Jun 26 | Commodity Week

Todd Gleason: 00:00

This is the June 26 edition of Commodity Week.

announcer: 00:10

Todd Gleason's services are made available to WILL by University of Illinois Extension.

Todd Gleason: 00:15

Well, welcome to Commodity Week. I am Todd Gleason. Our panelists for the day include Naomi Bloem. She's at totalfarmmarketing.com out of West Bend, Wisconsin. And Jim McCormick from agmarket.net.

Todd Gleason: 00:27

He is in Barrington, Illinois. Let's begin by getting a list of items that we should discuss for the day. Naomi, I'll start with you. What's on your list?

Noami Blohm: 00:37

Well, just wanting to get, farmers to be ready for Monday's quarterly stocks report and planted acres report in case there's any surprises that come from that. So we just need to have some strategies ready going into that.

Todd Gleason: 00:51

And Jim McCormick, what have you been watching and what's on your list?

Jim McCormick: 00:55

Well, I think Naomi nailed it. The big thing we gotta look at is this quarterly stocks and acreage number on Monday, but also we might want to talk about what happens after that. You've got a few days later, Todd, we got the holiday three day weekend. We come out of that three day weekend. Then we have the end of the President Trump's ninety day pause of the tariffs that come due on July 9.

Jim McCormick: 01:15

We'll see if we have any new trade deals done, and then of course, a couple days later, we have the July WASI report. So just a lot of data coming at us over the next two weeks.

Todd Gleason: 01:24

I had forgotten about the ninety day pause. Well, I hadn't forgotten. I just hadn't realized it was quite that quick. I was thinking it was more like OG one, but July 9 is the date we'll have to talk about. Thank you for that quick update.

Todd Gleason: 01:37

I do, and, Naomi, wanna turn to you real quick, as it's related to the markets today, and Jim as well for this week. What's the possibility that we might might be able to put in a spike low based on old crop movement, and it's just simply flushing the marketplace out for corn at this time.

Noami Blohm: 02:01

Right. So looking at the July and September corn contracts, we are so close to that $4 value, so that's both technical and psychological support. And for Pete's sake, we're still looking at just historically significantly tight carryout at 1,300,000,000 bushels. So we'll see if we have any friendly news on the quarterly stocks report come Monday that might allow for a nice price recovery bounce. It'll also be first notice, say, for July grains, so sometimes that in and of itself can also add some price volatility and market movement.

Noami Blohm: 02:33

And then like Jim was saying, going into fourth of July week and weekend, now seasonally, traditionally, and I know seasonals haven't been working that great so far this spring, but usually there's some kind of a bounce during fourth of July week, and then that is oftentimes an opportunity to do some catch up sales. So we'll see if that can present itself, and then at at that time, see if the $4 value area holds for both the July and September corn contracts.

Todd Gleason: 02:59

Now, Jim, I know your stable mate there in Barrington, Brian Split, does a lot of work on the charts. I suspect you talk to him pretty regularly. What's he been telling you?

Jim McCormick: 03:09

Well, we're looking at plain and simple, Todd. If you look the continuous weekly corn chart, there was a gap that we left last fall roughly between $3.95 and a quarter, and then we kind of back filled it to roughly $3.99 That's when the September contract went off the board from being front month when it expired and the December corn became the front month and left the gap due to the carry. So that is kind of maybe a technical objective to go down and fill like Naomi said, we're very close to it. So I could see us go down and fill it and then we'll see what happens on this report. It's been a very interesting situation.

Jim McCormick: 03:45

You got a carry out right now projected at $13.65 a year ago this time, Todd, we are projecting the old crop carry out around 2,000,000,000. Right now we're projecting the new crop carry out of $17.50, a year ago is closer to 2,000,000,000. So the prices are really depressed. We've got this number coming out tomorrow on Monday on the stocks. And the fact of the matter is the trade has absolutely zero clue of what their government's going to say.

Jim McCormick: 04:09

And what I mean by that is eight out of the last eleven years, the trade, the government's number came in over a 100,000,000 higher than what the trade was thinking or a 100,000,000 lower. It's kind of equally divided with the average being about a 150,000,000 bushels. So we have the opportunity for maybe a boy surprise. The market has definitely washed a lot of people out. There's no doubt about it talking to our clients.

Jim McCormick: 04:33

Unfortunately, there were farmers who were selling cash grain this week simply because they needed to generate cash flow at the end of the month and at the end of the quarter as well. So I think that was part of the weakness we saw this week.

