Ep. 57 USDA’s August Crop Forecasts Point to Record Corn and Soybean Yields

00;00;00;05 – 00;00;23;13
Dr. Hunter Biram
A massive rebuilding of U.S. corn stocks is underway, and that may keep corn prices under pressure for the next, maybe even eight months. Yesterday’s report was friendly to the soybean and cotton market, but likely leads to an acreage shift for those crops beginning this fall in South America and next spring in the U.S. And lastly, U.S. long grain rice stocks remain heavy, and the trade deals negotiators this far are more favorable to California medium grain.

00;00;23;13 – 00;00;36;18
Dr. Hunter Biram
That and so much more on this episode of Morning Coffee and Ag Markets.

00;00;36;21 – 00;00;43;01
Dr. Hunter Biram
Well, I’m your host, Hunter Biram. And with me today, I’ve got Mr.. Doctor, professor Scott Stiles. Scott. How are you, man?

00;00;43;03 – 00;00;45;22
Mr. Scott Stiles
All right. Plenty to unpack today.

00;00;45;24 – 00;00;56;25
Dr. Hunter Biram
Plenty to unpack. And, you know, speaking of unpacking, I don’t know about you, but I’ve had a pretty busy summer, and I’ve had to do a lot of packing and unpacking with all that’s going on right now.

00;00;56;28 – 00;01;10;18
Mr. Scott Stiles
Yep. But summer’s coming to a close and kids are going back to school this week, and, traffic was a little heavy this morning. And, got some harvest going on in the state. So we’re entering into fall, finally.

00;01;10;21 – 00;01;19;00
Dr. Hunter Biram
Entering in the fall. Now, if we can just get some rain and get some cooler air and maybe, maybe toss a football, I’ll be a lot happier.

00;01;19;02 – 00;01;20;00
Mr. Scott Stiles
That’d be good.

00;01;20;02 – 00;01;40;15
Dr. Hunter Biram
Well, Scott, today, we’re going to talk about the August WASDE, and as of this recording, which is on August 13th, to be released next week on Monday. You know, yesterday, August 12th, because remember the… the WASDE was released and so, Scott, just give us an overview. Is the August WASDE normally a market mover?

00;01;40;17 – 00;02;01;10
Mr. Scott Stiles
Not usually. I guess the last six WASDE’s have been pretty boring this year, but this one was pretty exciting. We saw some dramatic changes and I think everybody knew we’d see some big changes in yields. But the adjustments in acreage yesterday were, I think, the biggest surprises in the report. But it was, it was not boring.

00;02;01;10 – 00;02;08;00
Mr. Scott Stiles
And, you know, the markets moved quite a, you know, quite a bit, off the numbers that USDA released yesterday.

00;02;08;01 – 00;02;23;05
Dr. Hunter Biram
Yeah. So let’s, let’s, go ahead and dive right in. So on corn, I mean, I can’t believe I can’t believe it, but USDA did it. I mean, they raised that yield well above trend. I mean, we’re looking at now one almost 189 bushels for the national average.

00;02;23;08 – 00;02;47;07
Mr. Scott Stiles
Right. So that was at the upper end of anybody’s expectations. I think 188 was the top yield estimate going into the report. And they definitely punched that, you know, the upper end of anybody’s trade guess. And I you know, maybe we talked about this last month. We talked about how good the crop ratings were, how historically strong, you know, the good to excellent ratings were for both corn and beans.

00;02;47;07 – 00;03;11;27
Mr. Scott Stiles
So everybody knew there’d be a yield bump this month, or they felt, you know, strongly that it would be. But we really didn’t expect to see anything that size. You know, USDA tends to be conservative a lot of times they kind of, you know, take a measured approach to arriving at a number. And boy, that’s a big jump to go up 7.8 bushels per acre in one monthly report. That’s significant.

00;03;11;28 – 00;03;31;14
Dr. Hunter Biram
That is a big shift. Now, Scott, do you know how USDA collects this information and how they end up making that decision? Because, I mean, we’re talking, you know, 7 to 8 bushels per acre for the whole country. I mean, that’s a big shift, so. So what is it that the USDA may be hearing from farmers or from people who are collecting data that are like, no, we need to actually make this big of a shift?

00;03;31;17 – 00;03;55;27
Mr. Scott Stiles
Okay, so for the August report, part of the methodology is to survey farmers so they, you know, they did collect, you know, what responses they could from farmers and their opinions about the crop. But for this month, they were relying on satellite imagery, NDVI, and things of that, that nature. But they’re not actually, they didn’t go out into the fields in August and take, you know, samples.

