December 11, 2025 • 29 mins
- Mike Zuzolo, GlobalCommResearch.com
- Eric Snodgrass, NutrienAgSolutions
- Logan Kimmel, RoachAg.com
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Episode Transcript
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Todd Gleason (00:00):
This is the December 11 edition of Commodity
Week. Todd Gleason's servicesare made available to WILL by
University of IllinoisExtension. Welcome to Commodity
Week. I am University ofIllinois Extension's Todd
Gleason. Our panelists for theday include Mike Zuzalo.
(00:21):
He's at globalcomresearch.comout of Atchison, Kansas, and
we'll also hear from LoganKimmel at Roach Ag. Along the
way, a special guest will bejoined by Eric Snodgrass from
Nutrien Ag Solutions andAgrabal. He's a meteorologist.
Commodity Week, of course, is aproduction of Illinois Public
Media. It is public radio forthe farming world online on
(00:43):
demand at willag.org.
Mike Zuzalo atglobalcommresearch.com out of
Atchison, Kansas now joins us.Hi, Mike. Thank you very much.
One of the things that I havenot yet discussed on the air is
an outside market function. Thiswas the Venezuelan oil tanker
(01:07):
that the military intercepted,the US military, that is, coming
out of Venezuela.
These are gallons of oil thathave been sanctioned by The US,
and apparently, they're fromboth Venezuela and Iran, and
they were on their way to Cuba.How does this, if at all, play
(01:28):
into the commodity markets foragriculture?
Mike Zuzolo (01:32):
Yeah. Was hoping we could talk about this, Todd,
because I do think that there isa very strong relationship we
need to keep track of.Certainly, this is what I'm
telling my clients andsubscribers between the crude
oil and the wheat. And sowhenever something like this
happens in the crude oil market,for instance, something that you
would think would be very pricefriendly and, quote, bullish,
(01:53):
and the exact opposite occurswhere you make new monthly lows
in crude oil, you kinda gottascratch your head and wonder
what's happening. And I think itfits very well into the analysis
that the crude oil and the softred wheat, especially, are
globally looked upon as we gointo 2026 as the two major
(02:14):
commodities that are in suchsignificant oversupply or will
be in such significantoversupply.
It's gonna spill over into othercommodities, excluding probably
precious metals and excludingthe copper, which those three,
silver, copper, gold, probablyrunning their own fundamentals
associated with AI and some ofthe other factors out there
(02:36):
looming. But when we saw thatprice reaction, I thought it was
very useful to come back in andsay, okay, one of the things
that was put out other than theFederal Reserve report and other
than the WASDE report was abrand new energy outlook by the
Department of Energy. And theytalked about how they see in
2026 a persistent problem withabout 2,000,000 barrels a day
(03:00):
extra supply that demand won'tmeet or won't be met by demand.
And so I I think you can reallycategorize the wheat, which is
looking at 3,000,000,000 metrictons production in the world now
with USDA's update this week andthe United Nations FAO number
that was put out maybe a coupleweeks ago. We have now a
(03:23):
3,000,000,000 metric ton wheatproduction number.
And so these two oversupplycommodity leaders, I think, are
really important as we go intoour 2026 marketing plan and
building up, you know, how wehedge.
Todd Gleason (03:37):
Oftentimes when I think of the marketplace,
particularly of crude oil, Imarket down as the primary
energy source, and then I thinkof all other commodities as
energy sources, whether foodcrops or feed crops, one of the
two, and that crude oil, if itgoes lower, can depress prices.
(04:00):
You're also telling me thatwheat will be in oversupply. How
do you see that playing out in2026?
Mike Zuzolo (04:07):
Well, it says very clearly for both of them, and
this is where the FederalReserve report came in on
Wednesday, and we saw it onThursday's trade, and I hope we
see it through the close of theweek, that a new six, seven
month low in the dollar afterthe Federal Reserve comes out
suggests that, a, the FederalReserve was dovish b, they're
gonna keep the money supply highand c) they're going to come in
(04:29):
maybe in 2026 and do more thanjust one rate cut, even though
they say they're not right now.I looked at the commentary. I
listened to the chairman'scommentary during a press
conference, and I get the sense,and maybe it's just me because
I'm nervous about it, but I getthe sense that the loss of jobs
(04:50):
potentially from AI in 2026 is agreat big question mark. And I
think they're ready at thispoint, thankfully, to lower
rates more if they see problemsarise in the jobs and labor
market, and they're not going tojust be completely honed in on
inflation. So I think that'sgood.
And so that, to answer yourquestion, like 2025, if the
dollar can keep going down, thenwe can keep garnering market
(05:13):
share even in the wheat. I mean,look at the weekly export sales
that came out on Thursday yearto date inspections or excuse
me, commitments, I should say,tell a tale. And this is why
I've always liked the grainsmore than the soy, generally
speaking, because the supplydemand fundamentals, especially
the demand. And, you know, cornis up 30% year to date, wheat up
(05:34):
23%, soybeans down 41%, and mealdown 8%. Soybean oil also,
soybeans, down 39%.
So export demand has reallyhelped the grain markets even in
this tariff environment, andthat's in large part thanks to
the situation with the dollar.And so I think this is really a
(05:54):
good piece of of the puzzle whenit comes to how you market in
2026, sticking with a similargame plan depending on what
South American weather comes andshakes out here in the next
thirty days. Maybe be a littlebit more friendly on the corn
side and a little bit lessfriendly on the soybeans, and
don't make a lot of changes inyour marketing plan yet.
Todd Gleason (06:14):
So all things being equal as it's related to
supply, if the Federal Reservecontinues to lower rates and the
dollar continues to come down,what you're saying is that there
will be larger exportspotentially of commodities out
of The US, I think. And I'mwondering what price does in
(06:38):
that case. Do we simply havemore exports at current price,
or do we have a price increasesomewhere along the way?
Mike Zuzolo (06:48):
Yeah. That's an excellent question. I don't
think anybody can really say yetbecause we still have a lot of
shoes to drop, I. E. SouthAmerican weather.
And again, on Thursday, themodels turned a little bit drier
on week two, it seemed to me,and I think that really shored
up the price action in theoverall market. I'll put it to
you this way, going back to thatwheat and soft red wheat and
crude oil market, if you look ata monthly chart of both of those
(07:11):
or a weekly chart of both ofthose, Todd, you can see where
soft red wheat made a major fouryear low right at the September,
October 1, and it wasn't oneweek or two weeks later, the
crude oil also went down and gotclose to its April low, which
was also a four year low. Theseare the lows that I think we
need to bounce off of, and Ithink the most likely scenario,
(07:35):
based upon the analysis I'vedone, is we do that before the
end of the 2026. So if those ifwe go down to those lows, those
lows hold, that's the answerthat I can give you right now is
there's no need to hedge at thatpoint because we factored in and
we're at multiyear lows, andtherefore, the market is in
balance, and we can keep thedemand going.
