Latest / AG Bull / AG Squawk with Davis Michaelsen | Fertilizer Price Update

Transcript

AG Squawk with Davis Michaelsen | Fertilizer Price Update · AG Bull

• 0:09
  SPEAKER_00: The markets aren't quite closed yet today.
• 0:13
  SPEAKER_00: Coming to you from about oh, almost quarter after one central time on Ag Squawk.
• 0:19
  SPEAKER_00: Settlements can't come soon enough for the cattles, I'm here to tell you.
• 0:23
  SPEAKER_00: Corn and soybeans under some pressure.
• 0:25
  SPEAKER_00: Wheat's hanging right in there to some pretty impressive gains.
• 0:28
  SPEAKER_00: We're gonna talk fertilizer today.
• 0:31
  SPEAKER_00: No guests.
• 0:32
  SPEAKER_00: I'm from behind the big blue bodacious microphone of Ag Bull, your pal Davis Michelson here, the handsome newsman.
• 1:08
  SPEAKER_00: Special thanks to the Ag Bull Boobie Machine for providing that little interlude there.
• 1:14
  SPEAKER_00: Hope you're having a great day, everybody.
• 1:16
  SPEAKER_00: Glad to have you along here.
• 1:17
  SPEAKER_00: If you're watching us on YouTube, don't forget to like and subscribe, share us around, tell your friends.
• 1:23
  SPEAKER_00: We were certainly glad to have you here.
• 1:26
  SPEAKER_00: Some thunderstorms in Kansas City last night.
• 1:29
  SPEAKER_00: And there was one in particular, one big boom.
• 1:33
  SPEAKER_00: And I've heard an awful lot of thunderstorms in my few few decades of life on this earth.
• 1:41
  SPEAKER_00: Big bright light, very loud sound.
• 1:44
  SPEAKER_00: Just it shook me awake.
• 1:46
  SPEAKER_00: And here's the thing the dog, Blaze, my my most trusted advisor, my first line of home defense does not care for the thunder.
• 1:54
  SPEAKER_00: Dude took up almost as much room on the bed as my sexy wife.
• 1:59
  SPEAKER_00: It it was okay, you know, and I'm I'm happy to be there for the little guy.
• 2:04
  SPEAKER_00: I I actually found him, I'll tell you real quick, at the uh the Grundy County small animal auction.
• 2:11
  SPEAKER_00: Well, not auction, the small animal swap meat is what it was.
• 2:15
  SPEAKER_00: And I was down there just kind of hanging out.
• 2:16
  SPEAKER_00: I happened to have 40 bucks cash in my pocket just in case there's something I couldn't live without.
• 2:20
  SPEAKER_00: The kids had a big yellow floppy dog that, you know, was okay, that's great, great for kids, but I need a man dog.
• 2:28
  SPEAKER_00: You know what I mean?
• 2:29
  SPEAKER_00: I've had a dog most of my life.
• 2:31
  SPEAKER_00: Dog to ride around, go hunt rocks with, go, you know, wade in the crick with.
• 2:35
  SPEAKER_00: And so here's the sign in this building.
• 2:37
  SPEAKER_00: And it was toward the end of the swap meet, and here was this little dog tied by a leash to a post, and above the post it said, dog for sale,$150, but it was crossed out, and below it said$50.
• 2:51
  SPEAKER_00: So I sat down next to him.
• 2:52
  SPEAKER_00: Little dude jumped right on my lap.
• 2:54
  SPEAKER_00: That's how they get you.
• 2:55
  SPEAKER_00: That's how they get you.
• 2:56
  SPEAKER_00: I don't know how it took so long, but uh there was an instant connection there with Blaze the Wonder Dog.
• 3:01
  SPEAKER_00: There's some pictures of him right there, some of me and him hunting rocks in South Dakota, some of him looking goofy.
• 3:07
  SPEAKER_00: There we are.
• 3:08
  SPEAKER_00: That's my guy, Blaze.
• 3:10
  SPEAKER_00: He's a he's what they call a Texas healer, which I don't know.
• 3:14
  SPEAKER_00: It's supposedly half blue healer, half Australian Shepherd.
• 3:18
  SPEAKER_00: And I'm convinced maybe if you're watching from Texas, you can let us know in the comments.
• 3:23
  SPEAKER_00: I feel like that's a name that was made up in Texas because an Australian cattle dog, which is a blue healer, and an Australian Shepherd, and somehow it's a Texas healer.
