Episode 82 - March 31 Prospective Plantings Report Offers Few Surprises

Scott Stiles and Hunter Biram discuss the March Prospective Plantings report and what it means for 2026 crop acreage. Arkansas rice acres came in close to expectations but remain historically low, while cotton acres were higher than expected and soybean acres came in lower than anticipated. They walk through the economic factors driving planting decisions, including government programs, landlord considerations, and local yield potential. The episode also highlights how rising diesel and fertilizer costs tied to global events could still shift acreage ahead of the June report, especially for corn and rice. 

Transcript

00;00;00;04 - 00;00;32;15
Hunter Biram
March Prospective Plantings Report released on Tuesday, March 31st. Had Arkansas all rice acres projected at the lowest since 1983. November's futures rally on a smaller increase in national acreage than expected, and the projected Arkansas corn and soybean acres came in lower than expected, while cotton acres came in higher than expected. That and so much more on this episode of Morning Coffee and Ag Markets.

00;00;32;18 - 00;00;40;08
Hunter Biram
Well, good morning to you. I'm your host today, Dr. Hunter Biram. And with me I've got Mr. Dr. Professor Scott Stiles. Scott, how are you, man?

00;00;40;09 - 00;00;43;02
Scott Stiles
Great. Glad to be with you again. It's been a while.

00;00;43;04 - 00;00;48;20
Hunter Biram
It has been a while. I'm thinking, Scott, I think the last time you and I recorded was on FBA back in December.

00;00;48;22 - 00;00;50;13
Scott Stiles
December. Yeah. Sure was.

00;00;50;17 - 00;00;55;18
Hunter Biram
I'm glad that you've been able to take a break from me and my antics. I'm just kidding.

00;00;55;21 - 00;01;01;15
Scott Stiles
It's good to be back. Christmas finally, finally came for us economic types. And,

00;01;01;17 - 00;01;17;17
Hunter Biram
It did, Christmas did come. There was a package and we opened it and, there was well, let's just say there were multiple presents, all right. Like there was one present. I think maybe we're like, okay, this was close to what I thought I was going to get. And then there are some presents where it's like, oh, that's actually better.

00;01;17;17 - 00;01;37;23
Hunter Biram
And there somewhere it's like, oh, wow, I did not ask for this. And so we're going to unpack that. And so let's just go ahead and start with Arkansas rice. So Arkansas rice acres came in at a little bit higher than expected but pretty close to what we expected. So, you know, that acreage number for all rice at pretty much right at a million, long grain rice 900,000 acres.

00;01;37;28 - 00;01;54;25
Hunter Biram
So, Scott, what what economic factors do you think would drive a farmer to plant rice right now? You know, I get that question a lot from the media and just from talking with people in public. And, you know, I tell them about these net returns of -$200, -$300 an acre, depending on what the rental agreement is and yields and things like that.

00;01;54;25 - 00;02;01;24
Hunter Biram
And right, well then why in the world would a farmer do this? So could you maybe provide some light as to some economic factors that could drive that decision?

00;02;01;27 - 00;02;20;17
Scott Stiles
One of the first things I think about is when you look at projected PLCs and, and plug in just an average PLC payment, you know, for long grain on a lot of farms, we're going to see PLC payments above $300 an acre. I think that's certainly one, one factor. You know, we have a lot of rice base in the state.

00;02;20;18 - 00;02;41;02
Scott Stiles
I think at one time a total we had was over 1.8 million acres of rice base. So there's a lot of that and that far, you know, exceeds what we've planted in recent years. So I think that's one factor is the, is the PLC. FBA payment was pretty solid. There's certainly talk of additional help on the way. Nothing that we can guarantee.

00;02;41;02 - 00;03;00;07
Scott Stiles
But there is some discussion about some further assistance for growers that you know, have been impacted by the events this month. So, you know, I think the safety net and increase in the reference prices and, and things of that nature have I think, kept rice acres above a level that, you know, that we thought they could possibly dip to.

00;03;00;07 - 00;03;22;29
Scott Stiles
I do think going into the report, we were looking for a slightly lower rice acreage number. Come June, you know, end of June when we see the acreage, we may see a little bit lower rice acreage. But, I was a little surprised. I thought we were probably 100,000 acres high on rice acres in yesterday's report. You know, I mentioned, though I was a little surprised that medium grain acres were down.

