Ep. 68 Prevented Planting: When (if ever) is it a good business decision to take the PP indemnity?

00;00;00;13 – 00;00;26;16
Dr. Ryan Loy
Prevented planting often yields lower profits than planting. Planting and harvesting a second crop is usually better. Prevented plant only becomes more profitable at very low pre planting cost. That and so much more on this episode of Morning Coffee and Ag Markets.

00;00;26;19 – 00;00;30;11
Dr. Ryan Loy
My name is Ryan and in the studio today I have Dr. Hunter Biram. How are you doing today?

00;00;30;13 – 00;00;31;15
Dr. Hunter Biram
I’m doing wet. How are you?

00;00;32;02 – 00;00;53;05
Dr. Ryan Loy
No kidding. I’m doing well. Well, in this episode, we’re going to explore Dr. Biram’s analysis of prevented planting decisions in Arkansas rice production, drawing on simulation results in real world conditions from the 2025 crop year, the discussion focuses on when, if ever, it makes economic sense for producers to take a PP indemnity instead of planting.

00;00;53;07 – 00;01;10;22
Dr. Ryan Loy
The findings reveal key insights about profitability thresholds, second crop decisions, and how pre planting costs shape farm level risk management strategies. So let’s just get right into it. Hunter, the first question I have for you is what motivated you to analyze when prevented planting might actually be a profitable decision for rice producers?

00;01;10;22 – 00;01;26;14
Dr. Hunter Biram
Well, you know, preventive planting is one of those provisions that gets talked about a lot, especially, here in the Mid-South. And, this year, especially with all the flooding that we had at the very beginning of the year, it was almost a no brainer for most folks. They’re like, hey, I can’t get my rice into the ground, can’t get corn into the ground, because those are our first planted crops.

00;01;26;14 – 00;01;46;12
Dr. Hunter Biram
So, you know, taking PP, is it worth it or not? Was kind of the question. And this is actually building off of an analysis that I did with Dr. Lawson Connor a couple of years ago, and then the prices were a lot better. So we had some different findings. Now, the prices are a lot lower, so I thought it’d be good just to update that analysis and evaluate like, okay, I get this question a lot.

00;01;46;12 – 00;02;00;20
Dr. Hunter Biram
And some farmers, in some instances, they come to me and they say, no, this is a good thing. And, you know, it’s a good coverage. It’s helpful. But, you know, not all the time. Is that the case? And actually, based on what I’ve shown here, I’m like, we’re going to get into, like, it’s better more often than not

00;02;00;20 – 00;02;05;04
Dr. Hunter Biram
to just go ahead and just do your best and get out there and produce and try your best at it.

00;02;05;06 – 00;02;22;29
Dr. Ryan Loy
That’s really good insight in terms of the decision to be made after something like what happened in April this year occurs, and what kind of decisions can you make going forward based on that, you know, suboptimal situation you’re in? How can you really reach that maximum potential that you had before? The second question I have is, you know, how did you model the expected net returns?

00;02;22;29 – 00;02;28;02
Dr. Ryan Loy
And really, what makes the Lawrence County case representative of broader Arkansas rice production?

00;02;28;02 – 00;02;47;13
Dr. Hunter Biram
Yeah. So without getting into much of the nitty gritty, I do a, I do a simulation where I’ll generate 10,000 outcomes of yields, 10,000 outcomes of prices, and model their relationship between price and yields. Because, you know, typically if prices go, if yields go up, the prices tend to fall. And so to model that as well, the best way that I like to describe this process is using Groundhog Day.

00;02;47;18 – 00;03;05;29
Dr. Hunter Biram
Good old Bill Murray. So imagine that you’re a farmer and maybe you are a farmer so you don’t have to imagine it. But let’s just say that you’re going to go through a growing season 10,000 times. That’s what this is. That’s what this model is capturing. It’s like, if you were to do the same year 2025 crop year, 10,000 different ways, what would all those yield outcomes be?

00;03;05;29 – 00;03;28;18
Dr. Hunter Biram
What would all those price outcomes be? And so we have like a starting price. We have what the spring price from RMA is and then we also have a potential distribution of yields or lots of different yield outcomes that a farmer could face. So we’re going to do this simulation. And based on that starting price based on a counter yield expectation, we’re then going to draw out what the farm yield expectation is and what the different price outcomes are also account for basis in this.