• 3:32
  SPEAKER_00: I don't know.
• 3:33
  SPEAKER_00: I don't know.
• 3:33
  SPEAKER_00: But like I said, Blaze was was having a hard time with the Thunder last night.
• 3:37
  SPEAKER_00: And, you know, it made for a for a cozy sleep, I guess.
• 3:41
  SPEAKER_00: We'll look look at it that way.
• 3:43
  SPEAKER_00: Turning to the markets quickly, corn, beans, and wheat were under pressure at the open this morning.
• 3:48
  SPEAKER_00: Cattle complex looked to forge a recovery from yesterday's price pressure.
• 3:51
  SPEAKER_00: That was early, and hogs mostly followed along at the opening bell, although nearby did lag a bit.
• 3:58
  SPEAKER_00: At some point while I was getting ready for the show here, I look away for like a second and suddenly the cattles were moderately lower, although deferred hog contracts did hold on through lunch.
• 4:12
  SPEAKER_00: Let's before let's let's look at these closes real quick before we do anything else.
• 4:15
  SPEAKER_00: We use plus 500 T4 software to keep track of futures and options pricing with a host of features at our fingertips.
• 4:22
  SPEAKER_00: If you're looking for the best in real-time quotes, look no further than T4 from plus 500.
• 4:26
  SPEAKER_00: That's plus 500.
• 4:28
  SPEAKER_00: Now, this again at 117 and four five seconds central time on your Thursday, it is already.
• 4:37
  SPEAKER_00: Already Thursday, gang.
• 4:38
  SPEAKER_00: I'm looking at December corn down four and a half, four fifty-one and three-quarters, your Novi beans down 11 and a half at 1180.
• 4:47
  SPEAKER_00: Yep, now, yep, 11.80 and three-quarters.
• 4:50
  SPEAKER_00: Meal is higher, but bean oil under some pressure.
• 4:53
  SPEAKER_00: I mentioned the the winter wheats.
• 4:54
  SPEAKER_00: I mean, look here, we got September Chicago wheat up 11 and 3 quarters on the day so far.
• 4:59
  SPEAKER_00: These now these aren't settled, so uh they there's time.
• 5:03
  SPEAKER_00: There's time yet, everybody.
• 5:04
  SPEAKER_00: KC uh September wheat up eight and three quarters, presently at 654 even.
• 5:10
  SPEAKER_00: And then I mentioned the cattles.
• 5:12
  SPEAKER_00: I mean, we've got minus signs by fives, like all over the place here in the feeder cattle.
• 5:18
  SPEAKER_00: October feeder cattle down 512.5, 349.50 just after 1 p.m.
• 5:24
  SPEAKER_00: Central.
• 5:24
  SPEAKER_00: Uh your fat cattle, the October contract down a buck ninety-five, two thirty-one sixty.
• 5:29
  SPEAKER_00: Others, I mean, you look further out, the deece and the feb, both down more than two bucks so far on the day.
• 5:33
  SPEAKER_00: And the lean hogs did finally turn negative, although not by much.
• 5:36
  SPEAKER_00: The October contract down two and a half presently 85.50.
• 5:41
  SPEAKER_00: The DC down 15 cents, 76.57 and one half.
• 5:47
  SPEAKER_00: Tommy had a great conversation I wanted to mention with David Widmore from AEI.ag for the premium side there.
• 5:54
  SPEAKER_00: If you haven't had a chance to check that out, I'd urge you to go on over to agbull.com and check it out.
• 6:00
  SPEAKER_00: Consider becoming a premium subscriber.
• 6:02
  SPEAKER_00: Seriously, it's it's not that much, and it's even less if you pay for an annual uh membership there.
• 6:08
  SPEAKER_00: You get all kinds of stuff.
• 6:09
  SPEAKER_00: Access to the closes, access to, you know, just go over there and and check it out.
• 6:14
  SPEAKER_00: Have a look.
• 6:15
  SPEAKER_00: You won't be disappointed.
• 6:16
  SPEAKER_00: Included in that would be Tommy's conversation with David Widmore.
• 6:19
  SPEAKER_00: I know that he's he might be taping right now with Paul Nefer.
• 6:23
  SPEAKER_00: That's gonna show up on the premium side as well.
• 6:25
  SPEAKER_00: Agbull.com, agbull.com.
