Ep. 52 Stronger farm safety net included in the OBBB Act, “Skinny” Farm Bill, and SDRP disaster payments

00;00;00;00 – 00;00;24;21
Dr. Hunter Biram
A stronger farm safety net, including the “One Big Beautiful Bill,” the need for a Farm Bill extension, and the Supplemental Disaster Relief Payment Program was announced this week. That, and so much more on this episode of Morning Coffee and Ag Markets.

00;00;24;23 – 00;00;35;13
Dr. Hunter Biram
Well, hello everyone. My name is Hunter Biram and I am your host. And today in the studio, I’ve got a very special guest, Dr. Will Maples, across the river at Mississippi State. How are you, Will?

00;00;35;15 – 00;00;38;12
Dr. Will Maples
Hey, Hunter, doing great! It’s great to be on here with you.

00;00;38;14 – 00;00;50;20
Dr. Hunter Biram
So, Will and I have known each other for a very long time. And, I remember, Will, when you interviewed at Mississippi State, I was a grad student, and Will was finishing up at Oklahoma State.

00;00;50;23 – 00;00;56;21
Dr. Will Maples
Yeah, that’s been a while back, but I guess that was true. Kind of forget about… that you were in grad school here at the time.

00;00;56;21 – 00;01;08;18
Dr. Hunter Biram
I know, I know, and, as I’m sure a lot of you know, I went to Mississippi State and got my master’s there. And so, a lot of connections, with the great Starkvegas. And, you guys just got a new baseball coach.

00;01;08;20 – 00;01;16;15
Dr. Will Maples
We did. Maybe we’ll finally get back to winning. I’m excited. With what the football team’s looking like, I’m just ready for baseball season again already.

00;01;16;15 – 00;01;24;02
Dr. Hunter Biram
Already? I’m telling you, you gotta feed the beast. Like when you get that College World Series win, you gotta feed the beast.

00;01;24;04 – 00;01;27;23
Dr. Will Maples
Yeah. So we’ll. We’ll see. I’m excited, though.

00;01;27;26 – 00;01;39;29
Dr. Hunter Biram
Yeah. As you should be. So, well, let’s just go ahead and start off by, just, you’ve been on the podcast before, but go ahead and just remind our listeners, where you’re at, what you do, the topics that you work on, and a little bit of your background.

00;01;40;01 – 00;02;02;00
Dr. Will Maples
Yep. So I’m, associate professor in the Ag Econ Department here at Mississippi State University, work on very much the same stuff you do, Hunter, from Extension Ag policy and I do crop marketing. So, anything related to row crops in the state of Mississippi, I handle. As you mentioned, got the PhD at Oklahoma State. But I did do undergrad at the University of Arkansas.

00;02;02;01 – 00;02;14;02
Dr. Will Maples
So I am… I like Mississippi State, but my other loyalties, when it comes sports teams, lie with Arkansas as well. So always still a big hog fan.

00;02;14;04 – 00;02;18;16
Dr. Hunter Biram
Yeah. It’s always a good thing to spread your risk amongst SEC teams.

00;02;18;18 – 00;02;30;10
Dr. Will Maples
But I got three different ones I can pull for depending on what teams the best. But I still I have a soft spot for Arkansas still. There you go. And you know, come baseball season it’s hard to pull against them.

00;02;30;12 – 00;02;37;02
Dr. Hunter Biram
I know, because they’re always both so good. I mean historically though, right? Yeah. We’ll good deal, Will. Thanks for…

00;02;37;02 – 00;02;38;17
Dr. Will Maples
Glad to be back on here with you today.

00;02;38;18 – 00;02;58;18
Dr. Hunter Biram
Well, I’m happy that you’re here with us. Let’s just dive right in. So, as you know, there is a stronger farm safety net, and the farm safety net is somewhat of a nebulous term, really. I mean, to the general, to the general public, you know, that sounds pretty straightforward, but it’s actually a little more complicated than that.

00;02;58;23 – 00;03;19;09
Dr. Hunter Biram
There’s a lot of things in there. But let’s just start with ARC and PLC. And Will, you’ve already ran the numbers on this. So, maybe just explain, what the provisions are for PLC. What the, what the reference prices look like. What is a reference price? What does it do? And the comparison of the new and the old PLC statutory reference prices.

