Ep. 48 June WASDE Delivers Sharp Reduction in U.S. Rice and Cotton Crops

00;00;11;10 – 00;00;46;18
Scott Stiles
You know, the Midwest weather has been favorable. The outlook continues to be favorable for them. And the market is just, you know, it looks like, hey, we got a good crop on the way. So… I wish we could say that here. I mean, I wish we would have had a better, you know, window of opportunity to get things planted, but, anyway, it’s… but in these areas of the country, in the in the corn belt, you know, the crop went in early, for the most part, continued to get rains.

00;00;46;25 – 00;00;51;20
Scott Stiles
And, you know, the outlook looks good. So, that’s pressure in the market.

00;00;51;23 – 00;01;20;03
Dr. Hunter Biram
That’s pressure in the market. Well, folks, good morning, good morning, then. Welcome to another episode of Morning Coffee and Ag Markets with your host, Hunter Biram here. I’ve got, Mr. Dr. professor, Scott Stiles on, as you were just listening to us talk about, weather conditions, planting progress and, you know, how the crop’s looking across the U.S. and how that has impacted the June WASDE report that was just released a couple of hours ago.

00;01;20;03 – 00;01;23;26
Dr. Hunter Biram
And so, without further ado, Scott, welcome.

00;01;23;28 – 00;01;27;03
Scott Stiles
Well, thank you very much. Glad to be with you.

00;01;27;05 – 00;01;37;26
Dr. Hunter Biram
Well, Scott, how about you go ahead and just, rattle off a few key findings for the crops that are relevant to Arkansas producers from this month’s WASDE report?

00;01;38;02 – 00;02;03;27
Scott Stiles
All right, well, you start with the big acreage crop, soybeans, and that’s an easy one this month because USDA didn’t make any changes at all to the to the U.S. balance sheet, left it completely unchanged. And we’ll wait. They punted until the July WASDE and just kind of see what the June acreage report reveals and see if they need to make any adjustments.

00;02;03;29 – 00;02;23;21
Scott Stiles
then but, didn’t make any changes to the U.S. balance sheet this month. Few out in industry thought they may increase the Brazilian bean crop a little bit, but they didn’t change it either. So they left it at 169 million tons. And, so that’s it. I mean, that’s…

00;02;23;21 – 00;02;26;07
Dr. Hunter Biram
A record for Brazil, isn’t it?

00;02;26;08 – 00;02;51;09
Scott Stiles
That’s correct. Yeah. 169 million. Anyway, USDA didn’t make any changes to it this month, either. They left Brazil at 169 million and Argentina at 49. So no changes there. So that’s easy. They didn’t change the price outlook. You know, for the 25 crop, they left it at ten, $10.25.

00;02;51;09 – 00;02;55;02
Scott Stiles
Same as, same as last month. So.

00;02;55;04 – 00;03;03;06
Dr. Hunter Biram
So, so it’s easy in the fact that there weren’t a lot of changes, but I guess not so easy in that, you know, price, price prospects still aren’t that great.

00;03;03;08 – 00;03;43;22
Scott Stiles
You know, November closed today. So. So we’re right there at, USDA’s season average outlook at ten and a quarter. Yeah. So, and corn’s fairly easy to go through. They made one adjustment on, old crop corn exports. They were increased 50 million today. Again, most in the trade think that, you know, we’ll continue to see that number go up some more, maybe another 75 to 100 million bushels in future month’s reports.

00;03;43;22 – 00;04;15;27
Scott Stiles
So we may, but anyway, the export demand for U.S corn has been really strong. And, we saw that increase 50 million a day, that 50 million increase in exports reduced the old crop ending stocks by the same amount and then new crop beginning stocks were also reduced by 50 million. So that was it. There was only changes for corn was just, a 50 million bushel reduction in the old crop and new crop ending stocks.

00;04;16;01 – 00;04;25;24
Dr. Hunter Biram
Well, and, you know, is 50 million enough to really do anything to move the market? I mean, it sounds like it sounds like a bullish factor, but I mean, is it really enough to do anything?

00;04;25;27 – 00;04;57;11
Scott Stiles
The market didn’t react to it except, you know looking at, you know, the new crop contracts September closed up a penny higher. December was up three quarters of a cent higher. So, market really didn’t respond to the report. So, USDA didn’t change their price outlook, they’re still forecasting a season average price for new crop before 20.