Todd Gleason: 04:44

So Jim, I just want to make sure that I understand what the chart looks like and what you think or what the possibility is. So you're suggesting that in the best scenario case, you would fill the gap so that it's done sometime yet this week, meaning we'd have to still go lower tomorrow or before the report is released on Monday and hopefully see a report that would be friendly to bullish to bounce this marketplace back up.

Jim McCormick: 05:11

Yes. And you, Todd, you could actually see it during the report because remember, you're actually getting two different reports. You're gonna get the stocks report and you're also gonna get the acreage report. And the hard part about this is you could get one being a bullish report, one being a bearish report. You don't know which way the analogs, computer systems are gonna trade it.

Jim McCormick: 05:28

And we've seen one of these reports where the market will, the initial reaction may be down on a per se, maybe more corn acres and what the average trade guest says. And then the next instantaneous, the trade trades, the stock number, which may be a little bit more bullish and what the trade is they can. And then you may actually go down, fill the gap and then close stronger. So you just don't know which number is going to take precedent and which number they may trade first, unfortunately, and you're just, you're kind of along for the ride.

Todd Gleason: 05:54

Naomi, can you talk a little about these reports and what you at Total Farm Marketing have been thinking as it's related and maybe start with the grain stocks and then move into the acreage report for me?

Noami Blohm: 06:06

Yeah, so looking at grain stocks, you know, thinking that we're going to definitely see a tighter number on corn than year ago levels, which should be supported in and of itself. Not really looking for a lot of changes from a year ago in terms of that soybean number, but to Jim's point, the quarterly stocks report sometimes can be almost as much, if not more of a market mover than the acreage report, because that's where the little surprise nuggets can be in the marketplace. So you really want to make sure we're looking at those numbers closely. And then when you look at the acreage information, traders have a tendency and market has a tendency that the soybean acreage number, sometimes what is released comes out to be just a little smaller than the trade estimate and the corn number has a tendency to be a little higher. But I'm curious this year because on the March report we already had that bigger surprise announcement of a million more acres than what trade was anticipating at that time.

Noami Blohm: 07:02

And so now we're of course wondering, were there any last minute movement on acres? I think we're all definitely in agreement that corn acres are much, much higher than soybeans. That's not anything that's going be in question. But is it just going be small adjustments or is there going to be any surprise bigger adjustment out there? So I think with this report, the bigger factor is going to be looking at the quarterly stocks because that just sets the demand tone yet heading now into the next quarter.

Todd Gleason: 07:31

So it will set the tone at least usually it's a three month tone, but this will set the tone until we get to the August USDA crop production report likely, unless there's something in the WASDE or, you know, as Jim, suggested, there might be something on July 9 before the WASDE is released. Do you have anything to add actually on the acreage before we move to that July 9 date and what, the surprises that could come there might mean?

Jim McCormick: 07:59

Well, I think on the acreage, I think it's gonna be relevant. I mean, the average trade guess is roughly 95.35 versus the March intentions 95.326. So it's very limited. I think, we're looking for a little bit more acres, plain and simple. We thought we probably lost some acres in Southern Illinois and Indiana potentially in the corn due to the wet spring, but Northern Illinois, where I'm at parts of Iowa, they got in pretty quick and our climax and the seed industry said they suggest that maybe we planted a few more acres.

Jim McCormick: 08:28

But like Naomi said, I think the surprise, if there's going to be one, it's gonna be in the stocks. As for the trade deal, Todd, it's gonna be interesting to see. I mean, the Trump administration has said, they've got a lot of deals ready to announce, but if you look at kind of the rhetoric coming out Twitter and some of the newspapers, what they're saying, they're still negotiating. Like just this afternoon, The US had released its version of its Con proposal to the EU. And Japan came back last night and said they were upset about a 25% tariff on all cars coming into The United States.

Jim McCormick: 09:08

And then the other problem we've got Todd with this is these are the reciprocal tariffs that President Trump's talking about. They could cut that deal but a lot of these countries are very hesitant because there's another process going on right now where on a sidebar, the Trump presidency could come in here and say on a separate deal besides the reciprocal, we're gonna slap additional tariffs on steel or minerals or some other reason for an economic agenda. So we'll see if they can actually get a deal done and what that means when it's all said and done. I think if they do get deals, it's gonna be a flurry at the last moment. And then we'll see where we're at.

