Episode 85 - Arkansas Farmer Decision Support Tool

Hunter Biram and Ryan Loy are joined by Eunchun Park to discuss a new integrated decision-support tool for Arkansas producers. The tool brings together crop insurance, farm program decisions, grain marketing, and input cost risk into one platform, helping producers compare their current strategies against profit-maximizing model recommendations. The conversation highlights how the tool can be used not just to maximize returns, but to better understand downside risk, test scenarios like rising input costs, and make more informed, whole-farm decisions in an increasingly uncertain environment. 

Transcript

00:00:00:03 - 00:00:19:23
Dr. Hunter Biram
A new, free tool, a new decision aid, that leverages crop marketing, crop insurance and farm programs. Picking between ARC and PLC and choosing coverage levels can be quite difficult, but this tool takes a lot of the guesswork out of that. And the tool also addresses grain storage. And so storing grain might look like a good move when prices are low at harvest.

00:00:19:24 - 00:00:34:03
Dr. Hunter Biram
That and so much more on this episode of Morning Coffee and Ag Markets.

00:00:34:05 - 00:00:44:22
Dr. Hunter Biram
Well folks, today we've got a very special colleague. I'm not going to say guest, because, I mean, it's all U of A Ag Econ, so, we've got a great colleague with us today. We got Eunchun Park. Eunchun, how are you doing?

00:00:45:01 - 00:00:46:19
Dr. Eunchun Park
How are you? Thank you for having me.

00:00:46:24 - 00:00:54:05
Dr. Hunter Biram
Of course. Always. Man. You know, this is not your first time on the podcast, so welcome back. We're happy to have you back.

00:00:54:07 - 00:00:54:23
Dr. Eunchun Park
Good to be back, every time.

00:00:54:24 - 00:01:12:15
Dr. Hunter Biram
Yeah, man. Every time. I mean, I'm glad that you're here, I really am. I really love your analytical toolkit and appreciate all that you do to bring us some, some research models that are on the frontier of what we're doing, but that those models are actually relevant for what's going on in Arkansas. So always happy to have you on.

00:01:12:16 - 00:01:19:09
Dr. Hunter Biram
For those of you who don't know me, I'm Hunter Biram. And co-hosting with me today is, of course, the famous Ryan Loy. Ryan, how are you?

00:01:19:10 - 00:01:27:19
Dr. Ryan Loy
I'm doing well, Hunter, and don't know what I'm famous for, but maybe for something. And it's great to be here with both of you all. And I'm really excited to unpack this tool and learn more about it.

00:01:27:20 - 00:01:48:24
Dr. Hunter Biram
Absolutely. It's going to be a lot of fun. And so, you know, what's really fun about this tool is how it brings all three of us together. There are definitely parts of it that probably fall more heavily into the marketing space, which I'm going to defer a lot of that to Eunchun today. There's also this crop insurance piece and risk piece that I've looked at, but then we have this macro piece that we're going to talk about later that Ryan, I know that's going to be right up your alley.

00:01:48:24 - 00:01:58:03
Dr. Hunter Biram
And so without further ado, Eunchun, can you just give us a quick overview of what this tool actually does and who it's built for? Sure, sure.

00:01:58:04 - 00:02:28:21
Dr. Eunchun Park
This is really a decision-supporting tool for Arkansas producers of course, and county agents. And it brings like together with like crop insurance and farm program like ARC and PLC. And on top of that I'm, I was trying to integrate like post harvesting grain marketing in one place. And also, as I mentioned before, I do some previous research about how macro shock impact on input costs and also input costs analysis also included in the tool.

00:02:28:21 - 00:02:42:22
Dr. Eunchun Park
So, so instead of thinking about those, all things are separately. I just want to make a tool for producers, can look at them together and actually make decisions for their farm and production decision.

00:02:42:23 - 00:03:01:24
Dr. Hunter Biram
Perfect. And I think it is a great tool, folks. I played around it quite a bit. I think it's awesome. And as of this recording, it's actually on a Wednesday, April 22nd. And on the 24th we're going to be having an in service training and looking forward to that engagement. And so if you went to the in-service training, you're listening this on Monday, hopefully whatever questions you didn't get answered you can find those answers here.

00:03:01:24 - 00:03:19:14
Dr. Hunter Biram
So, Eunchun, you know, what I really love about this is how you're talking about you had this research question and you wanted to address that with your work and then translate that into something that a farmer or a county extension agent can use. So the question I have is, what problem were you trying to solve for Arkansas farmers when you started building this?