00;03;28;18 – 00;03;50;00
Dr. Hunter Biram
So crop basis is accounted for here which then gives us these cash prices that we’re interested in. While warrants can be considered, if memory serves me right, the reason that we picked Lawrence County was because they were the only county that I could find that had second crop soybean data after rice. And so what I’m really trying to do, I’m not trying to say that Lawrence County, you know, necessarily leading the way in any kind of production.

00;03;50;01 – 00;04;09;21
Dr. Hunter Biram
It’s more so they had verification trial data that allowed me to see what is the reduction to soybean yield potential if I plant soybeans late. And so if I plant them into June, for instance, because that’s kind of the decision I’m trying to model one of these scenarios is, okay, we PP’d our Rice, the only other crop I can possibly put down at this point would be soybeans.

00;04;09;21 – 00;04;17;09
Dr. Hunter Biram
And going into June, as the days go by, as the weeks go by, what does that yield potential in soybeans look like? And, Lawrence County had that data available.

00;04;17;09 – 00;04;35;06
Dr. Ryan Loy
Very good. So it’s more of just a data availability reason for using Lawrence County. That makes sense. Absolutely. You know, as we had talked about on this show before, and as I mentioned earlier today, you know, a lot of farmers in Arkansas in the Delta faced major rainfall in 2025, really just historic rainfall in April, but didn’t get much afterwards.

00;04;35;06 – 00;04;47;00
Dr. Ryan Loy
Right? The summer was super hot, super dry. But how did that rainfall weather condition influence your findings on preventative planting profitability? Maybe as compared to what you’ve done before with this analysis?

00;04;47;00 – 00;05;03;28
Dr. Hunter Biram
Yeah. So the beauty of this is that outcome is going to be captured in the simulation. So we have 10,000 outcomes. Let’s just say one of those 10,000 is going to be it rained a lot. And so the yields fall. Or maybe we had a complete loss is another way to think about. So if I’m simulating the data maybe there’s a zero recorded for rice.

00;05;03;29 – 00;05;23;23
Dr. Hunter Biram
Net zero can be representative of large scale flood event like what we saw. So we capture that in this model, which is peer reviewed for those who can want to know that. So we will capture these low probability events where there’s large scale flooding. We also would capture it for drought because all these different yield outcomes, all the way from zero up to, let’s say, a 200 bushel or 250 bushel rice crop.

00;05;23;23 – 00;05;41;26
Dr. Hunter Biram
There are a lot of different yield outcomes that can happen between those two. And so ultimately the model is going to capture that. Now how will that influence what we saw this year? Well, I will say, because we did have such widespread flooding, I had way more phone calls about like, hey, like we’re thinking about doing prevent plant.

00;05;41;26 – 00;05;54;29
Dr. Hunter Biram
Is that a good idea or not? And of course, I always say just defer to what your, what your budget would say. What does your farm level budget say? Because we know that going into the crop year, it’s kind of a double whammy here. We know going into the crop year that, you know, rice returns did not look good.

00;05;54;29 – 00;06;09;15
Dr. Hunter Biram
They weren’t positive. But that’s from a price perspective. Then you get this hit on yield. And so it’s like prices low. You know your yield potential has fallen a great deal. Maybe you didn’t even plant anything because you knew that you weren’t going to make any money. You know, these are the kind of things that farmers are thinking about.

00;06;09;15 – 00;06;24;29
Dr. Hunter Biram
So looking at cost, there is a particular percentage where it actually isn’t a good economic decision. But by and large, what I find is that it’s actually better to go ahead and plant that crop and try your best with it. And that’s across all coverage levels. And that’s going to be comparing to a case where there’s no insurance.

00;06;24;29 – 00;06;44;18
Dr. Ryan Loy
So I mean, for anybody interested in looking at these graphs, the newsletter this week has them all very detailed and laid out perfectly in terms of understanding the exact analysis that’s being conducted here. Hunter, your results in your analysis suggest planting soybeans after a preventative rice crop can actually force deeper losses. Can you explain why that might be the case?

00;06;44;19 – 00;07;04;29
Dr. Hunter Biram
Yeah. So we look at three different scenarios. The case where you plant rice and you face the risk and you harvest what you got. And that’s pretty much it. We’ll call that a typical year status quo. So that’s going to be in the no PP panel of Figure 1. And so with that, I compare a no insurance case to if you get insurance at all the different coverage levels from 50 to 85%.

00;07;04;29 – 00;07;27;14
Dr. Hunter Biram
So in that base case I show that getting insurance is better than getting no insurance. Then I show, okay, what about if we do prevent plant on the rice but don’t plant second crop soybeans? Okay. If we do that, the losses are more for insurance than they are for not getting insurance because we’re not getting any revenue from what crop that actually did make it through that prevent plant.