Jim McCormick: 09:50

I mean, my guess is when it's all said and done, they're gonna try to nail everybody with a minimum of 10% tariff on everything coming in. If you look back six months ago in the Senate Budget Committee, they were actually budgeting for a 10% tariff on all goods coming across the border, plain and simple as a way to finance the tax cut. The question is, is it going to be 10% in my mind, or is it going be 20 or 30%? And then how does that affect, you know, the overall growth of the economy?

Todd Gleason: 10:17

There were other things that were happening in Washington DC, Naomi, over the last couple of weeks. We have talked about them, but there has been some time and they have settled out at least in the marketplace, particularly the RVO or the renewable volumes. And I'm wondering what that means to the soybean market over over the next, let's go three, four months, and then after January 1, because it feels like that's the division time, and does it make much of a difference in those first few months, of the marketing year that is, so once we get into the new crop marketing year?

Noami Blohm: 10:53

Yeah. So the the news, of course, was welcomed that we received a few weeks ago, and that's what provided the soybean market to have that lift higher. For nearby contracts and for the remainder of this year, there weren't a lot of dramatic revisions. It was very supportive, though, for demand for 2026 and 2027, and so we're going to see that on the January balance sheet. We should see strong demand for the biofuels on that January report.

Noami Blohm: 11:20

But between now and then, what that has done, it allows the administration to have some flexibility from the stand point of they can say, hey, we have this new domestic demand for farmers just in case we can't get these trade deals a little bit more solidified with China if we do lose some demand on exports to China because they are purchasing 70% of their soybeans from Brazil. And of course, not a secret, we've lost market share over the years. But if we can't get any further deals done with China, this additional biofuels demand helps to offset some potential export loss. So that's where the demand sheet is going to be shifting and maneuvering as we head into the ending part of 2025 and approach the new year next year. And by then, we'll know how much China has bought of us or not.

Noami Blohm: 12:13

China, I think they're going to show up to the table when? August, right? When we're getting ready for our harvest lows, and usually soybean prices are a little bit cheaper. And I'm sure they're keeping an eye on our weather here in The United States this summer just to get a feel for if we'll have a big crop or not, and that could be part of their waiting and watching for their negotiating as well. So friendly news without a doubt with biofuels, Let's just keep it going, and hopefully we get some trade deals done sooner than later.

Todd Gleason: 12:45

On that note, I'll come back to you, Jim, because I do wanna talk about China and the potential trade deals there. That nation has been looking to Brazil for more of its soybeans, particularly during the season. It however, it's also been for its imports, is, but it's also not been buying as many soybeans kind of across the board, and it's been pushing its production, and changing the way its hog herd is using bean meal and the protein additives. What does it all mean to you about how much it will show up on the world stage?

Jim McCormick: 13:24

Well, think what it's showing you in the world stage in the overarching long term is we've got to find a different use. We're producing beans, we've to find a different use of beans as opposed to selling to China. I mean, the fact of the matter is China is investing billions upon billions of dollars into South America. They just opened that new port here was it in Chile, just a few months ago. The next part of the phase of that deal is going to be putting rail lines from Brazil to that port.

Jim McCormick: 13:53

They didn't spend that money to build a port just to not use it. So, the reality is we've been losing market share for the last twenty years. It's probably going to continue to lose Todd. That is why this renewable is so important for American agriculture, because if we're going to continue to use shares and then on top of it, like you said, China's trying to figure out a way to use less meal for hogs. And then on top of that, they are starting to use more and more GMO technology and essentially we'll start bringing in their national yields for beans and corn, the closer maybe The US is at.

Jim McCormick: 14:26

We've got, like I said, we've got an excess supply potentially building over the next five, ten years. Renewables, I believe, are going to be the source to, you know, consume those, not just the beans, but also the corn.

Todd Gleason: 14:37

So we'll be watching that closely. I will stay with you for just a moment, Jim, and turn your attention back to corn as it's related to Brazil. There are some new consultancy numbers out of Brazil this week that jumped the size of that crop in an extraordinary way. That had to put pressure on the market as well. How will USDA be looking in that going into that WASDE in July and what it means to the marketplace?