00:03:19:14 - 00:03:23:07
Dr. Hunter Biram
So like what motivated this? Walk us through the process to finally get to where we are now.

00:03:23:08 - 00:03:45:23
Dr. Eunchun Park
So that's a great question. So main problem that I found is those decisions are connected, but information is generally scattered. I know there are lots of existing great tools, like Hunter, you have like great decision making tools for crop insurance, decision making and some crop marketing decision making tool. The more focus on one thing, the more accuracy, of course.

00:03:45:23 - 00:04:09:13
Dr. Eunchun Park
But like I think all, most of the existing decision making tools, are pretty scattered. However, I just want to give you some more comprehensive tool, even though there are some caveats, because I need to do more assumption on on integrated model. However, just briefly give you a great benchmark or you know, that kind of tool is very informative to the farmers and producers.

00:04:09:14 - 00:04:29:09
Dr. Eunchun Park
That's the intention of the, the developing of those decision making tool. And on top of that, actually the idea was originated before, like the five years ago, when I got interviewed for my position here, I proposed in my job market presentation, I'm going to write a decision making tool that integrated all the decision making tools together and what have you.

00:04:29:09 - 00:04:52:05
Dr. Eunchun Park
But I need to have spent some time because, like, I need to make it separate models and separate papers, which is background knowledge about this decision making tool. So over the last five years, I published some of the work, I do some kind of working papers about it, and now I think I'm ready to integrate them together. So that's the results of this decision tool making.

00:04:52:06 - 00:04:55:17
Dr. Hunter Biram
You heard it here first, folks. Promises made promises kept.

00:04:55:19 - 00:04:59:09
Dr. Ryan Loy
That's right, that's right.

00:04:59:11 - 00:05:02:08
Dr. Hunter Biram
That's great. Ryan, did you have a question? I'm sorry.

00:05:02:10 - 00:05:21:11
Dr. Ryan Loy
One of the things you mentioned in, in your answer there was talking about kind of some of the modeling behind this tool. And looking at your user guide, there is some very great, there's some excellent models that that motivate this. When a user is using the tool, you kind of give them two options. You know, you look at their choice of what they had done on their farm or what they're planning to do.

00:05:21:11 - 00:05:29:12
Dr. Ryan Loy
And then there's the model recommendation. Can you give kind of a brief overview of the difference of those two things and kind of what motivates that model decision?

00:05:29:13 - 00:05:55:13
Dr. Eunchun Park
Yeah of course. So one thing I need to mention is the farmers or producers, and agents, treat this as a benchmark, not a command. So it means that they under assumption enter into the model, you know, the strategy for forms best for the model comparison metric, under some specific assumptions on the model. So for instance, the model currently designed as maximizing their profits.

00:05:55:13 - 00:06:20:21
Dr. Eunchun Park
So for instance the model automatically integrate all the information. Of course this from, of the data set from NASS or some of data set from RMA, some of data set from, you know AMS and input costs. And also I have very good data set about the local elevator prices historical basis to find out their historical basis, to measure their optimal marketing timing.

00:06:20:21 - 00:06:51:21
Dr. Eunchun Park
And also, however, the results of their estimation is for maximizing their expected profit. I would say, however, farmer probably have their own choices. For instance, farmer can type in their actual yield history as well as their preference of their ARC and PLC choices and their coverage level, or whether RP and YP, and based on their choices, and, and the model provided visualized, what’s the circumstances of their choices versus model accommodation.

00:06:51:21 - 00:07:24:04
Dr. Eunchun Park
However, again the one important thing is like the model recommendation is to maximize the profit. But a farmer more like concern is more on risk mitigation rather than maximizing their profit and model tool can provide what is your maximum losses under a given uncertainty level or probability. So, the bottom line here is the program can provide like comparison visualization compared to their what they actually calculate their model choices versus what their choice.

00:07:24:05 - 00:07:42:21
Dr. Ryan Loy
That makes sense. So basically in a, I'll put it this way, and correct me if I'm wrong, kind of in a perfect world, given the assumptions of what could happen, the model is going to spit out that profit maximizing point. And then the other choice, you know, the other kind of curve on the on the graph output when you're looking at the tool, is going to be what the decisions they made, and the differences in those two.

