Episode 88 - May 2026 WASDE Highlights for U.S. Supply and Demand

Hunter Biram is joined by Scott Stiles to discuss the May 2026 WASDE report and what it could mean for Arkansas producers. The conversation covers tightening grain stocks, stronger price outlooks for soybeans, rice, and cotton, and how changing input costs and drought conditions are shaping acreage decisions heading into summer. They also discuss seasonal price trends, marketing strategies, storage considerations, and why proactive risk management may be especially important this year. 

Transcript

00;00;00;11 - 00;00;38;03
Dr. Hunter Biram
USDA projects tighter supplies and higher season average farm prices for principal road crops in the 26/27 marketing year. Despite projected price increases, breakeven yields remain well above national average yield expectations, and historical futures market suggests prices often weaken between the May WASDE release and harvest reinforcing the importance of proactive price risk management strategies. That and so much more on this episode of Morning Coffee and Ag Markets.

00;00;38;06 - 00;00;49;12
Dr. Hunter Biram
I'm your host, Dr. Hunter Biram, with me to talk about the May 2026 WASDE report. I couldn't think of anyone better than Mr. Dr. Professor Scott Stiles. Scott, how in the world are you?

00;00;49;15 - 00;00;52;29
Scott Stiles
Great, great. Another one of those Christmas presents from the USDA we get to talk about.

00;00;53;00 - 00;01;03;09
Dr. Hunter Biram
Yay, yay. Well, let's, let's go ahead and just dive right in. But before we get started into the details, Scott, can you just tell us, you know, what historically is the significance of the May WASDE report?

00;01;03;10 - 00;01;23;21
Scott Stiles
What makes this a big deal is that this, this is the first new crop balance sheets we'll see from USDA. In other words, this month we're getting to see the first run of the 2026 crop balance sheets. So that's what makes this report unique, is that we kind of get a look at, you know, the supply and demand projections for the crop we're planting now.

00;01;23;22 - 00;01;30;25
Scott Stiles
And that's one of the, I guess, the most significant thing about the May report is the new crop balance sheets that are included.

00;01;30;26 - 00;01;47;26
Dr. Hunter Biram
Yeah. We're always wondering what are the prices going to look like? Now, of course, we've got the June acreage report coming up, and there will likely be some price action there as well. But this is kind of that first look in terms of cash prices. Right? Like, this is going to be more, more cash market. June acreage, there tends to be some pretty big price responses, in the futures market,

00;01;47;26 - 00;01;49;01
Dr. Hunter Biram
at least.

00;01;49;03 - 00;02;08;13
Scott Stiles
That's true. I mean, some of, in some aspects of the May WASDE, you know, we anticipate, you know, just as some background. We know that when they make these projections, they're going to use the, the acres from the perspective plantings. So they're going to use the trend yield that normally we get to see in the Ag Outlook Forum back in February.

00;02;08;13 - 00;02;34;11
Scott Stiles
So we can we can anticipate some things on the supply side. It's a little harder sometimes to tell what they'll do on the demand aspects. But, but one interesting thing we were talking about earlier is just how the price projections line up. Historically. There's an underestimation bias in the soybean prices, so. Typically in the May WASDE, we’ll see that initial price outlook for soybeans be lower than the final season average.

00;02;34;11 - 00;02;58;17
Scott Stiles
So you know yesterday I think they, they printed $11.40 season average price for beans. You can correct me if I'm wrong on that, but I think that's the initial price outlook they came up with. So looking around the state today, you know, with November futures closed at 12.07 and three quarters today. So there are, you know, at some locations we're seeing bids right at 12, if not a little bit above.

00;02;58;19 - 00;03;06;27
Scott Stiles
So fortunately there are some opportunities out there that we might can top the $11.40 that, that USDA is, is projecting.

00;03;06;27 - 00;03;11;07
Dr. Hunter Biram
And those bids for $12, are those going to be new crop, local markets?

00;03;11;08 - 00;03;36;17
Scott Stiles
Yep. So I saw some bids from the Mississippi River before we came on. And for October delivery the basis was eight under. So the bid was right at 12 and for a little bit later delivery, say you stored and delivered in December, The basis was 17 over January, and the bid was around 12.36 for December delivery. So we hadn't seen that in a while.