Jim McCormick: 15:06

Well, it was a monster upward revision compared to what the USDA had in June, compared to what most of the other analysts down in Brazil saying, is that accurate? Time will tell if USDA is history is any indication, Todd, they will not jump to that number at all. They will keep it up. And there's a very good chance that essentially we're going to agree to disagree to the size of the South American crop compared to what their people are saying and what we're saying. Because if you look historically, they tend not to matter, to match always, but plain and simple, when you look at the corn market, it absolutely weakened this week.

Jim McCormick: 15:40

There's no doubt about it. Part of it was the good weather we're getting here in The United States. Part of it was definitely farmer liquidating some positions and there's no doubt about it. That Brazilian crop definitely put pressure on the market because it is more competition for, you know, on the world market.

Todd Gleason: 15:56

Now let's deal with new crop corn sales, those bushels that must go across the scale, particularly those that the producer has not yet priced. How, Naomi, have you been thinking about this, as it's related to the fall and the harvest season and getting producers in a position where they might be able to do better than what will be available, or likely to be available based on futures prices right now as they harvest.

Noami Blohm: 16:29

Yeah. So looking at the December corn chart and the December seasonal, what did come to fruition was this little mini head and shoulders formation on the daily December corn chart, along with the December corn seasonal that after June 20, prices have a tendency to tip over lower. So that's exactly what happened. We had encouraged producers to look at potentially buying some puts, either short dated puts or just regular traditional puts, to protect in case that price moved lower in the shorter term, because we still have a lot of summer weather to get through, and there could be some sort of a bounce higher down the road, but the tricky part is that right now we still have maybe potentially, to Jim's earlier comment, corn might go just a little lower before we have the chance of a recovery bounce. Now, the July there is a strong tendency, last year it didn't happen, but there is that strong tendency of a price recovery bounce in the July 4 week.

Noami Blohm: 17:28

And so, if that should occur, that would be a good place for producers to potentially make some sales for what they know that they're going to have to sell at harvest right off the combine. A recovery bounce would take us back up to $4.35 on the December board, and that might be as good as it gets for the short term, barring any other surprises from the quarterly stocks. The other tricky thing to navigate is that the funds right now are short probably closer to 200,000 contracts in corn. And a year ago and in 2020, when they decided to be bullies and just sell this market off throughout the summer timeframe, they got to as much as almost 350,000 contracts short by early August, and prices then went below that $4 value. So I think we have to have a little bit of a defensive mindset yet and hope for something friendly on Monday to give us that recovery bounce, but I just know if we're gonna get anything that's over the top bullish that's gonna just really take out that $4.50 major overhead resistance, but we could maybe get that recovery bounce back up to $4.35.

Todd Gleason: 18:36

Jim, if you look at the charts, this year compared to last year, we are, where we were last year about a month earlier than we were last year, maybe a month and a half, depending on whether you're looking at nearby or or new crop. How do you view this marketplace and how much lower it could go?

Jim McCormick: 18:57

Well, I mean, that's going to kind of depend on what we get the next two weeks, whether it kind of depends on how this quarterly stock report comes in. If it comes in bullish, it might limit the downside. If it comes in bearish and let's say we find 200,000,000 bushels of corn, then I think you could see it extend maybe as low as $3.75 into the fall. The thing I'm looking at Todd though, in the long run, like when we said, I think hopefully we can get a bounce, that bounce probably needs to be sold. But in the ultra long run, I think you're gonna put in a low early like last year.

Jim McCormick: 19:33

And I think we have a shot at having a weird two years in a row kind of receiving into the fall. And the reason why I say that is a vast majority of the producers are massively under pressure right now. The price of grain, both corn and beans is below the breakevens. The banks we are talking to are hearing phone calls from clients like they haven't heard in the last ten years about refinancing, trying to get ahead of the curve, very nervous about it. So when I look at what's going to happen, no matter what the size of this crop is, if we do not get a rally, the fact of the matter is we're probably going to lose a lot of acres in 2026.

Jim McCormick: 20:05

You're probably looking at closer to 90,000,000 acres of corn, maybe even a little bit less, which then means we're going to have to really big yield just to meet that roughly 15,000,000,000 bushel demand we're using year in year out roughly. So I think if you're the Mexican buyers, they're going to be just like we were this past year and be very aggressive buying to put this low end because plain and simple, we don't get that rally. The farmers don't have the money to plant 95,000,000 acres of corn next year. They cut it back to 90. It puts us in a very tight balance sheet.