• 6:28
  SPEAKER_00: I bring up the the Widmore interview because we're gonna talk about fertilizer prices today.
• 6:33
  SPEAKER_00: And let me just lay out how this is gonna go.
• 6:37
  SPEAKER_00: I know the prices that I'm about to say to you probably don't match those at your local preferred retailer.
• 6:45
  SPEAKER_00: I'm with any luck at all, they'll be pretty close.
• 6:48
  SPEAKER_00: Where do I get my numbers?
• 6:49
  SPEAKER_00: It's simple.
• 6:50
  SPEAKER_00: USDA puts out the fertilizer prices for Iowa and for Illinois.
• 6:56
  SPEAKER_00: So these are what I've done is taken those two and average them together, and and that's these are the numbers that I'll be giving you.
• 7:03
  SPEAKER_00: So we're gonna run down nitrogen, phosphates, potash, and and some fuels.
• 7:07
  SPEAKER_00: I'll give a little bit of commentary along the way.
• 7:10
  SPEAKER_00: I just want us to take a moment and survey where we are in the fertilizer.
• 7:16
  SPEAKER_00: Everybody's always talking about inputs are too high, inputs are too high.
• 7:19
  SPEAKER_00: We're gonna put numbers on that right now.
• 7:22
  SPEAKER_00: And in fact, we'll start we'll start right here with uh anhydrous ammonia.
• 7:27
  SPEAKER_00: If you're growing king corn, anhydrous ammonia is vital for you, currently priced at$1,071.35.
• 7:35
  SPEAKER_00: Now compare that to last year's price on this date,$784.50 the same week last year.
• 7:42
  SPEAKER_00: That's a difference of 36.64% year on year.
• 7:48
  SPEAKER_00: Let's continue through nitrogen.
• 7:49
  SPEAKER_00: I got UAN 28% priced at$5.50 per short ton compares to$423 last year for a call it an even 30% increase year on year, and then 32% at 585.59 compares to 473.84.
• 8:07
  SPEAKER_00: That's a 23.5% increase from last year.
• 8:12
  SPEAKER_00: UREA has something to do with that.
• 8:14
  SPEAKER_00: We'll talk about it in a minute.
• 8:15
  SPEAKER_00: Let me quote you the price though.
• 8:16
  SPEAKER_00: Urea currently at 753.63.
• 8:20
  SPEAKER_00: These are retail values.
• 8:22
  SPEAKER_00: Compares to the same week last year at 603.
• 8:25
  SPEAKER_00: Almost 25% more than the same time last year.
• 8:30
  SPEAKER_00: Now, on the wholesale side, we've seen urea come down.
• 8:34
  SPEAKER_00: The NOLA values are are beginning to slide, but keep in mind that an awful lot of nitrogen comes out of Russia, comes out of the Middle East.
• 8:44
  SPEAKER_00: And so when we're talking about trouble in the Strait of Hormoose, that certainly does get into fertilizer.
• 8:51
  SPEAKER_00: When I take all of these prices, the nitrogen prices, and I sort of index them together so they're all priced kind of one to one by the pound of N, you might might call it that.
• 9:01
  SPEAKER_00: It's not exactly that, but you know, there's math.
• 9:03
  SPEAKER_00: There's math involved.
• 9:05
  SPEAKER_00: If I've got NH3 at 1,071 per short ton, I look over to UAN 28 and that's that would be priced comparably at 1182 per short ton.
• 9:16
  SPEAKER_00: Way overpriced on UAN 32%.
• 9:19
  SPEAKER_00: That would be, according to this formula, if anhydrous was 32%, 1,235 a ton, and here comes urea at$1,1167.
• 9:28
  SPEAKER_00: Those aren't actual values, those are mathed-out values.
• 9:32
  SPEAKER_00: But when we take the nitrogen content and we figure it all in together, UAN 28, 32%, and urea all overpriced compared to anhydrous ammonia.
• 9:44
  SPEAKER_00: Why is that?
• 9:45
  SPEAKER_00: A lot of that has to do with the fact that anhydrous ammonia, I've heard it called a boutique product here in the United States.
• 9:51
  SPEAKER_00: More popular in the U.S.
• 9:53
  SPEAKER_00: than just about any place else.
• 9:54
  SPEAKER_00: There's some white buffaloes for you.