00;04;57;14 – 00;05;12;26
Scott Stiles
Okay. And, that, I doubt we had much, much base go into PLC, but there would be a small, you know, a six cent a bushel PLC payment with a, with a $4.20 price.

00;05;12;28 – 00;05;13;24
Dr. Hunter Biram

00;05;13;27 – 00;05;44;22
Scott Stiles
But it’s, you know, historically we don’t tend to put a lot of corn base into, into PLC. But anyway, if but that is something to think about. So that’s really, that’s it’s on corn. I, I guess the takeaway that I would give you, from this is that the increase in old crop exports was justified, but I think we see that go up higher, maybe another hundred million bushels higher, in upcoming reports.

00;05;44;25 – 00;05;52;20
Scott Stiles
So, so that’s a plus, in the sense that we may see stocks tighten a little more.

00;05;52;27 – 00;06;05;19
Dr. Hunter Biram
And so, why do you think that is? So you know, we had this 50 million bushel increase in exports. But you’re thinking maybe 100. What are some things that are telling you that that might go up?

00;06;05;22 – 00;06;32;25
Scott Stiles
Well, you know, Mexico is traditionally our largest buyer for corn. They’ve had, they’re in, I guess, their third year of really severe drought. So, that’s been a bright spot, in terms of export demand. It’s, it’s of course, it’s, you know, that’s certainly been one driver is, is you’re seeing better export demand to Mexico.

00;06;32;27 – 00;06;59;15
Scott Stiles
You’re also seeing better export demand of corn and out of, certain EU members. Spain, has been a, a good buyer of U.S corn. Colombia has been another, you know, good South American market for corn. So we’ve seen, you know, good I mean, good demand from origins that have offset the Lawson demand from China.

00;06;59;16 – 00;07;33;26
Scott Stiles
You know, we had good, good export, good corn exports to China a few years ago, that’s disappeared to a great extent, but we’ve seen some other markets pick up, pick up the slack there. So, I think there was, you know, there were some problems in the Brazilian corn crop. And in 24, that helped, you know, increase in demand some for the US and… of course, the Brazilian harvest now is just getting started. They’re about 4% or so.

00;07;33;26 – 00;08;20;19
Scott Stiles
into the harvest of the safrinha crop. So the US.. is really the, the source, in the, in the global corn market. Okay. This is the big surprises in today’s report was what the USDA did with the rice and cotton balance sheets. Those are big surprises. You’ll note in, if you go in the WASDE report and then you go in the text of the report, if you look in, their discussion on rice, and I’ll read one sentence, it says the excessive spring precipitation in the delta is expected to reduce, are expected to result in lower rice area in the region.

00;08;20;21 – 00;08;52;01
Scott Stiles
And, so what the big surprise is, is that the USDA did not wait for the June 30th acreage to go ahead and make, make a big adjustment in production. And that was the big surprise today. You’d think, okay, they’ll wait, you know, till July to do this, like, you know, which is customary, but, today, they lowered long grain production, 7.5 million hundred weight.

00;08;52;04 – 00;08;55;24
Scott Stiles
So,

00;08;55;26 – 00;08;58;02
Dr. Hunter Biram
So percentage wise, what is that?

00;08;58;04 – 00;09;27;26
Scott Stiles
It’s 4.5%. Yeah, but the mystery in the rice balance sheets that you don’t see in the, in the new crop is, acreage and yield. That’s not in the new crop side of the balance sheet. So you don’t see that. And so you have to, so what what you’re trying to grapple with and try to figure out where,

00;09;27;29 – 00;09;54;01
Scott Stiles
okay, what did they adjust? Did they, did they lower yields on the fact that, you know, you got some late planted acres? Is that going to impact yield? Probably will. So I doubt that they’re working with a trend yield anymore. We don’t know exactly what you know like they started, if you go back to the ag outlook form back in February, trend yield, they use the trend yield at that time.

00;09;54;03 – 00;10;21;24
Scott Stiles
And that’s probably what they started with in the May WASDE, so it was 7,600 pounds. That’s probably the base, the yield they started with. I imagine we’re probably below that at this point given the fact that, you know, planting is extended out so, so long. The other part of this equation that you don’t know is what, how many acres did they take off today? Let’s say they

00;10;22;00 – 00;10;36;20
Scott Stiles
okay, let’s use the trend yield. Let’s say they stayed with 7,600 pounds for the trend yield. That means that today they already trimmed off 140,000 acres. Oh, wow. Long-grain. Right. Right there.

