're we're down two more bushels per acre on the corn yield, but we're talking about an increased corn feed and residual supply.
• 14:01
  SPEAKER_03: And I wonder if there's a message that that's sending to us.
• 14:04
  SPEAKER_03: Can you talk to us about the WASDI just a little bit in particular the corns?
• 14:08
  SPEAKER_04: Yeah, well, and I I think it kind of offset it, you know, but we have less cattle that that we're feeding.
• 14:14
  SPEAKER_04: So I think that's what that could be attributed to.
• 14:17
  SPEAKER_04: It was interesting the price action before and and after the report.
• 14:22
  SPEAKER_04: I think there's an undertone here that funds still want to be belonging this market, and you know, I think that's supportive at the moment, in addition to energy doing what it's doing.
• 14:31
  SPEAKER_04: So, you know, I think this report has largely already been digested, and and now we're looking for headlines and you know what that's gonna look like with this upcoming meeting with Trump and President Chief.
• 14:44
  SPEAKER_03: Yeah.
• 14:45
  SPEAKER_03: It was a wild one on Friday, right after the report.
• 14:48
  SPEAKER_03: As I recall, corn shot higher and had added some decent gains, and then I turned around and looked again, and we wound up closing out the day lower, if I'm remembering my my Fridays correctly.
• 15:01
  SPEAKER_03: Any any idea why the bottom fell out like that?
• 15:07
  SPEAKER_04: I think maybe they were, you know, it was there was pre-report positioning happening before the report says so some heaviness, especially in the beans as well.
• 15:18
  SPEAKER_04: But I on report days like that, you know, if if there's a miss, you know, the initial reaction, the the headline gets traded, you know, and and then people start to dig into it and and they say, okay, well, it's actually you know maybe different than what it was at first glance.
• 15:37
  SPEAKER_03: And with with harvest coming up here now, I mean we I I think we can confirm we've got the early pre-harvest low end since what July, or you know, some would even argue the the very tail end of June kind of really put it in, and July just sort of confirmed it here.
• 15:54
  SPEAKER_03: But we're we're well into the fives now on the December contract.
• 15:59
  SPEAKER_03: How much confidence do you have in this number here?
• 16:01
  SPEAKER_03: You mentioned you mentioned longs, and I know longs have piled into the market, but at some point, you know, those those longs are going to decide to turn tail and run.
• 16:09
  SPEAKER_03: What's our risk here at Harvest?
• 16:12
  SPEAKER_04: You know, I I think it could be supported going through Harvest.
• 16:16
  SPEAKER_04: As I mentioned, the the fund length, which is record long right now.
• 16:21
  SPEAKER_04: I think there's a a willingness and want to be long commodities, especially maybe we see some rotation out of equities in terms of spec money.
• 16:32
  SPEAKER_04: So with energy where it's at, with exports where they are, and and demand looks good, I I think we can stay supported here for the time being.
• 16:42
  SPEAKER_03: Are we an either or when it comes to equities and commodities presently?
• 16:47
  SPEAKER_03: No, do you view it that way?
• 16:48
  SPEAKER_03: Not quite.
• 16:49
  SPEAKER_04: Not quite.
• 16:51
  SPEAKER_04: And you know, we we see it with in between commodities, you know, if if funds are really long grains, and then you know, cattle are selling off at the same time.
• 17:01
  SPEAKER_04: There is you know some of that debate as to how much of that that happens, but it doesn't have to be either word, but it does look with you know, maybe some broader inflation play that that maybe commodities you know have further to to go here, whereas equities are you know maybe maybe a bit dicey here.
• 17:23
  SPEAKER_03: I know people have been been waving the flag around the bond market.
• 17:28
  SPEAKER_03: Do you do you watch the bond market at all?
• 17:30
  SPEAKER_03: It might be unfair of me to ask you that and make you say no, I don't watch that.
• 17:33
  SPEAKER_03: Do you keep an eye on the bonds at all though?
• 17:36
  SPEAKER_04: There are markets that that you know I watch more than Swift, and Swift watches more than I do, and that's that's one of them.
• 17:42
  SPEAKER_04: He trades a lot of bonds, yeah.
• 17:43
  SPEAKER_04: I trade more energies.
• 17:45
  SPEAKER_02: Yeah, yeah.
• 17:45
  SPEAKER_03: Okay, very good.
• 17:47
  SPEAKER_03: Let's move on to the the soybeans there.
• 17:49
  SPEAKER_03: I I teased the question at the very top.
• 17:52
  SPEAKER_03: And if we're you know, if you and I have already talked about that Friday reaction um to, you know, and now we'll we'll sort of impose that over onto the soybeans there, some pressure on the beans, and now suddenly here we are today again, back above 13 bucks.