00;03;23;02 - 00;03;36;05
Scott Stiles
You know, there was down 3000 acres from last year. Not a big change, it was almost flat, but I thought that would be one place that we would see an increase in rice acres. But, you know, it's really about flat compared to last year.

00;03;36;07 - 00;03;46;04
Hunter Biram
Yeah. And have you heard of anything on seed availability? I know whenever I go to production meetings, typically the big talk is I want to plant medium grain, but I can't get the seed. Was there any issue with seed availability this year that you know?

00;03;46;04 - 00;04;03;17
Scott Stiles
Yeah. And that that may be, you know, I had heard the same thing from growers that, you know, they wanted to increase medium but sourcing the, you know, the seed to do that was, was a problem in some areas. So I heard the same thing. And that may have been they may have been the reasoning behind that.

00;04;03;19 - 00;04;20;03
Hunter Biram
You know, Scott, there's something else that, you and I had got questions on this year that I wonder, I really wonder if this impacted rice acreage too. And that is, there were some folks that asked me, Hunter, do I need to plant my base this year to get my PLC payment? To which I said no, where are you hearing that from?

00;04;20;07 - 00;04;37;13
Hunter Biram
And I never could get an answer as to where people are hearing that from. But I got multiple calls. You got multiple calls. And so I you know, I really wonder how much that misinformation might have even driven plantings because, I mean, you and I both know that base acres are based on historical planted acreage, not based on current plantings.

00;04;37;13 - 00;04;39;01
Hunter Biram
So I don't know. What do you think?

00;04;39;08 - 00;05;02;23
Scott Stiles
Yeah. I heard those stories that people felt like they needed to plant rice in order to get the government payments. And, you know, there may be some overlap and understanding how the government programs work, where FBA was paid on planted acres. And so there may be some confusion between how the PLC program works, which is paid on base and decoupled from planning.

00;05;02;23 - 00;05;13;04
Scott Stiles
And then FBA would be paid on planted acres. So there may be, you know, people just kind of meshing their understanding of the two programs. And there may be some confusion there.

00;05;13;04 - 00;05;30;12
Hunter Biram
Could be, you know, and something else that, you know, as you and I were just talking a few minutes ago, maybe there are some landlord requirements. Maybe, you know, because rice is such a high value crop. And from a landlord's perspective, just thinking about it from a crop share of gross revenue in terms of that's what the farmer would pay the landlord.

00;05;30;13 - 00;05;46;24
Hunter Biram
When you look at the value of crops that are planted in Arkansas rice is up there. I mean, it's easily $1,000 an acre, you know, compared to like soybeans, which is closer to about $500 an acre. So, you know, 25% or 20%, either one of a thousand is still going to be more than 20 or 25% of $500. Yeah.

00;05;46;24 - 00;05;49;25
Hunter Biram
So how much of it do you think is also landlord requirements?

00;05;49;27 - 00;06;16;09
Scott Stiles
Right. That certainly factors in and it's hard to say exactly how much. But I think there is a, as you mentioned, a sizable return difference, you know, in rice compared to soybeans. So that's a, you know, it's certainly a factor and one that, you know, probably propped up rice acreage, you know, certainly, too. We talked about earlier is just some areas in traditional rice country don't deliver the soybean yields either.

00;06;16;15 - 00;06;38;10
Scott Stiles
You know, that's another factor here is that, you know, you talk about the difference in rental returns on rice and soybeans. Well, you've got some areas, you know, that my yield really well in rice and then have some of the below average bean yield. So there's you know, there's local factors like that where people are more inclined, they have more confidence in the rice fields that they can produce on the farm compared to soybeans.

00;06;38;10 - 00;06;46;01
Hunter Biram
Yeah. And for our listeners who aren't as familiar with rice production, normally that's grown on more clay heavy soils than don't drain as well, right?

00;06;46;04 - 00;06;48;15
Scott Stiles
Yeah, water, get better water holding capacity.

00;06;48;18 - 00;07;03;12
Hunter Biram
Yeah. For flooding. So, you know, moving on from rice. So cotton acres the lowest since 2017. You know, as you'd point out before we started here, that's a nine year low, but that's still a little bit above what we expected. And my question is why? Why do you think that is?

00;07;03;17 - 00;07;28;14
Scott Stiles
Well you go backwards a little bit. You know, National Cotton Council did their own growers survey. It was mostly during the month of January and they published a number in early February that had, Arkansas cotton acreage down to 362,000, given where cotton prices were during their survey, which was below 70, you know, generally between 66 and $0.69.