Todd Gleason (07:56):
Can soybeans continue to go lower even if we
bounce with wheat and crude oil?
Mike Zuzolo (08:03):
I think they'll stay about the same, but you
know we're moving in thatacreage shift mindset I think
already in the trade, andrightfully so with bigger bean
acres on the horizon. I still goback to 2018 as kind of one of
my model years to keep myselfout of trouble and keep my
clients out of trouble. We wentfrom about a 300,000,000 bushel
(08:24):
carryover in twentysixteen-twenty seventeen time
frame all the way up to almost a900,000,000 bushel carryover by
2018, and that was in large partbecause of the lack of Chinese
demand and that first go aroundwith the tariffs. So I think
that's what we have to watch outfor, is what do they actually
buy. We don't have to worry asmuch about what they actually
(08:44):
buy.
I don't think, Todd, if we haveSouth American weather to talk
about after the Christmasholiday, because at that point,
China, I think, will realize,okay. I'm probably more gonna
have to play defense. I can'tplay offense anymore.
Todd Gleason (08:58):
Okay. And then speaking of China and soybeans,
they did sell from their stocksthrough sinograin, that is, an
auction an auction of soybeansthis week, simply kind of
swapping in what's en route tothem from The United States, I
guess. What difference does thatmake, if any?
Mike Zuzolo (09:16):
I think it was a necessary piece of the puzzle
that had to happen right here,right now to keep us in at least
the hunt to keep Chinese demandand purchases going. And it was
followed up with some freshpurchases on Thursday from both
China and unknown destinations.And we also had an unknown
destination of corn. And I'llinterested to see if we ever
(09:38):
find that out because it couldbe China. I took note in the
WASDE report while we gained7,000,000 tons of wheat
production in most of our majorcompetitors, USDA did take the
Ukrainian corn number down.
And so if that January yielddecline in corn comes, which I
think it should, especially inIllinois and Iowa, then I think,
(09:59):
you know, we could be in asituation where what we've
talked about in wheat and crudeoil is oversupply. What we've
talked about in soybeans is notenough demand, but in corn, it's
it's almost looking like we needto start rationing demand at
this point. But the the yieldfor The United States will
probably dictate whether that'sthe case or not.
Todd Gleason (10:17):
Okay. We'll have to watch the January reports,
include many reports. WASDE cropreduction and grain stocks among
them along with the winter wheatseedings report. Other reports
we will be keeping track of, andI know that you watch closely,
the cattle on feed numbers. I'mwondering what you're seeing in
that marketplace and how itmight trade out through the
(10:40):
2026.
Mike Zuzolo (10:43):
Yeah. I don't think that we need to go and take out
the old highs in cattle unlesswe have a very rough calving
weather seasonal. And so I'mgoing to put cattle kind of in a
grain market situation where theweather is going to be huge, in
my opinion, in February andMarch. And some of my cow calf
(11:04):
fellows and gals are alreadytelling me they're going to
start dropping by the January 1because they've moved up their
schedules over the last fewyears just so they're not in the
heart of the winter weather. SoJanuary, February, March are
going to be really important.
If we do have a bad calf crop, Ithink we could take out the old
highs in feeders and fats.Otherwise, I think the supply
(11:24):
and demand are pretty well inbalance right now, and if the
stock market would make a bigcorrection, it would probably be
really tough on the cattlemarket at this point. So I think
mostly sideways from the recentranges, but watching that
weather.
Todd Gleason (11:38):
On that note, we'll ask Eric Snodgrass about
the winter weather and whatJanuary and February might look
like. Thanks much, Mike.Appreciate it.
Mike Zuzolo (11:47):
Thanks, Todd.
Todd Gleason (11:47):
That's Mike Suzlow. He's at
globalcommresearch.com out ofAcheson, Kansas. Let's check-in
on the weather forecast now withEric Snodgrass. He's with
Nutrient Ag Solutions andAgribal. We're talking, of
course, on Thursday because I'mhosting the farm assets
(12:09):
conference in Bloomington at theAgris Center today.
Speaking of which, I'm going toguess, Eric, that I skated into
the Agra Center on Fridaymorning. I hope I made it
perfectly fine. I'm sure I did.However, there was quite a bit
of snow that was forecast forThursday evening. What was that
expectation like when we talked?
Eric Snodgrass (12:29):
Yeah. To you know, we might get up three to
five inches of snow out of this.And then there's another round
coming on Saturday. It's kindafun. We call these systems
Alberta Clippers.
They get their name because theystart in Alberta, and they clip
through the Northern tier of TheUnited States real fast, bring a
little skiffs of snow, and thenhead out east. They're a lot
different from the big monsterstorm systems like the Colorado
lows or the Panhandle Hookers oreven the Gulf lows that can come
(12:52):
through, which tend to ride onSouthwest jet stream flow rather
than Northwest jet stream flow.So long story short, we get
these little systems that hitus, and they bring in some snow.
We we saw the one onThanksgiving, of course, and
then we saw, a little bit moresnow after that. And now we have
two more rounds of it, the nextone coming on Saturday.
The good news is, Todd, youknow, earlier in this week, we
warmed up, and a lot of thatsnow melted. So now our top four
(13:15):
inches of soil have a little bitof water in it. Now there's
still some drier conditions thefarther down you go, of course,
and we're gonna have to probablywait on spring to revive those
soil moisture values. But thegood news is is that melt, while
it made things slushy and muddyand gross, was exactly what our
soil needed before we pile alittle bit more snow on top of
it. So, yeah, we're locked intoit, and be prepared for some
(13:39):
brutal cold weather thisweekend.
I think we might struggle to getabove minus seven for our low
temperatures as we work our wayfrom Saturday night to Sunday
morning. So very, very cold airon this next Clipper.
Todd Gleason (13:50):
Oh, that's gonna make next week feel really warm
later in the week, I think. Idid see warm conditions right
there late week next week.
Eric Snodgrass (13:59):
So I I was just looking at this this morning,
and I was talking to my wifeabout it because we're trying to
figure out, like, oh, whatwhat's Christmas travel gonna
look like? And some of themodels are right now this is
this is nuts, Todd, and it'llchange, but some of the models
came in with a high of 67 onChristmas Eve.