• 18:10
  SPEAKER_03: We're uh 1304 up seven and and change on the day in the November contract.
• 18:16
  SPEAKER_03: There.
• 18:17
  SPEAKER_03: Are you are you ready to call what happened between Friday and today a rejection of 12 handle territory in the beaners?
• 18:25
  SPEAKER_04: It looks like it.
• 18:26
  SPEAKER_04: Yeah, you know, we we had that big push up, and and you know, that that sell-off didn't really stick, you know.
• 18:34
  SPEAKER_04: And I think the soybean oil has you know a story, biodiesel has a story, and you know, again, fonts are are super long for those reasons right now.
• 18:44
  SPEAKER_04: Yeah, you know, and maybe we get some more China demand and you know, uh energy stays bid, all that is supportive.
• 18:53
  SPEAKER_03: I was gonna ask you about that because for for a really long time, I I think I don't know who it was.
• 19:01
  SPEAKER_03: I don't want to say a group, so I'm just gonna say we're like we the Royal Agricultural We was very skeptical about China's purchases, whether it would have any impact on supply, what it would do for prices, but we're it kind of feels like we are a whole lot more comfortable that China is gonna live up to its commitments such as they are.
• 19:27
  SPEAKER_03: And is is that encouraging to the market here?
• 19:30
  SPEAKER_03: Or what's how do we make sense of a 13 handle on November beans?
• 19:35
  SPEAKER_04: Well, we're we're halfway there in the export commitment, right?
• 19:40
  SPEAKER_04: So if we start to get more than just the state run agencies making those purchases, then then we could really turn this thing up.
• 19:51
  SPEAKER_04: We we have this meeting coming up with President G, and there's there's so much rhetoric surrounding it according to whatever agendas they have.
• 19:58
  SPEAKER_04: You know, they think they came out earlier today and said, hey, if there's any you know weapon sales to Taiwan, then you know we we might not even take this meeting.
• 20:08
  SPEAKER_04: And and of course the market responds, you know, right away to those, and and then we rebalance.
• 20:14
  SPEAKER_04: We saw it saying the wheat market, you know, on the you know, on the other side of it with the Black Sea conflict, you know, there was a you know a headline that that hit and we dropped 20 cents in like two minutes.
• 20:31
  SPEAKER_04: You know, so I I think this environment more so than than other times, given where you know the extreme the price extremes that that we're seeing that you know something that we all have to keep in mind as traders and as hedgers is that that headline that can come out of nowhere.
• 20:48
  SPEAKER_04: Um and you know, often we rebalance after that, and and but maybe the the takeaway is just that overreactions are the the norm now.
• 20:57
  SPEAKER_02: Yeah.
• 20:58
  SPEAKER_03: And for for a while recently, we've seen the headlines kind of recouple, we've seen the markets, at least in the wheat, recouple with the headlines.
• 21:07
  SPEAKER_03: So that's what I'm trying to say.
• 21:09
  SPEAKER_03: And but but the thing is, it just doesn't seem like there's any end in sight to this Russia-Ukraine thing.
• 21:15
  SPEAKER_03: There was news out today where where the president, I believe, was was talking to President Zelensky saying, Stop bombing these refineries, we need the diesel.
• 21:24
  SPEAKER_03: What are you doing?
• 21:26
  SPEAKER_03: And yet, despite maybe some small kind of acknowledgments of well, yeah, okay, yes, we we hear what you're saying, it really never goes any further than that, and nothing changes, bro.
• 21:37
  SPEAKER_04: It's it's worth the the paper it's written on.
• 21:40
  SPEAKER_04: And uh I expect more of that.
• 21:43
  SPEAKER_02: Yeah.
• 21:43
  SPEAKER_04: The countries that that are are at war will will do what they have to do.
• 21:47
  SPEAKER_04: And you know, if they need to take out another refinery, I don't think a you know, loose agreement with with Trump is gonna stop them from doing that next time.
• 21:57
  SPEAKER_03: Yeah, yeah.
• 21:58
  SPEAKER_03: Absolutely agree.
• 21:59
  SPEAKER_03: And and then there's Iran, who I would contend whether we are looking at it this way or not, they are certainly viewing this as a holy war, if you ask.
• 22:09
  SPEAKER_03: me and I don't see an end in sight for that one either buddy.
• 22:12
  SPEAKER_03: No, no.
• 22:13
  SPEAKER_04: That's that's something that's been happening for w way longer than we've been thinking about it.
• 22:17
  SPEAKER_04: And you know, just you know similar to the Black Sea conflict that that has you know so many layers to it that is they're where they're gonna do the unexpected.
