Ep. 17 Can Yield Upside Risk Eclipse Price Downside Risk Protection in ECO Crop Insurance?

00;00;07;26 – 00;00;10;03
Riley Smith
But everything that’s going on

00;00;10;05 – 00;00;10;14
Dr. Hunter Biram
Yeah.

00;00;10;16 – 00;00;11;03
Riley Smith

00;00;11;06 – 00;00;12;24
Dr. Hunter Biram
Maybe next year. I’m sure they’ll do it again.

00;00;12;29 – 00;00;13;22
Riley Smith
Yeah.

00;00;13;25 – 00;00;18;05
Riley Smith
Possibly, But anyway, you really get kicked off

00;00;18;07 – 00;00;18;14
Dr. Hunter Biram
Hmm

00;00;18;14 – 00;00;19;19
Dr. Hunter Biram
Let’s do it.

00;00;19;21 – 00;00;49;10
Riley Smith
Yeah, well. Good morning. Good morning. Welcome to another episode of Morning Coffee AG markets. And with your host, Riley Smith. Now, this is a interesting episode because, me and Doctor Biram here on a zoom conference call, with one another doing our recording. So this is a, I guess, another tool in our tool belt. We’ve, haven’t done this yet, but we’re going to give it a try, and, I’m at home.

00;00;49;12 – 00;01;02;25
Riley Smith
Currently been around a few sick folk, and we don’t want to get anybody sick, so we’re, playing it safe and staying at the house, and, I don’t want to get Doctor Biram sick because I believe you’re going on vacation next week, aren’t you?

00;01;02;27 – 00;01;09;07
Dr. Hunter Biram
Yep. So I’m in a big, big five year anniversary, so I definitely don’t want to be, sick and celebrate my anniversary.

00;01;09;09 – 00;01;12;20
Riley Smith
Celebrating the anniversary. So, how long you been married?

00;01;12;23 – 00;01;31;19
Dr. Hunter Biram
Five years. I longer five years. Crazy, man. Five years. And, today, as we’re recording this on October 29th, is, Reed’s first birthday, so our so our baby boy is now one, he’s, as my wife said, he’s he’s a toddler now. He’s not a baby at all. And I’m like, well, okay.

00;01;31;21 – 00;01;34;14
Riley Smith
And but they weren’t toddlers until after two.

00;01;34;16 – 00;01;56;01
Dr. Hunter Biram
I don’t know, all I know is, to her, she, you know, he now has like a year number, and so, like, everything’s changing. So, but yeah, that’s going on today, and, I am very grateful for the technology that we have and for, for for your flexibility and, yeah, I think, I think I think we’re gonna have a good discussion today.

00;01;56;04 – 00;02;25;21
Riley Smith
Yeah, I do too. So with that, we’re, I’m going to roll right on to, to our topic today. So you’re today, you’re talking about, Can yield upside risk, eclipse price, downside risk protection and eco crop insurance. So if you want to, so what what is, first question I have is what is eco and how does it work?

00;02;25;23 – 00;02;47;23
Dr. Hunter Biram
Well, you can call whatever you like, Riley , but I’ll just tell you that stands for eco. So you can think about that as like a PLC or ARC. So it’s not like we’re talking about, economical anything necessarily. Not like Eco Boost on a, on a Ford or, or any kind of other vehicle. This is an eco which stands for enhanced coverage option.

00;02;47;26 – 00;03;15;06
Dr. Hunter Biram
And so at its heart it is a area revenue insurance protection plan. And so what I mean by that is it’s going to, the payments are going to be based on, county yields. So based on those futures prices, like with your traditional crop insurance, like revenue protection, your protection, but, it’s going to the, payments, the indemnities are going to be based on the difference in county yield, from expectation.

00;03;15;09 – 00;03;20;08
Riley Smith
Okay. So it is. And so can you say eco or is it the.

00;03;20;11 – 00;03;21;29
Dr. Hunter Biram
I would I would say eco.

00;03;22;00 – 00;03;27;21
Riley Smith
Eco. So is professional at the I guess the technical terminology is eco.

00;03;27;24 – 00;03;53;06
Dr. Hunter Biram
I would I would say eco. And the thing about eco is there are only two coverage levels for it, and that’s 90,and 95%. So I think that that’s worth mentioning. And what that means is it’s going to be guaranteeing 95% of expected county revenue, not that farm level revenue like might YP and RP, but somebody 95%, 90% and it’s not even going to, cover a complete loss.