00;03;19;12 – 00;03;41;15
Dr. Will Maples
Yes. So, you know, the biggest thing we saw with this bill in terms of PLC, the price loss coverage program, was that increase in the statutory reference prices. So kind of what the statutory reference price serves as is pretty much a bottom price. That’s when this program kicks in if your marketing… your national marketing average price falls below it,

00;03;41;17 – 00;04;00;11
Dr. Will Maples
that’s what starts triggering payments. So over the last few years, as we’ve dealt with these high input costs, a lot of the argument has been that, you know, these, where the reference prices had been set for most of our commodities were no longer even break even for a lot of producers. And it really just wasn’t providing the support that they needed.

00;04;00;11 – 00;04;23;24
Dr. Will Maples
So an increase in those statutory reference prices, is definitely a big boost, especially on soybeans, where it went from $8.40 to $10, for PLC, which is, you know, program never paid out since we’ve had it since 2014. So at $10, it finally gave us, that’s our biggest crops in both states, for some good support to our soybean producers.

00;04;23;27 – 00;04;44;13
Dr. Hunter Biram
Right. And you know, historically, as you just know with soybeans, we’ll just start there. I mean, it’s pretty much been a straightforward decision. Most of the time, you want to go ARC. I know that the escalator kicked in, the escalator clause where there’s like that price adjustment that was included in the ‘18 farm bill started to tick up for soybeans, but still didn’t seem like it was that close of a race.

00;04;44;19 – 00;04;53;27
Dr. Hunter Biram
But do you think maybe moving forward, after 2025, at least, do you think that $10 reference price is actually going to create a decision?

00;04;54;00 – 00;05;14;26
Dr. Will Maples
I think so, especially, too, you mentioned the escalator clause. With the tweaks they’ve done to the escalator clause as well in this bill. So they’ve made it to where it will, is using 88% of the average, five year average, instead of 85 like it was before. It’s added a little bit more opportunity for prices to jump. And so we talked about statutory prices,

00;05;14;26 – 00;05;37;07
Dr. Will Maples
but what’s important is the actual effective reference price that we actually use in these programs each year. And for soybeans if, and this is just what I’ve calculated from reading the bill, but it’s looking like an $11.30 effective reference price for 2025, which if that’s the case, that would definitely come into play for soybeans and most our other commodities.

00;05;37;09 – 00;05;43;23
Dr. Hunter Biram
That’s pretty significant. So just to be clear, this, is it $11.30 or is it the $10.71?

00;05;43;25 – 00;05;45;15
Dr. Will Maples
$10.71, my bad, that is what I was looking at.

00;05;45;17 – 00;05;48;13
Dr. Hunter Biram
Either way, that’s good. I mean, I think it’s much […]

00;05;48;14 – 00;05;53;11
Dr. Will Maples
That, currently, is paying, on soybeans, given where 2025 prices are sitting at.

00;05;53;11 – 00;06;05;25
Dr. Hunter Biram
Okay. So let’s, now let’s go off of that. So soybeans looks like PLC is already triggering, which is a first. Literally a first since the inception of PLC in the 2014 farm bill. What about these other crops?

00;06;05;28 – 00;06;36;07
Dr. Will Maples
Yeah. So corn is triggering. It’s looking at, expect the payments right now. It’s $0.06 a bushel on PLC for there. And then big one, now, is seed cotton. Seed cotton got that big bump up to $0.42 a pound. It’s sitting in, in the green as well for PLC payments. Pretty much across the board, all the crops have triggered, given the current 2025 prices.

00;06;36;10 – 00;07;00;25
Dr. Hunter Biram
So that’s a that’s encouraging and that’s welcome news, right? I mean, that’s… because, I mean, here’s the deal. What really motivates farm policy is just that perfectly elastic demand curve for the farmer’s crop. So, like, they have no control over the price. That’s the long and the short of it, right? They have no control. They can take one bushel of a crop to the elevator and get the same price for it as 100,000 bushels.

00;07;00;27 – 00;07;21;04
Dr. Hunter Biram
You’re still going to get that same price per bushel. And so, farmers have no control over that. They’re at the mercy of the market, is another way that it’s put. And, you know, Will, you’ve been doing a lot of market analysis, you know, with your time there at Mississippi State and before that. And so, you know, there’s just so many factors driving uncertainty and price volatility right now.