• 22:31
  SPEAKER_04: And we should expect that to not just resolve itself and to translate to higher energy for longer.
• 22:39
  SPEAKER_02: Yeah.
• 22:40
  SPEAKER_02: Yeah.
• 22:41
  SPEAKER_03: Let's uh let's go let's go this direction here.
• 22:45
  SPEAKER_03: I'm concerned about high wheat prices.
• 22:47
  SPEAKER_03: I understand that there are some pretty decent underlying fundamentals that should support wheat demand, but we are just not priced to move any of this, are we?
• 22:58
  SPEAKER_04: On the world market you mean so wheat prices, the the WASDI report there was verbiage in there saying that that they were supported by by corn prices and you know I think all ships rise you know to together in this situation.
• 23:18
  SPEAKER_05: You know the the wheat situation on the the world balance sheet you know you we we have that problem with the Black Sea but we also have Australia Canada and Argentina that that that will be able to to fill that void I think we lost you David no I'm gonna jump in for Davis while he gets stuff uh set up yeah he's there he is the handsome news I'm I'm always ready can I just pop my face in and say yeah do it let's see it there he is what's up buddy Davis was I think he had a gremlin in his machine okay glad you got it worked out hey Davis if you could let me talk to Chris for a minute can you pop back up your show notes again and I will work my magic just chit chatting with the legendary Mr.
• 24:08
  SPEAKER_05: Chris here excellent well real quick while we're taking a commercial break let's talk about diving you like to dive you're in Florida that's not something I I've done a belly flop before I don't know if that quite qualifies but uh talk just about diving a little bit.
• 24:25
  SPEAKER_04: Sure.
• 24:26
  SPEAKER_04: So and I'm certified to to scuba dive but I actually prefer free diving you know that's it's the only time during the week where I can be away from screens from everything and I you know I I usually dive off the beach here right in front of Palm Beach and you know I spear fish I go for lobster it's it's a pretty awesome way to reset and you know but I just try to get out once a week and do it.
• 24:51
  SPEAKER_05: Let's talk about licenses because as you and I as commodity brokers we have licenses does anyone can you just go out on a boat start killing fish and that's okay is that well how's that work do you need a permission you do have to have a saltwater uh license to spear fish and also you know to to fish you know regularly here so but they're they they're cheap it's like a hundred bucks a year or something like that.
• 25:14
  SPEAKER_03: Excellent I think the handsome newsman you're doing great Tommy you're doing great all right Davis is pulling up his show notes and uh I'm good I'm good Chris along with that license along with that license do you get a uh a license to wear a speedo while you spear fish no but well I I I do have a wetsuit which is basically a full body speedo okay oh what I wouldn't do for a picture of that right now Tommy no no no no thank you no thank you okay well I'm back sorry everybody I did something something happened these uh that's okay these uh computers with their computers I'm gonna pop up but when you get a chance load up your PowerPoint slide too yeah sure okay so we're heading into harvest here it looks like the southeast is going to be dry for a little while but big heavy rains forecast to move through the gut slot of corn and soybean country the word that I've gotten from from a weather guy from Eric Snodgrass and I'll by the way viewers I'll have a a weatherman Gary Leezak on the program tomorrow hopefully my computer will will survive that long but yeah harvest coming up we already talked about you know you think corn can weather maybe some harvest hedge pressure and and that there's enough enthusiasm among longs there I don't know if if I asked you that same question about soybeans but it could be a could be a swift harvest if farmers are looking to take advantage of windows where they can get them and I just wonder what your thoughts are about soybean price performance during harvest year anything?
• 26:51
  SPEAKER_04: You know we we could see some some harvest pressure I think that you know the the amount of beans that that are sold off the combine will will be higher you know maybe than last year but you know I think we'll we'll get the crop out without a problem.
• 27:08
  SPEAKER_03: Okay okay good very good so I guess I don't feel like I got a good answer.
• 27:13
  SPEAKER_04: Did do we feel like we can sustain 13 ish in these Novi beans through harvest if we reverse heating oil and crude right now I think it'll be tough.
• 27:23
  SPEAKER_04: But I I don't see the de-escalation in in Iran I I think there'll be some stops that'll be trying to pull you know to be pulled out to make that happen as we come into the midterms but it's it's a real issue over there and as long as that's bid I I think the bean complex stays bid.
• 27:40
  SPEAKER_03: Yeah.
• 27:40
  SPEAKER_03: Here I'm just gonna pop this slide up once again because I feel like exports are going well.