00;03;53;09 – 00;04;20;09
Dr. Hunter Biram
So payments only go down to 86% of expected county revenues. So what that means is, you have a coverage band of either 9% or 4%, on the eco plan. Now, most people pair that up with the, SCA. The supplemental coverage option, and it only has one coverage level, 86%. Now, it does not cover a, complete loss either.

00;04;20;12 – 00;04;50;13
Dr. Hunter Biram
It only covers a loss down to the underlying revenue or yield plan. And so you can just kind of see how this is kind of nesting on one another. I mean, you go from ECL down the SCA with an SEO down to your will say in this case, since retirement revenue to your RP plan. So eco can cover 95 or 90 down to 86 SCO can cover 86 down to it could be 85, AB 75, and so on, whatever that, RP coverage level, what are they?

00;04;50;13 – 00;04;58;00
Dr. Hunter Biram
Are we covers it is now RP will cover a complete loss. But those area plans like econ SEO won’t cover a complete loss.

00;04;58;03 – 00;05;19;21
Riley Smith
Okay. So while while we’re on the topic of crop insurance, when do the, sales, closing date? Well, I actually this question for my questions is, why are we talking about crop insurance when the sales closing day is four months away? So would you elaborate on that a little bit?

00;05;19;23 – 00;05;40;06
Dr. Hunter Biram
Yeah. No, I think that that’s a that’s a good point. We’re sitting here October 29th. And, you know, we’ve already made our 2024 crop insurance decision and that 2025 decision is not going to be due for another four months. I think that’s four months. Yeah. November, December, January, February. The sales closing date is February the 28th. Every year.

00;05;40;08 – 00;06;08;04
Dr. Hunter Biram
For YP, RP, ECO, SCO for those plans of insurance. So part of the reason why I’m talking about this now is it’s giving us an idea of if ECO, which provides the it’s got the highest coverage level of those insurance offerings, you know, is eco going to do anything to provide protection because we know that prices have come down, this year.

00;06;08;06 – 00;06;31;08
Dr. Hunter Biram
And so really the big idea here is with this analysis is just to see, okay, prices fell by quite a bit, but we know what the revenue plan of insurance we have used to think about two. So we also know that what there’s record deals that are projected by and large across the US. And so it’s like okay they have these pretty large, price declines.

00;06;31;13 – 00;06;46;15
Dr. Hunter Biram
And we’ve also got this potential for a record crop. So the question really is to what degree or to what extent can a county yield increase? And, farmers still get that price protection. And, that’s what we’ve for 2024. So that’s the big idea today.

00;06;46;17 – 00;06;55;23
Riley Smith
Okay. So you did mention SCO and RP. So how does it how does ECO compare to. So, SCO and RP.

00;06;55;26 – 00;07;19;27
Dr. Hunter Biram
Yeah. So, you know, SCO and ECO are both going to be area products and, RP is going to be what we call individual product or farm level products. So the guarantee for RP is based on the farm level aperture, actual production history. So it’s going to be the product of the APH. And some futures price will be what that guarantee is based on for RP and then for SCO and Eco.

00;07;20;00 – 00;07;56;28
Dr. Hunter Biram
The guarantee is going to be based on a, it’s going to be, or the, the, the indemnities triggers are going to be based on those, county yields. Now, what’s interesting to me, about, ECO in particular and how it relates to RP, is that when you go to calculate liability, which is just the total coverage, like it’s coverage level, times expected revenue, the liability and the premium are actually based on that farm level revenue, which is really interesting to me because ECO is an area product.

00;07;57;00 – 00;08;10;00
Dr. Hunter Biram
But the premium, the liability you’re going to based on some farm level revenue, but the payment is going to be based on what does, you know, what happens to that county yield? Well, whatever’s that county revenue. So that’s to me pretty interesting. That.

00;08;10;04 – 00;08;16;11
Riley Smith
Is this, so RP and SCO are area coverage? Correct.

00;08;16;13 – 00;08;21;02
Dr. Hunter Biram
Our, RP is individual and the, you know, SCO and ECO are the area.

00;08;21;03 – 00;08;43;02
Riley Smith
So the RP revenue protection is on your AP, what are your individual farm And then SCO is eco as well. Is it the area coverage as well. So does that has I guess I have a personal question. How does that tie into the margin protection we was talking about? Yeah, a couple weeks ago.