00;03;56;01 – 00;04;04;24
Mr. Scott Stiles
They’ll do that in September. But this month was grower surveys, satellite imagery. And that’s how they came up with their yield estimate for August.

00;04;04;26 – 00;04;07;02
Dr. Hunter Biram
I’m trying to think has, has Pro Farmer had their tour yet?

00;04;08;01 – 00;04;12;02
Mr. Scott Stiles
It’s coming up, the 18th through the 21st this month.

00;04;12;04 – 00;04;21;13
Dr. Hunter Biram
Okay. So, next week. Next week. Yeah. So we’ll, so we’ll know even more. I mean that, that Pro Farmer Tour, I mean it, it can move the market sometimes, too.

00;04;21;15 – 00;04;40;12
Mr. Scott Stiles
Right. And it’ll be interesting. They’ll be out you know taking you know, pod counts and looking at the quality of feel on the, on the ear. So they’re actually getting out into the field over several states and taking samples. So it’ll be interesting to see how that… see if that verifies the numbers we saw yesterday.

00;04;40;12 – 00;04;53;09
Dr. Hunter Biram
So let’s talk a little bit about exports. Let’s talk a little bit about the demand side of the balance sheet. You know, it looks like that, the 24/25 market, your exports increased yet again. So that’s somewhat good, right?

00;04;53;16 – 00;05;17;16
Mr. Scott Stiles
Yep, yep. So they increased old crop exports 70 million bushels yesterday. They offset half of that with… some of that was lower ethanol, mostly. But it was in that food seed and industrial category. They took off 35 million bushels. But exports have really been the bright spot for old crop corn. And we continue to see these flash sales and, almost on a daily basis for corn.

00;05;17;16 – 00;05;38;07
Mr. Scott Stiles
So that’s, that’s been something that we haven’t been relying on China. We, you know, we’ve done, you know, quite a bit of export business with Mexico in particular. So that’s you know, that’s certainly helped. So that lowered our, you know, our beginning stocks for the new crop balance sheet down. We lowered beginning stocks 35 million on the new crop balance sheet.

00;05;38;07 – 00;05;39;08
Dr. Hunter Biram
So what about new crop?

00;05;39;10 – 00;06;03;28
Mr. Scott Stiles
Okay, the big story on corn was, we talked about the yield increase, but the other, the surprise was almost, almost a… it was a 2 million increase, in planted acres, 1.9 million increase in harvested acres. So that in conjunction with the yield increase, you had a basically a 1 billion bushel increase in production month to month.

00;06;04;00 – 00;06;27;14
Mr. Scott Stiles
We went from 15.7 last month to, 16.742 this month. So big adjustment in production numbers, 1 billion bushels. That’s not a, it’s not a small, it’s not a small change month to month. But that’s… that was the story on the supply side, was the big, the 1 billion bushel increase. Now the next, you know the challenge is – let’s find a place for all of this.

00;06;27;14 – 00;06;55;12
Mr. Scott Stiles
What are we going to do? You know, with a production increase that size and USDA increased demand in every category, I think, is a 20 year high and in feed use they bumped it up 250 million bushels. They increased ethanol, 100 million in exports, up 200 million. So we’re trying to you know, the thinking is on larger production, it’s going to pressure prices and, and stimulate some demand that way.

00;06;55;12 – 00;07;02;29
Mr. Scott Stiles
Basically half of that production increase was offset by, you know, some increases in all the demand categories.

00;07;03;02 – 00;07;07;04
Dr. Hunter Biram
Well, you know, there’s that unfortunate truth that the cure for low prices is low prices.

00;07;07;08 – 00;07;29;13
Mr. Scott Stiles
That’s true. And, we did see some downward adjustment last month. You know, they expected farm prices, $4.20 for new crop. And then dialed it back $0.30 to $3.90 yesterday. So we did. You know, the futures was under pressure too. We saw the December contract move to new contract lows yesterday. I think it was down.

00;07;29;13 – 00;07;37;04
Mr. Scott Stiles
It closed down the day 13 and a quarter at three 394 and a half. So that was new. New contract low for the for the […] contract.

00;07;37;04 – 00;07;40;25
Dr. Hunter Biram
Well now let’s move on… you know, got anything exciting about corn?