00;10;36;20 – 00;10;44;18
Dr. Hunter Biram
And that’s about, is that is that 10%? Yeah? That might be 10% of it.

00;10;44;20 – 00;11;20;13
Scott Stiles
Yeah. They started with, you know, 2.24 million. And, you know, they’re today, I mean in planted acres. So I’d say at this point we’re down to you know, 2.1, easily enough. And on planted acres. So, and that’s conservative I think when you, when you look at, you know, how many we think we may have lost in Arkansas, it’s probably, you know, it’s easily approaching 200,000.

00;11;20;16 – 00;11;51;20
Scott Stiles
So I think that’s kind of the, the normal approach you’d see, in these situations without having the June acreage survey result, you kind of ease into, you know, these adjustments, not go too aggressive without seeing the, the hard data. But I think that, you know, you could easily say today, okay, well they recognize the fact that some acres went to prevented planning.

00;11;51;22 – 00;12;04;01
Scott Stiles
You know, we’re just not going to have the acres, you know, there that growers thought they were going to plant in March, you know, in the March intentions. So.

00;12;04;03 – 00;12;25;27
Dr. Hunter Biram
Well, and I mean, you know, we compiled that report in that fact sheet, and we and we’ve already covered this some, but, you know, we revised those, crop damages to almost $100 million and, you know, largely resulting from, you know, we got, three months worth of rain in about three days. And it wasn’t just that because, you know, if it doesn’t rain anymore, the water just drains off.

00;12;25;27 – 00;12;48;17
Dr. Hunter Biram
Right? But we’ve been getting these steady 2 to 3in per week of rain. You know, just kind of coming and going like, it’s once a week. There’s always something. It’s not like it’s a constant rain or, you know, even constant drought type conditions. But there seems to be this constant 2 or 3in every week since then. And so, I mean, here we are sitting in June and we’re well over two months past that big weather event.

00;12;48;19 – 00;12;55;02
Dr. Hunter Biram
And, certainly folks are still being flooded out. And, that’s been reflected here in this report.

00;12;55;04 – 00;13;24;16
Scott Stiles
Yeah, exactly. So that changed the complexion of the of the long grain balance sheets. So you, you know, last month we were talking about, you know, the highest ending stocks since the mid 1980s. But after the adjustments today, you know, we end up with the stocks of 34 million, which is a little bit less than the 35.3 for last year for our crop.

00;13;24;16 – 00;13;52;29
Scott Stiles
So what a change right. Yeah it’s quite a change. So that was I mean that was the big shock, is to see USDA go ahead and say, you know, yeah there’s really no doubt that, you know the weather impacted the rice acreage in the Delta. And they said Delta. So I imagine, you know, we, you could see some reduction in Arkansas as well as the Bootheel and Mississippi as well, obviously.

00;13;53;02 – 00;14;01;17
Scott Stiles
So but anyway, I, I’m really I’m looking forward to seeing the June 30 acreage and…

00;14;01;18 – 00;14;08;15
Dr. Hunter Biram
And I wonder if there’ll be any change? I mean, because what you’re saying here is a pretty significant change in June WASDE. So I wonder if they will even change it very much more with…

00;14;08;16 – 00;14;36;15
Scott Stiles
Yeah. You know, it’s, I mean, like I said, we’re all we can do is estimate, but that’s a pretty sizable reduction, I think. But I think it’s, it’s it’ll even, it’ll be larger than that. It’s just my, my gut feeling, when we see the June acreage, we’ll probably see. I don’t know, Hunter, I mean, we may be approaching, you know, losing, losing 200,000 acres.

00;14;36;17 – 00;14;37;26
Scott Stiles
So, we’ll see.

00;14;37;29 – 00;14;43;27
Dr. Hunter Biram
That is approaching 10% then, at that point. Yeah. Well, what about cotton?

00;14;43;29 – 00;15;12;17
Scott Stiles
Okay. Similar thing in cotton, which was surprising. Again, the USDA pointed to the going… the weather challenges in the Delta. And so they lowered, the harvested acres, cotton by 180,000. And then due to the, you know, the late planting, they went ahead and reduced the, the U.S. average yields, they lowered it 12 pounds

00;15;12;19 – 00;15;54;20
Scott Stiles
per acre down to 820. So, so some 500,000 bale reduction, and so we went from 14.5 million down to 14 million even. Okay. So they lowered, lowered the crop 500,000 bales. And also the beginning stocks were lowered, 400,000. So here’s the surprise. Is that the total supply was reduced 900,000 bales. 500 lower in production, 400 lower in beginning starts.