00:07:42:22 - 00:07:43:05
Dr. Ryan Loy
Okay.

00:07:43:06 - 00:07:43:14
Dr. Eunchun Park
Right.

00:07:43:15 - 00:07:44:22
Dr. Ryan Loy
That's really that's great.

00:07:44:23 - 00:08:06:22
Dr. Hunter Biram
Yeah. So I pull up an example. So I pulled up Arkansas County corn because the tool is for corn and soybeans only, right Eunchun? Right. So corn and soybeans only. We do have three different choices for irrigation practice. There's furrow irrigation, pivot irrigation, non irrigated as well. Production costs are going to come from the University of Arkansas crop enterprise budgets that we released, I guess, I should say back in the fall.

00:08:06:22 - 00:08:21:06
Dr. Hunter Biram
But we did update them with Iran conflict. So those are up to date. Rent is also in here. It is cash rent. I know that some folks do crop share, but I think it's fair to say, at least for this first version, I mean, you can say between 150 and $200 an acre, easy on on rental expense.

00:08:21:11 - 00:08:32:03
Dr. Eunchun Park
Yeah, of course my plan is to update very frequently. So of course I'm going to talk about this later, but I'm gonna, I’m planning to add some more things into the model later.

00:08:32:03 - 00:08:44:03
Dr. Hunter Biram
You know, and it's crazy that you said that because I think it's great as it is, frankly, I think it's really neat. So I'm excited to see what's next. So I want to skip the macro input shot. I'm going to leave that for Ryan. And you guys can talk about that. So there is that option to our listeners.

00:08:44:03 - 00:09:01:18
Dr. Hunter Biram
Then you go into yield history. As you mentioned, you know, your last five years to kind of give you a yield expectation as to what your average might be. This current example, we're looking at about a 188 bushel per acre average for corn in Arkansas County. And then for crop insurance, you choose your units. Are you going to go YP or RP, what coverage level, and government programs.

00:09:01:18 - 00:09:18:09
Dr. Hunter Biram
So ARC or PLC. And then there's also storage which we'll talk about later. So folks, whenever you fill in all that information, which it sounds like a lot whenever I say it, but it's really not. It's very user friendly. And we will have a link to this in the newsletter. Click on the run integrated model. And the results are, this is fascinating to me, because I'm just a risk nerd.

00:09:18:10 - 00:09:36:01
Dr. Hunter Biram
Like this is so fascinating to me. So on the left hand side, on the very top, there's a blue box with a little person and it'll say, like me. What I chose to do is what we just put in. I said, all right, let's do optional units with RP 80% and do ARC for corn. And so that's telling me, well my premiums going to be about $31 an acre.

00:09:36:01 - 00:09:55:19
Dr. Hunter Biram
And my expected net return with everything bundled is about -$77 per acre, which is pretty realistic. This is no rent by the way. So but it is fairly realistic. But it's saying that the optimal model, and Eunchun, this is where I'm going to rope you back in the optimal is -$2 an acre. And that changes to enterprise units for RP at 70% plus PLC.

00:09:55:20 - 00:10:00:10
Dr. Hunter Biram
So, Eunchun, what defines optimal in this example?

00:10:00:11 - 00:10:23:21
Dr. Eunchun Park
So again, like, the optimal means like model integrated all the process and calculate the cash flow and discount it in the present value. So maximizing expected profit. So this is right now the optimal stuff. However when you look at the downside there is like a 1 in 20 year’s risk, and 1 in 10 year’s risk, and 1 in 5 year’s risk.

00:10:23:21 - 00:10:46:06
Dr. Eunchun Park
And this is the level of risk you can face in certain level of the probability. So for instance, even though the optimal model is to maximizing that dollar per acre, which is expected profit. But again, if you are a farmer or producer who cares more about downside risk reduction and you can compare it. So one other comparison is okay.

00:10:46:06 - 00:11:10:20
Dr. Eunchun Park
You can choose by your choices and by maximizing your, your protections by using your ARC and PLC, and RP and YP, and increasing coverage level, then you can visual, I mean, you can see how will those 1 in 20 years risk and 1 in 10 years risk reduction can be reduced by choosing more conservative choices. So again the model optimization is based on maximizing profit.

00:11:11:01 - 00:11:23:02
Dr. Eunchun Park
However, the visualization can show you how your decision making can be changed by which one is your preferred choices. By comparing maximum profit versus minimizing risk.