• 9:56
  SPEAKER_00: Just just, you know, people love to grow corn, obviously.
• 10:00
  SPEAKER_00: Anhydrous ammonia has been the go-to, at least for pre-plant applications, and even now that's becoming more popular at side dress here.
• 10:09
  SPEAKER_00: But you you take ammonia and you you mix it with urea and you get UAN, basically.
• 10:16
  SPEAKER_00: Uh that's a simple simplified version of how that's created.
• 10:22
  SPEAKER_00: But urea is more beholden to the global price.
• 10:26
  SPEAKER_00: And so therefore reflects more global demand than does anhydrous ammonia.
• 10:30
  SPEAKER_00: And so then when you need that as a feedstock ingredient for UAN, it's going to jack up the price.
• 10:36
  SPEAKER_00: And so that's why we see UAN still priced on a one-to-one basis at a premium to anhydrous ammonia.
• 10:45
  SPEAKER_00: Now, let's let's uh move on here to phosphates.
• 10:49
  SPEAKER_00: Uh, you know what?
• 10:50
  SPEAKER_00: I had in my notes here, and I I should mention this.
• 10:52
  SPEAKER_00: We did see some domestic nitrogen production come up oh maybe 10 years ago or so.
• 10:57
  SPEAKER_00: I was at a at a groundbreaking and I was reporting on fertilizers at the time, and it gosh, it just takes an awful long time to get those puppies up off the ground, and it takes a ton of money.
• 11:08
  SPEAKER_00: Some expansions have taken place.
• 11:10
  SPEAKER_00: But if we're talking, well, why don't we just make more domestically here?
• 11:14
  SPEAKER_00: It's really not that simple.
• 11:16
  SPEAKER_00: It's a it's a long process, and the regulatory stuff is a nightmare on all of that.
• 11:21
  SPEAKER_00: Let's go to phosphates, which have been overpriced for a good couple of years now.
• 11:26
  SPEAKER_00: Actually, well, it won't show here, but compared to anhydrous ammonia, it's it's kind of beginning to even out.
• 11:33
  SPEAKER_00: I've got DAP diamonium phosphate at$880 per short ton.
• 11:39
  SPEAKER_00: That's up from last year at this time, which was right at$775 for a 13.7% increase year on year.
• 11:47
  SPEAKER_00: MAP at$912.50 per short ton.
• 11:52
  SPEAKER_00: Compares to$809.67 last year, 12.7% higher on the year.
• 11:57
  SPEAKER_00: And gentle Podash at$494.98.
• 12:00
  SPEAKER_00: Thank you, Podash.
• 12:01
  SPEAKER_00: $468.70 was the year-ago price.
• 12:04
  SPEAKER_00: We're up 5.6% on the year.
• 12:06
  SPEAKER_00: Jim Wiesmeyer sent this out, and maybe you heard about this.
• 12:09
  SPEAKER_00: President Donald Trump declared an emergency over the availability of phosphate fertilizer and authorized the temporary duty-free importation of certain phosphate fertilizer from Morocco, a move the White House says is aimed at protecting U.S.
• 12:23
  SPEAKER_00: food production, easing input supply risks, and supporting American farmers.
• 12:27
  SPEAKER_00: Ahead of next spring's planting season, the action temporarily suspends certain anti-dumping and countervailing duties as well as estimated duty deposits where applicable on phosphate fertilizer from the Kingdom of Morocco for up to eight months or until the emergency is terminated, whichever should happen to come first.
• 12:46
  SPEAKER_00: This is why before nitrogen products really took off to the upside, we already saw phosphates going higher.
• 12:54
  SPEAKER_00: It's because of duties on Russia and Morocco.
• 12:57
  SPEAKER_00: This is, gosh, I don't know.
• 13:00
  SPEAKER_00: I I want to say it might even have been pre-COVID that at least the rumblings started toward toward that direction.
• 13:07
  SPEAKER_00: And so that's added some extra expense.
• 13:09
  SPEAKER_00: Also keep in mind, phosphate has to be mined.
• 13:12
  SPEAKER_00: It's a mineral that has to come out of the ground.
• 13:14
  SPEAKER_00: There are finite resources.
• 13:15
  SPEAKER_00: And so when things get tight, you can't just you know sort of pull it out of the air or or or bring in more nat gas and and make more.
• 13:24
  SPEAKER_00: It's it you got to start with the rocks.