• 27:46
  SPEAKER_03: I mean this the soybeans we almost kind of have to look over to to the daily sales and to the flash sales to get the total picture there but uh exports really do seem seem to be supportive and again like like I asked you about the wheat here corn and beans are expensive compared to what they have been the last couple of years and yet export demand continues to to roll on am I am I completely crazy in in thinking am I thinking it's better than it really is here on the export picture Chris no China keeps buying and you know we we get some more export sales to to Mexico.
• 28:21
  SPEAKER_04: I know there's a lot of cattle being fed in in Mexico right now and and cattle being killed there you know with and maybe we could talk about you know cattle coming up here but that dynamic has certainly shifted which which could cause you know some demand changes there.
• 28:37
  SPEAKER_03: Yeah I see we've got screwworm and a horse in in Texas now did you see about this?
• 28:42
  SPEAKER_04: I I did not but I I think you know any any screw worm headlines right now are are you know it used to be we'd see you know the feeders drop five bucks as soon as that came out and now it now it's like an afterthought.
• 28:56
  SPEAKER_03: Mm-hmm big big rains in the gut slot of corn country but still dry out west in cattle country I mean forage any any sort of forage and now expensive corn here this is not the environment in in which you rebuild a cattle herd is it it's not and and and it's low you know the break evens on these with with the cost of of corn and cost of feeders you know is it they they don't pencil um you know so so that's something that you know producers really have to to think about how to make that happen.
• 29:32
  SPEAKER_04: You know the rate that feeders have increased today we're up 587 in the set and Ocfat's up 252.
• 29:40
  SPEAKER_04: So so that spread is is widening and projected losses of cattle finishing today it was$600.
• 29:49
  SPEAKER_04: You know so it's it it's definitely you know we're we're gonna need to see the fat cattle market rally$15 for these things to for these close outs to start to work.
• 30:02
  SPEAKER_03: Yikes that's uh that's a that's a pretty big number we need a$15 rally to make this work I don't I don't know if I see it in the cards right now Chris well so much of what you know of what was dominating the the fat cattle trade and some to the feeders as well it's a thinner market so not as much but hedge funds I I went back it was looking at managed money numbers and at the peak the percentage that that their net long position was was in the mid-40s.
• 30:37
  SPEAKER_04: Last week it was in the high 20s so they there's some room for them to to add to this position and and love them or hate them.
• 30:47
  SPEAKER_04: You know if we have you know if we want to get prices back up to where they were we're gonna need them.
• 30:55
  SPEAKER_04: And it's you know those guys typically are longer more than they're short we just have a huge sell-off if they decide to get long again or maybe rotate out of grains at some point then that could certainly change.
• 31:11
  SPEAKER_04: Now now the other end of it we need to really think about is health of the US consumer and can we support higher boxes?
• 31:21
  SPEAKER_04: And that's all open to debate right now but we just put on 15 bucks in the feeders.
• 31:26
  SPEAKER_04: Yeah yeah true the potential's there you know I I you know the the the bigger worry for me is is is just you know can we sus sustain this movement and these prices with US demand?
• 31:41
  SPEAKER_03: Yeah and part of the problem is dude okay so I'm in Kansas City I don't know what it's like where you're at or how much time you spend at the meat case at the grocery store but if I find a pound of ground beef for eight bucks I feel like I'm stealing it.
• 31:59
  SPEAKER_03: I mean some of these are you know 10 11 sometimes$12 if you want you know you want the fancy organic uh grass fed whatever just give me some 85% ground beef and I'm certain you know seven eight bucks for a pound that's uh that's a little pricey for a good segment of this population compared to pork and chicken absolutely yeah so yeah you know we that that is something that we really haven't seen any evidence of any shift in that restaurant foot traffic demand not really changed that much yeah but like energy at some point at some price there will be an an inflection there.
• 32:41
  SPEAKER_04: Yeah there will I I I'm not saying we're there yet but equities market tops out maybe you know people's fuel bills really start to to kick into their discretionary spending long time between now and and holiday buying that that is something that we could you know that that might be worth looking at hedging open inventory on.
• 33:03
  SPEAKER_02: Yeah.
• 33:04
  SPEAKER_03: You know I don't want to sidetrack us down this rabbit trail but you just you just made me think about Christmas is going to tell us a lot about the economy and about what the average american is willing or or even able to spend I mean I if I'm recalling right the last couple years we saw credit card debt really skyrocket around the the holidays there that's not sustainable for a lot of households at some point you hit that magic number and and the card don't work no more there's no cash in in your pocket and boy those those christmas numbers could really have a tale to tell couldn't they they could they they definitely could an average credit card debt right now is like$7500.