00:11:23:03 - 00:11:37:19
Dr. Ryan Loy
This is great. And Eunchun, just to double check on here, for my understanding, the 1 in 20, 1 in 10, and 1 in 5 years risk, is that based on the model optimum? Or based on the choices that they made? And kind of showing them that downside risk from the choices that are input?

00:11:37:20 - 00:12:05:10
Dr. Eunchun Park
So this is basically, right now, is for model choices. However, I will update it, probably, about how much they are change it in terms of their choices. However, one one thing I need to add later I'm still is planning is to make two optimization. One is optimization for maximizing profit. And also I need to provide another option for optimization.

00:12:05:10 - 00:12:15:19
Dr. Eunchun Park
It's minimizing their downside risk. So by comparing two different kind of objective of the model, more broad and comprehensive analysis will be realized, I guess.

00:12:15:20 - 00:12:39:09
Dr. Ryan Loy
Oh, that's great. That's a great idea. I’ll be excited to see that. And as one of the things that Hunter and I talk about, these apps, these applications, these web tools are always a work in progress, right? You never ... kind of updating them and changing it so that, no, we're excited about this. And if I may go back a little bit and ask you kind of to break down the idea behind the option to input a macro input shock and kind of what that's based on.

00:12:39:09 - 00:12:48:24
Dr. Ryan Loy
And if I'm a farmer and I'm kind of like, I'm not really sure how to use that portion of the tool. What kind of is your best walkthrough in terms of how somebody could use that?

00:12:49:00 - 00:13:22:21
Dr. Eunchun Park
Okay. This is if. You default is just general percent shock, which is just baseline based on historical data set. But like I did research that, how macro shock in econ can impact the input cost increases. So I gathered three stages in the model. One is like just macro shock. Like for instance like WTI crude oil price increases and global fertilizer prices and how much that shock can transfer to the second level of the input shocks.

00:13:22:23 - 00:13:45:14
Dr. Eunchun Park
For instance, like the domestic input, the port prices of the crude oil, for instance. And then third level layer is like how much of those shock can transfer to the farmers’ input cost? So I integrated all the data set for AMS and also some from the world Bank pink sheet data set, and also from some crude oil data set from, from CME Group.

00:13:45:15 - 00:14:13:07
Dr. Eunchun Park
I did, technically speaking, called it the principal component analysis. I just want to find out the common explanation factor that explain about their low of their shocks over three layers. So basically the shock simulation is based on if there is a 5% of price shock on macro level, how much it transferred to the input level. These days, there are lots of uncertainties out there in global uncertainties.

00:14:13:11 - 00:14:29:05
Dr. Eunchun Park
Infrastructure shock right now can impact on their, their input cost, or production cost. And so I just want to add on something on top of the flat plat flat scenario. But like I want to get more, you know, scenario based analysis.

00:14:29:06 - 00:14:30:01
Dr. Ryan Loy
This is a great, Eunchun.

00:14:30:01 - 00:14:30:18
Dr. Eunchun Park
Or cost analysis.

00:14:30:20 - 00:14:48:19
Dr. Ryan Loy
I think that's great, Eunchun, and very perfect timing, especially with everything going on in, you know, Iran conflict and the changes that we've seen over the last month or two very, very important here. And so if I wanted to use this and let's say that I'm kind of planning for next year, I know that there is let's say the Iran conflict is still going on.

00:14:48:19 - 00:15:05:02
Dr. Ryan Loy
We have elevated prices, maybe the production cost here, not capturing that. You know what, what's kind of the, best course of action for somebody to say maybe, do I pick like one percentage or do I kind of look at a range of percentage to stress test my budget? What would you recommend to a user on that front?

00:15:05:03 - 00:15:07:16
Dr. Eunchun Park
I mean, in terms of the input shock?

00:15:07:17 - 00:15:09:09
Dr. Ryan Loy
Yes, in terms of the macro shock, I’m sorry.

00:15:09:11 - 00:15:45:11
Dr. Eunchun Park
So maybe I would say just they can try every single scenario of what they want. But like I would say 10% as a benchmark, maybe, compared to the the default 0% versus 10%. But when I when I simulate this model, there are lots of, you know, input shock matters a lot in their their decision making. However, if you have great risk mitigation tool for instance right choices of RP and YP and they’re right choices of coverage level, I think some of the risk associated with the input shock can be mitigated I guess.