00;07;40;27 – 00;07;58;21
Mr. Scott Stiles
No, not much to get excited about it, you know, and you know, you can hear all you know types, like doom and gloom stories. You know, if you know, if we continue to get favorable weather, you know, there’s nothing, you know, that says we couldn’t have a, you know, 190 yield or so. It’s, it’s it remains to be seen.

00;07;58;21 – 00;08;20;15
Mr. Scott Stiles
And then and now, you know, I think we’re looking forward to really seeing some, you know, some hands on get out in the fields and, and, and see if everybody’s opinion of the crop is, is correct. And because there’s been a lot of discussion about tassel wrap and, and there’s been other areas in the Eastern Corn Belt that didn’t get as much rain, you know, on the condition ratings aren’t as high in places in the Eastern Corn Belt.

00;08;20;15 – 00;08;25;23
Mr. Scott Stiles
So, the crop could be more variable, really, than what people, you know, believe.

00;08;25;26 – 00;08;28;13
Dr. Hunter Biram
Yeah. Well, what about soybeans? We’ll move into that, now.

00;08;28;13 – 00;08;55;16
Mr. Scott Stiles
Well, soybeans, the you know, the story there was a, you know, a pretty good yield bump. Record yield. You know, we were talking about record yield in corn. We also projected, USDA projected a record yield in beans of 53.6. I think there’s 11 states, projected to have record bean yields. Arkansas was one of them. But the key, the “I” states, as we say in the Midwest, are all projected to have record bean yields.

00;08;55;18 – 00;09;18;04
Mr. Scott Stiles
Iowa, Illinois, and Indiana are all expected to have state averages above 60 bushels. And these state with big acres that really move the needle, the yield expectations are really high in some of those some of those big acreage states. The acres that USDA added to corn, seem to be taken away from soybeans. They lowered harvested acreage on beans by 2.4 million.

00;09;18;04 – 00;09;39;10
Mr. Scott Stiles
So that actually resulted in a lower production estimate this month, dialed production back 43 million bushels. I guess if there is any good news in the report yesterday it was, you know, the balance sheet actually tightened up a little bit in soybeans. They took 20 million off ending stocks and took, you know, so total ending stocks sit down at 290 million now.

00;09;39;29 – 00;09;51;10
Mr. Scott Stiles
I think that was a bit of a surprise, is, you know, they knew yield would come up, but I don’t I don’t think many were looking for, you know, a 2 million acre reduction in bean acres this month.

00;09;51;14 – 00;09;58;15
Dr. Hunter Biram
Yeah. I mean, there was a 2.4 million acre reduction, and, what… 1.9 million acre increase for corn. So, I mean, it was almost a 1:1 shift. It looks like.

00;09;58;15 – 00;10;21;07
Mr. Scott Stiles
Yeah. Yeah. So that was […] And demand outlook look is pretty good for new crop record crush on you know, on the you know, the improved outlook for biofuels demand. They did dial back exports 40 million because, I think that’s largely due to the, you know, the fact we just haven’t sold any, any new crop beans to China at this point.

00;10;21;07 – 00;10;43;18
Mr. Scott Stiles
We’re off to, I guess it’s… looking back at numbers yesterday. It has been 20 years since we haven’t sold any new crop beans to China at this point. And, it’s anybody’s guess, really, at this point, on where, you know, where we may end up export wise, but USDA is a little concerned about the fact that we haven’t haven’t made any China sales yet.

00;10;43;20 – 00;10;46;19
Dr. Hunter Biram
That’s crazy. Not, not one bushel of new crop.

00;10;46;19 – 00;10;56;08
Mr. Scott Stiles
None. None. And, so it’s been a while. 2005 was the last time that, you know, we hadn’t sold any new crop beans to China.

00;10;56;11 – 00;11;02;12
Dr. Hunter Biram
Have you looked at old crop sales for China? I mean, and how that’s compared to the last, you know, 3 or 5 years?

00;11;02;14 – 00;11;25;05
Mr. Scott Stiles
I, I hadn’t looked specifically at that but, it’s, you know, of course, each year it seems like we’re losing a little more share to, to Brazil. It’s, I did see some numbers recently where Brazil’s share of China’s imports is… it’s between 75 and 80%. It’s approaching 80, 80% of what they import.