00;03;36;19 - 00;03;55;07
Dr. Hunter Biram
No. And I mean just in Arkansas. I know that, you know, what we're going to talk about has the national cost of production. But, you know, in Arkansas, we're looking at a little less than $500 an acre in operating expense before any kind of rent. And so if you're looking at, you know, just say it’s $12, then you use a just a simple 50 bushel per acre yield on soybeans.

00;03;55;08 - 00;04;02;22
Dr. Hunter Biram
I mean, you're looking at about $600. I mean, the margins are looking very favorable, probably the best margins that we've seen of any crop in a few years.

00;04;02;23 - 00;04;19;26
Scott Stiles
I would agree. You know, we we updated our budgets to reflect the, you know, the increases in fuel and fertilizer recently. You know, I'm pulling up the budget now, you know, at $12, 60 bushel yield, 20% share rent return over variables about $82 an acre for soybeans.

00;04;20;00 - 00;04;34;04
Dr. Hunter Biram
Man, some good news. Some good news is for sure. So in line with that, you know, we talk about this Christmas present, Christmas in May. We got Christmas and March, Christmas in May. And were there any surprises in this report?

00;04;34;05 - 00;04;59;05
Scott Stiles
The big, I mean, the absolute surprise was in the wheat numbers that they came out with yesterday. And wheat's not a crop we think much about in Arkansas. We used to have a lot in the early ‘80s. I think we've seen our wheat acreage dwindle, but that was one yesterday, Hunter, that was really shocking. Sometimes the May WASDE can deliver some volatility to the market and we saw a limit move higher

00;04;59;05 - 00;05;26;00
Scott Stiles
in wheat, I think total wheat production was estimated to be the lowest since 1972. That was driven by a much smaller hard red winter crop. I think the hard red crop was the smallest since 1965, so, that was kind of the standout in the report, was the wheat crop size was a big shock, I guess on the other crops, we were a little bit surprised by how much USDA increased the Argentine corn crop.

00;05;26;00 - 00;05;50;24
Scott Stiles
So I guess the other surprises were more in the, in the South American corn crop, Argentine crop was increased 7 million tons, Brazil crop was increased 3 million tons. So that was kind of a surprise move. But everything else really fell in line with the trade expectations on US corn and US soy bean ending stocks. Everything was pretty much right in line with what the trade was thinking ahead of the report.

00;05;50;24 - 00;05;59;07
Dr. Hunter Biram
And so let's let's talk about those ending stocks. So in corn, you know, tighter supplies are expected with lower production. So what's going to be driving that for corn?

00;05;59;10 - 00;06;23;14
Scott Stiles
Yep. Yeah, lower acres primarily just seeing 3.5 million acres move out of corn this year. And then the soybeans, USDA is not anticipating we’ll match last year's record yield. So the projected yield at 183 is about three and a half bushels less than last year. But we had a huge crop in ‘25. It was a record. It was over 17 billion bushels.

00;06;23;14 - 00;06;49;04
Scott Stiles
So this crop for ‘26 is projected at a billion bushels less at 15.995. So that was the key driver that's tightening the ending stocks up some. And when you look at the ending stocks just themselves, psychologically it's a boost to the market to see them drop below 2 billion bushels. That's, that's always kind of a key metric to look at is as stocks below 2 billion.

00;06;49;05 - 00;06;59;01
Scott Stiles
That's a bit exciting to the market to see the stocks at 1.957. So that's you know some tightening compared to last year's 2.1 billion.

00;06;59;03 - 00;07;04;02
Dr. Hunter Biram
So when was the last time that the stocks were less than two. Is this something that's happened recently or?

00;07;04;08 - 00;07;27;12
Scott Stiles
Yeah. Yeah that was, not very long ago. I mean, we had, we had the stocks below two in the in ‘24 marketing year. But to see them below two and we're also seeing some improvement in the price outlook. Along with that I think 4, 4.40 is the projected average price. And here again some of the bids that we're seeing for the fall here in the Delta are right around $5.

00;07;27;13 - 00;07;48;04
Dr. Hunter Biram
Yeah, I mean, I've spoken with buyers all throughout the winter, and it seemed like there's quite a bit of positive basis being offered. I think with the anticipation that acres are going to shift out of corn and into soybeans. And, you know, that's what we're projecting with the RAFF net from income projections. That's what prospective plantings would lead you to believe as well.

