Grain Markets and Other Stuff
Joe Vaclavik and Mackenzie Johnston discuss the grain markets, the business of farming, news related to agriculture, and a variety of other topics.
Grain Markets and Other Stuff
Has Farmer Selling Capped the Corn Rally?
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Corn futures slipped Thursday as favorable Corn Belt weather and crude oil weakness weighed on prices. The Dec26 contract settled near $4.94, unable to break through the key $5.00 level. Wheat saw sharp losses, dropping ~16 cents on Plains rainfall forecasts, while soybeans finished mostly unchanged.
The USDA drought monitor showed meaningful improvement in the Corn Belt—drought coverage fell from 36% to just 11% since the start of the year. However, conditions are worsening in Nebraska and Kansas, and winter wheat continues to struggle under dry conditions and recent freezes.
The House passed the farm bill 224–200, reauthorizing ag and food programs for five years. The E15 year-round sales provision was stripped from the bill after pushback from oil-state Republicans. A standalone E15 vote is now expected separately.
Kalshi will not offer 24/7 grain markets after pushback from industry groups and regulators. Grain contracts will align with traditional exchange hours. Meanwhile, the CFTC is reportedly considering more frequent publication of its Commitment of Traders report.
Weekly export sales were strong for corn at 1.6mmt — up 21% week-over-week — with Colombia as the top buyer. Soybean sales were soft at 258,100mt. Wheat sales came in near the top of expectations at 226,100mt, up 75% from the prior week.
The S&P 500 closed above 7,200 for the first time, gaining 1% to a new all-time high. Strong earnings and AI optimism drove the rally, even as Q1 GDP came in at 2% — below the expected 2.2%.
Corn/Soy/Wheat Price Action
SPEAKER_01Morning, guys. It's Friday, May 1st, 5 25 a.m. Central Time. Grain markets are mixed this morning. Brian Split is here. Brian, good morning. Good morning, Joe and Mackenzie. Let's uh go to our first story, guys. Corn market backed off just a little bit yesterday.
SPEAKER_00It sure did. The December 26th contract fell about 4 cents to settle near 494 per bushel. The decline was driven by favorable weather forecasts for the corn belt, which are expected to support planting progress. Additional pressure came from weaker crude oil prices and sharp losses in the wheat market. The July 26 Chicago wheat futures contract fell roughly 16 cents to settle near 637 per bushel, pressured by forecasted rainfall across the U.S. Plains. Soybean futures, meanwhile, ended the session mostly unchanged.
SPEAKER_01All right, Brian, here's a decent corn chart. We have been unable to break out above the$5 mark. Has farmers selling of both old crop and new crop bushels capped at the rally?
SPEAKER_02Uh I think that's an element of it. I mean, there's definitely a timing part of this where you think about uh crude oil backing off and wheat backing off as corn is testing$5. It's gonna be difficult for corn to push through that level. But um I think if you've got uh corn that you wanted to sell for new crop uh on this side of$5, you've done it at this point. So we'll see if there's another story that gears up and pushes us through five. Uh, but uh same thing on the July contract. Uh the high settlement back in March was 480, and that was the high yesterday. So we kind of just got back to that upper end of the range. So it makes sense to pull back off of these levels, especially as you're seeing uh the crude oil go up and make a high and then and finish lower on the day yesterday. Uh, you see the wheat market, as you'd mentioned, we made a high and we were down sharply. So it's gonna be very difficult for corn to break through those levels when it's dealing on a on that specific day at major resistance with some negative sentiment. But um, I have uh a lot of producers have been rewarding the the rally here recently, especially on old crop with little uh bits of sales here and there.
SPEAKER_01How much old crop farmer-owned corn is still out there? I I think there's a lot in the western corn belt, the basis market would tell you that. Um, what are you hearing?
SPEAKER_02Yeah, I mean, the the Western Belt uh had the the large crop. Um, the eastern corn belt has some pretty hot basis right now, and it continues to improve uh in some areas, even as the board has gone higher. So we've got very strong demand uh in the eastern corn belt. And this is a a story, you know, that um we see year to year very often, where one uh part of the corn belt has a hot basis and the other side of the corn belt doesn't, and it can flip-flop, and that just it really depends on who had the better crop that year. And um the the time uh is gonna be uh a problem for the Western producer. Um, you know, we're gonna be obviously looking for something in the next uh 30 to 60 days to give us some bigger picture opportunity for marketing. Uh, but if you miss that window um and the market starts to break here into fall, you're gonna be dealing with lower values and you're gonna be dealing with basis that probably isn't gonna be getting much better. Um, and so uh you you definitely have to be a little bit more aggressive in the Western Belt if that's a situation you're in.