00;08;43;04 – 00;09;12;13
Dr. Hunter Biram
Yeah. No, really. Good question. So margin protection is also an area plan of insurance. It’s going to be very similar to it in some ways. You can think of it as almost like a hybrid, of the eco SCO and RP, for a couple reasons. The first reason being margin protections, provides that area guarantee like SCO and ECO but it can provide, protection down to a complete loss like RP.

00;09;12;15 – 00;09;34;10
Dr. Hunter Biram
So they are there are a lot of similarities there. But, they are not the same product. But at its heart, margin protection is an area product and so is this, you know, an eco. But I will note that the margin protection sells closing dates past. But if you missed your chance on Margin protection, you know this is your time to start thinking about maybe going to SCO or ECO.

00;09;34;13 – 00;09;42;20
Riley Smith
Okay. Well, good. So my next question is how can eco provide price risk management?

00;09;42;23 – 00;10;14;01
Dr. Hunter Biram
Yeah. You know, this is an area revenue product. And what do we know about revenue? It’s price times yield. And so the way I think about this is if the price if yield remains constant, but price falls, let’s say it falls 6% from what that expectation is. Then technically eco is going to start providing an indemnity because there was a 6% loss in the revenue but largely driven by the price.

00;10;14;03 – 00;10;31;07
Dr. Hunter Biram
So if you have a price decline and yield remains constant, there’s price protection being offered. Now, I’ll say conversely, on the yield side, what if the price remains relatively constant? Well, then the yield needs to come down in order for an diminish to be triggered. And hold on to that thought. So we’re going to revisit that in just a second.

00;10;31;07 – 00;10;41;12
Dr. Hunter Biram
But at its core it’s a revenue product. Price times yield. If yield stays the same but price falls then that’s how you can get, resource management out of that product.

00;10;41;15 – 00;10;51;11
Riley Smith
So that kind of follows into the next question of can you know about the relationship between price and yield risk in regard to eco and indemnities?

00;10;51;13 – 00;11;22;06
Dr. Hunter Biram
Yeah. I mean, I know, you know, you’re an economist, and you’ve had this in class, but, we talk about, the negative price yield correlation, in the US, for crops, especially those that are grown domestically, like corn and soybeans, or is that strong negative price/yield correlation which, in essence, all that means is if we have a lot of crop prices come down, have less crop prices, might not come down as much, or they might even go up in some instances.

00;11;22;09 – 00;11;43;27
Dr. Hunter Biram
Just simple supply and demand dynamics on that one. And, you know, we’ve seen some of that, right? I mean, why we’ve seen these price declines because of these great yields. No other things constant, of course, but I mean, no, no, significant demand drivers that I’ve heard of or, seen. So, you know, really we’re we’re dealing with a lot of supply at the moment.

00;11;43;27 – 00;11;58;11
Dr. Hunter Biram
And so, you know, you’re seeing those prices come down. So it’s all about this game of like, okay, if price comes down, you know, but yield goes up. Do I still get coverage or do those coverages kind of cancel cancel one another out right.

00;11;58;14 – 00;12;11;19
Riley Smith
All right. So with that following up, so what are some main takeaways from your analysis? ECO and what’s going on.

00;12;11;21 – 00;12;44;14
Dr. Hunter Biram
Yeah. So what you know, once you check this out in the newsletter, you know, I’ve got four maps. And, what these maps are showing is the percentage that yield can change, at the county level. And ECO and indemnities can still, trigger and they can be large enough to actually cover the producer premium. And so the question, you know, that we initially started this conversation with is can yield upside risk, eclipsed price, downside risk protection in eco crop insurance.

00;12;44;14 – 00;13;06;09
Dr. Hunter Biram
And so the big idea is when you see these maps, you’re gonna look at these maps and you’re going to be able to see, at the county level, how much can the yield still increase? And then there being indemnity essentially pays for the premium, the producer premium, on eco. So few takeaways in corn most counties allow for about a 5 to 6% price upside.

00;13;06;09 – 00;13;24;19
Dr. Hunter Biram
And again think about this as yield can come up 5 to 6% relative to that expected county yield. And there’s still be a large enough indemnity to cover premiums. That that’s what that that’s what the big idea is. So yields can still be can come up 5 to 6% across the U.S.. It depends on the county. Some of them are larger.

00;13;24;19 – 00;13;45;12
Dr. Hunter Biram
So we’re smaller. But but on the average would be about 5 or 6% for corn looking at 7% thereabout for cotton. So yield can come up 7% in cotton, soybeans. Guilt can come up about 9 to 10%. And so what this means is that yield can increase by these percentages. And so indemnity the we’ll trigger that can cover that producer premiums.