• 33:46
  SPEAKER_04: Couple that with with car payments that were financed at the peak you know it's yeah there's there's a a lot of reasons why we could see the US discretionary spending pull back.
• 33:58
  SPEAKER_04: Yeah so it's not showing it definitely not showing up in cattle futures today or boxes of 375 but you know we we we start to see a shift in demand in that and it it really could affect how much the hacker is is is willing to pay for you know in the cash trade.
• 34:15
  SPEAKER_02: Yeah.
• 34:16
  SPEAKER_03: Let me ask you really quick since we're since we're just a little bit off track you can only have one.
• 34:22
  SPEAKER_04: Okay Brad Paisley or Glenn Campbell oh that's a tough one all right okay Brad Paisley or Glenn Campbell I'm gonna say and Paisley's a heck of a guy but I'm gonna say Glenn Campbell because I want to hear about the Beach Boys.
• 34:41
  SPEAKER_03: Ooh okay and is it perhaps partially because he's forever gentle on your mind yes it might be part of it.
• 34:51
  SPEAKER_03: You I I think you you hinted at maybe you saw Jed's presentation this morning before at the uh at the open and he said he was talking to cattle producers over the weekend I believe you mentioned he was in Virginia judging a cattle cattle show up there and he came back with the thought in mind that cattle producers need to be protecting the bottom line as as best they can and I don't want to belabor this cattle conversation here because you you do make a good point there of course is is the possibility that you know she takes off on us and everything everything is right with the world but protecting the but protecting the bottom line how do you do that when the cost of production is is high and and maybe this you know can bleed over into corn and soybeans as well because they got to protect the bottom lines as well brother yeah I think there's a lot of opportunities worth looking at in the options market in in that situation you know the if you know just selling futures can be really expensive if you're if you're wrong even by a couple days.
• 36:00
  SPEAKER_04: Right we just put 20 bucks on the feeder cattle market like it like it was nothing.
• 36:04
  SPEAKER_04: And I know people hedge there because the amount of panic when we were 312 was you know if every broker gets these phone calls I don't have anything on I I need to do something and that's where you know we we try to step in and say okay well well tell me what your you know let me run these three scenarios past you and and see what works best for you.
• 36:28
  SPEAKER_04: This is you know you're here's here's what it would cost to do something that would leave the top side open that gives you this much time.
• 36:35
  SPEAKER_04: I love trading options just for that reason.
• 36:37
  SPEAKER_04: And you could trade round positions you know as it's just shorting the futures and then just saying I'll just make margin calls.
• 36:49
  SPEAKER_04: If you think you're going lower then then you know people have a higher propensity to to just approach it that way.
• 36:56
  SPEAKER_04: But I think look looking at recent price action you know I I think legging into auction strategies is is worth trying at least putting down paper.
• 37:06
  SPEAKER_04: You can put all this down on paper you know just understand that with with whoever you're doing your business with and ask them to explain it to you.
• 37:13
  SPEAKER_03: You know all this stuff seems really daunting and and you know something that's you know it takes years to understand but you know if if you can boil down these scenarios to to this is where your break even is this is what it costs is how much time you have and these are things that that can consider how these option values will change over the next two months you know that's it's it's worth looking into yeah I'm I'm just gonna say what you just said again for the people in the back it is it is confusing futures and options and the whole thing it is confusing to the average folk like me to you know farmers and ranchers everywhere it's not just you but these are these are tricky times and there are ways that you can avoid leaving money on the table and Chris you hit it on the head get a professional to help you out if you don't have someone to do that you know there there's all kinds Swift trading would be one agbol.com would be another one you know get somebody and you know I always say maximize your chance of success with Ag Bull but go with someone to maximize your your chance of success Chris I I think you hit the nail right on the head there and and you've got some specific really good ideas as well that you mentioned for our you know next level course takers here who who may be watching and are are comfortable in that world so I I appreciate you bringing that you you mentioned you mentioned energies pipeline attack in Saudi Arabia see they so the Strait of Hormuz is super sketchy right now.
• 38:57
  SPEAKER_03: So Saudi Arabia has a pipeline that goes east to west or west to east maybe across the the country there one of their pumping stations as I understand was hit by enemy fire and you know we had a had a pretty decent response 103 this morning in the WTI we're back down around what in the October we're down around 101 but still up a buck 30 on the day up 50 cents further out into the the deferred there was this a case of a spooky headline kind of got into the markets but then it decided well maybe it's not quite so spooky or was it overdone overbought as they say sometimes what can you what can you tell us about the uh the crude oils today it it could get more overbought you know now last time we had a big run up and when spot was up you know in the end of the teens we we fell pretty fast and you know the if heating oil is also something needs to be washed here and high today at 519 now we're 498 you know that's the the big deal with there is is refining capacity but I think this has the potential to that something that's not just going to be fixed with a headline or an agreement.