00;07;21;04 – 00;07;34;17
Dr. Hunter Biram
And, you know, it’s hard to, it’s hard to do, within season, price risk management when the starting point for the price is already below breakeven. And that was the case for Arkansas producers. Was that kind of a similar case this year for Mississippi?

00;07;34;19 – 00;07;59;24
Dr. Will Maples
Oh yeah, that’s been our case over here as well. I mean, you came into a year with no chance to really block any profitability, and it’s stayed stagnant since then. So I mean, that’s the thing, like, we talk about marketing a lot, but some years you just, you can’t even market your way into a positive profit. So you know, these changes are definitely going to be helpful this year.

00;07;59;26 – 00;08;21;14
Dr. Hunter Biram
So let’s talk about the changes you said, this year. So that brings up another point. So one thing that I’ll note is we have an automatic signup for PLC versus ARC, depending on which of those programs would provide a higher payment for, for an entity. And so I think that’s really important to note. You know, and so we can talk through some of that.

00;08;21;14 – 00;08;39;05
Dr. Hunter Biram
I mean, aside from just a farmer getting, you know, the higher of the two payments, what are some other benefits to this? Like, when we think about our extension professionals, we think about, you know, FSA offices and crop consultants and the burden that this decision can carry every year.

00;08;39;07 – 00;09;05;06
Dr. Will Maples
So for me, I was happy to see this is… so we didn’t have to go back and rerun all our decision tools with the new stuff and help producers make signup decisions again. So I was happy to see that the Senate put that in their version. Same. […] FSA offices, it will be a little bit more burden on them because they’re going to have to look at each one and decide, you know, which producers get what payment each year.

00;09;05;09 – 00;09;29;21
Dr. Will Maples
But I just ran the numbers for Mississippi. Just looking at this base, this automatic signup versus getting them paid on what they’d already signed up for acres and Mississippi, just by giving automatic sign up, currently expected to bring in another $10 million worth of support to the state by having this one clause in there.

00;09;29;23 – 00;09;37;12
Dr. Hunter Biram
That’s… that’s pretty significant and you are ahead of me on that. But I would, I would venture to say our numbers are probably not too far off from y’all’s. We had a very…

00;09;37;12 – 00;09;48;08
Dr. Will Maples
Yeah, it was definitely a benefit to producers, having this automatic signup. Yeah. And really just, they don’t have… and we’re in the middle of the crop year. They don’t have to go try to scramble and make this decision again.

00;09;48;08 – 00;09;59;24
Dr. Hunter Biram
Right. You know so that’s… that’s great. Automatic higher of the two payments. But you know, the downside is that these payments won’t be made until next fall.

00;09;59;27 – 00;10;23;10
Dr. Will Maples
Well, so, it won’t be made till this 2025 crop year ends. So for corn and soybean, it ends up being August 31st. So cotton and rice is the end of July and then they’re not made for a like… at least, I don’t know, exactly another month or so after the crop year ends. So, unfortunately it’s not coming for over a year.

00;10;23;13 – 00;10;43;28
Dr. Hunter Biram
Yeah. And you know. That’s… that can be problematic. And you know, when visiting with lenders, I’m sure the same for you in Mississippi, but I know visiting with ag lenders, even some commercial lenders that do ag lending, across the board, I mean, this was their concern last year. That’s why there was a big push for that

00;10;44;00 – 00;10;52;02
Dr. Hunter Biram
CR so, I mean, have you had similar conversations with lenders and just how, yeah, that sounds nice, but the cash won’t come till next year?

00;10;52;05 – 00;11;13;29
Dr. Will Maples
Yeah. So, I mean, I’ve definitely had the same conversation with a lot of our lenders here. It’s that year lag and actually geting the payment for this crop. They’re optimistic with, emergency assistance money they got that was passed back in December. That has helped keep a lot afloat. That should stretch until these payments can come next fall.

00;11;14;00 – 00;11;28;24
Dr. Will Maples
But if there was a year to maybe look at doing any type of partial payments like they used to back before and when we had countercyclical payments, this this could… would be a, probably, a beneficial year to look into that.

00;11;28;26 – 00;11;49;07
Dr. Hunter Biram
Yeah. You know, this is something that we may be looking at another CR, because something else that we need to talk about is, we still don’t have a new… we’ll say, a new […] new piece of legislation in regard to the Farm Bill, right? I mean, we’ve got the new safety net and there are many other things in there, too.