00;11;25;05 – 00;11;43;11
Mr. Scott Stiles
So maybe… I may be stretching that, but 75% anyway, is Brazil’s share of, of China’s imports. So it’s, you know, really, really competitive, you know, to get into China’s market now and with, you know, Brazil increasing production each year.

00;11;43;13 – 00;11;57;22
Dr. Hunter Biram
Well, that’s, definitely concerning. I mean, it’s something that we’ve continued to, to monitor and pay, pay attention to, but unfortunately, there hasn’t been any, any changes favorable for the US. Soybean farmer, at least. No. What about prices then, on soybeans?

00;11;57;24 – 00;12;16;13
Mr. Scott Stiles
Okay. Well, they left with a little tighter, you know, ending stocks. They left the price outlook same at $10.10 a bushel. That’s unchanged from last month and kind of on par with old crop at, at $10, even as the price outlook for old crop, so.

00;12;16;15 – 00;12;20;27
Dr. Hunter Biram
Well, what about rice and cotton? More of our traditional southern crops.

00;12;20;27 – 00;12;45;15
Mr. Scott Stiles
All right. Made a few, you know, old crop and new crop adjustments on rice. They did, USDA did dial down their old crop rice export number 3,000,000 hundredweight. So that did bump up beginning stocks a bit. They lowered imports a million. Just, you know, that may, you know, might be a result of the, the new tariffs on India basmati rice.

00;12;45;15 – 00;13;12;29
Mr. Scott Stiles
They increased long, I’m talking about the long grain balance sheet, but they, they increased, long grain production 1.7 million. NASS found some acreage, you know, they did some acreage adjustment this month, and, they found 52,000 long grain acres in the Mid-South region. The Arkansas number was bumped up 10,000, and they found the balance. A few more acres in Missouri and Mississippi.

00;13;12;29 – 00;13;17;27
Mr. Scott Stiles
So, so part of that production increase was off of higher acres.

00;13;18;00 – 00;13;28;08
Dr. Hunter Biram
And maybe that’s because folks were able to get the rice out despite all the rain that we had early on. And I guess fields are able to dry up more than they thought.

00;13;28;11 – 00;13;48;02
Mr. Scott Stiles
I guess, you know, and of course, you know, there was certainly some acres planted later than, you know, there was some late planting going on that we noticed. So maybe that’s… there wasn’t a big you know, it wasn’t a big change in Arkansas acres. But maybe that, what you described, you know, was was the case in Missouri and Mississippi.

00;13;48;09 – 00;14;15;03
Mr. Scott Stiles
Total supply on long grain up 3.7 million. Most of that was offset by increases in, in demand. They bumped up domestic use 2 million and exports a million. So, the net change was just, 700,000 hundredweight increase in ending stocks. No change, you know, with just a modest bump in stocks. It didn’t change the price outlook.

00;14;15;05 – 00;14;22;26
Mr. Scott Stiles
Kept it at $13/hundredweight. I think it’s $5.85 a bushel if my math is not failing me.

00;14;23;14 – 00;14;26;21
Dr. Hunter Biram
I trust you. I trust you. […]

00;14;26;23 – 00;14;27;20
Mr. Scott Stiles
Yeah, It’s $5.85.

00;14;27;22 – 00;14;30;26
Dr. Hunter Biram
The 2.22, the golden ratio.

00;14;30;26 – 00;14;34;02
Mr. Scott Stiles
There you go. $5.85 right there.

00;14;34;04 – 00;14;45;16
Dr. Hunter Biram
I mean, technically, Scott, if you want to round, I mean, you could say $5.86… I mean, it’s 5.8558. But you know, we’ll call it 85, okay.

00;14;45;19 – 00;14;49;11
Mr. Scott Stiles
Okay. Well, at this point, we’ll take a penny.

00;14;49;13 – 00;15;13;25
Dr. Hunter Biram
Hey, we’ll take whatever we can get, right? Well, it you know, I, I guess sometimes, no movement is, is good movement considering. I mean, as I look at these market reports that we put out every week and just looking at how rice prices have changed, I mean, they clearly stand out when when we start looking at the relative price changes, across crops, rice stands out as the one that has declined the most year over year.

00;15;13;25 – 00;15;18;26
Dr. Hunter Biram
I mean, you’re looking at 10 to 12%. You know, each week that we put it out, I mean, there’s a pretty big decline.

00;15;18;29 – 00;15;24;13
Mr. Scott Stiles
No doubt. We haven’t talked about cotton… And I was going to wrap up with that.

