Shay and Matt Bennett discuss WASDE, harvest lows, 2024 outlook, and even 2025…

Jarod Creed with JC Ag Financial Services talks with Chris in this episode about key marketing topics as we progress deeper into harvest season. They both talk about harvest updates for themselves and clients. Many producers are pleasantly surprised with yields higher than expectation in both corn and soybeans. However, there are still some areas where yields are falling short in some of the extreme dry areas. Jarod makes note of the current insurance fall discovery price for both corn and soybeans. Corn is at $4.90 while soybeans are at $12.74 ending the first week of October. They go on to discuss some of the probabilities from the USDA report coming up on Thursday, October 12th. Jarod also dives into some of the following topics to pay attention to in the next couple of weeks.

If you have questions for Jarod, you can reach him at: [email protected]

Shay and Paul discuss payment in kind and charitable contributions and where they might be a fit in your farm and family.

Clark Neighbor, President at BIS Commodities in Cedar Rapids, Iowa visits with Chris about numerous marketing fundamentals to watch as we get deeper into harvest and beyond.

Mitchell Hora with Continuum Ag talks about how to take advantage of funds coming to agriculture in the Inflation Reduction Act and the implications to Renewable Fuels. Learn how your farm can take advantage and get paid, and what you need to be doing RIGHT NOW for 2024 and 2025.

Actionables:

1. Get your Carbon Intensity score (CI)

2. Talk to your processors, ask the 5 P's

- What is your CI program?

- What will your premium be?

- How will I get paid?

- What pilots programs are in place now?

- Who are you partnering with on software or data collection?

3. Start implementing, documenting, and testing your practices NOW

topsoil.ag

continuum.ag

Jarod Creed with JC Marketing visits with Chris and Guest Host, Joe Paulson, farmer from DeKalb County Illinois. They begin the conversation discussing early harvest results that seem to be extremely variable across the country. Joe leads with the question around basis levels and what we can expect not only during harvest but throughout the next several months as we finish out 2023, and begin early 2024. Jarod talks about the “very” low river levels, regional yield differences, and the impact this could have on basis both short and long-term. They also discuss whether or not the recent price pressure on corn and soybeans will continue or worsen as we head into the gut slot of harvest. The balance of the discussion revolves around your crop insurance, indemnity potential’s for 2023 and an in-depth discussion on what margin protection MP could protect as you think about risk management for 2024. Jarod does an excellent job of mapping out two different scenarios so that you understand the math behind margin protection. This podcast is also on YouTube so if you’d like to see the visual of that portion of the conversation, check it out on YouTube also.

Peter Meyer with S&P Global talks with Chris about a number of market conditions to focus on as we get deeper into harvest. The conversation starts with Peter unwinding some of the results from last weeks. USDA report. He explains the increase in planted acres for corn and the justification for USDA’s average yield numbers. Peter sees the market, continuing in a “tight trading range” for both corn and soybeans as we transition from September into October. Light trading volume and limited demand make it difficult for the market to go up, conversely, he doesn’t see much downside risk at this time either. They continue the conversation discussing demand issues and opportunities. Peter cautions producers to watch 2024 opportunities closely, as our ability to “over produce” should be a real concern with the quality of today’s genetics, and production techniques, even in the face of weather adversities. They wrap up the conversation discussing Argentina and Brazil competition, and the importance that renewable fuel demand will have for corn and soybean prices into the future, but it still may be late 2024 or into 2025 before this opportunity is truly realized.

Ryan Moe with Stone X visits with Chris about numerous market conditions to watch as we head through the early part of harvest. Here’s a list of the numerous topics from their discussion.

1. Crop conditions. The corn is “dying not drying” in many areas. And soybean yield prospects are still a mystery.

2. Early harvest markets.

3. Storing corn versus soybeans.

4.Fall basis levels.

5. Processor and Elevator perspective.

6. Potential demand opportunities. 7. Fertilizer prices for 2024. 8. 2024 pricing outlook and the keys to managing margins for profitability.

Chris and Alissa both share their experience of working together to understand each other's personal and professional goals in their business and personal lives.

We hope this is an excellent example for you as the listener to do this exercise in your own, lives to help improve communication, family life, and business life.

We always remind people of the importance of spending time working “on” your business and not just “in” your business. The same logic applies to your relationships especially with your spouse. The idea here is not only to work “in” your relationship with your spouse but also to take time to work “on” your relationship with your spouse. This is a great episode to listen together with your spouse as a team and then take action!

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Brent Judisch, farmer and John Deere representative visits with Chris about crop conditions and updates on some of the most important settings to pay attention to as you get your combine rolling this harvest.

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