00;11;49;10 – 00;12;00;07
Dr. Hunter Biram
But what are, what are some implications of, you know, having a third farm bill extension and just how, I mean, we’re really not out of the woods yet?

00;12;00;09 – 00;12;15;05
Dr. Will Maples
Yeah. No, that’s what’s been the hard… the hardest thing with this stuff so far… Me and Dr. Mills, who I work with here at Mississippi State, we’ve just been trying to figure out what to call this. Because not a new Farm Bill, right. Is this the… so when we’ve been writing all these updates and stuff, like what? What actually is this?

00;12;15;07 – 00;12;44;23
Dr. Will Maples
Right. But hopefully since, you know, Congress, they got this, this is Trump’s main big piece of legislation he wanted to get passed this year. This fall, they can focus on, and this is the most expensive piece of the Farm Bill. They got the snap cuts. It’s, part of this was all in this bill as well. Hopefully this fall they can get to passing a Farm Bill that includes that codifies all these changes they’ve made already.

00;12;44;26 – 00;13;08;09
Dr. Hunter Biram
Yeah. Because we still got to get the program authorized for ‘26. So, like, ’25, okay. That’s all well and good, but we’ve got to authorize this because the way that the reconciliation language reads is these changes are effective through 2031. So that still means that that Farm Bill needs to be passed in order to authorize the use of that, of these budgetary changes, more or less.

00;13;08;11 – 00;13;10;07
Dr. Will Maples
Yeah. That’s correct.

00;13;10;09 – 00;13;35;14
Dr. Hunter Biram
So, let’s see, we got a lot of things that we could talk about, and we’ll include more details in the newsletter. But in the … But in the interest of time, let’s move into our third topic here, the Supplemental Disaster Relief Program. So that was announced this week from USDA. And this is a part of that $30 billion that was put into the continuing resolution back in December.

00;13;35;16 – 00;13;42;01
Dr. Hunter Biram
December 21st, 2024. So, Will, have you been getting calls about this yet?

00;13;42;03 – 00;13;51;12
Dr. Will Maples
I got one yesterday, and I had not looked at this too in depth yet, but, so I’m kind of hoping you’ve looked at it more and teach me about it, Hunter.

00;13;51;15 – 00;14;12;05
Dr. Hunter Biram
So I’ve. I got some calls about this, yesterday, day before, so. Yeah, it’s… it’s an interesting program. There’s a lot of… it really amazes me, when I read these packages and these payment mechanisms, you know, a lot of thought went into it. I mean, there’s, there’s just a lot of thought that that went into this.

00;14;12;05 – 00;14;33;08
Dr. Hunter Biram
We’ll start with a and then I’ll explain kind of what it does. So the first thing is, there’s this SDRP, Supplemental Disaster Relief Program. And it’ll be delivered in two different stages. There will be indemnified losses. There will be uncovered losses. But this first batch of funding that’s going to go out and the first signup is going to be in regard to stage one.

00;14;33;16 – 00;14;59;11
Dr. Hunter Biram
So in stage one, FSA will deliver the program and facilitate the sign up. But the data that’ll be used will come from RMA and FSA. So what happens is FSA is going to talk to RMA and get some federal crop insurance data. And, you know, FSA runs the noninsured disaster assistance or the NAP program. And so the payments are based on your multi-peril crop insurance, or your MPCI.

00;14;59;12 – 00;15;25;02
Dr. Hunter Biram
So think about yield protection, revenue protection, harvest price exclusion. Think about those programs. And then the, the NAP program. So how does this work? How does the has the payment mechanism work. Well, essentially what’s going to happen is there’s going to be a payment made based on your, purchase liability, your coverage level. Did you get CAT coverage or not?

00;15;25;04 – 00;15;47;22
Dr. Hunter Biram
It’s going to be made based on payment limits. There’s gonna be a payment limit on this as well. And more or less, there’s going to be a whole new coverage calculated that’s related to your crop insurance, but it isn’t your crop insurance coverage level. So let me walk through that. There’s going to be an SDRP coverage level.

00;15;47;25 – 00;16;23;03
Dr. Hunter Biram
So if you have CAT coverage, which is 50% yield coverage at 55% of the price, your adjusted SDRP coverage is going to be 75%. If you’re at, 50% buy up and then, then you’re at the 80% SDRP, if you’re at 55%, then you’re at 82.5%, 60%, 85, 65% that’s 70, 90%, 75, 90.5%. And at 80-85, you’re at a 95%, adjusted coverage level.