00;13;45;12 – 00;14;07;05
Dr. Hunter Biram
And just reiterating that like we’re accounting for producer premium in here again for the producer the premium subsidy we’re accounting for price volatility. We’re accounting for the RMACounty average yield. So it’s a real nice it’s a real nice look at if we’re just focusing on the crop insurance, piece that’s going to account for the cost side and account for that indemnity side.

00;14;07;07 – 00;14;33;28
Dr. Hunter Biram
So but I have just mentioned corn kind of soybeans. What about rice? Rice is the exception here. There’s actually no allowable yield upside risk in rice, which will trigger an identity large enough to cover the premium. Actually, there’s only the yield. Yield has to fall for and for an Asian entity to trigger, which, you know, it really makes sense to me, because there’s really not that much yield risk in rice.

00;14;34;00 – 00;14;56;10
Dr. Hunter Biram
You know, I’ve done an analysis comparing coefficients of variation for these crops grown in Arkansas. And by and large, rice has the lowest coefficient of variation, which means rice is the least risky production wise to grow. So price risk is going to be the big ticket item to to try and manage. And rice. So something else to remember here is that federal crop insurance only covers within season losses.

00;14;56;10 – 00;15;18;16
Dr. Hunter Biram
So like within a calendar year, not really a marketing year, but within the year, it runs on a different calendar than other tools like PLC. So the PLC calendar runs from September 1st through August 31st of the next year on that marketing year. So it’s a little bit different calendar. So yeah. Rice, no allowable price or yield ups.

00;15;18;19 – 00;15;39;02
Dr. Hunter Biram
Yield has to fall for ECO indemnity trigger which covers the premium. And so some of it will be like, oh, well, rice is doing good, but I get no, that’s not that’s not what this is saying. What it’s saying is just in the context of eco. Because the price didn’t really decline between the projected price and the harvest price.

00;15;39;05 – 00;15;56;21
Dr. Hunter Biram
That means that yield then needs to come down for an indemnity to trigger what’s will cover the premiums. And another thing to note is and note here is you know what I’m talking about half of the profit equation. We’re really only talking about price times yield we’re not even talking about cost. And so we what have we seen the past couple of years.

00;15;56;21 – 00;16;16;22
Dr. Hunter Biram
Multi year price declines across all the crops. With elevated expenses across most of, across both of these years. So, no rice has not had, has really had a price decline within season. But year over year, there were some pretty severe price declines.

00;16;16;25 – 00;16;27;19
Riley Smith
I have another question for you, but I’ll ask. Yeah, I’ll ask it at the end. So why should we care, about this? About these takeaways.

00;16;27;21 – 00;16;45;11
Dr. Hunter Biram
Yeah. You know, I started off talking about, you know, which one get an idea of. Is there going to be any price protection we from anywhere, really? I mean, you know, we we’re not it’s not looking like we’re going to get any plc. You think seed cotton might be the only one, the only crop that may be getting PLC payments.

00;16;45;14 – 00;17;05;00
Dr. Hunter Biram
For the 24-25 marketing year. Not corn. Very unlikely, but it’s. It may be there. Just about tell you. Soybeans won’t get that. And rice is not looking like it’s going to get there either. I mean that we might get to $14 cwt but I’m not sure we’re going to get really below that or not.

00;17;05;02 – 00;17;24;23
Dr. Hunter Biram
So big idea between looking at ECO and SCO or really primarily ECO here is this gives us an idea of potential source of, cash flow, which can be used to pay off, you know, those operating notes or even help with loan renewal. I know that a lot of folks right now are going to their lender, and, it’s pretty hard to try and get that loan renewed.

00;17;24;24 – 00;17;43;07
Dr. Hunter Biram
So if anything, you know, this could be another risk management tool to use next year. It also gives people expectation for, okay, I’m going to be getting I may be getting X amount of dollars in crop insurance indemnity that I can pay towards my note next year, depending on the loan terms of when they’re due.

00;17;43;07 – 00;18;02;00
Dr. Hunter Biram
And so something else on ECL then in that vein is that the payments aren’t going to go out until next year, and those final yields have been determined. I think that probably won’t happen until next summer at the earliest. You know, so I guess this could be a silver lining in a year with no government assistance from the farm safety nets, that would be triggering.