Now now now remember, let's justsay it gets close to that. That
(14:20):
is actually a signal that youbetter be prepared for the week
between Christmas and NewYear's. We bring in that much
mild air. We're likely gonnashock it back into normal with a
big low pressure system somepoint between Christmas and New
Year's. So I I you know, it'sit's it's short lived.
We've had we've had plenty ofaccess to cold air this year. We
know that the polar vortex isstill a huge mess. I mean, we
(14:41):
understand that the atmosphereas we watch La Nina Fate is
gonna be prepared to give usmore shots of this really cold
weather this winter. But, boy,there is a warm up coming, and
it's kinda got two two two bitsto it. One next week, and then
one as we get into the week ofChristmas.
Todd Gleason (14:55):
Is this roller coaster going to continue
through the winter into theJanuary and February time frame?
Eric Snodgrass (15:00):
I think it is. I think we're gonna have a pretty
volatile winter in terms oftemperatures, but that's pretty
typical for Illinois. So I Iwouldn't tell anybody that, you
know, anything's way out ofwhack. I would just say, hey.
This is kind of what we get whenwe walk into a La Nina type
winter, and I think we shouldexpect pretty violent swings in
temperature, to be honest withyou.
But the only thing I can say,and I mentioned it a minute ago,
(15:22):
is that the polar vortex is off.It's weakened. It's been
displaced. It's forecast tosplit in two. And, normally,
that that tells us that when weget our Arctic outbreaks, they
just tend to have a bit more ofa punch.
So that's why I said prettyvolatile temperature pattern I
expect not just to finishDecember, but most of January
and February as well.
Todd Gleason (15:42):
Now I know on Thursday afternoon, you were
talking to the folks atStrategic Farm Marketing, the
conference they held at theiHotel. What were your
expectations for springtimeduring that meeting?
Eric Snodgrass (15:54):
Yeah. We we had to dig into that. And so I I
threw out a word of caution inthat when you look historically
at years that finished a La Ninain early winter and then built
in even El Nino conditions bysummer, those years are a bit of
a mixed bag. You have years like2009 in there, which is like,
hey, fantastic. Love that.
(16:15):
But we also had 2023 was inthere. So 2009 was a cool
summer, huge yields. We hadgreat conditions. 2003 was bone
dry in spring, but then stormlike mad in in July. So the
point here is that there is somerisk.
It's about a 60% risk that wesee some drier conditions during
the spring. So I'm now talkingabout April, May, and June, and
(16:38):
that's not a problem. A littlebit drier spring is fine for our
crops. It's just the bigquestion mark, and I'll explain
this. You know?
I'm talking to these guys aboutit. What does it look like when
we get into those criticalmonths of July and August? And
we're just too far out to makea, you know, a really educated
guess on that at this point.
Todd Gleason (16:54):
Okay. Now turn your attention to South America
for me. What's your besteducated guess about the crops
there?
Eric Snodgrass (17:00):
Yeah. The I think the issue was they had a
deep low that went through someof the driest parts of Brazil,
even hit some of par some partsin Northern Argentina, which
were dry. And that low broughtin rains that were needed in
those areas. And so put a bit ofa a hold on any sort of a
weather issue in in, most ofSouth America, be honest with
you. The thing we're gonna bewatching is you know, a lot of
(17:22):
folks always talk about drought,drought, drought.
If we just get drought inBrazil, that that's not how we
have big problems on a Braziliancrop. The big problems with the
Brazilian crop is if you can getit to stay wet, very, very wet
in January into February. Thatis what delays the harvest of
soybeans and causes some issueswith quality. So to be honest
with you, I'm trying to see ifthat is anywhere in the forecast
(17:45):
going into late January, andthere are some hints of it that
they could be wet going intoharvest. And that's good for
soybeans, but it's really goodfor corn.
So if you wanna be watchingsomething in Brazil, watch
across the Serrado to see ifthey get really wet in about
forty five days. Really, reallywet.
Todd Gleason (18:02):
Okay. So I really would prefer that you watch and
just tell me if that's alright.
Eric Snodgrass (18:06):
Deal. I I I could handle that.
Todd Gleason (18:08):
Alright. Thanks a lot. Eric Stotgrass, of course,
is with NutriNA Ag Solutions andAgrabal. Don't forget to join us
next week for the Illinois FarmEconomic Summits. We'll be in
DeKalb on Monday, Peoria onTuesday, and Mount Vernon on
Wednesday.
You can get yourself registeredright now at willag.org or
farmdocdaily.illinois.edu. Let'sturn our attention now to Logan
(18:32):
Kimmel. He is with Roach Ag inNaperville, Illinois. Hi, Logan.
Thank you for taking some timewith us.
As we begin our conversation,I'd like to start with winter
marketing, where you and RoachAg believe farmers should be and
what they ought to be looking atwith, both old and new crop corn
(18:54):
and soybean sales.
Logan Kimmel (18:56):
Yeah, think as we look back this weeks, the big
has been the soybean marketscoming down sharply from a ties
that it posted there in theNovember. So right now the
soybean markets in a correctionmode and it might be a good
opportunity to sit down and workon a marketing plan if you're
(19:21):
holding on to old crop beans andmaybe want to increment up your
sales. We've got a market thatwas operating off headline news
that had a nice run from theOctober lows to about $11.7 on
the January bean market. Butsince then it's pulled back
(19:42):
below $11 there's still quite abit of time here with potential
Chinese purchases, but theentire South American growing
season ahead of us. So I thinkif you're a producer this
looking forward, if you didn'tget enough sold or you want to
get some more incremental beansales in the books, I'd look for
(20:03):
opportunities in the next threemonths and have a plan in place,
put target orders in.
We've seen how quick this Bmarket can move to the downside
just from the beginning of thismonth. So while I'm still
optimistic, you still got sometime here in the beans and some
opportunities. I do think it's agood time of the year to sit
down and put together a plan. Aswe look at the corn market,
(20:27):
we've really been inconsolidation mode here. The
price of March corn really hasbeen in a range from the October
to the November high, and we'resmack dab in the middle of that
right now.
So we'd recommend hanging tighton the corn market for now. And
if you do see some price actionabove the two hundred day moving
(20:47):
average, which has been comingdown and really been kind of a
magnet here to this market, ifyou get some positive news and a
move above that, Same with thecorn, maybe have a plan in place
for old crop inventory as thefirst of the year is coming
along. But I guess right nowhanging off on being sales in
(21:10):
this corrective mode and cornreally been consolidating and,
you know, coming close to thistwo hundred day moving average.