00;16;23;06 – 00;16;43;10
Dr. Hunter Biram
And so there will be essentially two different net indemnities that are calculated. One is going to be like a typical net indemnity with indemnities and premiums that are reported, to RMA, collected by RMA, as well as this SDRP indemnity. So then there’s going to be a difference calculated between those two. And that’s like your payment rate, more or less.

00;16;43;16 – 00;17;15;29
Dr. Hunter Biram
And then that number is going be multiplied by 35%. And then that’s going to be what the final number is going to be. So then that payment is going to be subject to a $125,000 payment limit, per, per entity. And so that’s how it is going to be on the MPCI level. Very similarly, on the NAP, NAP side of things, you’re looking at CAT coverage in 50-55, 60 to 65, which is the max coverage level, looking at anywhere from a 75-95% SDRP coverage level.

00;17;16;01 – 00;17;32;02
Dr. Hunter Biram
You know, I hate to be that vague, but right now, that’s really all you need to know. It’s going to be automatic signup. That’s encouraging. So it’s like, there’s a pre-filled application. All the farmers do pretty much is verify, sign it and send it off. Which is encouraging.

00;17;32;05 – 00;17;42;05
Dr. Will Maples
Hunter, am I right that you only qualify if you received a crop insurance and indemnity payment? There’s some eligibility requirements around these as well.

00;17;42;05 – 00;18;06;13
Dr. Hunter Biram
That’s correct. There is some eligibility. And it’s not just any indemnity. It’s going to be, it’s going to be a weather-related indemnity. You know, there’s there are, like insect, you know, pest-induced, you know, weed presence, things like that. But really it’s all about the weather. So, causes of loss there, there are several, but, I mean, it’s anywhere from wildfires and wind and hot wind and excess moisture and precip.

00;18;06;15 – 00;18;17;28
Dr. Hunter Biram
Drought. There is a… there is, more specifically on the drought, though I do want to make note of that language. I’ve got a link to the to the fact sheet here. There is a special..

00;18;17;28 – 00;18;20;05
Dr. Will Maples
Drought questions are what I’ve gotten the most, so far.

00;18;20;05 – 00;18;44;11
Dr. Hunter Biram
Yeah. So there is some eligibility there. So… so drought losses must have occurred in a county rated by the Drought Monitor as having D2, or severe drought, for eight consecutive weeks. D3, which is extreme drought or greater intensity, during the applicable calendar year. And I’ll note that and I didn’t mention this, is that this is for the 2023 and 2024, crop year, it’s not for ‘25.

00;18;44;11 – 00;18;59;27
Dr. Hunter Biram
So any losses that you had in either one of those years? I mean, and they’re looking across two years and, I mean, it’s going to be one payment. So the way I read this and the way that I read the rule, I mean, it’s going to sum up, if you had losses in both of those years, it’s going to sum up between both those years.

00;18;59;29 – 00;19;04;11
Dr. Hunter Biram
So there could be some pretty significant payments coming down the line from this.

00;19;04;14 – 00;19;17;10
Dr. Will Maples
And do you interpret the language there on the drought stuff, Hunter, as… so, you know, we’re talking about row crops, we plant them in March. A January drought would still trigger?

00;19;17;10 – 00;19;18;12
Dr. Hunter Biram
Yeah. I mean as long as it was in the calendar year, there.

00;19;18;21 – 00;19;29;28
Dr. Will Maples
But that’s, we’ve got a lot of counties that hit D2, D3 in December and January in Mississippi, but that would still make them eligible for the program.?

00;19;30;00 – 00;19;50;29
Dr. Hunter Biram
As far as I know. I mean, and again, for your policy, you would have had to trigger a loss. I mean, in wheat, I guess I can see that, more so than I could like, say, in rice. Because you still have to record a loss. So again, there could be drought that triggered, per se. But if you didn’t trigger a loss, then you’re not going to get anything paid on that.

00;19;51;02 – 00;19;53;01
Dr. Will Maples
Yeah, that’s a good point.

00;19;53;04 – 00;20;01;13
Dr. Hunter Biram
So it’s a little slight adjustment there. So that’s pretty much high level. All that I want to talk about. Will, do you have any other comments?