• 13:26
  SPEAKER_00: And so we're seeing the price response there.
• 13:29
  SPEAKER_00: If we compare one-to-one anhydrous ammonia with DAP, the way we did to UN 28% and urea and all those, if we do that same math on DAP, we're just slightly overpriced on DAP compared to NH3.
• 13:44
  SPEAKER_00: MAP a little bit more so.
• 13:46
  SPEAKER_00: So if I've got anhydrous at 1071, that calcs out to 1131.50 on MAP.
• 13:53
  SPEAKER_00: So you can see MAP is is overpriced just more, a little bit more than DAP is compared to anhydrous ammonia.
• 14:02
  SPEAKER_00: And that sort of brings us to our retail price index.
• 14:05
  SPEAKER_00: One of the reasons why I monkey with the numbers like that and math them all out is so I can get one big number that I call my retail fertilizer price index.
• 14:16
  SPEAKER_00: And currently, that it's a basket of everything.
• 14:19
  SPEAKER_00: It's a number, it's not a number in dollars.
• 14:22
  SPEAKER_00: It's just a way for us to measure against one acre of expected new crop revenue.
• 14:27
  SPEAKER_00: And in an ideal world, we would see expected new crop revenue bringing in more.
• 14:32
  SPEAKER_00: We'd like to see expected new crop revenue higher than our fertilizer price index.
• 14:38
  SPEAKER_00: And uh, as you can see on the chart there, it there's there's quite a wide gap.
• 14:43
  SPEAKER_00: I've got new corn revenue that's based on the December 26th contract.
• 14:47
  SPEAKER_00: New corn revenue, quite the discount to the fertilizer price index.
• 14:51
  SPEAKER_00: Those numbers look a little something like this.
• 14:53
  SPEAKER_00: The retail fertilizer price index is at 1087.
• 14:57
  SPEAKER_00: That's 1,087.51.
• 15:00
  SPEAKER_00: That's up from last year, almost 20%.
• 15:03
  SPEAKER_00: Meanwhile, expected new crop revenue at the time these prices were collected was$748.80 per acre.
• 15:10
  SPEAKER_00: That's actually down from last year.
• 15:13
  SPEAKER_00: I'm sure you you've observed the pressure.
• 15:15
  SPEAKER_00: Down 5.5%, roughly.
• 15:18
  SPEAKER_00: So it's a little tricky.
• 15:21
  SPEAKER_00: Based on yesterday's close, it's a little bit better.
• 15:23
  SPEAKER_00: We're at 1087.51 on the fertilizer compared to 776.
• 15:27
  SPEAKER_00: So we get another 30-ish bucks per acre if we use yesterday's close.
• 15:32
  SPEAKER_00: So we've seen some strength in corn narrow that gap just a little bit, but not a whole lot and not nearly enough dug on it.
• 15:40
  SPEAKER_00: Let's talk about liquid propane.
• 15:47
  SPEAKER_00: Up 2.06%.
• 15:51
  SPEAKER_00: And farm diesel, a dollar higher than it was a year ago.
• 15:55
  SPEAKER_00: $3.75 in Iowa and Illinois compared to last year at$2.75, an increase of$36.36.
• 16:04
  SPEAKER_00: But look at this chart.
• 16:06
  SPEAKER_00: Whoa, Nelly.
• 16:07
  SPEAKER_00: Our previous reading was clear up here, almost getting up to$5 a gallon.
• 16:13
  SPEAKER_00: And we have seen some price decreases.
• 16:17
  SPEAKER_00: Fortunately, now the Iran situation absolutely has quite a bit to do with that.
• 16:23
  SPEAKER_00: I had a chart here.
• 16:24
  SPEAKER_00: If I can, there we go.
• 16:25
  SPEAKER_00: I've got so many windows open right now.
• 16:27
  SPEAKER_00: It's crazy.
• 16:28
  SPEAKER_00: According to the energy stocks, the EIA energy stocks report, here it is.
• 16:33
  SPEAKER_00: Our distillate inventory was down in the most recent report week and down pretty hard too.
• 16:39
  SPEAKER_00: Gasoline inventory down as well into the negatives.
• 16:42
  SPEAKER_00: Crude oil inventory up almost 3,000 barrels, but it's it's not enough.
• 16:49
  SPEAKER_00: And the distillate inventory, which is diesel, if you probably know that, but the distillate inventory needs to be much, much higher than that in order for prices to come down.