Todd Gleason (21:18):
When you talk about putting the plan in place,
and I know you discussed thiswith the producers you work
with, how is it that you expectthem to put a plan in place?
What are the pieces that theymight need? And then how often
do you talk to them about followthrough and whether they've
really met the goals of theplan? So start with kind of the
(21:40):
pieces that you wanna know froma producer and how they might
put those marketing planstogether?
Logan Kimmel (21:45):
Well, now that we're beyond harvest and folks
have an inventory of now oldcrop and starting to look at
inputs for new crop, I thinkit's a good time of the year to
look at what we have on hand,what we want to have sold in the
coming months, whether that befor storage logistical reasons,
(22:09):
cash flow needs. But thensecondly, what are we looking at
for 2026 and start to plug inbreakevens and where can you put
a stake in the ground if youhaven't already? Look back to, I
believe it was early Novemberlast time when I was on the
panel with Greg and Sherman and,you know, we had a bean market.
(22:32):
I think we all three were in,agreeance of a good opportunity
to make some sales on thesoybean market and have orders
in. And I think you can lookback to those levels now and
hey, if you missed the boat,that's okay.
But there's nothing wrong withhaving cash offers in at targets
above the market. So if you dohave positive news and you meet
(22:55):
those objectives that you havein place and stick to a plan
that's written down, I thinkwhen the market corrects, like
we've seen, it's a nice feelingto have inventory sold on market
rallies. So it's a good time ofthe year, I think, to be and
same would go for the cornmarket too. Take a look at what
you have on hand, what you wantto have sold over the next few
(23:18):
months and work some of thoseorders in. Those can be
adjusted.
And then I think another topicthat should be discussed,
especially after the first ofthe year is, what are we looking
at for 2026 as folks are makingthose decisions here now?
Todd Gleason (23:34):
Okay. So there are a couple of things I wanna talk
about. Actually, a few thingsthat I wanna talk about. They're
all government payments, and Iwonder how you discuss those
with producers as it's relatedto their breakevens because
there are some pretty goodestimates out there. You have
the cap payments that came inearlier in the year that they
may have taken advantage of orwere able to able to have pushed
(23:59):
into their bank accounts, thecurrent set, the
$11,000,000,000, that wasannounced this week by the Trump
administration, and then lookingforward another $13,000,000,000
to come, in the fall with theARC and the PLC.
Those are the safety netprograms that they're already
(24:20):
signed up for. And all of thatmoney will be part of farm
income, but I'm not certain theproducers actually think about
it in a way that helps theirmarketing plans out? Do you put
them into that mode and reallystart to think about what is
that breakeven and how far aboveit do we need to be in terms of
(24:40):
price given what our estimatesare for other dollars that will
be coming into their bankaccounts?
Logan Kimmel (24:48):
Yeah, and that's a good question and kind of an
interesting topic, just folkshave mixed emotions on those
payments, some, you know, proand some against. I think the
tricky thing is just basing anentire marketing plan off of
that just because a lot ofthings right now with the
(25:10):
government or theadministration, There isn't a
ton that's set in stone. I mean,we've gotten these announcements
and the payments are coming, butto build a multi year marketing
plan banking on that isdifficult. So I think what you
look at is if you do get thepayments and factor that in,
maybe it does make it a littlebit easier than to sell, say
(25:35):
soybeans for an example, at aprice you might not be extremely
happy with, but if you aregetting a payment and it allows
you to make soybean sales, Ithink that's one way to view it.
Also think for folks that arelooking at operating notes and
(25:55):
have the flexibility to use someof that to pay off some debt.
That might be one idea toconsider. I just wouldn't going
forward, year after year, it'stough to assume and bank on
that. I would view it as you doget it and it looks like we are,
it might allow you to makeeasier marketing decisions
(26:16):
knowing that you've got moneycoming into account.
Todd Gleason (26:19):
On the outside markets, which is roughly
speaking something that youmight be looking at as it's
related to the, governmentincome, could be simply pushed
into the price of seed andfertilizer for certain. So
that's the other part of that.Not only is there income there,
but it may go out as outflow aswell. But other outside markets
(26:44):
that you have been watching andconsidering, what are they? And
how do you think producersshould think about them?
Logan Kimmel (26:49):
Yeah. Those have actually the outside markets
have been far bigger movers herepercentage wise than the grains
this week. The grain trade hasbeen awfully slow. But you have
seen a drawdown here in some ofthe energy prices, crude oil,
RBOB, heating oil. I thinkthat's a positive, from a
(27:11):
producer standpoint, needing theinput on the fuel side.
But other outside markets havecertainly moved the other
direction. Looking at the Fedrate cut here this week, you've
seen the metals market sharply,sharply higher, as well as the
equities and the Dow putting inan all time high here today.
(27:32):
Those markets have beenattracting a lot of money flow.
And secondly, I think a lot ofthese outside markets, are
moving in unison with the U. S.
Dollar selling off sharply here,three sell off weeks in a row. I
think that's something to watchin the outside money flow. But
(27:52):
also when you look at, okay,we're hoping to make it on China
to come in and start buying somemore products from us. I think
the US dollar weakening might bea bright spot or at least help
that narrative. So that's justanother outside market to keep
an eye on this US dollar sellingoff versus other currencies.
Todd Gleason (28:16):
Hey. We thank you much, Logan, for taking time
with us.
Logan Kimmel (28:19):
Yep. Thanks for having me.
Todd Gleason (28:20):
Logan Kimmel is with Roach Ag. He and Mike
Zuzlow, globalcommresearch.com,joined us for our commodity week
program. You may listen to itagain anytime you'd like at
willag.org, willag.org. Don'tforget that coming up next week,
you can join us on the road withthe Parm Doc team. We'll be in
(28:40):
East Peoria and DeKalb and MountVernon on Monday, Tuesday, and
Wednesday next week, not in thatorder, but DeKalb first and East
Peoria second followed by MountVernon on Wednesday.
For the Illinois Farm EconomicSummit, these are half day
events with the Farm Doc team.You should join them because
your banker most assuredly islikely to be in the audience.
(29:03):
You'll want to hear what they'rehearing as well. Make sure you
visit our website wilag.org orfarmdocdaily.illinois.du to sign
up and register today. TheIllinois Farm Economic Summit's
part of the Farm Doc team'sannual winter season.