00;07;27;17 – 00;07;50;10
Dr. Hunter Biram
So one main takeaway: it’s better to get insurance than not in a typical year. But if you take the prevent plant payment, you face deeper losses because you’re not generating as much revenue. Now to your question here, Ryan, looking at the second crop, soybeans, because there’s a rule, and we’ve talked about this a couple of episodes ago, the rules of PP. If you were to plant and insure that second crop soybean, you automatically get a 65% reduction in your rice prevented planting payments.

00;07;50;10 – 00;08;08;04
Dr. Hunter Biram
So now you’re at 35% of whatever that payment would be instead of 100%. All right. But if you end up taking and we show that in the No PP panel of Figure 2. And so essentially this is showing a wash like even with that rice PP payment, planting second crop soybeans. It’s not a good idea. Planting and insuring is not a good idea.

00;08;08;05 – 00;08;26;14
Dr. Hunter Biram
Now move over into if we PP soybeans and we PP our rice. And so when you do that you’re paying, you know, 35% premium and getting 35% indemnity on the on rice and you’re getting the full soybean PP payment on top of that. But you’re also paying the full premium on your soybean. So you’re paying twice premium pretty much in so many words.

00;08;26;14 – 00;08;47;25
Dr. Hunter Biram
But you’re also getting twice indemnity in so many words. However, because you didn’t harvest either one of those crops on a per acre basis, your loss is actually quadruple. So like I’m showing here in this Figure 2, you’re looking at about loss of about $150 in expectation, but actually goes down to like -600, -650 when we do the PP soybeans and we do the PP rice.

00;08;47;29 – 00;08;56;19
Dr. Hunter Biram
So to answer your question and to just confirm what you’re saying, planting second crop soybeans after PPing rice is not a very economic decision.

00;08;56;19 – 00;09;15;04
Dr. Ryan Loy
Well that’s great, Hunter, thank you for that insight. And again, for folks who want to look at these graphs, it is in the newsletter. And they’re very, they’re very pretty graphs as always with Dr. Biram here. Hunter, in your analysis you mentioned that preventative plant only becomes profitable when pre planting costs drop below 25% of total costs. In real world terms,

00;09;15;04 – 00;09;17;28
Dr. Ryan Loy
how often do farms experience costs that low?

00;09;18;01 – 00;09;35;18
Dr. Hunter Biram
You know that’s one thing that I’ve mentioned in the conclusion is we don’t, you know, we don’t know that for sure, how often that this actually is. I would venture to say probably not very often at all. I mean, you’re talking about 25%, you know, if you’re looking at a rice budget, which we do have, a link to the newsletter where we broke that down by cost category.

00;09;35;18 – 00;09;54;21
Dr. Hunter Biram
I mean, you’re looking at, like, seed and fertilizer, right? Maybe some rent. That’s pretty much it. Seed, fertilizer, and some rent. That’s your full seed costs and full fertilizer costs. I mean, that’s going to be, you know, your, your pre-emergent that that’s going to be sidedressed, and everything. So that’s pretty much what 25% would equate to. Now how often does that occur?

00;09;54;21 – 00;10;26;15
Dr. Hunter Biram
I’m not sure how often that actually occurs, but the point being, there is a scenario in which if you don’t incur as much production expense with prepping the ground, we’ll call these pre-production expenses. That 25% of total expense, if you were to assume that your pre-production expenses are 25% of total expenses, then PP becomes an economic option. Now, again, I don’t know how common that is, and I still defer back to the original results, which say that it’s better to go ahead and plant and harvest than it is to PP.

00;10;26;17 – 00;10;48;04
Dr. Hunter Biram
Now that is operating under the assumption that the RMA determined cost factor, 55%, is representative of rice. So what RMA does is they’ve determined that 55% of total costs are incurred at the time that a PP payment would be triggered, essentially. And so we assume 55%. That’s what the base case will tell you. Then we dial it back to about 25% say okay, maybe, maybe, maybe not.

00;10;48;04 – 00;11;05;01
Dr. Hunter Biram
So it does depend on the farm. I’ll say that, that may be a cop out, but that’s the truth. It does depend on the farm and how much expense has been incurred at the farm level. And so that’s why whenever people call me, I’d say, well, you know, without straight up asking them how much money that they’ve put into the crop, I’m like, well, just look at your books.