00;20;01;15 – 00;20;11;21
Dr. Will Maples
No, I don’t, I’m just… I’m just happy to finally see we got some new stuff passed. We, you know, been trying for two years and keep talking about it. And I was happy to see it is finally here.

00;20;11;24 – 00;20;37;09
Dr. Hunter Biram
Me too. And you know, it was a really creative way to get it done. I’m learning all the time. I know that, you know, I’m supposed to be the professor. You know, we’re supposed to be the experts, but man, I’ll tell you, that just gives me a license to learn is the way that I put it, because, I mean, that’s … there’s just so much that goes in this policy making, so many rules, so many processes that, people can get pretty creative with this.

00;20;37;12 – 00;20;40;26
Dr. Will Maples
Yeah, now this is going to be our first lesson in ag policy next spring.

00;20;41;02 – 00;20;50;02
Dr. Hunter Biram
As it should be. As it should be. Will, thanks for your time. And I look forward to go to a baseball game together, soon.

00;20;50;05 – 00;20;54;10
Dr. Will Maples
Thank you Hunter. Appreciate the invite to be on today.

00;20;54;12 – 00;20;58;04
Dr. Hunter Biram
Alright, buddy. Y’all stay tuned for the market report.

00;20;56;19 – 00;21;20;04
All right, folks, coming at you with your market report. September 2025 corn coming in at $3.99 a bushel. That’s going to be, down from $4.25, which was a month ago, and down from $4, which was a year ago. September 2025 rice coming in at $12.92 a hundredweight. That’s going to be down from $13.77 a month ago and down from $14.66 a year ago.

00;21;20;06 – 00;21;51;14
November 2025 soybeans. That’s kind of going to come in at $10.14. That’s going to be down, $0.15 from a month ago at $10.29 and down from a year ago at $10.68. Cotton, it’s coming in at, 67.73 cents per pound. That’s going to be marginally up, from a month ago, which was at 67.65 cents a pound and down from a year ago, which was at 70.87 cents per pound.

00;21;51;17 – 00;22;06;21
July 2025 wheat coming in at $5.50 per bushel. It’s going to be up $0.16 from a month ago and down $0.04 from a year ago. U.S. weekly average peanuts coming in at $494 per ton. That’s going to be down,

00;22;06;21 – 00;22;16;05
which was at $498 a month ago, and at $546 a ton from a year ago. Your current Mississippi River reading at Memphis is at 10.2ft.

00;22;16;11 – 00;22;51;24
Compared to, that’s down from a year ago, which was at 15.87ft. Arkansas highway diesel, looking at $3.39 per gallon a month ago, that was $3.16 and a year ago it was at $3.54 per gallon. Arkansas farm diesel with a 7000 gallon tanker load coming in at $2.64 per gallon a month. That’s up from a month ago, which was $2.39 per gallon, and, down from a year ago, which was $2.77 per gallon for your fertilizer prices, urea coming in on the week at $568 per ton.

00;22;51;24 – 00;23;10;06
That’s going to be down from a month ago, which was at $658 per ton and, slightly up from three months ago, which was $548 per ton. Ammonium nitrate coming in at $450 per ton. That’s going to be up from month ago at $414 and down from three months ago at $480. Ammonium sulfate coming in at

00;23;10;21 – 00;23;11;05
$532 per ton.

00;23;11;05 – 00;23;37;10
That’s going to be down from $563 a month ago. And, down from $541 three months ago. DAP is coming in at $805 per ton. That’s going to be down from $854 per ton a month ago, and up from $763 a ton from three months ago. Triple Super Phosphate coming in at $653 per ton. That’s going to be up from $590 per ton and down from $686 from three months ago.

00;23;37;10 – 00;23;43;18
Potash coming at $430 per ton. It’s going to be down from $484 per ton,

00;23;43;18 – 00;23;56;00
which was a month ago, and down $449 a ton, which was three months ago. Thank you for tuning in to another episode of Morning Coffee and Ag Markets. I hope that today’s episode was informative and helpful for you.

00;23;56;03 – 00;24;14;19
A lot of policy levers moving about, and, you know, we’re entering that downward shift and that downward slide on prices. So, be, be looking at the markets regularly and be making those market decisions where possible. And you know, if you have questions, reach out to us. And with that, thanks.