00;18;02;00 – 00;18;22;00
Dr. Hunter Biram
But it’s a very thin, very thin silver lining. I think something else with this analysis, you know, that’s kind of the motivation. Leaning into it and then coming out of the analysis is, I think there’s underscores need for an updated safety net. I mean, with record yields on the horizon for 2024, several these counties, as you can see, price declines that are offset by these record yields.

00;18;22;00 – 00;18;43;28
Dr. Hunter Biram
And, you know, while this isn’t really the worst thing that can have at the farm level, I mean, record yields are great. At the farm level. And you know, we’ve had low prices and some folks might be able to stay afloat, but there are many that aren’t going to be able to stay afloat. But, you know, back to this record yields I mean, it’s not it’s it’s not the worst thing that can happen.

00;18;43;28 – 00;19;10;21
Dr. Hunter Biram
But we did think about basis risk and the difference between what happens at the county level versus at the farm level. Okay. So here’s an example. So what if the farm level yield actually doesn’t even make average for whatever reason. You know, if it’s whether, whatever the reaction risk is that caused that, yield decline, what if that happened?

00;19;10;21 – 00;19;33;12
Dr. Hunter Biram
And at the county level, we had these record yields. So most everyone else ended up having record yields. But maybe on your farm you didn’t have that record yield. Well, you’re not going to get any protection from ECO if it if it offsets that price decline. So you paid a premium on the echo and on your underlying revenue protection policy.

00;19;33;15 – 00;19;53;26
Dr. Hunter Biram
You had a loss at the farm level, but it wasn’t even enough to cover to, to trigger at the right level. And so, you know, that’s where basis risk is, you know, that’s where area that’s, that’s one downfall of area insurance is the basis risk. You know, what’s happening on my farm versus what’s happening at the county are going to be different most likely.

00;19;53;28 – 00;20;11;20
Dr. Hunter Biram
And so that’s some of this we’re thinking about is, you know, this farm safety net and all these farm bill discussion. And, you know, it’s looking like PLC is not going to be doing a whole lot for us. And, you know, maybe not even eco or SCO at this point.

00;20;11;23 – 00;20;38;09
Riley Smith
Well, I think that was a great recap. So my personal question, I was trying to keep this from trying to keep this on top of my head so I could ask this. So he’s talking about you did coefficient variation on the different crops. And you said that rice was the less risky of the crops to grow. So in that I know we’re talking about insurance, but in the sense of price risk management, is there an explanation?

00;20;38;09 – 00;20;52;02
Riley Smith
Do you have an explanation or something that you could throw out to, our listeners about why you see a coefficient, variation, like that? It’s the less risky of the crops.

00;20;52;04 – 00;21;21;25
Dr. Hunter Biram
Yeah, I think that’s great. Great question. Yeah. I think it’s really important to distinguish between a coefficient of variation for production risk versus price risk. So what I’m talking about is just production risk. Not even price risk. So, what, you know, just from anecdotal evidence, hearing stories and from what, what I do know about rice production, I mean, lot of rice is, flood irrigated.

00;21;21;27 – 00;21;41;19
Dr. Hunter Biram
And so that provides a nice wee weed management strategy. And, if Jared Harkie’s listening to this, he’s probably going to be, want to smack me around? But I just know that the, there’s not as much yield risk with rice. Again, with weed management, you with, with with flooding. I mean, it’s going to be irrigated.

00;21;41;21 – 00;22;25;14
Dr. Hunter Biram
And that is expensive. All these all these practices are very expensive. But when you look at, yield loss, when you look at the variance, standard deviation of these yields over time for rice, they tend to be that variance tends to be less for rice compared to cotton corn and soybeans. Okay. So for instance I’ve got this back sheet pulled up here that that I wrote and when you’re looking at comparing the coefficient of variation of corn to rice in Arkansas, that coefficient of variation for corn is almost double that of rice, which means it’s about twice as risky to grow corn compared to rice.

00;22;25;17 – 00;22;47;19
Dr. Hunter Biram
Soybeans, it’s almost four, so it’s almost four times more risky to grow soybeans and rice. And then for cotton, it’s again around two. So, you know, it’s almost twice as risky to grow cotton and it’s to grow rice. Now, that’s not to say it’s not risky to grow rice. It is. I’m just saying that in the relative risk term and thinking about it, compared to other crops, it is the least risky among those four crops.

00;22;47;25 – 00;22;56;02
Riley Smith
That were most here. Just all you’re doing is comparing the correlation between the crops themselves, not necessarily the crop in.

00;22;56;02 – 00;22;56;22
Dr. Hunter Biram
The.