00;07;28;14 - 00;07;49;15
Scott Stiles
They you know, that I think that had a lot to do with with the acreage number they came up with. And so I thought 362,000 was a believable number. And I, thought that we would see something close to that yesterday. But NASS and their survey work came out with 470,000. You know, I was surprised, that was 108,000 above the council's number.

00;07;49;15 - 00;08;17;28
Scott Stiles
And that one's confusing to me. I thought, well, you know, we've seen cotton prices move above 70 this month. I don't know if that had anything to do with it, but visting some, they may say, well, you know, my, gin rebates have been enough to, you know, keep our acres steady. And, so there's some, you know, some local factors there that I think have, have supported cotton acres that, you know, may have something to do with the higher than expected number yesterday.

00;08;17;28 - 00;08;24;17
Hunter Biram
Yeah. So that's from gin’s perspective, you know, do you think government programs payments are also playing into this like with rice?

00;08;24;19 - 00;08;55;01
Scott Stiles
That same thing. You know like the projected prices on cotton or in a lot of cases, above $100 an acre, 125, maybe as much as 150 in certain parts of the state, with good PLC yields. FBA has been you know, it was a it's a decent per acre payment for cotton and FBA. So I think, you know, people plug that into their their mindset is that, you know, these or, maybe it's faulty judgment, but they think, you know, if I plant the crop, I will have a repeat of this program.

00;08;55;01 - 00;09;12;01
Scott Stiles
And, and, you know, again, you know, if I plant the crop, I'll actually get the payments. And then we just say in certain areas of the state that had really strong yields last year. And really two years in a row. And, you know, the northeast part of the state really had some of the best cotton yields in the state last year.

00;09;12;08 - 00;09;15;16
Hunter Biram
So what were those yields, what, 13, 1,400 pounds per acre.

00;09;15;18 - 00;09;30;05
Scott Stiles
Yeah. You know that the yields are variable around the state, central part of the state had, yields were off. But northeast did really well. Southeast did well. So I think that that's a that's a factor too.

00;09;30;06 - 00;09;56;28
Hunter Biram
Yeah. So one one thing that I've been asked about and I've had discussions with folks about is, you know, you talked about how the futures market so like December cotton futures from the Intercontinental Exchange rallied on this news of crude oil going up because of what's happening in, in Iran. And you know, and talking with some farmers, you know, they say, well, you know, crude oil goes into the production of polyester and makes polyester more expensive.

00;09;56;28 - 00;10;16;05
Hunter Biram
And so, you know, textile manufacturers in China are going to have to figure out how to work around that increased cost of polyester. But then I've even read some articles and some commentary that say, well, the price of polyester hasn’t gone up that much. And so any, any increase in the futures market because of the news of crude oil with what's going on in Iran, is going to be merely psychological.

00;10;16;05 - 00;10;17;19
Hunter Biram
What are your thoughts on that, Scott?

00;10;17;22 - 00;10;39;24
Scott Stiles
Well, I think that it looks, you know, from the looks of the chart, the cotton market has followed the energy market higher. On that logic that you know, with crude above $100 now, that is increasing the cost of polyester and it's making cotton more competitive. So I think that there is that thought that, you know, we could see increase in cotton mill use because of that.

00;10;39;28 - 00;11;03;10
Scott Stiles
And now no question I mean cotton has rallied from, you know, went into March at below 70. And then yesterday at one time we traded above 7550. So let's you know sharp rally over $0.05. In, you know, just over the course of March and so and it you know that parallels with the strong run up we've seen in crude.

00;11;03;12 - 00;11;10;19
Scott Stiles
So I think there's something to that theory that, you know, we may see better cotton mill use because of the run up in crude.

00;11;10;19 - 00;11;24;28
Hunter Biram
Scott, and, at least in Arkansas, and if you want to speak more broadly across the southern region, you can as well. But how closely do our local markets follow the futures markets? Do we have significant basis? Is it pretty much, you know, right at what the futures market is given us.

00;11;24;29 - 00;11;44;04
Scott Stiles
There is some basis. It's it's not extremely wide and it can vary from you know, it could be $0.03 under futures to as much as, you know, 5 or $0.06 under futures. But it's generally not much more than $0.06 discount to futures. But three, you know a three cent discount is pretty, pretty common.