• 16:59
  SPEAKER_00: So what are we saying here?
• 17:01
  SPEAKER_00: This is a this is just sort of a broad view of the retail fertilizer price space here.
• 17:08
  SPEAKER_00: I'm not going to tell you that it's going to come down.
• 17:10
  SPEAKER_00: And in fact, the cynical view would say once prices go up, it's really, really difficult to get them to come back down.
• 17:18
  SPEAKER_00: We've got natural gas prices over in Europe impacting nitrogen.
• 17:22
  SPEAKER_00: We've got that whole Moroccan countervailing duties thing.
• 17:26
  SPEAKER_00: We've got, you know, weirdness with Russia.
• 17:28
  SPEAKER_00: We've got uh impacting the phosphates.
• 17:30
  SPEAKER_00: We've got weirdness with the Strait of Hormuz, just trying to get stuff around there and get it to us.
• 17:37
  SPEAKER_00: We've got competition with Brazil.
• 17:39
  SPEAKER_00: We've got competition with there's a host of factors that go into these high fertilizer prices, and that doesn't make it any easier.
• 17:47
  SPEAKER_00: I'm just hoping to give you some sort of basis to begin to make decisions for fall on.
• 17:54
  SPEAKER_00: Not advice, certainly.
• 17:55
  SPEAKER_00: I don't know, honestly, I don't know what to tell you, other than these are the prices here, anhydris at 1071.35 right now per short ton in the Midwest, according to USDA.
• 18:06
  SPEAKER_00: Phosphates are probably of most interest to you at the fall, although I know if the window is open, anhydris is going to go down as much as possible.
• 18:14
  SPEAKER_00: We'll check in with these fertilizer prices from time to time right here on AgSquawk.
• 18:19
  SPEAKER_00: I'm happy to do it.
• 18:21
  SPEAKER_00: I I started working on fertilizer back in gosh, it was 2012, June of 2012.
• 18:29
  SPEAKER_00: Boy, that's almost exactly 14 years ago, right?
• 18:33
  SPEAKER_00: I think that let me use my toes and my fingers.
• 18:36
  SPEAKER_00: Yeah, yeah.
• 18:37
  SPEAKER_00: And I've been tracing the retail prices, and I did find that there was there was a cycle seeming to emerge.
• 18:44
  SPEAKER_00: I mean, I the echoes of 2008 and the price spikes and all the nuttiness that went on there are still in the market to today.
• 18:52
  SPEAKER_00: We saw prices as low as, you know, in hydra's five five hundred bucks a ton for a while there in the mid-2010s and so, but pretty soon she humped right back up to where we are today.
• 19:04
  SPEAKER_00: I am hoping that what I was able to observe over that roughly 10-year period is a cycle and that fertilizer prices have hopefully, perhaps, I'm not guaranteeing this, I would love it.
• 19:17
  SPEAKER_00: If in the perfect world we were at the top of a fertilizer price cycle, headed for better days ahead.
• 19:23
  SPEAKER_00: Let's all let's all hope and pray for for that.
• 19:27
  SPEAKER_00: And with that, let's talk about the weather.
• 19:29
  SPEAKER_00: The National Weather Service is calling for severe thunderstorms and showers to pose a risk for excessive rain, localized flash flooding, strong gusts, and or large hail across portions of the northern and central plains, the lower Missouri to lower Ohio valleys, and across the mid-Atlantic this afternoon and evening.
• 19:48
  SPEAKER_00: Extreme heat still going on over the desert southwest and the southeastern United States.
• 19:55
  SPEAKER_00: All right.
• 19:56
  SPEAKER_00: I hope you're ready now.
• 19:58
  SPEAKER_00: After all of that, that was a lot.
• 20:00
  SPEAKER_00: Let's take a you know what?
• 20:01
  SPEAKER_00: Let's just take a take a second.
• 20:03
  SPEAKER_00: Just take a second.
• 20:04
  SPEAKER_00: Here, listen to this.
• 20:11
  SPEAKER_00: Now on to some items of mild interest, and then I'll cut you loose.
• 20:15
  SPEAKER_00: In 1795, James Swan.
• 20:18
  SPEAKER_00: Get this.
• 20:19
  SPEAKER_00: James Swan pays off the$2,024,899 U.S.
• 20:25
  SPEAKER_00: national debt.