SPEAKER_01If you guys are looking for some more detailed information on the basis situation, we had a really good premium video with Ryan Moe yesterday. We ran through basis maps, we talked about the big disparity between east and west. Let's look at a soybean chart. Fresh highs posted overnight um in November soybeans. Pretty impressive.
SPEAKER_02Yeah, I would really like to see a close above that 1174 level. We had that 74 high uh in March, and then we had a 74 high uh last week. And so um I could even consider drawing that uptrend from that 1118 low. Um, and the way that I would uh quantify this as far as a potential chart pattern is if we kind of drew a horizontal line above those 1174 highs, and then we've got the uptrend from the 1118 low, uh, that would generally be considered an ascending triangle. And so on a closing basis above 1174, especially to finish the week, uh if we could achieve that, then the general measurement would be to uh to uh uh get up to what 1230 is the way I have it drawn. So 1230 upside objective on a solid close here. But I this has been a uh a market that just continues to be bought in dips, especially the new crop. The old crop has been a little bit more uh uh reluctant to uh to break out of the sideways range. And a lot of the strength, big picture, has been in the new crop and and not even in the new crop, but what you might call the red December and red November. Um, you know, next year's crop that won't be planted for another year, uh, those contracts have been making new contract highs as of late. So I think there's some good long-term uh money in the market right now uh that is is thinking friendly bigger picture on some of these deferred contracts as well.
SPEAKER_01You you talked about the technicals in the charts. What is the fundamental story in soybeans? Because from a uh from a cash value standpoint, US soybeans are way too damn expensive. We're we're overpriced to the tune of like a dollar twenty per bushel versus Brazil. Yet the board continues to rally.
SPEAKER_02Yeah, I don't know. I don't I I've I've decided mentally to like just not even worry about it anymore. The market's doing what it's doing, and um I all I can do is is try to keep up with like, all right, the market's advancing, the market's advancing. What does it need to do in order for me to feel like all right, story's over? Um, and and a lot of that's gonna come from a break in the technicals. Now, of course, if there's a major headline that pops out, then sure, that can change things. But when you like you just mentioned, the premiums uh that we are uh to Brazil, um I think a lot of the conversations um recently has been the idea that maybe the corn acreage number come June might be a little bit less and the bean acreage number might be a little bit higher come June, especially because of the weather recently. And if that continues and we have our areas that continue to get rain, that uh potentially some of those acres could be shifted from corn to soybeans late. Um, so I don't know. I don't know what the what the fundamental deal is, but it seems to me that the managed money just wants to own the soy complex bean oil. I mean, that's the story right there. It's it's uh, you know, new contract highs. And when you think about where bean oil is relative to um its 2022 highs, you know, that last major bull market that we had, uh, and then where meal is and where soybeans are relative to those, they look very cheap compared to what bean oil is doing. And I guess that's the story.
SPEAKER_01The one thing I wrote in the chart is uh Trump and G are meeting in two weeks, and maybe some maybe somebody's buying beans ahead of that. Maybe they're optimistic about Chinese purchase of U.S. soybeats. I don't know. Here's um HR here's HRW wheat. Uh some millers on the East Coast bought some Polish wheat for import last week. There's been chatter about additional imports of wheat into the U.S. because of the way that we are priced versus our global competition. Um, it may make sense for you for people um buyers in the U.S. to import some wheat. Have you heard that?
SPEAKER_02I did hear the uh deal about the Polish wheat yesterday. And um, I don't know what type of volumes we're talking. Uh like one cargo, it's it's very small. But the I think the the real issue is still what's happening uh out west. And um, you know, we continue to have these forecasts for rain where they need it, and then by the time uh the period comes where the rain is supposed to fall, it it just isn't there, and that's why this market has done this move from six dollars to over seven dollars. Uh, we're very overbought. We could easily correct here, and and I would say that um, you know, a move back down to that 660 zone, um, those old highs, they should support that. Uh, but uh this has been an extremely steep uptrend. This is not a sustainable uh type of a trend. And we still have a gap down there at 609 and three-quarters. It's gonna be a target at some point. I think maybe that's down the road as we uh you know get closer to um you know harvest period and and the expiration of the contract. But uh the market is is uh trading extremely strong right now. And this breakout above 660 that we had, uh that is you know, that old resistance is gonna be new support. Um, and so I think you've got what about uh yeah, uh an exactly a dollar uh twenty. Uh so pulling back 60 cents and and retracing part of this break and seeing those old highs and revisiting that. I I don't think that should be out of the question.