00;11;44;07 - 00;12;03;02
Hunter Biram
So then you know, we've brought up Iran a couple times. So let's talk about the timing of the survey. Because, you know, that's one thing that I'm sure not many people know about. And not many people talk about it because we don't normally have to think about the timing of the survey very much. But this is such a unique time given what's, you know, going on, in the Gulf.

00;12;03;02 - 00;12;09;18
Hunter Biram
And so can you talk about the timing of the survey with the Iran conflict and how that is going to influence what we're talking about today?

00;12;09;18 - 00;12;33;29
Scott Stiles
Well, the first day of the survey started February 27th, which was the day before the conflict started, and then the survey ended March 17th. So I think one of the interesting things in that is the fact that, you know, we've seen particularly the nitrogen fertilizers Urea, and UAN to some degree has increased all of the month of March.

00;12;34;06 - 00;13;06;23
Scott Stiles
So even past March 17th, we've continued to see, you know, the nitrogen increase each week this month. And at last check, you know, last Friday, urea had gone up 40% this month. And so that increases, you know, is continued past the end of the survey so that the influence that that, you know, may have on rice acres or corn acres or cotton, you know, really isn't fully accounted for in the in the survey, you know, because we've continued to see nitrogen increase.

00;13;06;23 - 00;13;35;02
Scott Stiles
So is it possible we'll see lower corn acres nationally? Yeah, probably so. I do think here in the state we'll see lower rice acres. As you mentioned, you know rice, it was difficult to make it pencil even before March 1st. Right. And then we've seen diesel and nitrogen prices continue to go up. It's added, by now, I would say another hundred dollars an acre in variable cost for rice.

00;13;35;05 - 00;13;59;22
Scott Stiles
Just on the changes that we've seen this month. So and we're just looking at, you know, diesel for the impact on cost for just field operations. Just think, you know, if this conflict last through the year, you’re going to see higher drying cost and hauling costs at harvest. And so there's a, you know, depending on how long the conflict lasts, you could see a lot of costs impacted, over the course of the year.

00;13;59;22 - 00;14;06;27
Scott Stiles
But thus far I'd say, yeah, you know, we've we've seen the cost increases extend well past March 17th.

00;14;06;29 - 00;14;11;27
Hunter Biram
So then now it's all about, looking at June acreage, I guess, you know.

00;14;12;00 - 00;14;23;15
Scott Stiles
Yes, You know, we you know, yeah, we've got a number of acreage numbers to start with. And now we can, we can guess on. Well, what do you think? You know. Yeah, is the rice acreage, a little high? Probably. Yeah. Probably so.

00;14;23;15 - 00;14;29;14
Hunter Biram
So maybe it will get down to that 925 and that 1983 number still.

00;14;29;17 - 00;14;32;24
Scott Stiles
Yeah. And that more like 900,000 total.

00;14;32;27 - 00;14;33;13
Hunter Biram
Wow.

00;14;33;16 - 00;14;38;28
Scott Stiles
The lowest since late 70s, I think, that would take us down the lowest since ‘77.

00;14;39;05 - 00;14;53;05
Hunter Biram
So late 70s. And it was, you know, the lowest since then. I mean, do you think that's because of economic factors or just because maybe rice just hadn't been as, let's say, well, adopted at that point in Arkansas history?

00;14;53;07 - 00;15;01;15
Scott Stiles
Yeah. I think it was probably still in a, yeah, we were in a in a period of growth in rice acres at that time. Yeah.

00;15;01;20 - 00;15;14;19
Hunter Biram
So the fact that we're now getting that we could get down to acreage as low as the late 70s, which was, you know, we were kind of on the upward trajectory. Now we're really more on the downward trajectory, largely driven by what's going on in the ag economy.

00;15;14;21 - 00;15;15;28
Scott Stiles
Yeah.

00;15;16;01 - 00;15;29;08
Hunter Biram
So let's talk about national numbers and then we can wrap up here. So from a national standpoint, you said as a whole with corn, you think we might have seen the highest corn acreage number on the year. Could you provide some commentary on that?

00;15;29;11 - 00;15;57;21
Scott Stiles
Yeah. That was, that number came in a lot higher than expected, almost a million acres higher than the average guess. Came in at 95.3 yesterday. And the average guess was 94.4. So that that came in surprisingly high. But you know, it gets back to you know, when did the survey end? March 17th. So the increases in input costs since then may ultimately lead to seeing a little bit lower corn acreage number.