00;15;54;22 – 00;16;07;27
Scott Stiles
And here’s the problem, is that you had 900,000 reduction in total supply, ending stocks were reduced the same amount and the market closed 18 points lower.

00;16;07;29 – 00;16;09;01
Dr. Hunter Biram
What?

00;16;09;03 – 00;16;24;28
Scott Stiles
It’s, the market just totally ignored all this. And the December closed 18 points lower. and ending stocks were reduced by 900,000 bales.

00;16;25;01 – 00;16;34;22
Dr. Hunter Biram
And so. So what do you think that, I mean, instantly where my mind goes, is just, where are we in the playing field here? I mean, where are these guys in the playing field?

00;16;34;25 – 00;17;08;28
Scott Stiles
You have, you have just nailed it. I think you have exactly put your finger on this. Is that, we are very much a part of a of a global market now where the, the U.S. has certainly less influence in terms of global trade. It’s still a very important, no doubt. But as we talked, we were talking about, we’ve talked about Brazil’s

00;17;08;28 – 00;17;39;23
Scott Stiles
rise in importance in cotton trade. So I think the market is looking as much today, it’s looking at what’s happening in South America. It’s looking at Australia, it’s looking at, a lot of things, you know, the global, you know, the level of global stocks. You know, it’s looking outside of the United States for direction.

00;17;39;25 – 00;17;58;13
Dr. Hunter Biram
Which is concerning. I mean, it, yeah. This reduction in the crop is not moving the market. You know, the markets, at least futures markets aren’t paying attention to this. So we can, I guess, assume that the global players really aren’t paying that much attention to this. And so, you know, I guess what are the long term implications of this?

00;17;58;14 – 00;18;06;12
Dr. Hunter Biram
Is this something that we can recover from? Is that something that we can even entertain and speculate on?

00;18;06;14 – 00;18;33;17
Scott Stiles
It’s the, you know, listening to, you know, some in the industry comment on this today, I was listening to, you know, O.A. Cleveland’s comments earlier and he was saying, you know, it’s Brazil still has room to expand production. You know, as China relies more, you know, more and more on them. You know, where does that leave the US?

00;18;33;22 – 00;19;19;14
Scott Stiles
I mean, we’ve got to I don’t know, we’ve got to do 1 of 2 things. I mean, we’ve got to find an offset, to China or we’ve got to develop some type of domestic, source of domestic demand. Cotton needs its own ethanol. You know, what ethanol did for corn? Cotton needs to find some, new, you know, source of domestic use, you know, to offset, you know, the fact that Brazil has passed us up. And, in terms of, you know, not just exports, but production and, you know, and they still have room to expand.

00;19;19;17 – 00;19;28;22
Dr. Hunter Biram
And they overtook us in production for the first time ever this year, right? Or the at least the projected production.

00;19;28;24 – 00;19;45;10
Scott Stiles
Yeah. That’s right. I mean, they’re, you know, and by a sizable margin, you know, our crop’s projected now at 14 million bales, the Brazilian crop’s projected at 18.2. Oh, wow. So, that gap is getting wider.

00;19;45;14 – 00;19;46;19
Dr. Hunter Biram
30% more.

00;19;46;19 – 00;20;08;15
Scott Stiles
Yeah, yeah. Another record, you know, another record crop projected for them. And, so there’s a lot of, you know, a lot of discussion about trying to manufacture more here, you know, at home. But, I don’t I don’t know if that’s really feasible or not. It’s a, that’s a whole other podcast.

00;20;08;18 – 00;20;19;02
Dr. Hunter Biram
Well, we do know that cotton prices are pretty low right now. So I mean, I guess if they want to be a miller, you might, you might have some good margins if you could find the demand to sell a milled product, too.

00;20;19;04 – 00;20;25;19
Scott Stiles
That’s true, that’s true. Yeah, the close on December was 67.47 today.

00;20;25;22 – 00;20;32;11
Dr. Hunter Biram
And, which is about in line with the, USDA projection, right? It’s pretty close to the USDA cash price projection.