00;11;05;01 – 00;11;22;06
Dr. Hunter Biram
I mean, look at that. Look at the size of that payment. It’s a very easy payment to calculate. We’ve already talked about that. But you know, the PP factor times expected revenue and times the coverage level. And that’s pretty much it. And it’s just straight up a lump sum payment per acre. And so I’d say look at that and look at how much money you’ve put into your crop already.

00;11;22;06 – 00;11;39;00
Dr. Hunter Biram
You know, is that PP payment going to be enough to cover that loan on what you’ve already put in the ground, you know? And so maybe in some instances it is a good idea. And for some, especially this year, just because of the double whammy of low prices and that hit on flooding. Yeah. I mean, it could be a good option.

00;11;39;01 – 00;12;02;13
Dr. Hunter Biram
I’m not saying it’s wholesale a bad program, but, you know, by and large, I think the design of the program is to help with the risk of these flooding events that happen at the beginning of the year. So, yes, and in the south, in the Mid-South, we have a lot of flood losses, and particularly with rice and corn, because we plant so early, you know, we’re planting in March and April and, a lot of rain happens in that timeframe.

00;12;02;13 – 00;12;20;10
Dr. Hunter Biram
So, you know, the hope for this is that I’ve offered an analysis that would, you know, and expectations generally would tell you go ahead and, you know, plant that crop and, go ahead and try your best with it and, you know, take on the risk. But there is a there is a condition where, I mean, obviously, right.

00;12;20;10 – 00;12;32;03
Dr. Hunter Biram
Like if the cost falls below a certain amount, it’s just going to become more profitable. So, you know, that’s a long answer to your question. How often does that happen? I’m not sure it is very often. Again, you’re talking about seed and fertilizer. Maybe some rent in there, too.

00;12;32;05 – 00;12;53;17
Dr. Ryan Loy
Absolutely. No, and I think that answer was fantastic in terms of providing people with real overview in terms of, okay, looking at this analysis, you know, here are those options and those decisions that get made and what certain circumstances they fall under. And just knowing your own farm’s budget is the most helpful thing here, right? If you know that you really can make a lot of these things pencil and make sense very quickly.

00;12;53;22 – 00;13;14;07
Dr. Ryan Loy
You know, last week we went to Stuttgart to have a producer meeting, and one of the things we did was demo some of the tools that you’ve put together. And we got fantastic feedback on that from farmers. Farmers are very excited in terms of those, those options. And if you’re not familiar, we kind of come up with some of these, web applications that you can use to really do some analysis on your own farm.

00;13;14;07 – 00;13;26;04
Dr. Ryan Loy
And one of the things that Hunter has is the Crop Insurance Decision Maker. And so thinking about the Crop Insurance Decision Maker Tool, how can producers use decision tools like that to evaluate their own preventing plant options?

00;13;26;04 – 00;13;42;27
Dr. Hunter Biram
Yeah. So what that tool has on there is the projected price as well as the county level yield expectation. So you know, at the easiest level you can just go in there and take the price times the yield for the county yield expectation times whatever coverage level you’re interested in. And that’ll tell you about what your guarantee is.

00;13;42;27 – 00;13;57;23
Dr. Hunter Biram
So while we don’t have like a prevent plant tab per se, in that tool, you can still use the data inputs that generated all those results to determine what your prevented plant payment could look like. So, you know, if you’re if you’re looking at a county and I don’t know, off the top of my head, what this would be.

00;13;57;23 – 00;14;18;06
Dr. Hunter Biram
But let’s just say we got we got Lawrence County here and maybe a county yield expectation for rice of about maybe 165 a bushel and maybe the rice price to say, let’s just say it’s like $5.80 a bushel. Whenever you go the tool. Well, let’s do a $5.80 times 167,,, that’s about 968.6 per acre. So it’s about $969 per acre times…

00;14;18;06 – 00;14;35;29
Dr. Hunter Biram
Let’s just do a 75% coverage level. That’s about 727 times the rice prevent plant factor of 55%. So times 0.55, you’re looking at a PP payment of about $400 in that example. So you know, it’s about $400. And then you can multiply that times however many acres you have that are eligible for PP. Say it’s a thousand.

00;14;35;29 – 00;14;47;22
Dr. Hunter Biram
You got $400,000. Is that going to be enough to cover what you’ve already, to pretty much help recover some of those sunk costs that you can’t get back. And that’s one way that you can use those inputs to decide if it’s a good idea or not.