00:15:45:11 - 00:15:59:04
Dr. Eunchun Park
So just try to do different scenarios and different shock level. Just play around. I think there is no deep answer of it, but like, yeah, maybe 10% is the great benchmark.

00:15:59:05 - 00:16:24:04
Dr. Ryan Loy
Good deal. You know one of the things, Eunchun, we've talked a lot about this today and it is such a great tool. It's so integrated with everything. Just like you were saying. One of the things that I love the most about it, and even if it is trivial, it just looks so good. It's so user friendly. And the map that you were able to actually pull in to the app that updates in real time, that kind of shows, you know, the local basis data, you know the areas on the map where those basis are coming from.

00:16:24:04 - 00:16:26:20
Dr. Ryan Loy
I just think that's great and wanted to, wanted to share that.

00:16:26:20 - 00:17:01:19
Dr. Eunchun Park
Thank you. Thank you. I have great data sources, support by Fryar Center. So this I think this is a mission of the Fryar Center. So I got a really great data set for the elevators. I can track how the local basis, historical basis are. And so each location has different basis level in October, November, you know, depending on their transaction costs and transportation costs and how much their proximity to the port of their barge, you know, local basis reflect that kind of characteristics of its county and its location.

00:17:01:20 - 00:17:07:18
Dr. Eunchun Park
Right. And by using this great data set, I can give great recommendation of the marketing timing.

00:17:07:18 - 00:17:25:18
Dr. Ryan Loy
Well, I know that farmers in the state and stakeholders in the state are going to really appreciate this and get very excited about the possibilities here. Looking into the future Eunchun, you know, and I know you mentioned it earlier, but, you know, are there other crops and, you know, maybe some other features or regions that you're hoping to add in the future or kind of some of the next steps for this?

00:17:25:19 - 00:17:52:08
Dr. Eunchun Park
Yes, definitely. There are tons of things I can update later. So the natural extension probably to for the rice, and, rice and cotton. One problem, the potential problem of rice and cotton is the data set availability right now. However, I'm trying to continuously pursue the the possible data sources of the local basis calculation. And then I think maybe next goal is to include the rice, and, rice and cotton.

00:17:52:08 - 00:18:15:06
Dr. Eunchun Park
And also as I mentioned before, I'm going to provide additional decision making option, which is now is more like maximizing profit. But some of the producers their main goal is to minimize their risk, right? And then how much they are decision making difference between expected maximization versus minimization of the risk level. So that is another addition into the tool.

00:18:15:06 - 00:18:37:10
Dr. Eunchun Park
And also now the currently, the crop insurance option is only for RP and YP. And even though there are choices of coverage levels differences, like, however, I'm planning to add more like RPHPE also and SCO ECO option can be added easily on top of the current platform.

00:18:37:15 - 00:18:48:24
Dr. Ryan Loy
This is great, Eunchun, and I know that any stakeholders that are listening, you know please reach out to Eunchun. He is fantastic. He's an expert and knows what he's talking about and can definitely help. So Hunter, do you have any other questions?

00:18:48:24 - 00:18:56:19
Dr. Hunter Biram
So a couple things with the tool. So this is only looking at post-harvest marketing not pre harvest correct?

00:18:56:20 - 00:18:57:23
Dr. Eunchun Park
Yes.

00:18:58:00 - 00:19:11:19
Dr. Hunter Biram
Just to be clear for the listeners. So what this does, which I think is great. It accounts for storage cost. And you can check box down there to I think I think it assumes a little over one half cent per month for, is that for bushel as well? One half cent per month, per bushel?

00:19:11:20 - 00:19:13:00
Dr. Ryan Loy
Per month per bushel.

00:19:13:05 - 00:19:34:23
Dr. Hunter Biram
Is how you would think about that. And so it subtracts it from the gross cash price. It's kind of like the cost of production. And so it will actually adjust if need be on the optimal month that you need to be selling in the post-harvest window, which I find to be very interesting as well. So super important component of the tool, I mean, and green marketing is probably more important now than it ever has been.

00:19:34:23 - 00:19:45:08
Dr. Hunter Biram
And so to have this is great. There was something else that crossed my mind, but I can't think of it. So it's probably not that important. So other than that I think I'm, I think I'm good.