00;15;57;21 - 00;16;19;19
Scott Stiles
But that's high. I mean, last year we were 98.8. That was a 90 year high, and then this year, you know, with the number yesterday you had us back down to 95.3. That is still a big corn acreage number. That’s the second highest in the last decade. So it's still, it's still a huge number. But it, I would think you know, we may see that one come down a little bit by the time we get out to June.

00;16;19;21 - 00;16;41;17
Hunter Biram
So Scott, when we think about, I mean, just the practical nature of like the farm production process. So think about a farmer. He's got he's got to order seed and then he gets the physical seed. I think a lot of the time we just assume well they got the seed. So based on how much seed was purchased we can get a good idea as to what acreage is.

00;16;41;20 - 00;16;50;01
Hunter Biram
Yeah. Do you agree or disagree? I mean, is it when the farmer gets the seed we are final or can they do something to even send it back?

00;16;50;03 - 00;17;19;29
Scott Stiles
That's that's the big question, is that since March 1st there were local, you know, comments from growers here in the state and growers in other states that were saying, you know, I just got my crop loan finished up, you know, here it is, 1st of March. Haven’t been able to book any urea, haven’t been able to book any diesel. And then after the conflict started, there were situations where growers couldn't get a price quote for urea, they couldn't book at any price.

00;17;20;02 - 00;17;45;10
Scott Stiles
And they kind of had a feel for, you know, where it was. They knew what the trend was in urea prices. And I think that that led to some growers taking a corn seed back and switching acres. How widespread that is? It's hard to say. And some of the ag secretary's comments recently, she felt like that there were probably 25% of growers that did not have any inputs

00;17;45;10 - 00;18;14;06
Scott Stiles
booked prior to March 1st, that may be true for a lot of reasons that, you know, I do think we had an abnormally slow crop loan renewal this winter. You know, I wouldn't be surprised if 1 in 4 growers did not have inputs priced prior to March 1st. That wouldn't surprise me. And, if they didn't and urea went to $800 on them, then I think, yeah, there's some cases where growers took their corn seed back.

00;18;14;06 - 00;18;17;14
Hunter Biram
And I mean, 25% is not an insignificant amount.

00;18;17;22 - 00;18;27;08
Scott Stiles
It's not it's not at all. And for that reason, that's that's another factor that we may see corn acres a little bit lower in the in the final analysis.

00;18;27;08 - 00;18;44;07
Hunter Biram
Sure, sure. So can you talk real briefly, Scott, you know, moving from corn to soybeans. Whenever I looked at futures yesterday, I saw, I think it was an 18 cent rally at one point after the report came out. Can you explain why, even though bean acres are up, there was still a rally.

00;18;44;09 - 00;19;04;19
Scott Stiles
Yeah. You know, and going into the report and we were thinking, you know, the bean acreage would be huge. So I will say we dodged a huge bullet yesterday in the bean market because it was, it finished, I think, at 11.57 is where November finished. It was it was up, I don't know, $0.13 or something on a day that it had.

00;19;04;19 - 00;19;37;00
Scott Stiles
I don't recall exactly. But instead of sharply lower, we saw, a market up a little bit. Reason for that was, is that the trade was looking for 85.5 million going into the report, and we got 84.7. So that was a, that was a big surprise. So you know, some people put together, you know, preliminary balance sheets ahead of the May WASDE. So if that if, if we do actually have 84.7 then we could start to see carryover, you know, move below 300 million bushels.

00;19;37;00 - 00;19;45;20
Scott Stiles
And in some people's estimation we could have carry out around 290, you know, with that type of acreage number. So the market responded to that.

00;19;45;22 - 00;20;11;13
Hunter Biram
Well, that's encouraging. You know, one thing you and I were, were, preaching this winter was, book beans and, but, you know, you don't have to book everything. But book a pretty significant amount and, hey, I'm going to keep saying it again, you know, go ahead and go ahead and book some more pre harvest. I mean, we could be seeing some of the best prices and it's definitely doing better than I, than I thought I mean anything over $11 is better than what I thought we were going to see

00;20;11;16 - 00;20;33;04
Scott Stiles
I think that we were offered a second chance yesterday. A lot of times the markets are really volatile on big report days like yesterday. And, I was, I thought, boy, this could be a disaster for the bean market. They could print a, a huge acreage increase and the market could really collapse. And I was worried if people would have enough priced going into yesterday's report.

00;20;33;05 - 00;20;38;10
Scott Stiles
But anyway, we were surprised with the bean acreage number that came up short.