00;14;47;24 – 00;15;05;12
Dr. Ryan Loy
No. That’s great. Thank you for detailing that. And if you haven’t used the tool, I’m sure we’ll link it in this week’s newsletter. But if you haven’t been, the Fryar Price Risk Management Center website also has a tab. And also Dr. Biram has his own website, which we can also link in here with all of those tools available to you in one repository.

00;15;05;14 – 00;15;18;13
Dr. Ryan Loy
One last question I have for you, Hunter, and I think you touched on this in our discussion a little bit, but what future research or perhaps policy adjustments could help, you know, prevent plant coverage be a more effective risk management tool for rice producers.

00;15;18;20 – 00;15;34;18
Dr. Hunter Biram
Yeah. You know, this is something that I know you and I’ve talked about a lot and I mean have even talked about this with, Lawson and Eunchun about up in Fayetteville. And, you know, they’ve done some work with Chris Boyer over at Tennessee and, Dr. Chris Boyer, and looking at changing the cost factor, I think that’s something that RMA has continued to look at.

00;15;34;21 – 00;15;55;09
Dr. Hunter Biram
And I’m not saying that they’re not, they’re totally I know that there’s papers out there, but I think that that cost factor in getting that right is really important. And, you know, you and I looked at this, with, with some work in the past on comparing losses that are production losses as well as prevent plant losses versus how much is paid in premium because those premiums are determined largely based on production losses.

00;15;55;09 – 00;16;18;26
Dr. Hunter Biram
Or they’re supposed to be but there’s also a prevent plant losses bucket that gets thrown into that premium as well. And so if you were to look at, you know, in Arkansas especially, you see that the breakdown is yeah, the indemnities match the premiums pretty good. But the majority of the losses tend to be PP, at least in recent history, or at least at best they’re 50/50 production and prevent plant.

00;16;18;26 – 00;16;35;07
Dr. Hunter Biram
Right. And so ideally though that premium that that’s taken into it will match the indemnity. But really what we’re insuring is mostly production losses. So just basic question like what do you do about that? And I don’t know I mean, you know, without having anything peer reviewed in front of me, I mean, which is really a dangerous thing to do.

00;16;35;07 – 00;16;51;24
Dr. Hunter Biram
But I do think that, you know, again, evaluating that, that coverage factor and should prevent plant be its own product? I think is something that we’ve thrown around. I don’t know, the answer is yes or no, but I do think it’s an idea that’s been floated around. I have heard some farmers bring that up before because that’s what at least rice farmers are most interested in, right?

00;16;51;26 – 00;17;16;19
Dr. Hunter Biram
Because, I mean, here’s the deal. Rice you plant so early and there’s so much rain, but when you get it in the ground and you get a good stand, I mean, the yield, the yield risk for rice is the lowest among any of our crops. Absolutely. And I’ve shown that before too. So when it comes to production related losses for rice, a lot of rice farmers get frustrated because they’re like, well, you know, I don’t really have a lot of production losses with rice. Price…

00;17;16;19 – 00;17;17;07
Dr. Ryan Loy
Price risk, yeah.

00;17;17;12 – 00;17;36;01
Dr. Hunter Biram
Price risk, once you get into harvest. Absolutely. So really rice the biggest risk that I’ve, you know had conversations that we’ve had that I’ve had that I’ve heard people talk about is it’s this pre-production risk and a lot of rain early on. And then really prices because we face more of a global market with rice than we do domestic volume.

00;17;36;03 – 00;17;54;15
Dr. Hunter Biram
So rice is just very unique. It’s a very unique crop, has very unique risks and so prevent plant, you know, it’s designed for all of the commodities that are grown in the US. And so rice just gets thrown in there and is treated the same as others. But rice just has very unique risk. And so because of that, I do think it’s something that potentially, should be looked at a little bit differently.

00;17;54;17 – 00;18;09;25
Dr. Ryan Loy
Well, I think this has been great, and I know that the Arkansas farmers really appreciate your analysis and all this information that you give them, that they can actually act on this information to really help their farms. So from everybody, we really appreciate it and I really appreciate you taking the time to come talk to me today. And it’s been a great episode.

00;18;09;25 – 00;18;12;23
Dr. Ryan Loy
Is there anything else you’d like to say before we finish it up?

00;18;12;25 – 00;18;29;01
Dr. Hunter Biram
You know, there’s that golden question, is there anything else? You know, I just want to reiterate that by and large, it’s better just to go ahead and plant that crop and go ahead and insure it. It is better to insure than, than to not insure and just face the risk. I think that’s, you know, farmers want to farm and producers want to produce.