SPEAKER_01All right, last chart I want to show you before we get to weather. Um the ag markets continue to lag the broader commodity complex. Bloomberg Commodity Index, which encompasses like every commodity, is up 28% year to date. The ag sub-index, which is just ags, is up less than 10% year to date. A lot of this is crude oil and energy related. But um, do you think there's ever is this part of is this part of the reason that uh money managers own uh corn and soybeans right now?
US Drought and Weather
SPEAKER_02Yeah, and if you uh there's been some kind of talk on, I still call it Twitter, but X of some of the more of the macro people in finance that aren't just specifically in agriculture. And so I like to keep an eye on what they talk about. And there's actually been quite a bit of talk of this ag subindex and a lot of drawing of the trend line from those highs back in 21. And and we just we broke out to the upside of that downtrend uh on that ag sub-index. So there's a lot of the the bigger picture macro money that's looking at that and seeing agriculture as a potential breakout to the upside. Yeah, um, that's cool.
SPEAKER_01I hope they're right. Let's keep that story going. Okay, uh drop monitor.
SPEAKER_00Heavy rainfall across parts of the corn belt last week, uh, improved drought conditions across much of the region. Notably, only 11% of the area is now experiencing some level of drought, down substantially from 36% at the start of the year. Meanwhile, limited precipitation across the U.S. plains led to worsening drought conditions in Nebraska and Kansas. Winter wheat throughout the region continues to struggle due to dry conditions and recent freezes. When we look at the percentage of U.S. areas experiencing drought, corn country currently stands at 25%, soybeans at 27%, winter wheat 69%, spring wheat 18%, and cattle country 61%.
SPEAKER_01There's actually a lot going on here, or not going on, because you have no drought in your biggest corn producing areas across your call it I State Corridor. Um, but you do have drought in HRW wheat country, you have drought in uh the mid-south, you have drought in Nebraska and into parts of South Dakota. There's there's uh quite a bit going on here.
SPEAKER_02Yeah, and and then one thing that you can't see is okay, well, there's no drought in a lot of that Midwest growing region, but it's really wet. Yep. Um, you know, and and some of these areas have had the uh wettest uh, you know, April in the last hundred and what what do they go back? 128, 132 years. Yeah. Um, so yeah, that that drought map, it shows you who's dry, but it doesn't show you who's too wet.
SPEAKER_01So what areas specifically have you heard uh tales from about being too wet? I know the the heavy rain um this week was like central to southern Illinois, uh parts of Missouri, parts of Indiana. Um there's gonna be some replant in some of those areas. I don't know how widespread it's gonna be, but it's it's gonna happen.
SPEAKER_02Yeah, you know, east central Iowa, um the uh Wisconsin's been really wet. Um and and I know like that midday model yesterday, the extended forecast has it really wet through that whole corridor as well. Uh, I think most of the um higher totals were kind of on the back end of the forecast the two weeks. So like the seven-day wasn't so wet, but the two-week forecast had a lot of moisture in that second week. Um, so maybe it's not quite as accurate if that's the case, if it's on the back end of the forecast. But there's gonna be areas here that uh are wet right now, and and depending on how the timing of it works out, um it's it's different if it was wet um and we were getting rain, but then it was 80 degrees out and it was windy. Uh, it's like 40 freaking four degrees right now and it's wet and the soil temperatures are cold. Um, so it's gonna take longer for things to uh to get fit, if you will, um, with these temperatures that we're seeing currently.
SPEAKER_01If you guys are farming in some of these areas that have been really wet, like you're in that uh pocket in Illinois or Indiana or Missouri, um, drop us a uh comment in the YouTube videos, let us know what's going on. Let's switch gears to winter wheat. So we are very much concerned about all of that dark green stuff in Kansas, which has been drought stricken, and there's really nothing in the forecast. And even if you get some rain, uh, you know, a week out, 10 days out, a lot of people are telling me, Brian, it's too little, too late. This crop is toast.