• 40:15
  SPEAKER_04: You know how many of those have have we had so maybe expect definitely volatility but also just prolonged with whether we drop 10 or 15 bucks from here and then something happens again you know it's it it's something that we're is going to have to be on our radar.
• 40:33
  SPEAKER_04: We were so complacent when crude was in the mid-60s that you know it the our administration can get the price down and like the screwworm headlines when you have you know a a headline that is escalatory drop it's the or you know maybe it's it's something that is harder to contain.
• 41:00
  SPEAKER_04: So maybe we we you know Trump will come out with a headline two weeks ago or two months ago and say you know hey we're gonna get prices down and we drop 10 bucks well maybe now people get more spooked and and it's only able to drop at five or three yeah they got their hands full and and this is something that you know it's it's gonna look obvious when it's over but we're seeing no signs of it right now.
• 41:26
  SPEAKER_03: Yeah well and that that diesel cost is when we talk about you know you're protecting profits and protect the bottom line man diesel fuel well and you know you heard me reading over the over the uh the beginning here I'm just scrolling up to Wiesmeyer's commentary farm income faces a gradual deterioration it's not a trough follow expected to be followed by a recovery this is sort of baseline erosion was the term that Weissmeyer used there and the energies are a are a huge part of that with with diesel you know around or in some cases above six bucks now that's probably for highway diesel right so we're looking at what 30 30 30 35 cents lower for that for farm diesel but 35 cents below too expensive is still too expensive yeah it is and and trying to hedge in that market can be very difficult you know it's it's uh it's a lot easier in when you're just hedging crude but you know they're two two different products and you know the the moves in diesel were a lot bigger than what they were in in crude this week but you know last time I looked looked in the options market for you know a client that you know wanted to look at you know call options as as a head strategy for you know for for diesel use on his farm it it was it would have been way easier to do something something in the crude market was not the move but you know that's I don't know what the obvious answer is there.
• 42:59
  SPEAKER_03: Yeah yeah that's a tough one yeah okay let's uh let's switch gears just one more time and then we're gonna start heading toward the exit I'm gonna run you up the chute here slowly just a little out of time three ai producing companies agreed they'd better cool it with the rapid development apparently developers confess they see a 10% chance that this whole AI thing ends in horrible disaster for humanity and Chris I guess my question for you is they said there's a 10% chance AI what was it destroys humankind or something like that.
• 43:33
  SPEAKER_03: Yeah uh 10% what percentage of a possibility would you be comfortable with 10% feels high to me.
• 43:41
  SPEAKER_03: What percent are you good with?
• 43:43
  SPEAKER_04: I don't know.
• 43:44
  SPEAKER_04: I mean it's we're we're all getting used to to using AI you know whether that's making us look like we're in eighties rock bands and pictures or or we're preparing for a radio show.
• 43:55
  SPEAKER_04: I don't know.
• 43:56
  SPEAKER_04: Yeah um so I I you know it's it's something that's new percentage wise I I'm I'm willing to risk six percent.
• 44:07
  SPEAKER_03: Ooh six percent okay Hey, gutsy.
• 44:10
  SPEAKER_03: Gutsy.
• 44:11
  SPEAKER_03: And here's the thing.
• 44:13
  SPEAKER_03: You've got, you know, finally, well, and see, here's the thing.
• 44:17
  SPEAKER_03: I don't know.
• 44:18
  SPEAKER_03: Because you get three of the top producers of anything together, and they agree, yes, we're going to slow down.
• 44:25
  SPEAKER_03: We're going to produce, we're just going to take it easy a little bit.
• 44:28
  SPEAKER_03: But then each of the three probably goes back to their own boardrooms and says, Yeah, we got it right where we want it.
• 44:34
  SPEAKER_03: We're going to we're doubling down, people.
• 44:36
  SPEAKER_03: Doubling down.
• 44:37
  SPEAKER_03: I feel like there's a risk of that.
• 44:39
  SPEAKER_03: And then you've got the president who has has almost scolded people for uh questioning, you know, what's with all the data centers?
• 44:49
  SPEAKER_03: And do we with the AI?
• 44:51
  SPEAKER_03: Is it going too fast?
• 44:52
  SPEAKER_03: And the president says, if we don't win this, China's going to win it, and we want to win because then we win.
• 44:58
  SPEAKER_03: That's a tough one.
• 45:01
  SPEAKER_04: We we got a call from or uh somebody reached out from Wall Street Journal and said, Hey, I I heard that data centers are are creating a low frequency hum that's causing you know cow fetuses to to abort.