00;07;48;04 - 00;07;55;09
Dr. Hunter Biram
And so I think that buyers are anticipating and they're hearing that there's going to be a big reduction in all acreage except for soybeans.

00;07;55;10 - 00;08;15;28
Scott Stiles
Yeah. You know, we talk about marketing strategy a lot. And one thing, you know, that I think comes up in that discussion a lot is avoid selling the crop straight out of the field. And if you look at how the basis is structured right now, bids along the Mississippi River are about 22 over these futures for delivery in November and December.

00;08;15;28 - 00;08;35;06
Scott Stiles
So if you're storing the crop some and delivering later in the year or in the first quarter of ‘27, you’re seeing stronger basis that right now would provide some bids right around 5.25 area. So, you know, 80, $0.80 a bushel above USDA outlook. You have to consider that.

00;08;35;07 - 00;08;51;28
Dr. Hunter Biram
Yeah. And you know, marketing I know that we could do a series of podcasts. Just some marketing, and we probably ought to. But just for the sake of this conversation, you know, storage is going to play into this. So, you know, let's just say that we don't assume storage. So let's say that we're talking about a farmer who he's going to have to sell right out of the field.

00;08;51;28 - 00;09;20;21
Dr. Hunter Biram
He has no choice. He's going to sell it right then, assuming no storage. You know, what we're showing in the newsletter and what I've been able to show with some coauthors on a peer reviewed publication, is these prices are just about as strong as they're going to be from here on to the end of harvest for 2026. So, you know, would you say that a farmer needs to be if they haven't booked anything yet, that they probably need to start thinking about booking and booking a significant amount of their production for ‘26, if they don't have storage.

00;09;20;23 - 00;09;46;07
Scott Stiles
Certainly between now and mid-June. If you look at the seasonal tendency over the last 15 years, you're seeing the, the price high by mid-June. And then after that, everything's going well weather wise. Then prices will drop from mid-June into into harvest. But we're kind of in this May-June timeframe markets watching, planting progress. And right now there's not any concerns about that.

00;09;46;08 - 00;10;08;10
Scott Stiles
You know the key, you know, corn producing states, crops going in a little ahead of the of the five year average. So there's no concerns about that. But if we did enter, you know, into a wet period where, you’re a crop insurance person, you know, if you if you got in a situation where there was a lot of prevent plant and some acres shifted into soybeans, you know, that might create, you know, some volatility in the market.

00;10;08;10 - 00;10;28;21
Scott Stiles
But, but right now, you know, planning is is going smoothly. And then, you know, and keeping the back of your mind kind of running in the background is the thoughts about, you know, the weather transition to El Nino. And typically, in years like that, we have an above trend yield. And you know, the weather conditions are pretty favorable in the Midwest.

00;10;28;23 - 00;10;46;11
Scott Stiles
So think about that too, you know, go out deeper into the summer. You get out into July and August when you know the crops pollinating, if it turns really hot, you know, you can see some market volatility then. But right now the weather models really don't indicate that it's going to be a, you know, a stressful outlook for the Midwest.

00;10;46;11 - 00;10;55;12
Scott Stiles
So we may follow, Hunter, we may follow that normal seasonal pattern where we see prices peak in June and then, you know, go lower from there.

00;10;55;16 - 00;11;18;09
Dr. Hunter Biram
Yeah. Well that would be interesting if it actually follows expectation, because it seems to me that at least in my short time of being an ag economist, things just don't ever follow expectation. Expectation is nice, but there tends to be some movement around that, it seems. I would like to see that, especially if we're going to be giving advice to folks as they're trying to market and stay in business, that that would be nice.

00;11;18;09 - 00;11;33;13
Dr. Hunter Biram
But I think it is fair to say a general rule is, this is, this is the time. This is the time to be looking at your local markets. You know, placing those forward contracts. Sounds like there's some good basis out there, too maybe, maybe locking in some basis could be a good option as well. And I mean, we have a lot of drought right now.

00;11;33;13 - 00;11;47;13
Dr. Hunter Biram
We know that drought ultimately impacts the Mississippi River and that can impact basis as well. So we've just done so much work and knowing that there's a lot of moving parts. And so this is the time, like, I mean we've, we've figured out what we're going to plant and we've got a good idea. We'll know more in June.