Jim McCormick: 20:35

If I know that as an end user, just like Naomi said about the Chinese buying the beans, I think they'll be coming in and buying the corn. So I think we will put in a really low end, but near term, if you're stressing about what to do, options, plus where at least to put the floor in, but gives you an opportunity to, in case we do get a surprise. We may get a really, who knows, Todd? Maybe president Trump cuts a really good deal with the Chinese on Thursday next week or in two weeks, and China commits to buy a lot of U. Agriculture.

Jim McCormick: 21:02

We have no clue.

Todd Gleason: 21:04

So for both of you and Naomi, I guess I'll have you answer first based on Jim's response there, relating to buying time, with, refinancing, in their loans. Is that something you think they ought to do at this time, or is there another way to set about making that happen in the marketplace?

Noami Blohm: 21:29

Well, I would say to always just be aware of the options in front of you and to just be thinking ahead of what could be or could not be. My fear would be that we go into a trough of low prices like we saw from 2014 to 2019 if we end up having big crops here or if South America next winter has a big crop. So, there's always that risk in agriculture. Jim's point is just to stay on top of it, be on your toes, think about what's available out there to you. I know that it's tight in the countryside, and there's maybe more hope that, yes, we get a trade deal done or we get a next round of Trump bucks to come in and save the farmers.

Noami Blohm: 22:23

But at the end of the day, you have to not only wear your farmer producer hat, but you have to wear your business hat. So do be mindful of any opportunities that may be out there in the lending community. Of course, be on top of the marketplace as well.

Todd Gleason: 22:38

Not yet, Jim. A lot of talk about an MFP style payment for this coming year. And then, within the big beautiful bill, there's still a lot of debate about it itself. It would have an impact on the marketplace or things that are related to, SEO, ECO, and some conservation functions. However, most of that has to do with snap.

Todd Gleason: 23:03

So as producers look forward, I was thinking about when they have these discussions with their bankers. Their bankers are probably going to say, you know, you've got your crop insurance coverage until you get to the end of month of October. And at that point, the banker may be wanting them, particularly if there's going to be a crop insurance payment, to go ahead and make a sale to fill out the cash market, cash that they need to have available. How might you think about that as it's related to helping them get a higher price later on?

Jim McCormick: 23:39

Well, it's a situation kind of like you said, it depends when they're forced to. I mean, you know, if you you know, a lot of people, it kind of depends where their yields are going to be. You know, I would say like right now, if you can get the rally, dead cap bounce, fourth of July rally, stocks rally, you hedge it by puts, look for it to go down. If it goes deep enough into it, just like we did last year, maybe in early August, early September low, and it's looking like we're gonna bottom out, the Chinese are coming in, then you might actually come in here and actually use options or futures as a way to essentially lock in your insurance. Because the biggest game we're gonna be looking at if prices do break hard into a lot of part of summer, we put an early fall low and you may have an insurance indemnity payment, but based on the insurance being paid out based on the average price of October, it may be a situation you've actually got to come into the marketplace to buy futures or buy calls as a way to, in essence, defend, you know, of giving back that indemnity that market has given you due to potentially an early fall low.

Todd Gleason: 24:38

All right. So what else have we been thinking about? And Naomi, I'll I'll let you take off at this point. Could be if you are a purchaser of these commodity markets, with your livestock producer, are there things that they need to be considering at this time?

Noami Blohm: 24:57

Well, in general, this is just tremendously cheap value, unexpected compared to where the ending stocks are for old crop. And so for end users, when you look at long term charts, anytime corn is in that $4 value area, even when you go back and look at the trough of low prices we had from 2014 to 2019, anytime it was near $4 it would maybe go to $3.75 sometimes 3.5 but it doesn't stay low for too long. So I would really encourage end users to consider using this as an opportunity to get some of their needs booked between now and even potentially to the end of the year because in general the demand is so strong and we still have a lot of weather to get through, so use that as an opportunity to book in these lower values. Talking about livestock, something to be aware of there on the cattle side is that for live cattle and feeder cattle futures, the market has had a really nice correction over the past few weeks, and we're sitting at a point where we're testing the forty day and fifty day moving averages on these charts. In the past four times this has occurred over the past year, it's been a point where the market will sit at these values for about a week, wait to see how cash news trades, and then has so far resumed the uptrend.