00:19:45:09 - 00:19:53:06
Dr. Ryan Loy
Well, Eunchun, thank you so much for coming on today, and I'm so excited to see folks start to use this and how you continue to build it out and update it.

00:19:53:07 - 00:20:01:19
Dr. Eunchun Park
Sure. I if I have a big update on it, I will attend another call for this podcast and, and share about updates.

00:20:01:23 - 00:20:03:20
Dr. Ryan Loy
That's awesome. That sounds good to me.

00:20:03:21 - 00:20:21:21
Dr. Hunter Biram
Well, we will be happy to have you on. And parting thought, folks that are in Arkansas, your local county extension agent will have been trained on this, so reach out to your local county agent. I know that they've been more than happy to to help answer questions about when to market, how much to market. You know, what government programs do I need to put my crop in.

00:20:21:23 - 00:20:37:17
Dr. Hunter Biram
Those are still up in the air because normally we've already made that decision. But with the way things are currently with policy, actually the ARC/PLC decision for the next crop year is still open. So I think this will be a great tool to make that decision. So with that further ado, y'all stay tuned for the market report. Thanks.

00:20:37:17 - 00:21:04:12
Evan Ware
Back with your market report as of April 23rd, 2026, Corn July 26 futures are $4.64 per bushel. That's down 1% from a month ago and down 4% from a year ago. Corn December 26 futures are $4.84 per bushel. That's down 1% from a month ago and up 6% from a year ago. Rice July 26 futures are $11.38 per hundredweight.

00:21:04:12 - 00:21:31:01
Evan Ware
That's up 1% from a month ago, but down 15% from a year ago. Rice September 26 futures are $11.70 per hundredweight. That's up 1% from a month ago, but down 13% from a year ago. Soybeans July 26 futures are $11.75 per bushel. That's about the same from a month ago, but up 11% from a year ago. Soybeans November 26 futures are $11.55 per bushel.

00:21:31:02 - 00:21:57:04
Evan Ware
That's up 1% from a month ago and up 12% from a year ago. Cotton July 26 futures are 79.45 cents per pound. That's up 15% from a month ago and up 15% from a year ago. Cotton December 26 futures are 80.68 cents per pound. That's up 12% from a month ago and up 15% from a year ago. Wheat July 26 futures are $6.20 per bushel.

00:21:57:05 - 00:22:24:10
Evan Ware
That's up 3% from a month ago and up 14% from a year ago. The US weekly average for peanuts is $406 per ton. That's down 6% from a month ago and down 19% from a year ago. Moving on to our fertilizer prices, urea is currently about $845 per ton. A month ago, it was $793 per ton. Three months ago, it was $533 per ton, and a year ago it was $548 a ton.

00:22:24:11 - 00:22:50:00
Evan Ware
Ammonium nitrate is currently about $576 per ton. A month ago, it was $529 per ton. Three months ago, it was $448 per ton, and a year ago it was $480 per ton. Ammonium sulfate is currently $550 per ton. A month ago, it was $515 per ton. Three months ago, it was $456 per ton, and a year ago it was $541 per ton.

00:22:50:01 - 00:23:16:05
Evan Ware
DAP is currently about $885 per ton. A month ago, it was $785 per ton. Three months ago it was $803 per ton. A year ago it was $762 per ton. Triple Super Phosphate is currently $775 per ton. A month ago it was $693 per ton. Three months ago it was $686 per ton, and a year ago it was $686 per ton.

00:23:16:06 - 00:23:39:21
Evan Ware
Potash is currently $460 per ton. A month ago, it was $454 per ton. Three months ago, it was $438 per ton. In a year ago it was $449 per ton. On to our fuel prices. Arkansas Highway diesel is currently about $5 a gallon. A month ago it was $4.76 per gallon. A year ago it was $3.25 per gallon.

00:23:39:22 - 00:24:03:02
Evan Ware
Arkansas farm diesel is currently about $4.22 per gallon. A month ago it was $4.26 per gallon, and a year ago it was $2.34 per gallon. The Mississippi River at Memphis is currently reading 13.06ft. A year ago it was 35.44ft. And that's all for this week's episode of Morning Coffee and Ag Markets. We hope that you have a great week!

00:24:03:03 - 00:24:29:22
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 dot uada dot 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 if you haven't subscribed already.

00:24:29:23 - 00:24:32:20
Dr. Hunter Biram
Thank you for tuning in and we'll catch you next time. Bye bye now.