00;11;47;13 - 00;12;11;26
Dr. Hunter Biram
But at this point, it's all about watching the market, go ahead and placing some orders for delivery, just to go ahead and lock in some good prices now, because as you and I, at least we're talking about with soybeans in Arkansas, the returns somewhat favorable, at least relatively more so than they have in recent. So anyway, well, Scott, you know, with the last few minutes that that we have here, are there any other, you know, key takeaways that you want to share with the, with the listeners on rice and cotton?

00;12;11;27 - 00;12;24;02
Scott Stiles
You know, USDA is projecting a $0.73 season average price for cotton. I will say that, you know, for a brief time today, we did see December cotton trade to 88.08.

00;12;24;04 - 00;12;25;00
Dr. Hunter Biram
Wow.

00;12;25;03 - 00;12;47;16
Scott Stiles
Yeah, I closed at 86.46. So we've talked about, you know, capitalizing on some of these opportunities. 86.46 may be influencing people's acreage decision. Some I think, you know, maybe some of the people that are set up to grow cotton, they may keep their acres the same, they may even add a few acres at that price level. So be interesting to see where acres land.

00;12;47;18 - 00;13;09;27
Scott Stiles
You know, in the June 30 survey, we've talked and debated a lot about why cotton prices have increased so much. And, you know, the futures market is looking ahead. I looked at the Drought Monitor today. And then it has a you know, there's a feature in that that shows what's the percent of each crop that's in drought. Well, 98% the US cotton production is in drought today.

00;13;10;00 - 00;13;33;26
Scott Stiles
So there is you know, at the present time, I think the market is taking a look at that. So what could reverse the market? Well, if we, later in the growing season, if we started to get sufficient rain in Texas and Georgia, you know, that could signal the end of the price rally for certain, as I think that would probably be the key thing to watch right now is see if, you know, see if the drought ends and these key cotton production areas.

00;13;33;27 - 00;13;56;00
Dr. Hunter Biram
You know, Scott. So I just pulled up our Arkansas crop profit loss calculator for 2026. And you know this 86% I mean the basis you're talking what, 4 or $0.05 maybe under. Yeah. So I mean let's just let's just say it's $0.82. That's a price that that we have on the Arkansas Crop Profit loss calculator at $0.82 and at a Lee County yield expectation of 1217.

00;13;56;01 - 00;14;13;12
Dr. Hunter Biram
I mean, if you're renting, if you're renting, you're losing about $80 an acre. You bump that yield up to 1340, maybe a little bit higher, especially with the drought. But, you know, bump up a little bit. You're pretty much at break even, which to me just to even think about cotton is breakeven is just extremely encouraging because we haven't even been able that's just been unthinkable.

00;14;13;12 - 00;14;17;23
Dr. Hunter Biram
So with the recent strength, I mean, that's that's very encouraging for cotton farmers.

00;14;17;25 - 00;14;50;01
Scott Stiles
Yeah, it's a lot of variables in that. If you got your inputs priced before March 1st and you know you've got one set of production cost, if you've got your fertilizer and fields with price post March 1, then you've got a completely different set of costs. So I would encourage people to run two sets of budgets, I guess, you know, and with two input cost scenarios, I guess, because it's been such a dramatic change and urea and, you know, prices since March 1. And diesel too, you know, farm diesel today is probably still going to be a little north of $4.

00;14;50;01 - 00;15;08;21
Scott Stiles
So anyway and you know, and we talked a lot about you know, there’s different breakevens based on each land tenure. You know each rent arrangement. So it's just something that everybody's got to look at. It's something you have to do on an individual basis. You know every, there's a different break even price for you know any number of scenarios.

00;15;08;28 - 00;15;12;02
Dr. Hunter Biram
Absolutely. Well let's hit on rice Scott what you got for rice?

00;15;12;03 - 00;15;40;28
Scott Stiles
Well like the other crops, tightening balance sheet there. So stocks are I mean we're seeing a you know 20% reduction in crop size compared to a year ago. Stocks tightening up some down to 28,000,000 hundredweight. Better price outlook, I think the average price for the ‘25 crops projected at 468. USDA is projecting 540 for the ’26 crop. So similar to cotton, I mean, this month we you know, we've seen a strong run up in September.