Thank
Eric Snodgrass (29:21):
you for
Todd Gleason (29:21):
joining us on Commodity Week on University of
Illinois Extension's ToddGleeson.
This is the December 11 edition of Commodity
Week. Todd Gleason's servicesare made available to WILL by
University of IllinoisExtension. Welcome to Commodity
Week. I am University ofIllinois Extension's Todd
Gleason. Our panelists for theday include Mike Zuzalo.
(00:21):
He's at globalcomresearch.comout of Atchison, Kansas, and
we'll also hear from LoganKimmel at Roach Ag. Along the
way, a special guest will bejoined by Eric Snodgrass from
Nutrien Ag Solutions andAgrabal. He's a meteorologist.
Commodity Week, of course, is aproduction of Illinois Public
Media. It is public radio forthe farming world online on
(00:43):
demand at willag.org.
Mike Zuzalo atglobalcommresearch.com out of
Atchison, Kansas now joins us.Hi, Mike. Thank you very much.
One of the things that I havenot yet discussed on the air is
an outside market function. Thiswas the Venezuelan oil tanker
(01:07):
that the military intercepted,the US military, that is, coming
out of Venezuela.
These are gallons of oil thathave been sanctioned by The US,
and apparently, they're fromboth Venezuela and Iran, and
they were on their way to Cuba.How does this, if at all, play
(01:28):
into the commodity markets foragriculture?
Mike Zuzolo (01:32):
Yeah. Was hoping we could talk about this, Todd,
because I do think that there isa very strong relationship we
need to keep track of.Certainly, this is what I'm
telling my clients andsubscribers between the crude
oil and the wheat. And sowhenever something like this
happens in the crude oil market,for instance, something that you
would think would be very pricefriendly and, quote, bullish,
(01:53):
and the exact opposite occurswhere you make new monthly lows
in crude oil, you kinda gottascratch your head and wonder
what's happening. And I think itfits very well into the analysis
that the crude oil and the softred wheat, especially, are
globally looked upon as we gointo 2026 as the two major
(02:14):
commodities that are in suchsignificant oversupply or will
be in such significantoversupply.
It's gonna spill over into othercommodities, excluding probably
precious metals and excludingthe copper, which those three,
silver, copper, gold, probablyrunning their own fundamentals
associated with AI and some ofthe other factors out there
(02:36):
looming. But when we saw thatprice reaction, I thought it was
very useful to come back in andsay, okay, one of the things
that was put out other than theFederal Reserve report and other
than the WASDE report was abrand new energy outlook by the
Department of Energy. And theytalked about how they see in
2026 a persistent problem withabout 2,000,000 barrels a day
(03:00):
extra supply that demand won'tmeet or won't be met by demand.
And so I I think you can reallycategorize the wheat, which is
looking at 3,000,000,000 metrictons production in the world now
with USDA's update this week andthe United Nations FAO number
that was put out maybe a coupleweeks ago. We have now a
(03:23):
3,000,000,000 metric ton wheatproduction number.
And so these two oversupplycommodity leaders, I think, are
really important as we go intoour 2026 marketing plan and
building up, you know, how wehedge.
Todd Gleason (03:37):
Oftentimes when I think of the marketplace,
particularly of crude oil, Imarket down as the primary
energy source, and then I thinkof all other commodities as
energy sources, whether foodcrops or feed crops, one of the
two, and that crude oil, if itgoes lower, can depress prices.
(04:00):
You're also telling me thatwheat will be in oversupply. How
do you see that playing out in2026?
Mike Zuzolo (04:07):
Well, it says very clearly for both of them, and
this is where the FederalReserve report came in on
Wednesday, and we saw it onThursday's trade, and I hope we
see it through the close of theweek, that a new six, seven
month low in the dollar afterthe Federal Reserve comes out
suggests that, a, the FederalReserve was dovish b, they're
gonna keep the money supply highand c) they're going to come in
(04:29):
maybe in 2026 and do more thanjust one rate cut, even though
they say they're not right now.I looked at the commentary. I
listened to the chairman'scommentary during a press
conference, and I get the sense,and maybe it's just me because
I'm nervous about it, but I getthe sense that the loss of jobs
(04:50):
potentially from AI in 2026 is agreat big question mark. And I
think they're ready at thispoint, thankfully, to lower
rates more if they see problemsarise in the jobs and labor
market, and they're not going tojust be completely honed in on
inflation. So I think that'sgood.
And so that, to answer yourquestion, like 2025, if the
dollar can keep going down, thenwe can keep garnering market
(05:13):
share even in the wheat. I mean,look at the weekly export sales
that came out on Thursday yearto date inspections or excuse
me, commitments, I should say,tell a tale. And this is why
I've always liked the grainsmore than the soy, generally
speaking, because the supplydemand fundamentals, especially
the demand. And, you know, cornis up 30% year to date, wheat up
(05:34):
23%, soybeans down 41%, and mealdown 8%. Soybean oil also,
soybeans, down 39%.
So export demand has reallyhelped the grain markets even in
this tariff environment, andthat's in large part thanks to
the situation with the dollar.And so I think this is really a
(05:54):
good piece of of the puzzle whenit comes to how you market in
2026, sticking with a similargame plan depending on what
South American weather comes andshakes out here in the next
thirty days. Maybe be a littlebit more friendly on the corn
side and a little bit lessfriendly on the soybeans, and
don't make a lot of changes inyour marketing plan yet.
Todd Gleason (06:14):
So all things being equal as it's related to
supply, if the Federal Reservecontinues to lower rates and the
dollar continues to come down,what you're saying is that there
will be larger exportspotentially of commodities out
of The US, I think. And I'mwondering what price does in
(06:38):
that case. Do we simply havemore exports at current price,
or do we have a price increasesomewhere along the way?
Mike Zuzolo (06:48):
Yeah. That's an excellent question. I don't
think anybody can really say yetbecause we still have a lot of
shoes to drop, I. E. SouthAmerican weather.
And again, on Thursday, themodels turned a little bit drier
on week two, it seemed to me,and I think that really shored
up the price action in theoverall market. I'll put it to
you this way, going back to thatwheat and soft red wheat and
crude oil market, if you look ata monthly chart of both of those
(07:11):
or a weekly chart of both ofthose, Todd, you can see where
soft red wheat made a major fouryear low right at the September,
October 1, and it wasn't oneweek or two weeks later, the
crude oil also went down and gotclose to its April low, which
was also a four year low. Theseare the lows that I think we
need to bounce off of, and Ithink the most likely scenario,
(07:35):
based upon the analysis I'vedone, is we do that before the
end of the 2026. So if those ifwe go down to those lows, those
lows hold, that's the answerthat I can give you right now is
there's no need to hedge at thatpoint because we factored in and
we're at multiyear lows, andtherefore, the market is in
balance, and we can keep thedemand going.