00;20;32;15 – 00;21;01;25
Scott Stiles
Yeah, probably so. When you, you know, when you adjust for basis, they left that unchanged at 62. So when you, yeah, that’s right. So, you know, PLC, back to that discussion, that’s probably in the cards. I think USDA projected about a three cent PLC last month. So with prices remaining, you know, flat month to month, that’s probably what we could expect for new crop.

00;21;02;01 – 00;21;11;01
Dr. Hunter Biram
Now, one thing that that, that I failed to ask you about with rice. So we talked about PLC for corn and cotton. What about on rice? I mean, is it looking like it might be triggering this year?

00;21;11;03 – 00;21;32;27
Scott Stiles
Okay, so for the 25 crop, a $0.68 a bushel PLC is projected for long grain and then a 45 cent for bushel PLC is projected for the southern medium grain. Okay, okay. Well.

00;21;33;00 – 00;21;44;14
Dr. Hunter Biram
And you know what I mean, beans still pretty far off on PLC figures. You know, we, we know the PLC really wasn’t written for beans, but.

00;21;44;17 – 00;21;50;23
Scott Stiles
Yeah, it you know, the effective reference price for beans is $9.66.

00;21;50;26 – 00;22;00;21
Dr. Hunter Biram
That’s still pretty high, honestly, for a PLC reference price on soybeans, that’s much higher. But that is because, I mean, the statutory is what, is at $8.40?

00;22;00;21 – 00;22;34;07
Scott Stiles
Is that what it is? $8.40, and it was, you know, was $8.40 for forever and, you know, one of the market analysts we follow was talking about how much, for a change, you know, how much, soybean base went into PLC in Iowa this year, which really surprised me. But you know what? I think it, you know, it kind of told you that, you know, people were pretty pessimistic about the price outlook with the trade.

00;22;34;09 – 00;22;48;26
Scott Stiles
You know, the trade dispute with China and some other key partners that they thought, well, let’s, you know, that’s there’s a fairly bearish outlook for beans. But, you know.

00;22;48;29 – 00;23;11;26
Dr. Hunter Biram
Right. Well, you know, with, with that, you know, not the, I guess, I guess things could always be worse, but they certainly we would love for them to be a lot better. And so I’ll leave us with this, you know, the Senate ag committee, they, they released their portion of the reconciliation bill or the Big, Beautiful Bill.

00;23;11;28 – 00;23;31;10
Dr. Hunter Biram
I think one of my, one of my contacts called it the OB3. That’s a first for me. OB3. One Big, Beautiful Bill. But, you know, if you if you look at it, what is, what is in it for the Farm Safety Net in the Senate version, is pretty much identical to what’s in the House.

00;23;31;10 – 00;23;53;03
Dr. Hunter Biram
And, so overall, across the board looking about a 15% increase in the reference prices, for a PLC for the statutory reference prices, and then, you know, ARC looking like increasing from 86% of county revenue to 90%, with an increase maximum payment rate of 12.5% of, expected revenue versus 10%, which is what it used to be.

00;23;53;05 – 00;24;18;03
Dr. Hunter Biram
So that’s good news. Increases in the crop insurance premiums, subsidy rates. Anywhere from 3 to 5% increases on that. And so I think we see 5% increases, five percentage points is what I should say. For the I think for the 50%, I know all the way through 75 and 80%, there’s a three percentage point increase in the 85% coverage level, subsidy

00;24;18;03 – 00;24;42;23
Dr. Hunter Biram
rate. SCO, increasing that, from, what, from 86% max coverage to 90%. ECO, increase in that to 95%, and, increase in the SCO subsidy rate to 80% to match stacks. So some boost in the farm safety net coming out of the Senate and the House. And those are, those are working together.

00;24;42;23 – 00;25;02;05
Dr. Hunter Biram
So, the thing that we will continue to watch is what will happen with SNAP. I mean, when you look at the deficit reductions between the two bills, they’re, they are somewhat similar, you know, looking at about close to 240-ish billion dollar deficit reduction in the House versus the Senate versions, about 100 and, 40 or $50 billion reduction.

00;25;02;05 – 00;25;29;13
Dr. Hunter Biram
So I’ll leave that note just to kind of maybe give a little bit of hope to our listeners. But the downside being, and Scott, you’ve noted this before. Listen, the programs will be authorized for 2025, and that’s all well and good. So for farmers enrolled in PLC this year, they’re going to get, if it passes this new reconciliation package, they’re going to get that new $16.90 per hundred weight statutory reference price.

