>> BOBBY COATS: I'm Bobby Coats, a professor in the Department of Agricultural Economics and Agribusiness
in the University of Arkansas system's Division of Agriculture.
Now joining me is Dr. Nathan Smith.
Dr. Smith is a Clemson University Extension Professor of Economics.
His major responsibilities are in crop production, economics, marketing and policy and Nathan
is Clemson's Extension Agribusiness Program Team Leader.
Dr. Smith is a leading authority on U.S. and global peanut sector.
The question that I proposed to Dr. Smith what are the implications for the peanut sector
of removing cotton generic base acres and adding cotton seed as a covered commodity
coupled with a record 2017 peanut crops.
Just what is the impact to peanut producers and the peanut industry?
I give you Dr. Nathan Smith on Peanuts: Big Crop and Big Challenges.
Nathan, We look forward to your presentation.
>> NATHAN SMITH: Thank you, Bobby, it's good to be with you today and always good to see
you and visit with you, glad to be with ya'll to talk about peanuts a little bit.
As Bobby said, he asked me to talk about peanuts and the change in the farm program, related
to cotton and peanuts that particularly we'll see in the cotton program.
I'll start out talking about that and then...
I'll talk a little bit about the outlook and maybe how the implications earlier you mentioned
of the changes on peanuts particularly and what that might change in terms of the environment
of producer's decisions.
So... first of all, when you look at the peanut industry and the peanut world in the U.S.
anyway peanut production has been trending up since 2011.
It's been a nice increase when you look at it in graphic form, you know... we've had
years where we have a drop, but the overall trend has been up and then with this past
year, we've had a record large peanut crop that was harvested in 2017 and so, that's
weighing, in a little bit, on the market, causing some uncertainty, the big question
is, with all these, the large surplus, you know, how quickly or how will those peanuts
be moved or utilized over the next year or two.
And then, real recently, February 9th, my birthday, by the way, the 2014 Farm Bill was
amended in the Bi partisan Budget Act of 2018.
In that Bi partisan Budget Act, which was really continuing resolution to fund the federal
budget, they had some disaster provisions in there and included amendments to the 2014
Farm Bill that created seed cotton as a covered commodity.
And essentially what this amendment does is eliminate the generic base that will have
implications on peanuts as well as the other crops that have grown in the south, basically
what we might call southern agriculture.
So, what I'll do this morning is, first talk about seed cotton program and kind of share
with you what I understand, and my colleagues understand how the program works based on
our reading of The Act and the language and basically what we went through with the 2014
Farm Bill implementation.
Basically we're looking at adding another code, a commodity and the commodities title.
So, as I mentioned earlier, the Bi partisan Budget Act of 2018 amended the Farm Bill,
to me this is real notable, this is precedent setting.
And Bobby made he's got even more institutional knowledge than me, that I don't think the
Farm Bill would have been amended like this or opened up after it's been passed.
It's always been a fear of, of opening it up, so... basically, the message to, to producers
and growers out there is that there's no more generic base beginning with the 2018 crop
year.
And so... what has been going on with generic base in terms of temporarily attributing it
to another crop... that no longer is in effect for 2018.
It designates seed cotton as a covered commodity.
And so seed cotton is defined or means unginned upland cotton that includes both lint and
seed.
And so this is not just cotton lint, but its cotton lint plus cotton seed.
And it's called seed cotton.
The land owner is required to allocate generic base since it's eliminated to cover commodities,
including seed cotton, becoming and that generic base basically becomes a fixed crop base for
the rest of 2014 Farm Bill which is slated to go through the 2018 crop year and then
if another Farm Bill is passed, then will it be included in that?
Likely, if it's extended, then it would continue however long the 2014 Farm Bill is extended.
So, basically as a covered commodity, seed cotton will now be eligible for Price Loss
Coverage or Agricultural Risk Coverage program payments.
So the producer can make an election of which program to participate in this first year.
Either PLC or ARC.
And then seed cotton will be eligible for that.
For the PLC program, a reference price has been established at 36.7 cents per pound for
seed cotton.
And so like the other commodities, covered commodities, peanuts, 535 a ton, seed cotton
now has a reference price of 36.7 pounds.
It also establishes the Seed Cotton Payment Yield for which to calculate potential payments
or payments if they're triggered for a farm, equal to 2.4 times the payment yield for upland
cotton.
So in the 2008 farm bill, if you go back and think about the program under that farm bill,
the two previous Farm Bills, we had counter cyclical payment yield and direct payment
yields.
Thus the counter cyclical payment yield that we expect will be the payment yield multiplied
times 2.4 to come up with what the seed cotton payment yield would be.
And what I was mentioned earlier, generic base is eliminated by requiring land owner
to convert generic base acres on a farm to either seed cotton or other covered commodities.
Based on plant history.
So...
I just updated this slide from 2014 Farm Bill, what are the main decisions?
When I was in Georgia and we were doing a lot of the Farm Bill education, first thing
we said to growers was, what are the main decisions with the new program?
Well the first one will be to allocate generic base to covered commodities, including seed
cotton.
And that'll be a land owner decision.
The second one will be to retain or update payment yield for upland cotton.
And that will also be a land owner decision.
These are basically the same as we've done in the updates after the, in 2015, when we
were going through the, the update process and allocating process.
And then, choose PLC versus ARC county programs, which that will be a producer election.
So... it should work like the last go round, but this is only tied to generic base.
So... there's not, the other bases, the current crop bases will not be touched, this is only
in relation to generic base.