Todd Gleason (07:56):
Can soybeans continue to go lower even if we
bounce with wheat and crude oil?
Mike Zuzolo (08:03):
I think they'll stay about the same, but you
know we're moving in thatacreage shift mindset I think
already in the trade, andrightfully so with bigger bean
acres on the horizon. I still goback to 2018 as kind of one of
my model years to keep myselfout of trouble and keep my
clients out of trouble. We wentfrom about a 300,000,000 bushel
(08:24):
carryover in twentysixteen-twenty seventeen time
frame all the way up to almost a900,000,000 bushel carryover by
2018, and that was in large partbecause of the lack of Chinese
demand and that first go aroundwith the tariffs. So I think
that's what we have to watch outfor, is what do they actually
buy. We don't have to worry asmuch about what they actually
(08:44):
buy.
I don't think, Todd, if we haveSouth American weather to talk
about after the Christmasholiday, because at that point,
China, I think, will realize,okay. I'm probably more gonna
have to play defense. I can'tplay offense anymore.
Todd Gleason (08:58):
Okay. And then speaking of China and soybeans,
they did sell from their stocksthrough sinograin, that is, an
auction an auction of soybeansthis week, simply kind of
swapping in what's en route tothem from The United States, I
guess. What difference does thatmake, if any?
Mike Zuzolo (09:16):
I think it was a necessary piece of the puzzle
that had to happen right here,right now to keep us in at least
the hunt to keep Chinese demandand purchases going. And it was
followed up with some freshpurchases on Thursday from both
China and unknown destinations.And we also had an unknown
destination of corn. And I'llinterested to see if we ever
(09:38):
find that out because it couldbe China. I took note in the
WASDE report while we gained7,000,000 tons of wheat
production in most of our majorcompetitors, USDA did take the
Ukrainian corn number down.
And so if that January yielddecline in corn comes, which I
think it should, especially inIllinois and Iowa, then I think,
(09:59):
you know, we could be in asituation where what we've
talked about in wheat and crudeoil is oversupply. What we've
talked about in soybeans is notenough demand, but in corn, it's
it's almost looking like we needto start rationing demand at
this point. But the the yieldfor The United States will
probably dictate whether that'sthe case or not.
Todd Gleason (10:17):
Okay. We'll have to watch the January reports,
include many reports. WASDE cropreduction and grain stocks among
them along with the winter wheatseedings report. Other reports
we will be keeping track of, andI know that you watch closely,
the cattle on feed numbers. I'mwondering what you're seeing in
that marketplace and how itmight trade out through the
(10:40):
2026.
Mike Zuzolo (10:43):
Yeah. I don't think that we need to go and take out
the old highs in cattle unlesswe have a very rough calving
weather seasonal. And so I'mgoing to put cattle kind of in a
grain market situation where theweather is going to be huge, in
my opinion, in February andMarch. And some of my cow calf
(11:04):
fellows and gals are alreadytelling me they're going to
start dropping by the January 1because they've moved up their
schedules over the last fewyears just so they're not in the
heart of the winter weather. SoJanuary, February, March are
going to be really important.
If we do have a bad calf crop, Ithink we could take out the old
highs in feeders and fats.Otherwise, I think the supply
(11:24):
and demand are pretty well inbalance right now, and if the
stock market would make a bigcorrection, it would probably be
really tough on the cattlemarket at this point. So I think
mostly sideways from the recentranges, but watching that
weather.
Todd Gleason (11:38):
On that note, we'll ask Eric Snodgrass about
the winter weather and whatJanuary and February might look
like. Thanks much, Mike.Appreciate it.
Mike Zuzolo (11:47):
Thanks, Todd.
Todd Gleason (11:47):
That's Mike Suzlow. He's at
globalcommresearch.com out ofAcheson, Kansas. Let's check-in
on the weather forecast now withEric Snodgrass. He's with
Nutrient Ag Solutions andAgribal. We're talking, of
course, on Thursday because I'mhosting the farm assets
(12:09):
conference in Bloomington at theAgris Center today.
Speaking of which, I'm going toguess, Eric, that I skated into
the Agra Center on Fridaymorning. I hope I made it
perfectly fine. I'm sure I did.However, there was quite a bit
of snow that was forecast forThursday evening. What was that
expectation like when we talked?
Eric Snodgrass (12:29):
Yeah. To you know, we might get up three to
five inches of snow out of this.And then there's another round
coming on Saturday. It's kindafun. We call these systems
Alberta Clippers.
They get their name because theystart in Alberta, and they clip
through the Northern tier of TheUnited States real fast, bring a
little skiffs of snow, and thenhead out east. They're a lot
different from the big monsterstorm systems like the Colorado
lows or the Panhandle Hookers oreven the Gulf lows that can come
(12:52):
through, which tend to ride onSouthwest jet stream flow rather
than Northwest jet stream flow.So long story short, we get
these little systems that hitus, and they bring in some snow.
We we saw the one onThanksgiving, of course, and
then we saw, a little bit moresnow after that. And now we have
two more rounds of it, the nextone coming on Saturday.
The good news is, Todd, youknow, earlier in this week, we
warmed up, and a lot of thatsnow melted. So now our top four
(13:15):
inches of soil have a little bitof water in it. Now there's
still some drier conditions thefarther down you go, of course,
and we're gonna have to probablywait on spring to revive those
soil moisture values. But thegood news is is that melt, while
it made things slushy and muddyand gross, was exactly what our
soil needed before we pile alittle bit more snow on top of
it. So, yeah, we're locked intoit, and be prepared for some
(13:39):
brutal cold weather thisweekend.
I think we might struggle to getabove minus seven for our low
temperatures as we work our wayfrom Saturday night to Sunday
morning. So very, very cold airon this next Clipper.
Todd Gleason (13:50):
Oh, that's gonna make next week feel really warm
later in the week, I think. Idid see warm conditions right
there late week next week.
Eric Snodgrass (13:59):
So I I was just looking at this this morning,
and I was talking to my wifeabout it because we're trying to
figure out, like, oh, whatwhat's Christmas travel gonna
look like? And some of themodels are right now this is
this is nuts, Todd, and it'llchange, but some of the models
came in with a high of 67 onChristmas Eve.