Noami Blohm: 26:20

So now the question though this time is, are we going to have the ability on the livestock market for the cattle to resume an uptrend or not? So we're waiting to see how the cash market fares this week, because our holiday demand has been met, and now we're gonna see, if the packers have any need to do any aggressive buying in the short term here. So keep an eye on the cattle market, the cattle futures, and watching cash inventory week.

Todd Gleason: 26:49

Anything else to add, Jim, on the livestock side or other end users?

Jim McCormick: 26:54

Well, the only thing I would say is, like, she went over the market great. I would just, you know, I'm just gonna default to if you can protect profits, you need to do it. I mean, plain and simple, everything looks bullish to its bearish. There is a lot of uncertainty on these Trump trade deals. There's a lot of uncertainty what it's the impact it's going to have on the economy.

Jim McCormick: 27:14

And the one thing I always like to point out to people in the beef market, I find kind of interesting is if you watch TV right now, what's McDonald's promoting? They're not promoting hamburger, they're promoting chicken. A couple of weeks ago, I was watching one of the basketball NBA finals games and I was noticing what was Taco Bell promoting? Chicken nuggets, not tacos, but chicken nuggets. This industry is obviously trying to get people to buy the cheaper protein.

Jim McCormick: 27:43

We've always, I've always viewed the cattle market and the supply is incredibly tight. The question is when is this consumer gonna crack? There was a stat that said something like 8075 to 80% of Americans Todd are living paycheck to paycheck. Okay. When you think about that one, three and four people are living paycheck to paycheck.

Jim McCormick: 28:03

This goes back to the tariffs, the tariffs. If you're tariffing everything coming in for the country at a minimum of 10%, which seems to be the baseline that pretty much means anything that's coming into Walmart is gonna cost you 10% more eventually. And it could be even more than that. How is that person who's already living paycheck to paycheck? 75% of the people in our country are doing that.

Jim McCormick: 28:23

Going to be able to take that essentially 10% tax. They're not, they're going to have to cut spending somewhere and it tends to be the beef market. And then one other thing you gotta remember, all payments were frozen under president Trump. They continue to be frozen under president Biden. President Trump has, hey, you gotta start repaying it.

Jim McCormick: 28:43

JPMorgan estimates on the low end, it's $3,000,000,000 coming out of the economy per month. On the high end, it's $6,000,000,000 and that's money that student loan person maybe gone out to eat, did something in the economy, he can no longer has that income to spend to go out to eat. He's got to pay back his loan to the government, which just goes down hopefully to pay off our debt. So you are really contracting the amount of people that are having to be able to afford this high priced beef. So if I'm a beef producer, I'm a pork producer.

Jim McCormick: 29:14

The markets have been on fire. Do not be afraid to lock in those profits.

Todd Gleason: 29:18

Let's get a final word from each of you. Naomi Bloom, I'll turn to you from Total Farm Marketing out of West Bend, Wisconsin. Your final thoughts for the day.

Noami Blohm: 29:28

Well, don't be complacent as producers. I know that pricing on the grain side of things is not overly attractive, but there is some possibility for some volatility next week. And it's gonna just be a four day week with markets closed Friday, so whatever kind of hopefully friendly news we can squeak out of this, or a weather forecast that shifts to hotter and drier might be an opportunity for the grain markets to have a price recovery, in which case we could use that bounce to make some more cash sales or look at protecting unpriced bushels after that. So just be on your toes. Have fun for your fourth of July holiday week, but don't forget to watch the market.

Todd Gleason: 30:08

And Jim McCormick from Barrington, Illinois, managmarket.net.

Jim McCormick: 30:13

I'm gonna piggyback on what Naomi said, but I'm gonna say, you know, don't just watch it, get your orders working. There's gonna be a lot of volatility and the markets move very, very fast and you may get it like, look what happened, you know, you'll get the move maybe in the night market that doesn't happen in the day market. Like I said, we have those stocks report on Monday. We have a three day week in which tends to get volatile. Coming out of the weekend, we have a trade deal.

Jim McCormick: 30:35

You may get leaks in the overnight market about what these trade deals might be. And then lastly, you got that July WASDE report. So hopefully, there's some opportunity. Get the orders work and make that decision where you wanna pull it. Get the order work with your cash elevator.

Jim McCormick: 30:48

Get it with your broker and, you know, enjoy your fourth of July weekend and hope for a few fireworks to the upside.

Todd Gleason: 30:54

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Todd Gleason: 31:32

I'm Extension's Todd Gleason.