00;15;24;16 – 00;15;25;09
Dr. Hunter Biram
Go for it.

00;15;25;16 – 00;15;50;05
Mr. Scott Stiles
Well, we had, you know, a nice market move. Our I think, you know, normally you’d probably see the market move, you know, a bit more, but when you, when you reduce ending stocks a million bales, you’d think you’d get a limit move out of the market. But it… but we just, I think, December closed up 163 points on really some large, reductions in acres.

00;15;50;07 – 00;16;22;06
Mr. Scott Stiles
NASS, I think, trimmed about 400,000 acres off of the Texas crop and then $160,000 off of Georgia. And, so we had some, you know, some really, you know, pretty sizable adjustments down in acres yesterday. So they, you know, they trimmed 1.39 million bales off of production on a smaller crop. They reduced exports 500,000 so that that trimmed ending stocks month to month by a million bales down to 3.6.

00;16;22;06 – 00;16;48;15
Mr. Scott Stiles
So that’s certainly a move in the right direction price wise. And USDA reflected that. They increased the season average price $0.02 to 64. And so, still nothing to get excited about that. And yeah, but it’s it’s, you know, a step higher. But but anyway it’s, it’s… I tell you, you know, it’s a similar story for all crops.

00;16;48;15 – 00;17;03;07
Mr. Scott Stiles
It’s just, you know, everything’s under, we talk a lot about on the policy front, the PLC reference prices, everything. It looks like PLC is in the cards for, for all of these crops that we talked about today for, for the, for ‘25.

00;17;03;09 – 00;17;04;23
Dr. Hunter Biram
Even soybeans.

00;17;04;26 – 00;17;18;09
Mr. Scott Stiles
Yeah. Even soybeans. So, we were talking about that earlier today. We’ve got an effective reference price on beans now at $10.71. So, at $10.10, we trigger a, you know, a 60 cent PLC payment.

00;17;18;09 – 00;17;33;24
Dr. Hunter Biram
Yeah. Rice is looking like a $3.90 per hundredweight, which you know, I start thinking about payment limits. I’m like, at what point does that payment get so big that it’s maxing out?

00;17;33;26 – 00;17;52;29
Mr. Scott Stiles
Yeah. That’s, that’s, that’s something to think about. We need to make sure we’ve got, got our entity structure, you know, set up for, for 25 to accommodate these. You know, and they’re, you talk about the three points we wanted to make. One thing I wanted to touch on again is just kind of the outlook for 26.

00;17;52;29 – 00;18;12;17
Mr. Scott Stiles
And with 2 billion plus carryout for corn, I’d say we’ve entered an environment where, you know, the corn stocks are going to be comfortable for some time. And I don’t think, you know, corn is going to make a strong bid for acres. This winter and next spring when we’re trying to make our planting decisions. I don’t I don’t think we’ll see very much improvement in corn prices.

00;18;12;23 – 00;18;35;10
Mr. Scott Stiles
We’re seeing a little bit tighter balance sheet in beans and beans are really making a nice recovery. They’ve, you know, moved, you know, at least $0.60 higher over the last three sessions. But I was looking out this morning into November 2026 futures. And you know at one time it was trading around $10.75 and see it closed at $10.70 today.

00;18;35;10 – 00;19;17;17
Mr. Scott Stiles
So you know, everybody ran to the corn side of the boat in 2025. And I kind of think now we’re in a situation where everybody may move back to the beans side of the boat, kind of tip it that direction for 26. And, and so to, to avoid falling in the same trap, maybe we need to start thinking a little bit about price protection on 26 beans that, and a price band between, say, $10.75 and $10.85, maybe, maybe looking at doing, you know, some hedging or, with futures or options at that, at that level, because Brazil is going to start planting, you know, about a month from now.

00;19;17;19 – 00;19;34;18
Mr. Scott Stiles
And, I think, you know, these, you know, they’re, think they’re going to be looking at this too. And, and looking to increase buying acres. And I think same thing is going to happen here in the US next spring. You know, maybe, you know, we need to try to get out in front of the curve here. And and try to protect some prices.

00;19;34;18 – 00;19;44;16
Mr. Scott Stiles
And that at these recent has, you know, we were at $10.85 on ‘26 crop not very long ago. And that may be a good price level to protect. Yeah.