Now now now remember, let's justsay it gets close to that. That
(14:20):
is actually a signal that youbetter be prepared for the week
between Christmas and NewYear's. We bring in that much
mild air. We're likely gonnashock it back into normal with a
big low pressure system somepoint between Christmas and New
Year's. So I I you know, it'sit's it's short lived.
We've had we've had plenty ofaccess to cold air this year. We
know that the polar vortex isstill a huge mess. I mean, we
(14:41):
understand that the atmosphereas we watch La Nina Fate is
gonna be prepared to give usmore shots of this really cold
weather this winter. But, boy,there is a warm up coming, and
it's kinda got two two two bitsto it. One next week, and then
one as we get into the week ofChristmas.
Todd Gleason (14:55):
Is this roller coaster going to continue
through the winter into theJanuary and February time frame?
Eric Snodgrass (15:00):
I think it is. I think we're gonna have a pretty
volatile winter in terms oftemperatures, but that's pretty
typical for Illinois. So I Iwouldn't tell anybody that, you
know, anything's way out ofwhack. I would just say, hey.
This is kind of what we get whenwe walk into a La Nina type
winter, and I think we shouldexpect pretty violent swings in
temperature, to be honest withyou.
But the only thing I can say,and I mentioned it a minute ago,
(15:22):
is that the polar vortex is off.It's weakened. It's been
displaced. It's forecast tosplit in two. And, normally,
that that tells us that when weget our Arctic outbreaks, they
just tend to have a bit more ofa punch.
So that's why I said prettyvolatile temperature pattern I
expect not just to finishDecember, but most of January
and February as well.
Todd Gleason (15:42):
Now I know on Thursday afternoon, you were
talking to the folks atStrategic Farm Marketing, the
conference they held at theiHotel. What were your
expectations for springtimeduring that meeting?
Eric Snodgrass (15:54):
Yeah. We we had to dig into that. And so I I
threw out a word of caution inthat when you look historically
at years that finished a La Ninain early winter and then built
in even El Nino conditions bysummer, those years are a bit of
a mixed bag. You have years like2009 in there, which is like,
hey, fantastic. Love that.
(16:15):
But we also had 2023 was inthere. So 2009 was a cool
summer, huge yields. We hadgreat conditions. 2003 was bone
dry in spring, but then stormlike mad in in July. So the
point here is that there is somerisk.
It's about a 60% risk that wesee some drier conditions during
the spring. So I'm now talkingabout April, May, and June, and
(16:38):
that's not a problem. A littlebit drier spring is fine for our
crops. It's just the bigquestion mark, and I'll explain
this. You know?
I'm talking to these guys aboutit. What does it look like when
we get into those criticalmonths of July and August? And
we're just too far out to makea, you know, a really educated
guess on that at this point.
Todd Gleason (16:54):
Okay. Now turn your attention to South America
for me. What's your besteducated guess about the crops
there?
Eric Snodgrass (17:00):
Yeah. The I think the issue was they had a
deep low that went through someof the driest parts of Brazil,
even hit some of par some partsin Northern Argentina, which
were dry. And that low broughtin rains that were needed in
those areas. And so put a bit ofa a hold on any sort of a
weather issue in in, most ofSouth America, be honest with
you. The thing we're gonna bewatching is you know, a lot of
(17:22):
folks always talk about drought,drought, drought.
If we just get drought inBrazil, that that's not how we
have big problems on a Braziliancrop. The big problems with the
Brazilian crop is if you can getit to stay wet, very, very wet
in January into February. Thatis what delays the harvest of
soybeans and causes some issueswith quality. So to be honest
with you, I'm trying to see ifthat is anywhere in the forecast
(17:45):
going into late January, andthere are some hints of it that
they could be wet going intoharvest. And that's good for
soybeans, but it's really goodfor corn.
So if you wanna be watchingsomething in Brazil, watch
across the Serrado to see ifthey get really wet in about
forty five days. Really, reallywet.
Todd Gleason (18:02):
Okay. So I really would prefer that you watch and
just tell me if that's alright.
Eric Snodgrass (18:06):
Deal. I I I could handle that.
Todd Gleason (18:08):
Alright. Thanks a lot. Eric Stotgrass, of course,
is with NutriNA Ag Solutions andAgrabal. Don't forget to join us
next week for the Illinois FarmEconomic Summits. We'll be in
DeKalb on Monday, Peoria onTuesday, and Mount Vernon on
Wednesday.
You can get yourself registeredright now at willag.org or
farmdocdaily.illinois.edu. Let'sturn our attention now to Logan
(18:32):
Kimmel. He is with Roach Ag inNaperville, Illinois. Hi, Logan.
Thank you for taking some timewith us.
As we begin our conversation,I'd like to start with winter
marketing, where you and RoachAg believe farmers should be and
what they ought to be looking atwith, both old and new crop corn
(18:54):
and soybean sales.
Logan Kimmel (18:56):
Yeah, think as we look back this weeks, the big
has been the soybean marketscoming down sharply from a ties
that it posted there in theNovember. So right now the
soybean markets in a correctionmode and it might be a good
opportunity to sit down and workon a marketing plan if you're
(19:21):
holding on to old crop beans andmaybe want to increment up your
sales. We've got a market thatwas operating off headline news
that had a nice run from theOctober lows to about $11.7 on
the January bean market. Butsince then it's pulled back
(19:42):
below $11 there's still quite abit of time here with potential
Chinese purchases, but theentire South American growing
season ahead of us. So I thinkif you're a producer this
looking forward, if you didn'tget enough sold or you want to
get some more incremental beansales in the books, I'd look for
(20:03):
opportunities in the next threemonths and have a plan in place,
put target orders in.
We've seen how quick this Bmarket can move to the downside
just from the beginning of thismonth. So while I'm still
optimistic, you still got sometime here in the beans and some
opportunities. I do think it's agood time of the year to sit
down and put together a plan. Aswe look at the corn market,
(20:27):
we've really been inconsolidation mode here. The
price of March corn really hasbeen in a range from the October
to the November high, and we'resmack dab in the middle of that
right now.
So we'd recommend hanging tighton the corn market for now. And
if you do see some price actionabove the two hundred day moving
(20:47):
average, which has been comingdown and really been kind of a
magnet here to this market, ifyou get some positive news and a
move above that, Same with thecorn, maybe have a plan in place
for old crop inventory as thefirst of the year is coming
along. But I guess right nowhanging off on being sales in
(21:10):
this corrective mode and cornreally been consolidating and,
you know, coming close to thistwo hundred day moving average.