00;22;56;25 – 00;23;27;20
Riley Smith
State. I guess, would be somewhat of the sense like corn versus rice or corn versus soybean or Coleman versus cotton or soybean versus corn. And that’s the correlation you’re looking at versus the variations, not necessarily okay. Like farming rice in Arkansas versus farming rice and Mississippi, or farming corn in Arkansas versus growing corn in the Midwest, like, that’s what we’re looking at as far as that.

00;23;27;26 – 00;23;29;21
Riley Smith
Coefficient variation.

00;23;29;24 – 00;23;45;15
Dr. Hunter Biram
Yeah. We’re just focusing on crops grown within the state and everything’s being compared to rice. And, so that’s the big takeaway. And, it’s again, not that rice isn’t risky. It’s just it’s relatively less risky.

00;23;45;15 – 00;24;05;14
Riley Smith
On the production side. No rice on the price side. I’m going to say that it all just depends on the market, because there’s not a whole lot of I want to say, there’s not a whole lot of color. Coefficient variation with, price on all four commodities just because of supply and demand.

00;24;05;17 – 00;24;13;09
Dr. Hunter Biram
It’s going to that’s a whole nother podcast. That’s a whole nother course, man. It’s looking a lot we can get into there.

00;24;13;11 – 00;24;15;04
Riley Smith
We will save it for another day.

00;24;15;06 – 00;24;27;27
Dr. Hunter Biram
The important distinction is that, you know, we’re looking at price risk and production. Raising eco covers the price risk. And then but more generally, rice has the lowest amount of relative risk in terms of production state.

00;24;27;29 – 00;24;45;14
Riley Smith
Well, Doctor Biram, want to thank you for for taking the time today to jump on here and give us, tell us all about eco and how it’s, relevant to Arkansas producers and what they need to be looking out for. Thanks again for, joining us today.

00;24;45;16 – 00;24;47;13
Dr. Hunter Biram
Happy to be here, man. I hope you get to feel better.

00;24;47;17 – 00;25;15;14
Riley Smith
Yeah, man. I appreciate it. And for all those that are listening, y’all stay tuned to my market. It. Thanks. All right, guys, back with your market report December 24. Corn current price is at $4.12 per bushel, month agos price at $4.25 per bushel. That’s down $0.13 a year agos price was at $4.79 per bushel. That’s down $0.67.

00;25;15;14 – 00;25;47;19
Riley Smith
November 24 Rice is at $14.71 per cwt, month agos price was at $15.48 per cwt That’s down $0.77 a year agos price was at $16.01 per cwt That’s down $1.30. November 24 soybeans is at $9.91 per bushel. A month agos price was at $10.75 per bushel. That’s down to $0.84 a year agos price was at $13.11 per bushel.

00;25;47;19 – 00;26;20;11
Riley Smith
That’s down $3.20. July 25 wheat is at $6.12 per bushel, month agos price was at $6.21 per bushel. That’s down $0.09 a year agos prices at $6.19 per bushel. That’s down $0.07. December 24 Cotton is at $0.70 per pound a month ago price at $0.74 per pound. That’s down $0.04 a year agos price was at $0.81 $0.81 per pound, down $0.11 weekly.

00;26;20;11 – 00;26;52;18
Riley Smith
U.S average peanuts is at $502 per ton month agos price is at $540 per ton. That’s down $38 a year agos price was at $544 a ton thats down $42. That’s your weekly commodity futures prices this week. For your input prices this week, we have Urea at $485 per ton, ammonium nitrate at $505 per ton, ammonium sulfate at $510 per ton DAP at 776 33.

00;26;52;20 – 00;27;33;29
Riley Smith
$776.33 per ton triple super phosphate is at $670 per 670 67 per ton. That is $670.67 per ton. My bad. Potash is at $451.67 per ton. Pellet lime is at $240 per ton. That’s your your weekly input price or fertilizer prices this week? Your diesel prices this week. Off road diesel, $2.53 per gallon. Your highway diesel is at $3.24 per gallon and your Mississippi River level at Memphis, Tennessee, this week.

00;27;33;29 – 00;28;05;21
Riley Smith
Current level is at negative ten two feet in a year ago was a -6.2ft. I want to thank you all again for joining in on another episode of Morning Coffee and AG Markets. We hope you enjoyed your morning coffee this morning and enjoyed another episode. So until next time we’ll catch you on the flip flop. Bye bye now!

00;28;05;24 – 00;28;06;02
Riley Smith