00;19;44;16 – 00;20;05;16
Dr. Hunter Biram
So let’s see here, Scott, for those who have forgotten, we had a profit loss calculator that we came out with and we actually updated it this summer. But I just thought we could look here. I mean, let’s just go to… let’s just come around closer to your neck of the woods in Craighead County and look at soybeans. So looking at that, you said about $10.75, $10.80? Somewhere in there.

00;20;05;16 – 00;20;25;16
Dr. Hunter Biram
I mean, yeah, you know, then at that range here, it’s the breakeven yield is a lot more realistic. I mean, you’re looking at more like between 50 and 55 bushels instead of 60 or 65, which is what we’re looking at this past year. You know, you look at an 80/20 crop share… Well, now, if you’re looking at 80/20 crop share, it’s a different story.

00;20;25;16 – 00;20;47;20
Dr. Hunter Biram
I mean, you’re looking at closer to 56, 57, maybe. But if you’re on that cash rent, if you’re maybe $150, I mean, you can, you can afford to lose a few bushels. But it definitely is a function of the rental agreement. If you own. I mean, I think it may go without saying, you know, if you own, you’re going to be… you’re going to be in better condition than in those that rent.

00;20;47;23 – 00;21;10;17
Dr. Hunter Biram
But yeah, no, that’s an interesting thing for us to be looking at. I mean it is crazy to be thinking about 2026, but, it’s really important to lock in these prices while you can. And, because you just never know when, when that market’s going to move against you. And if we can be at a price now that we can lock in, that is actually, you know, breakeven or even maybe been a little bit better than breakeven, that free time to move on that.

00;21;10;20 – 00;21;36;03
Mr. Scott Stiles
Maybe it’s you know, and you think that, you know, $10.75, $10.85, it sounds cheap. You know, it’s like a lot of, you know, why would I be interested in that price level? But it may be… it may be some of the… it may be one of those things where, you know, you’re always trying to shoot for marketing in the top third of the price range for a year, or, you know, try to, you know, or better.

00;21;36;05 – 00;21;46;15
Mr. Scott Stiles
And and it may, you know, turn out to be, you know, some of the highest price levels we see if everybody shifts over to beans next year. Like they certainly could.

00;21;46;15 – 00;21;50;20
Dr. Hunter Biram
Have you looked at 26 corn futures on September or December?

00;21;50;23 – 00;22;01;03
Mr. Scott Stiles
$4.35 is where 26 September is and December is at $4.45. So. Well…

00;22;01;05 – 00;22;22;25
Dr. Hunter Biram
So, I mean, $4.30 to $4.50. And I mean, you know, we had our faculty retreat yesterday, and I saw Breana Watkins who is our budget specialist, and she was saying that she’s already starting to collect data for the budgets next year. And, prices seem, I guess, more favorable compared to this year, which you, I guess you could say anything’s better than this year, even the year before, but, maybe input prices have come down a little bit.

00;22;22;29 – 00;22;47;00
Dr. Hunter Biram
And, you know, maybe we can lock in some prices now, even start thinking about making those decisions. And, because, I mean, I’ve got corn pulled up here now for Arkansas County. And, you know, if you’re on a $150 an acre cash rent, I mean, at a $4.30 or $4.40, I mean, you can afford to get into that 205 to, to, 210 per bushel range or pretty much come out right at about mean yields.

00;22;47;02 – 00;22;53;04
Mr. Scott Stiles
Yeah. That looks good. Doesn’t look great. But it’s… when you think about it. Yeah.

00;22;53;04 – 00;23;15;08
Dr. Hunter Biram
Well, thanks for bringing this to our listeners’ attention. I mean, always be checking that stuff. I know that our farmers are… some of them are harvesting right now. And you know, you know, hopefully they’ve gotten water pulled off rice, and the, you know, that’s drying out and I know it’s a busy time, but, you know, these are things that we just got to stay on top of, the best that we can least, so that we can be making these kinds of decisions.

00;23;15;08 – 00;23;31;14
Dr. Hunter Biram
But other than that, Scott, we are we are running, a little bit longer than usual on that. And that’s all right, because we had some good discussion. But I do want to go ahead and respect our listeners’ time and just go ahead and have a sign off and just want to say thanks again for all your insight, Scott, for always, covering the markets for us.

00;23;31;16 – 00;23;34;04
Mr. Scott Stiles
You’re welcome. Look forward to talking to you again.

00;23;34;06 – 00;23;36;28
Dr. Hunter Biram
Yes, sir. All right, y’all, stay tuned for the market report. Thanks.