SPEAKER_02Yeah, you know, and it moves fast. Um, I have a uh client in that uh northwest pocket of Kansas that I was talking to. Um, and this was probably about uh two weeks ago, um, maybe what around April 10th or 15th, when KC wheat was down around six bucks, and he was concerned. And he said, you know, I'm not at the point yet where I want to lift my sale. Uh, and then the market goes up a buck and we talk again. And he's like, I don't even know if I'm gonna have that wheat now. Yeah um so it it it uh really has has gone backwards pretty quickly, and it just doesn't look like there's a lot of relief for that. So I I think there's some pretty substantial damage that has been done that's not rever that's irreversible.
SPEAKER_01I don't know how bad it's gonna be. I'm already here and talk about insurance claims and uh stuff that's just not gonna be harvested at all. I think it's in pretty bad shape. Let's uh flip to the farm bill.
SPEAKER_00The House of Representatives passed the farm bill yesterday in a 224 to 200 vote authorizing agricultural and food programs for the next five years. GOP leadership had initially paired the bill with a provision to allow year-round nationwide sales of E-15. However, oil state Republicans pushed back, citing concerns related to fuel markets and refining dynamics. The dispute threatened to derail the passage of the farm bill, leading lawmakers to exclude the E-15 measure. A separate standalone vote on E-15 legislation is now expected in the near future.
SPEAKER_01I wanted to show you guys this. So there's some GOP infight infighting, and it's uh it's kind of disappointing that the Republicans couldn't all get behind this, but you've got oil state people and people with other interests. Um people always show you guys, like the pro-corn people. I wanted to show you something that's the opposite. This is Senator Mike Lee, who's a Republican from Utah, and he said, end mandates and handouts for big corn. Big corn's a lot of you guys watching. I I think that's who he's talking about. It's ridiculous to tailor American fuel standards around the need to get rid of surplus grain. I made the argument earlier uh this week, Brian, that ethanol is really cheap compared to uh gasoline. And if they can't get this damn thing through, you can't do it now.
SPEAKER_02When uh when are you gonna do it? I mean, this is it makes more sense now than ever. Um, but uh, you know, that oil lobby is pretty, pretty powerful and they got a lot of money. Um, I don't know. Anytime I see anything to do with the politician right now, I just get really freaking pissed off. Yeah, dude.
SPEAKER_01I don't I don't like following politics, but but politics equals policy and it and it does impact the market. So we have to talk about it. Um, on that same page, if you if if they were to somehow push through year-round permanent year-round E15 legislation, do you think it has any impact on the market?
SPEAKER_02Um, I think it would immediately just from a sentiment standpoint, but um, you know, then the market dynamics do other things, right? So uh we make more uh uh year-round E-15, then this happens, then it happens. And I don't know if long term it's gonna be the benefit that people want it to be for corn values, but I think the headline right out of the gate, and maybe the the first two to four months after the headline would be pretty well supported.
SPEAKER_01I agree with that, but I I I think that in the big picture, like it's gonna take years for it to really matter in terms of the balance sheets. One of the issues that I brought up is that we're exporting a lot of ethanol. And if you're gonna use more domestically, it may just come out of exports and you may not produce you may not grind a whole lot more corn for ethanol. I don't know. I I hope we have to have that discussion and they can get this thing pushed through.
Grain Trading Hours, CME/Kalshi
SPEAKER_02Yeah, hard to say. There are a lot of countries that are using more ethanol and they're ramping up their ethanol usage. And so um, maybe in a perfect world they continue to do that. And and we have an E-15 agreement here, and and we just use more overall. And I would love to see that. All right, trading hours.
SPEAKER_00Yep. Calci has backed off its plan to offer 24-7 agricultural contracts after after industry groups and regulators argued that the contracts needed structured trading windows. Those contracts will now align with traditional exchange hours. Despite the change, broader concerns remain about CalShi's expansion into commodities, including the risk of fragmenting liquidity in already thin markets and potential regulatory inconsistencies. The platform will continue to offer around the clock trading for other commodity contracts such as oil and precious metals.
SPEAKER_01I can't help but wonder what happened behind the scenes here because Calci was was basically offering 24-7 commodity markets to some degree. They were doing these binary outcome contracts where it was like, what's the price of corn gonna be a week from now? And um, you could trade them 24-7. And somebody at CME got to Calchi and said, Nope, you can't do this because then we're gonna have to extend our hours and we don't want to. I think this is a good thing. I'm just I'm curious why it happened.
SPEAKER_02Yeah, I mean, there was something that happened behind closed doors that uh they were like, guys, we can't you can't do this. Um, and can you imagine, you know, sitting uh at in church on a Sunday morning, and you're like, Oh, I gotta check my phone to see what corn and soybeans are doing. Is there a headline? You know, I mean, the the 24 hour, seven days a week thing is just not good for anybody.