00;25;29;15 – 00;25;48;12
Dr. Hunter Biram
Sounds great! Bad news, though is they won’t get that cash till 26. And I’m sure a lot of folks are going to need that money in 25 to be able to get a loan for 26, and there’s no real talk of economic assistance. And so, you know, we’re talking about these low prices, you know, we, it’s going to be tough for a lot of folks.

00;25;48;12 – 00;25;59;11
Dr. Hunter Biram
And we’ve talked about that here, too. You know, just with the increase in farm equipment auctions and now bankruptcies. And so, hopefully, we’ll see a stronger farm safety net.

00;25;59;13 – 00;26;26;25
Scott Stiles
Yeah. Well, I mean, that’s a good point, is, talk about the fact that you get, you know, you receive it a year behind, you know, a year after the crop’s made and, you know, you used to in past farm bills or mechanisms to advance portions of, of, the payments or the projected payments, and that might be a good thing to resurrect to get people through a crisis situation like this.

00;26;26;25 – 00;26;31;23
Scott Stiles
And, maybe it’s something that can gain traction in these discussions.

00;26;31;26 – 00;26;48;26
Dr. Hunter Biram
One would hope, one would hope. But as it currently stands, that is not the case. And so, I think, I like that plan, Scott. And I know that that we’ve done that before. I think that probably would be the most efficient way forward, the path of least resistance. So, we can only, we can only watch at this point.

00;26;48;26 – 00;26;57;11
Dr. Hunter Biram
So with that, Scott, thank you so much, for your time and for your research and just for all the good work that you do. And, look forward to having you on again soon.

00;26;57;13 – 00;27;00;09
Scott Stiles
Okay. Thanks very much. Enjoyed visiting with you.

00;27;00;12 – 00;27;05;18
Dr. Hunter Biram
All right, folks, stay tuned for the market report. Thank y’all.

00;27;05;21 – 00;27;40;13
Dr. Ryan Loy
Hello, everyone, this is Ryan, and I am back with this week’s market report. Kicking it off for commodity prices, September 2025 corn is at $4.26 a bushel. That’s down about $0.07 from a month ago, and down about $0.38 from a year ago, from $4.64 a bushel. September 2025 rice is about $13.83 per hundredweight. That’s up about a dollar from a month ago and down about $1.72 at $15.55 from a year ago. November 2025

00;27;40;13 – 00;28;15;07
Dr. Ryan Loy
soybeans are at $10.27 a bushel. That’s down about $0.30 from a month ago, and about $1.30 from a year ago at $11.60. December 2025 cotton came in at $0.67 per pound. That’s down about $0.02 from a month ago and down about $0.04 from a year ago. July 2025 wheat is at $5.27 per bushel. That’s up about $0.12 from a month ago and down $0.93 on the year.

00;28;15;10 – 00;28;45;21
Dr. Ryan Loy
Peanuts in the US weekly average this week was $498 per ton. That’s down about $2 a ton from a month ago, and down about $14 a ton from a year ago. Arkansas highway diesel currently coming in at $3.17 a gallon. That’s unchanged from a month ago, but down $0.30 from a year ago, from $3.45 a gallon. Arkansas farm diesel currently is at $2.44 a gallon.

00;28;45;23 – 00;29;22;01
Dr. Ryan Loy
That’s up $0.08 on the month, but down $0.30 on the year. The Mississippi River level at Memphis currently is reading about 17ft 60in. That’s down about four foot from the month, but up about one foot on the year. Urea for the week ending 6/12, 2025 is at $658 a ton. That’s up about, $0.20 from a month ago and, up pretty significantly three months ago from $585 a ton.

00;29;22;03 – 00;30;03;27
Dr. Ryan Loy
Ammonium nitrate is at $414 a ton, up about, $11 a month ago at $403 and up, from $371 three months ago. Ammonium sulfate is at $563 a ton. That’s up from $555 a ton a month ago, and up from $522 a ton three months ago. DAP, came in this week at $854 a ton. That’s up from $846, a month ago, and up from $821 three months ago.

00;30;03;29 – 00;30;38;00
Dr. Ryan Loy
Potash currently is at $484 a ton, up from $478 a month ago and up from $458 three months ago. So we’re looking at fertilizer increasing across the board. Thank you all so much for tuning in this week.