00;20;38;12 - 00;20;48;08
Hunter Biram
Yeah. Pleasantly surprised. That was one of those presents that that's like okay. No. I actually kind of like this Santa was good. The springtime Santa. Well, Scott, that's all I've got. Any of the comments from you?

00;20;48;13 - 00;21;13;07
Scott Stiles
These are just a snapshot of grower's thoughts, you know, in the first two weeks of March. And that gives us an acreage number to start with. And, they will no doubt be different by the time we get to the end of June. Anyway. Again, I hope people will take advantage of probably a second chance to get some soybean priced, but I was I was dreading yesterday and what kind of bean acreage number we could see.

00;21;13;10 - 00;21;29;04
Hunter Biram
I was too. But for now, for our farmers listening. Go book some beans, go book some beans. You know, do probably what, maybe 10% or a little bit more than that, you know, just go ahead and take advantage of some really good prices right now. So with that, thank you all for listening and stay tuned for the market report. Thank you.

00;21;29;05 - 00;21;59;07
Speaker 3
Back with your market report as of April 2nd, 2026. Corn May 26 futures are $4.52 per bushel. That's up 1% from a month ago and down 1% from a year ago. Corn December 26 futures are $4.81 per bushel. That's up 2% from a month ago and up 8% from a year ago. Rice May 26 futures are $11.23 per 100 weight.

00;21;59;07 - 00;22;29;06
Speaker 3
That's up 2% from a month ago and down 14% from a year ago. Rice September 26 futures are $11.92 per hundredweight. That's up 3% from a month ago and down 11% from a year ago. Soybeans May 26 futures are $11.64 per bushel. That's the same from a month ago and up 15% from a year ago. November 26 soybean futures are $11.54 per bushel.

00;22;29;06 - 00;22;57;02
Speaker 3
That's up 2% from a month ago and up 13% from a year ago. Cotton May 26 futures are 70.92 cents per pound. That's up 10% from a month ago and up 9% from a year ago. Cotton December 26 futures are 74.98 cents. That's up 9% from a month ago and up 11% from a year ago. Wheat July 26 futures are $6.10 per bushel.

00;22;57;02 - 00;23;27;26
Speaker 3
That's up 4% from a month ago and up 11% from a year ago. The US weekly average for peanuts is $426 per ton. That's down 12% from a month ago and down 17% from a year ago. Moving on to our fertilizer prices, urea is currently averaging about $798 per ton. A month ago, it was $710 per ton. Three months ago, it was $521 per ton, and a year ago it was $539 per ton.

00;23;27;27 - 00;23;54;13
Speaker 3
Ammonium nitrate is currently about $590 per ton. A month ago, it was $450 per ton. Three months ago, it was $441 per ton, and a year ago it was $488 per ton. Ammonium sulfate is $528 per ton. A month ago, it was $516 per ton. Three months ago, it was $445 per ton, and a year ago it was $539 per ton.

00;23;54;14 - 00;24;22;07
Speaker 3
DAP is currently about $835 per ton. A month ago it was $808 per ton. Three months ago it was $835 per ton, and a year ago it was $753 per ton. Triple Super Phosphate is currently about $733 per ton. A month ago it was $720 per ton. Three months ago it was $741 per ton. And a year ago it was $615 per ton.

00;24;22;07 - 00;24;49;21
Speaker 3
Potash is currently $450 per ton. A month ago, it was $450 per ton as well. Three months ago, it was $459 per ton, and a year ago it was $450 per ton. Now for our fuel prices, Arkansas Highway Diesel is currently about $4.93 per gallon. A month ago, it was $3.44 per gallon, and a year ago it was $3.28 per gallon.

00;24;49;21 - 00;25;17;22
Speaker 3
Arkansas Farm Diesel is currently about $4.58 per gallon. A month ago, it was $3.10 per gallon, and a year ago it was $2.39 per gallon. The Mississippi River at Memphis current reading is 6.49ft. A year ago it was 8.47ft. Thank you for listening to another episode of Morning Coffee and AG Markets. We hope you have a great week, and don't forget to tune in to next week's episode on Monday.

00;25;17;23 - 00;25;18;19
Speaker 3
Thanks!

00;25;18;22 - 00;25;45;12
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 dot U-A-D-A dot E-D-U (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 podcasts newsletters, you should be able to seeing 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 if you haven't subscribed.

00;25;45;14 - 00;25;47;17
Hunter Biram
Thank you for tuning in and we'll catch you next time.