SPEAKER_01I'm uh surprised but happy to see this. On the same note, uh, this is part of the same story. CFTC is talking about uh potentially expanding its offerings in terms of the Commitment of Traders report. They're asking for public input on the Commitment of Traders report, which is widely relied upon by hedge funds and other traders to craft their strategies. This review comes after Calci announced it would be offering new contracts and a commodities trading hub. CFTC is considering whether the report should be published more frequently and whether binary options should be included in the reports. I'd love to see a more frequent uh uh uh commitment of traders public. It's already way outdated.
Export Sales
SPEAKER_02Right. I mean, we're gonna get uh commitment of trader data this afternoon that uh is uh it's already old, right? Why I don't know uh we we should just get it every single day. This is what the funds did today, uh at the end of the day. I don't see why they couldn't do that, or at least the very next day report what happened the previous day, but to have a whole week of data, uh and and it just reminds me like when they had the government shutdown and how long it took them to get all that commitment of trader data put together, it was ridiculous. Like, you guys have this stuff, just put it out. Yep. Okay. Explained everybody today, guys. I don't know.
SPEAKER_00U.S. corn export sales increased last week for the week ending April 23rd. Net corn sales were reported at 63 million bushels. The print was up 21% from the previous week and up 22% from the prior four-week average. Columbia was the largest buyer. Net soybean sales were near the lower end of pre-report expectations at 9 million bushels. The print was down 29% from the previous week and down 18% from the prior four-week average. China was the largest buyer, and then net wheat sales were near the upper end of expectations at 8 million bushels. The print was up 75% from the previous week and up substantially from the prior four-week average average. Uh Indonesia was the largest buyer for the week.
SPEAKER_01Corn sales still up, up and away. And we don't have a ton of competition uh globally. We're we got the lowest prices, we got a ton of corn. This is going to continue.
SPEAKER_02Yeah, and it's um you got uh uh Mato Grosso uh in Brazil, right? So we've got that Safrina crop growing there, and there's been some concerns about that specific region of Brazil as it relates. Um, so you've got uh a really strong export program right now, and this is what's gonna make it really interesting as we get into the um the new crop balance sheets, right? So it's May, the May Wazdi report is gonna be our first official new crop balance sheet. And um, the world is very used to obviously using a lot of corn. Our exports are tremendous, but I feel like when we get to the balance sheet, the USDA is gonna say, well, the crop is smaller and our demand profile is gonna be smaller, but I don't think that just automatically happens. The the the market's got to do something to make the world want to use less corn. They're not just gonna do it because uh, you know, the USDA says our our demand on the balance sheet's less.
SPEAKER_01The demand numbers in the May report for the new crop marketing year are basically a fabrication. I mean, they don't know what demand's gonna be. They're just they're trying to balance the balance sheets at that at that point early in the year. Uh soybean sales are terrible, almost the worst of the last 10 years, largely because of China's uh semi-absence. They bought less than half of what they would about half of what they would normally buy. Um, do you think there is any chance whatsoever that China buys any more old crop beans from the US? Of course. You do? I don't know. Um what am I gonna say? No, that could never happen, Joe. I mean, is there a give me a percentage?
SPEAKER_02Is it 50%? You're saying there's a chance? I mean, come on. Yeah, of course there's a chance. I don't know. Why isn't there a chance? I mean, the we had crude oil go to negative forty dollars a barrel. I'm not gonna say China's not gonna buy any any more of a product, they could. Um we got the meeting coming up, we got the meeting. We just talked about earlier in the in the uh in the segment here about uh the meeting coming up and maybe they're buying in front of that. So of course.
SPEAKER_01Hey guys, with regard to soybeans, um, quick plug today, Ryan. Mo had some incredibly interesting commentary on uh the soybean situation and Brazil in yesterday's premium video. It's at like the 20-minute mark. Go and listen to that. It's it's super, super interesting. Uh wheat export sales. We're probably gonna start to back off like a lot if these prices stay up here, Brian.