00;18;29;01 – 00;18;49;29
Dr. Hunter Biram
So I think that’s, that’s the main takeaway. But again, evaluate that decision at the farm level. Know your books, know your budget. Maybe in a year like this year, I mean, I think it could have been in terms of what share of farmers took it. I think that we’re going to see a whole lot more. Actually, the FSA data would reveal to you this is the third highest prevent plant year that we’ve had in terms of acres, almost a million acres.

00;18;49;29 – 00;19;01;15
Dr. Hunter Biram
Wow. And so for this year, yeah, probably a better decision. But you know, whenever times are good, the weather’s good and the prices are good. No, I mean there’s no way, like, don’t think about doing that, you know. So go ahead and produce that crop and insure that crop.

00;19;01;20 – 00;19;12;22
Dr. Ryan Loy
No, that’s great. And you heard it here first, folks. This is fantastic. And Hunter, if there’s nothing else, man, I will see us on out. And thank you so much for joining me. Everybody stay tuned for the market report. Bye bye, now.

00;19;12;24 – 00;19;35;12
Evan Ware
Hey everyone. It’s Evan this week with your market report. Hunter and Ryan are out of the state at a meeting. So starting off with corn December 2025 futures currently priced at $4.30 a bushel. That’s up from a month ago, which was at $4.16 a bushel and up from a year ago, which was at $4.11 a bushel. Rice November 2025

00;19;35;12 – 00;20;08;01
Evan Ware
Futures are at $10.24 per hundredweight. A month ago it was $11.17 per hundredweight, and a year ago it was $14.70 per hundredweight. Soybeans November 2025 Futures are coming in at $10.91 per bushel. That’s up from a month ago, which was at $10.02 per bushel and up from a year ago, which was $9.83 a bushel. Cotton December 2025 Futures are currently at 65.12 cents per pound.

00;20;08;01 – 00;20;35;06
Evan Ware
A month ago, that was 65.77 cents per pound, and a year ago it was 69.57 cents per pound. Wheat July 2026 Futures are currently at $5.63 per bushel. A month ago, it was $5.52 a bushel, and a year ago it was $6.07 a bushel. Due to the government shutdown, the weekly reporting of peanut prices by USDA has temporarily been suspended.

00;20;35;06 – 00;21;03;17
Evan Ware
So we don’t have those prices for y’all right now at this time. The current price for Arkansas Highway diesel is $3.32. Month ago, it was $3.35, and a year ago it was $3.27. Arkansas Farm Diesel is currently at $2.66. A month ago it was $2.52, and a year ago it was $2.44. Fertilizer prices. Urea is currently about $560 per ton.

00;21;03;17 – 00;21;29;25
Evan Ware
A month ago, that was $558 a ton, and three months ago that was $560 per ton. Ammonium nitrate is currently about $447 per ton. A month ago, it was $450 per ton, and three months ago it was $435 per ton. Ammonium sulfate is currently $499 per ton. A month ago, that was $522 a ton, and three months ago that was $540 a ton.

00;21;29;25 – 00;21;57;16
Evan Ware
DAP is currently $933 a ton. A month ago, that was $951 a ton, and three months ago that was $845 per ton. Triple Super Phosphate is currently $795 a ton. A month ago, that was $835 a ton, and three months ago that was $755 a ton. Potash is currently $467 a ton. A month ago, it was $471 a ton, and three months ago was $460 a ton.

00;21;57;18 – 00;22;11;00
Evan Ware
The Mississippi River at Memphis is currently reading at -6.36ft. A year ago it was -9.37ft. And that’s it for your market report. Thank you so much for tuning in to another episode of Morning Coffee and Ag Markets.

00;22;11;01 – 00;22;36;20
Dr. Hunter Biram
If you would like to learn more about the Fryar Price Risk Management Center of Excellence, we encourage you to go to Fryar, f-r-y-a-r, dash risk, r-i-s-k, Dash Center dash uada.edu (fryar-risk-center.uada.edu). If you want to check out the newsletter is associated with this podcast, we encourage you to visit the website and check out podcast newsletters. When you go to podcast newsletters, you should be able to see the most recent newsletters that we published, and within each one of those newsletters, you should be able to click on a link to subscribe.

00;22;36;20 – 00;22;39;26
Dr. Hunter Biram
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00;22;39;27 – 00;22;44;16
Dr. Hunter Biram
Bye bye now.