Todd Gleason (21:18):
When you talk about putting the plan in place,
and I know you discussed thiswith the producers you work
with, how is it that you expectthem to put a plan in place?
What are the pieces that theymight need? And then how often
do you talk to them about followthrough and whether they've
really met the goals of theplan? So start with kind of the
(21:40):
pieces that you wanna know froma producer and how they might
put those marketing planstogether?
Logan Kimmel (21:45):
Well, now that we're beyond harvest and folks
have an inventory of now oldcrop and starting to look at
inputs for new crop, I thinkit's a good time of the year to
look at what we have on hand,what we want to have sold in the
coming months, whether that befor storage logistical reasons,
(22:09):
cash flow needs. But thensecondly, what are we looking at
for 2026 and start to plug inbreakevens and where can you put
a stake in the ground if youhaven't already? Look back to, I
believe it was early Novemberlast time when I was on the
panel with Greg and Sherman and,you know, we had a bean market.
(22:32):
I think we all three were in,agreeance of a good opportunity
to make some sales on thesoybean market and have orders
in. And I think you can lookback to those levels now and
hey, if you missed the boat,that's okay.
But there's nothing wrong withhaving cash offers in at targets
above the market. So if you dohave positive news and you meet
(22:55):
those objectives that you havein place and stick to a plan
that's written down, I thinkwhen the market corrects, like
we've seen, it's a nice feelingto have inventory sold on market
rallies. So it's a good time ofthe year, I think, to be and
same would go for the cornmarket too. Take a look at what
you have on hand, what you wantto have sold over the next few
(23:18):
months and work some of thoseorders in. Those can be
adjusted.
And then I think another topicthat should be discussed,
especially after the first ofthe year is, what are we looking
at for 2026 as folks are makingthose decisions here now?
Todd Gleason (23:34):
Okay. So there are a couple of things I wanna talk
about. Actually, a few thingsthat I wanna talk about. They're
all government payments, and Iwonder how you discuss those
with producers as it's relatedto their breakevens because
there are some pretty goodestimates out there. You have
the cap payments that came inearlier in the year that they
may have taken advantage of orwere able to able to have pushed
(23:59):
into their bank accounts, thecurrent set, the
$11,000,000,000, that wasannounced this week by the Trump
administration, and then lookingforward another $13,000,000,000
to come, in the fall with theARC and the PLC.
Those are the safety netprograms that they're already
(24:20):
signed up for. And all of thatmoney will be part of farm
income, but I'm not certain theproducers actually think about
it in a way that helps theirmarketing plans out? Do you put
them into that mode and reallystart to think about what is
that breakeven and how far aboveit do we need to be in terms of
(24:40):
price given what our estimatesare for other dollars that will
be coming into their bankaccounts?
Logan Kimmel (24:48):
Yeah, and that's a good question and kind of an
interesting topic, just folkshave mixed emotions on those
payments, some, you know, proand some against. I think the
tricky thing is just basing anentire marketing plan off of
that just because a lot ofthings right now with the
(25:10):
government or theadministration, There isn't a
ton that's set in stone. I mean,we've gotten these announcements
and the payments are coming, butto build a multi year marketing
plan banking on that isdifficult. So I think what you
look at is if you do get thepayments and factor that in,
maybe it does make it a littlebit easier than to sell, say
(25:35):
soybeans for an example, at aprice you might not be extremely
happy with, but if you aregetting a payment and it allows
you to make soybean sales, Ithink that's one way to view it.
Also think for folks that arelooking at operating notes and
(25:55):
have the flexibility to use someof that to pay off some debt.
That might be one idea toconsider. I just wouldn't going
forward, year after year, it'stough to assume and bank on
that. I would view it as you doget it and it looks like we are,
it might allow you to makeeasier marketing decisions
(26:16):
knowing that you've got moneycoming into account.
Todd Gleason (26:19):
On the outside markets, which is roughly
speaking something that youmight be looking at as it's
related to the, governmentincome, could be simply pushed
into the price of seed andfertilizer for certain. So
that's the other part of that.Not only is there income there,
but it may go out as outflow aswell. But other outside markets
(26:44):
that you have been watching andconsidering, what are they? And
how do you think producersshould think about them?
Logan Kimmel (26:49):
Yeah. Those have actually the outside markets
have been far bigger movers herepercentage wise than the grains
this week. The grain trade hasbeen awfully slow. But you have
seen a drawdown here in some ofthe energy prices, crude oil,
RBOB, heating oil. I thinkthat's a positive, from a
(27:11):
producer standpoint, needing theinput on the fuel side.
But other outside markets havecertainly moved the other
direction. Looking at the Fedrate cut here this week, you've
seen the metals market sharply,sharply higher, as well as the
equities and the Dow putting inan all time high here today.
(27:32):
Those markets have beenattracting a lot of money flow.
And secondly, I think a lot ofthese outside markets, are
moving in unison with the U. S.
Dollar selling off sharply here,three sell off weeks in a row. I
think that's something to watchin the outside money flow. But
(27:52):
also when you look at, okay,we're hoping to make it on China
to come in and start buying somemore products from us. I think
the US dollar weakening might bea bright spot or at least help
that narrative. So that's justanother outside market to keep
an eye on this US dollar sellingoff versus other currencies.
Todd Gleason (28:16):
Hey. We thank you much, Logan, for taking time
with us.
Logan Kimmel (28:19):
Yep. Thanks for having me.
Todd Gleason (28:20):
Logan Kimmel is with Roach Ag. He and Mike
Zuzlow, globalcommresearch.com,joined us for our commodity week
program. You may listen to itagain anytime you'd like at
willag.org, willag.org. Don'tforget that coming up next week,
you can join us on the road withthe Parm Doc team. We'll be in
(28:40):
East Peoria and DeKalb and MountVernon on Monday, Tuesday, and
Wednesday next week, not in thatorder, but DeKalb first and East
Peoria second followed by MountVernon on Wednesday.
For the Illinois Farm EconomicSummit, these are half day
events with the Farm Doc team.You should join them because
your banker most assuredly islikely to be in the audience.
(29:03):
You'll want to hear what they'rehearing as well. Make sure you
visit our website wilag.org orfarmdocdaily.illinois.du to sign
up and register today. TheIllinois Farm Economic Summit's
part of the Farm Doc team'sannual winter season.
Thank
Eric Snodgrass (29:21):
you for
Todd Gleason (29:21):
joining us on Commodity Week on University of
Illinois Extension's ToddGleeson.
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