Stock Market Record, Gas Prices and Inflation
SPEAKER_02Yeah, it's gonna be difficult to uh continue to see our export program uh flourish uh as it has been pretty strong with the you know, I mean, we just had hard red wheat go up a buck in a matter of a month. So um that is gonna be something, right? Higher prices cure higher prices. It's the the price rally is is trying to do something. It's it's gonna price out some people, but um pricing out everybody. I mean, no one's gonna buy U.S. wheat. No, um, but uh, you know, and and there's still that backdrop of of agricultural products in general, of concerns about fertilizer. And I know we haven't touched on that in a while, and uh it seems like everybody's numb to what's going on in the Middle East, and it's kind of a story that uh that people have gotten used to, but I still think there's uh ramifications of what's going on over there long term that are going to be in the marketplace uh you know, three, four, five months from now that we're gonna be dealing with.
SPEAKER_01Speaking of numb to the Middle East, the stock market set record highs yesterday.
SPEAKER_00Yep. The SP 500 climbed to a new all-time high, gaining 1% to close above the 7200 level for the first time. The Nasdaq also reached a record high, gaining 0.9%. Uh the Dow Jones advanced 1.6%. The recent rally in the stock market has been quite impressive, considering drastically higher gas prices and the inflationary impacts of the conflict over in the Middle East. Also on Thursday, the comm uh the commerce department reported that US GDP grew at a 2% annualized rate in the first quarter, lower than the expected 2.2% pace.
SPEAKER_01This is an absolute face ripper of a rally the last three weeks. The the S P 500 has rallied 14.1% from the March 30th low. That would be a good year, Brian, but we did it in less than four weeks.
SPEAKER_02I know. Uh absolutely incredible considering everything that has been going on. But um, you know, the way this stock market works, um, you know, it it bottomed on um the worst news. Yep. I I think about like the soybeans, for example. I mean, when did the the NOVE 26 bean market bottom on the worst news of the tariffs, right? Being announced, and then we did nothing but start an uptrend higher from there. So uh this is a market that is meant to go higher long term. It's rigged to go higher and it will continue to go higher long term. There will be major pullbacks. I think the SP is going to 7,500 or so before we uh uh get a major correction and try to revisit those highs from uh you know from from late 2025.
SPEAKER_01You know why a lot of people hate Trump? This is this is my opinion on a matter. People hate Trump because on more than one occasion they've sold their stocks on things that Trump has done and they have regretted it drastically. Like they sold their stocks on the Liberation Day low when all the tariffs went into place momentarily April of last year. We've rallied 49% since then. Um similar thing happened when Trump was elected. Um, the first go-around, the market sold off, people sold their stocks, and then this thing ripped back. Um, just a theory of mine. I think there's probably a lot of other reasons people hate Trump too. Well, I no, I I know, I know, I'm just saying from from a market standpoint, Brian.
SPEAKER_02Yeah, I mean, and that the the if you're uh mad at somebody else because of how you're trading the market, then that's your own problem, I think.
SPEAKER_01Hey, you know that you know people love to place the blame on everybody except for themselves. Uh the gas prices are just like this is the reason why I think this is probably the biggest reason for the consumer that the stock market rally is surprising. 442 a gallon nationally up a dollar twenty-four from last year's average. That's pretty, pretty incredible.
SPEAKER_02Yeah, no signs of relief. I mean, I know and you have, you know, some uh governors and some states that have uh you know said, hey, for a short period of time, we're gonna not have the gas tax, and they're trying to provide a little bit of relief. But this is uh, you know, uh when you go fill up your gas tank, and and sometimes like I don't know, on an on an average day, I go fill up my tank, maybe it's 70, 75 bucks, but then you go up and fill it and it's 110, 115, that's a huge difference. Um, and my wife and I were just talking about how expensive everything is right now. Everything, like um, you know, you could go to uh like we got a pizza place by us, and my wife, you know, likes veget vegetable pizza. And the very smallest pizza that you could get of just all veggies is freaking 20 bucks. Yep. Like I couldn't believe it. And everything is so expensive. So uh I'm mad at that too, Joe. We don't even take the kids out to eat anymore.
SPEAKER_01It's it's outrageous. I don't even feed my kids anymore. Why would you? They can fend for themselves. What did uh what did cattle do yesterday?
SPEAKER_00Uh cattle futures were mixed. Live cattle were buck twenty-five lower to one sixty higher. Feeders, meanwhile, saw gains ranging from 80 cents up to 147.
SPEAKER_01See, McKenzie is she's the problem with this this high beef can anything.
SPEAKER_00Yeah, I'm definitely the problem.
SPEAKER_02My number one input cost is is beef consumption, McKenzie. What are you doing?
SPEAKER_00Yep, it's the cattle producers.
SPEAKER_01Guys, have a wonderful weekend, Brian. Thanks for joining us. We'll be back on Monday.