00;15;40;28 - 00;16;08;00
Scott Stiles
Rice. It closed at $13 even today on the futures. Yeah. And so the fall, delivery bids are kind of in this depending on where you're going, you know, where you deliver to. It's kind of in the 545 to 560 range for fall delivery. And then in early ‘27 the bids are kind in the 575 585 range. So you have to see if that's enough, you know, incentive there to reward you pay for your storage.

00;16;08;00 - 00;16;28;01
Scott Stiles
But that's there are some better offers out in the early 27. Does that offset our input cost? It's, again, Hunter, I mean I think it takes some great yields. Everything's going to have to line up perfectly. And a lot of times you know when we do reduce acres a lot, we focus a crop on our best ground.

00;16;28;02 - 00;16;47;15
Scott Stiles
You know, I do think, you know our average yield could be, you know, a little above average because everybody just knows that, you know, okay, well I've got to put my, if I'm going to have rice that's going to go on my best ground this year. And you know we might can pencil out something if we have yields in the 220-230 range in our inner hybrid budget.

00;16;47;15 - 00;16;50;16
Scott Stiles
It's a big ask I think. But but it's [...]

00;16;50;20 - 00;16;51;09
Dr. Hunter Biram
Some can do it...

00;16;51;09 - 00;16;59;06
Scott Stiles
We can do it. But that's kind of the, the hand we’re dealt right now with the input costs where they are today.

00;16;59;07 - 00;17;18;17
Dr. Hunter Biram
Yeah. So in preparation I pulled the production estimates for the US, which I would expect, Scott, and I don't know this, but I would expect those cost reduction estimates are going to be, at least for rice, will be largely informed by Arkansas. I mean, because we we drive the domestic production. So I would expect that Arkansas is going to drive most of that.

00;17;18;17 - 00;17;39;15
Dr. Hunter Biram
But just pulling from the ERS cost of production forecast and calculating break evens okay. So we have this 541 that is the current projection for 26/27 new crop marketing year using the cost of production, I think it's around $1,300. That is going to be your operating cost and fixed as well. You're looking to breakeven of about 247 bushels an acre.

00;17;39;17 - 00;17;56;24
Dr. Hunter Biram
The national average yield projection for all rice is about 172. So you'd need, you know, near 40% increase if you're just looking at that all rice yield. But in areas where there's ground that's very well suited for rice production, as you said, can we get to 247? I'm not entirely sure. But you know, maybe the 220, the 230.

00;17;56;26 - 00;17;58;05
Dr. Hunter Biram
That can definitely minimize loss.

00;17;58;06 - 00;18;23;29
Scott Stiles
I'll mention one other thing like we talked about at the first part of the show was, you know, they are basing production based on March prospective plantings. I think some would argue that, you know, with input costs going up so much during the NASS’ survey in March and then after, even after that, there's certainly a possibility that, you know, we're seeing the highest production estimate for the 26 crop, you know, in the May WASDE, that may be the highest print for production.

00;18;24;00 - 00;18;43;08
Scott Stiles
You know, I wouldn't be surprised at that. And I guess what I'm getting around to is we may see the production estimate kind of trickle down in the July WASDE, and that might enhance our, you know, our price outlook some, too. Well, I mean, that would I mean, I'm seeing, you know, we'd see lower production probably tighten ending stocks up some.

00;18;43;11 - 00;18;48;00
Scott Stiles
But we really won't get any insight on that until we see the July WASDE.

00;18;48;02 - 00;19;07;22
Dr. Hunter Biram
Well. And I mean just looking at CMEs November rough rice futures contract. I mean since the end of April, you know, to where we are now for the past two weeks. I mean the futures price has almost gained $2 a hundredweight. Yeah I mean big guns. And so if we see June acreage, we see July WASDE, see a further reduction in acres in rice, which is what we're anticipating.

00;19;07;23 - 00;19;09;20
Dr. Hunter Biram
I mean it could, it could jump up again, so.

00;19;09;20 - 00;19;20;12
Scott Stiles
We opened the month of the September contract, started the month at 11.58, and it closed at 13 today. So it's up 12% this month to date.

00;19;20;13 - 00;19;31;08
Dr. Hunter Biram
Wow. Yeah, that's quite a bit of price action for rice. Yeah. In a short amount of time. That's normally a thinly traded market and not a lot of movement, but some pretty big movement the past couple of weeks.