• 45:16
  SPEAKER_04: And yeah, uh so it's on everybody's radar.
• 45:19
  SPEAKER_04: It's it's it's a hot topic right now.
• 45:22
  SPEAKER_04: You know, we it's the the people that are saying it's bad are probably doing it on their phone somewhere, and uh using AI to do it.
• 45:31
  SPEAKER_04: So it's you know it's it's all coming.
• 45:33
  SPEAKER_04: We just need to embrace it, I think.
• 45:35
  SPEAKER_03: Yeah, yeah.
• 45:36
  SPEAKER_03: Okay, as I said, we're we're at the uh the precipice of the shoot here right now.
• 45:41
  SPEAKER_03: Chris Winward from Swift Trading has been my guest today.
• 45:46
  SPEAKER_03: I'm not quite done with you yet, but of all the things that that we've just talked about market-wise, I I want to give you a chance to make sure that we've covered everything, or maybe there's something you want to go back and just just touch again for the viewers for the sake of punctuation.
• 46:03
  SPEAKER_03: What what market message would you leave the good folks who are watching at home or wherever they may be?
• 46:10
  SPEAKER_03: What what would you say to them real quick?
• 46:13
  SPEAKER_04: There's a lot of volatility right now.
• 46:16
  SPEAKER_04: And having target orders, whether it be for grains or for cattle, even if you think they will not be hit, are are worth considering because with you know this increased volatility, it's you know, there there is definitely a chance that you know you you could get filled on those orders.
• 46:34
  SPEAKER_03: Yeah, yeah.
• 46:35
  SPEAKER_03: Very good.
• 46:36
  SPEAKER_03: Well, we certainly appreciate your time and your expertise today and for uh telling us a little bit about yourself.
• 46:42
  SPEAKER_03: That's really cool.
• 46:43
  SPEAKER_03: I do have one more task for you.
• 46:45
  SPEAKER_03: Now I have in my notes here Delray Beach, Florida.
• 46:48
  SPEAKER_03: Is that where you're you're at right now?
• 46:50
  SPEAKER_04: Delray Beach, Florida.
• 46:51
  SPEAKER_04: That's right.
• 46:52
  SPEAKER_03: Delray Beach, Florida.
• 46:54
  SPEAKER_03: Uh take a look out the I ask I ask my guests this every day, but would you uh if you took a look out your window, current conditions, just run them down for us, please, brother.
• 47:05
  SPEAKER_04: It is sunny without a single cloud in the sky, which is a bit different from from what I'm seeing in that in that map, but it's it's beautiful here.
• 47:13
  SPEAKER_03: I'm glad to hear that.
• 47:15
  SPEAKER_03: It's 90 degrees and mostly sunny here in Kansas City.
• 47:19
  SPEAKER_03: Over to the National Weather Service short-term forecast, heavy to excessive rainfall could bring flooding today through Thursday across parts of the Central Plains into the Midwest, southern Arizona, and New Mexico.
• 47:30
  SPEAKER_03: And they're talking some huge rains possible.
• 47:33
  SPEAKER_03: If you're watching viewers with your view screen on, you can see that big purple bruise across central Iowa, most of Iowa, actually.
• 47:41
  SPEAKER_03: And I reckon that moves off to the east as we go along.
• 47:44
  SPEAKER_03: Scattered to strong, severe thunderstorms may impact parts of eastern Nebraska into western Iowa later today, into early evening.
• 47:51
  SPEAKER_03: Heat advisories remain in place across much of East Texas into the mid-Mississippi Valley today and Tuesday.
• 47:58
  SPEAKER_03: And with that, Chris, just a few more items here, items of mild interest from this day in history.
• 48:07
  SPEAKER_03: Now, this is a weird one that I've been hearing about for about two weeks.
• 48:11
  SPEAKER_03: 1752.
• 48:13
  SPEAKER_03: The British Empire adopted the Gregorian or the modern calendar, skipping 11 days.
• 48:20
  SPEAKER_03: So at one point it was September 2nd in Great Britain and the American colonies, but then with the switch over to the new calendar, suddenly the next day was September 14 in all of Western civilization.
• 48:32
  SPEAKER_03: That's that's quite a stunt to change the whole calendar.
• 48:36
  SPEAKER_03: In 1814, Francis Scott Key wrote the uh Star Spangled Banner, which later became the United States national anthem.
• 48:45
  SPEAKER_03: And in 1914, Clayton Moore, American actor, the Lone Ranger, was born on this date in 1914.
• 48:54
  SPEAKER_03: And Chris, that brings us to today's Ag Bull Injustice.