• 20:26
  SPEAKER_00: Some guy just showed up and wrote a check, apparently, clear the U.S.
• 20:29
  SPEAKER_00: debt.
• 20:30
  SPEAKER_00: Wouldn't that be something?
• 20:31
  SPEAKER_00: Wouldn't that be something?
• 20:33
  SPEAKER_00: 1893 surgeon Daniel Hale Williams performs the first successful open heart surgery when he repairs the torn pericardium of a knife wound on James Cornish, his patient, without the use of penicillin or blood transfusion.
• 20:48
  SPEAKER_00: I was watching on Netflix there's a show about President Garfield.
• 20:51
  SPEAKER_00: I I would recommend it.
• 20:53
  SPEAKER_00: Maybe not the kind of thing you'd want to watch in front of the kids.
• 20:55
  SPEAKER_00: It gets a little sketchy in there, but according to the the history that they present there, Garfield would have lived if they hadn't started digging without proper uh properly cleaning their tools first.
• 21:07
  SPEAKER_00: He died of the infection.
• 21:08
  SPEAKER_00: The bullet wouldn't have killed him.
• 21:11
  SPEAKER_00: Check it out.
• 21:12
  SPEAKER_00: It's worth a look.
• 21:13
  SPEAKER_00: 1944.
• 21:14
  SPEAKER_00: World War II.
• 21:14
  SPEAKER_00: U.S.
• 21:15
  SPEAKER_00: troops secure Saipan as Japan falls.
• 21:18
  SPEAKER_00: Shout out to my granddad, G.R.
• 21:19
  SPEAKER_00: Michelson, United States Marine Corps.
• 21:22
  SPEAKER_00: He was over there in uh in Saipan defending our freedoms.
• 21:25
  SPEAKER_00: And finally, in 1981, on this day, July 9, Nintendo releases the arcade game Donkey Kong, created by Shigeru Mayamoto in Japan.
• 21:37
  SPEAKER_00: And it finally made it to the U.S.
• 21:40
  SPEAKER_00: by July 31st.
• 21:42
  SPEAKER_00: Donkey Kong, everybody.
• 21:43
  SPEAKER_00: That makes me think of Pizza Hut with the red cups.
• 21:46
  SPEAKER_00: It makes me think of, you know, begging my parents for quarters over a godfather's because, you know, a kid doesn't have any quarters.
• 21:52
  SPEAKER_00: Why would I have quarters?
• 21:53
  SPEAKER_00: How would I even get them?
• 21:55
  SPEAKER_00: Donkey Kong came out this day.
• 21:57
  SPEAKER_00: Well, thanks for uh thanks for being along today.
• 22:00
  SPEAKER_00: Uh send me your thoughts.
• 22:01
  SPEAKER_00: Davis M at nezvik.com, Davis M at N-E-S-V-I-C-K dot com.
• 22:07
  SPEAKER_00: If there's somebody you would like for me to talk to, or you know, you'd you'd just like to you'd like to send me an email.
• 22:13
  SPEAKER_00: I would love that.
• 22:14
  SPEAKER_00: I I uh I'd I'd love to hear from you.
• 22:17
  SPEAKER_00: Uh let me direct you to agbol.com, of course, where you can dig deeper with AgBull Intel 855737 Farm.
• 22:25
  SPEAKER_00: 855737 Farm.
• 22:28
  SPEAKER_00: Take the markets by the horns with Agbol.com premium content.
• 22:32
  SPEAKER_00: We'll send you as much or as little as you like, but seriously, it's definitely worth a look there.
• 22:38
  SPEAKER_00: And uh you can get specifics of what happened each and every single day, plus unique content like uh David Whidmore.
• 22:45
  SPEAKER_00: You got Paul Nefer is gonna be popping up there real soon.
• 22:48
  SPEAKER_00: Jed Sidwell will be back first thing in the morning to get you set up with a taste of that Ag Bowl Intel tomorrow afternoon.
• 22:55
  SPEAKER_00: I've got Jim Weesmeyer.
• 22:56
  SPEAKER_00: We're gonna go lightning round and bullet point his thoughts on what's going on in policy ahead of his own podcast this this weekend with he and Tommy.
• 23:06
  SPEAKER_00: So thank you so much for being here for all of us at AgSquawk.
• 23:10
  SPEAKER_00: We'll see you tomorrow afternoon, everybody.