00;19;31;15 - 00;19;51;23
Scott Stiles
It is. And you know, you wonder what is it thinking, what is it looking at. And you know, and maybe it's finally addressing the fact that, hey, you know, we're just not going to have 1 million acres of rice in Arkansas. And, and I think a lot out in the industry would argue that I don't know if we're going to get to 800,000 acres, but we'll see where no more about that on June 30th.

00;19;51;24 - 00;20;03;22
Dr. Hunter Biram
Sure. Well, Scott, thanks so much for your time. I mean, I just love picking your brain and hearing your insights on this. I mean, you are a tried and true veteran, and I know that our audience also appreciate it. So thanks for your time.

00;20;03;23 - 00;20;05;26
Scott Stiles
I'm glad to be on good visiting with you.

00;20;05;27 - 00;20;09;29
Dr. Hunter Biram
Yeah, man, as always are y'all. Stay tuned for the market report. Thanks.

00;20;10;02 - 00;20;41;01
Evan Ware
Back with your market report. As of May 14th, 2026, Corn July futures are $4.68 per bushel. That's up 3% from a month ago and up 5% from a year ago. Corn December futures are $4.91 per bushel. That's up 4% from a month ago and up 12% from a year ago. Rice July futures are $12.76 per 100 weight. That's up 15% from a month ago and up 1% from a year ago.

00;20;41;02 - 00;21;06;19
Evan Ware
Rice September futures are $13.08 per 100 weight. That's up 14% from a month ago and up 2% from a year ago. Soybeans July futures are $11.93 per bushel. That's up 2% from a month ago and up 11% from a year ago. Soybeans November futures are $11.84 per bushel. That's up 3% from a month ago and up 12% from a year ago.

00;21;06;19 - 00;21;31;18
Evan Ware
Cotton July futures are 83.9 $0.04 per pound. That's up 10% from a month ago and up 28% from a year ago. Cotton December futures are 84.4 $0.08 per pound. That's up 9% from a month ago and up 24% from a year ago. Wheat July futures are $6.58 per bushel. That's up 9% from a month ago and up 25% from a year ago.

00;21;31;19 - 00;21;56;03
Evan Ware
The US weekly average for peanuts is $442 per ton. That's down 9% from a month ago and down 14% from a year ago. Moving on to our fertilizer prices area is currently about $796 per ton. A month ago, it was $850 per ton. Three months ago it was $564 per ton, and a year ago it was $637 per ton.

00;21;56;04 - 00;22;21;28
Evan Ware
Ammonium nitrate is currently about $578 per ton. A month ago, it was $575 per ton. Three months ago, it was $420 per ton, and a year ago it was $403 per ton. Ammonium sulfate is currently about $543 per ton. A month ago, it was $550 per ton. Three months ago, it was $455 per ton, and a year ago it was $555 per ton.

00;22;21;29 - 00;22;48;01
Evan Ware
DAP is currently about $887 per ton. A month ago, it was $890 per ton. Three months ago it was $792 per ton, and a year ago it was $846 per ton. Triple Super Phosphate is currently about $771 per ton. A month ago, it was $776 per ton. Three months ago, $693 per ton, and a year ago it was $545 per ton.

00;22;48;02 - 00;23;12;25
Evan Ware
Potash is currently about $460 per ton. A month ago, it was $457 per ton. Three months ago, it was $441 per ton, and a year ago it was $478 per ton. Now for our fuel prices, Arkansas Highway Diesel is currently about $5.20 per gallon. A month ago it was $5.17 per gallon, and a year ago it was $3.21 per gallon.

00;23;12;25 - 00;23;37;10
Evan Ware
Arkansas Farm Diesel is currently about $4.11 per gallon. A month ago, it was $3.82 per gallon, and a year ago it was $2.37 per gallon. The Mississippi River at Memphis is currently reading 12.68ft. A year ago, it was 21.03ft. Thanks to Scott Styles for putting together our market report every week. Thanks for tuning in to another episode of Morning Coffee and AG Markets.

00;23;37;10 - 00;23;38;19
Evan Ware
We hope you have a great week!

00;23;38;21 - 00;24;04;13
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, Risk, R-I-S-K, 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 publish, and within each one of those newsletters, you should be able to click on a link to subscribe.

00;24;04;13 - 00;24;08;11
Dr. Hunter Biram
If you haven't subscribed already. Thank you for tuning in and we'll catch you next time. Bye bye now.