• 48:59
  SPEAKER_03: Did you watch the old Lone Ranger show?
• 49:01
  SPEAKER_03: It started in black and white, and then I liked it better once it was in color.
• 49:05
  SPEAKER_04: I did not.
• 49:06
  SPEAKER_04: We didn't have Campbell growing up, but I think that's all I was running on at that point.
• 49:10
  SPEAKER_03: All right, fair enough.
• 49:11
  SPEAKER_03: Okay, well, this might be tricky for you.
• 49:13
  SPEAKER_03: It's it's an injustice because, well, I did know this one, but usually it's a question I wouldn't have known the answer to, and and I'm just gonna throw it at you because you know that's how we roll around here.
• 49:24
  SPEAKER_03: We uh like to exploit our guests just a little bit right before we let them go.
• 49:28
  SPEAKER_03: So, Lone Ranger's horse, of course.
• 49:30
  SPEAKER_03: I'm sure you've heard the phrase, Hi ho Silver! The Lone Ranger's horse was silver.
• 49:36
  SPEAKER_03: Can you name Tonto's horse?
• 49:39
  SPEAKER_03: No, that's today's egg bolt.
• 49:42
  SPEAKER_03: Injustice.
• 49:44
  SPEAKER_03: Scout.
• 49:45
  SPEAKER_03: It was Scout.
• 49:46
  SPEAKER_03: Scout.
• 49:47
  SPEAKER_03: Yes, okay.
• 49:47
  SPEAKER_03: Tonto rode Scout as the Lone Ranger.
• 49:50
  SPEAKER_04: I had a neighbor that that had a horse named Scout growing up, and I'll bet that's why they it was named Scout.
• 49:55
  SPEAKER_03: Might have been.
• 49:56
  SPEAKER_03: Might have been.
• 49:57
  SPEAKER_03: Swift Trading, y'all.
• 49:59
  SPEAKER_03: Swifttrading.com, right?
• 50:01
  SPEAKER_03: SwiftTrading.com.
• 50:02
  SPEAKER_04: That's right.
• 50:03
  SPEAKER_04: Swifttradingbull.com, Swift TradingCode.com.
• 50:07
  SPEAKER_03: Shooting the bull.
• 50:08
  SPEAKER_03: That's shooting without the G.
• 50:09
  SPEAKER_03: Shooting the bull.
• 50:10
  SPEAKER_03: Respect.com as well.
• 50:13
  SPEAKER_03: Chris Winward, thank you so much.
• 50:15
  SPEAKER_03: Uh I really enjoyed talking to you.
• 50:18
  SPEAKER_03: And uh I I hope we can chat again sometime soon.
• 50:21
  SPEAKER_03: Enjoy that Florida sunshine.
• 50:23
  SPEAKER_03: You know, I imagine temperatures down in Florida are starting to come down like to survivable levels, actually, aren't they?
• 50:29
  SPEAKER_04: They are.
• 50:30
  SPEAKER_04: They are.
• 50:30
  SPEAKER_04: It's but but but then everybody comes down from New York and uh that's it's a whole separate thing.
• 50:35
  SPEAKER_03: But they do bring the speedos, don't they?
• 50:38
  SPEAKER_03: Oh, they do, yeah.
• 50:39
  SPEAKER_04: Yeah, absolutely.
• 50:40
  SPEAKER_04: And usually fluorescent yellow, too.
• 50:42
  SPEAKER_03: Oh, yikes.
• 50:43
  SPEAKER_03: Yikes.
• 50:43
  SPEAKER_03: It's like you can't look away.
• 50:45
  SPEAKER_03: You can't look away.
• 50:46
  SPEAKER_03: No, Chris Winward, thank you so much from Swift Trading Company.
• 50:49
  SPEAKER_03: We certainly appreciate your time today.
• 50:51
  SPEAKER_03: And thanks to you, beloved viewers, for checking in with AgSquawk in the afternoon.
• 50:56
  SPEAKER_03: Might I humbly direct you to AgBull.com, dig deeper with Ag Bull Intel, take the markets by the horns with Ag Bull.
• 51:04
  SPEAKER_03: Tomorrow, uh, we'll have Jed back first thing in the morning to start your Tuesday.
• 51:10
  SPEAKER_03: And then I'll be talking with Weatherman Harry Lizak from Weather2020.
• 51:16
  SPEAKER_03: So glad to have you here with us today.
• 51:18
  SPEAKER_03: Happy Monday, y'all.
• 51:20
  SPEAKER_03: It's gonna be a great week, somehow or another.
• 51:23
  SPEAKER_03: Come on back tomorrow for more Hag Squawk.