So... there's basically two options spelled out in the language for converting generic
base.
And... the first option is the greater of taking 80% of the generic acres on a farm
and convert it to seed cotton base and the remaining 20% will be unassigned crop base
not eligible for any PLC or ARC payments.
So... basically, you have the choice of just going seed cotton base only and that seed
cotton will be on 80% of the generic base with 20% being quote unassigned crop base.
Or... if you take the four year average from 2009 2012, what the planted and prevented
planted cotton acres were on that farm, in other words, how many cotton acres were planted,
averaged over that 2009 2012 period, not to exceed 100% of the generic base so.
Whichever one of these is higher is what it'll be converted to.
So... let's say I have 100 acres of generic base, that 1A option would be 80 acres of
seed, cotton base, with 20% going unassigned.
Let's say I averaged 100 acres of cotton base on that farm, or cotton, planted acres, then...
you could go up to 100 you could have, actually... end up assigning 100 acres or 100% to seed
cotton.
So it'd be somewhere between the 80 to 100% of seed cotton is option one.
Option two would be to allocate to covered commodities including seed cotton based on
the 2009 to 2012 plant history.
If you planted cotton and peanuts, from 2009 to 2012 or corn, soybeans, on that farm with
generic base, then it'd be allocated towards that prorated share over the 2009 2012 time
period.
And so this is basically the same process that was done after 2014 Farm Bill passed
and went to 578 and looked at plant history on the acreage that was reported.
That's how it probably works.
So here's a quick, I guess, visual of how that would work.
Again assuming 100 acres of generic base, it'd be higher of doing 80 acres of seed cotton
and 20 acres of unassigned.
The 2009 2012, let's say you averaged 100 acres of cotton.
Over that four year period, then it would automatically go to the 100 acres of seed
cotton.
Because it's higher than 80 acres.
But if you didn't plant 80 acres, if you planted less over that four year period, then you
could have it go to the 80 acres and end up with 20 acres of unassigned base.
If you go the planted history route, an example would be, let's say, I've got 200 acres total
of base and 100 acres of it is generic and the other 100 is fixed crop base, 40 acres
here of peanuts, 40 of corn, and 20 of soybean... how will that generic base be converted?
Well, you use your planted history, over that time period, and in this case, let's say the
farm was diversified with corn, cotton, peanuts, soybeans and wheat and it averaged 60 acres
of corn, 70 acres of cotton, 65 acres of peanuts, five acres of soybeans over that time period.
How will that be allocated?
Well only the 100 acres will be allocated and it'd be on the prorated share, so... in
this case, cotton, corn is 30% of 100 acres, would be 30 acres allocated corn, 35% of 100
acres would be allocated to cotton, and then 32.5% allocated to peanuts, 2.5 to soybeans.
So... each farm's going to be different based on planting history and looking at that route.
And so... you'd end up, that 100 acres of generic base would look, be allocated out
30, seed cotton, 35 corn and 32.5 peanut and 2.5 soybeans for that whole 100 acres of generic
base.
So some of the issues would be similar to last time, it's a land owner decision.
So... either the land owner goes in and makes that conversion.
Of generic base.
Or a producer or grower that has power of attorney might could do that if, if that's
on file with FSA.
Really, the decision comes down, I think, to whether you want to maximize seed cotton
base or you want to be diversified based upon your planting history from 09 to 12.
And that probably comes down to thinking about well which one is going to provide me the
best protection based on what I grow?
Or which is going to maximize the payment?
And it could be cotton, it could be going to, your planting history, depending on just
say how much peanut base and corn base you had, versus cotton base and all different
scenarios.
But the generic base becomes a fixed crop base and it can't be increased or decreased.
So whatever amount of generic base you have currently, I think could probably back to
September 31, 2013, that's it's fixed.
It can't be increased or decreased.
That's how it'll be allocated.
So... on updating cotton lint yields, this goes back, again, to the 2008 counter cyclical
payment yield for cotton, the land owner has a one time option to update cotton yield on
a farm by farm basis.
And so that's the expectation, that's how we, if it goes back to how it was done previous
farm bill, that's how it would work.
So, you can retain that, the... cotton counter cyclical payment yield from that previous
Farm Bill or update to 90% of the five-year average of 2008 2012 average yield per planted
acre.
And so as an example... if you have the cotton production records showing what you, you produced
in 2008 to 2012 in the acres on that production, then you'd have the average yield and just
take the five year average.
In this case, 920 pounds per acre, but then... you take 90% of that as the updated yield.
And so... this'll be a case by case scenario too, I think.
Because... there's cotton yields, I know, when we went through it, last time, in 2008,
a lot of cotton growers didn't update yield, but... in 2009 to 2012, payment yields might
have been higher and it might be an opportunity to update those with a little bit higher yield.
So... last time we were, you were able to use crop insurance records I guess on cotton,
we probably had gin turn out.
So I don't think that'll be too big of a problem improving yield.
Land owners now, while it's their decision, they don't have the records on rented land.
And so farms and tenants will have to work together to provide the information needed
to update those yields.
Again whether it's base or yield update, the case of multiple owners, you know all owners
do they have to agree, does it require one signature?
Those are some issues that will probably come back around.
If any year, if it works like last time, if any year the crop was less than 75% of the
county average yield, then they can plug it in with the county average yield, 75% of that
average yield and update it.
Some other notes on what was in the bill or related to the seed cotton program is that,
if we go back to last time, the power of attorney form was on file with, with FSA and the right
box is checked, then the producer may be able to make those decisions on behalf of the land
owner.
So again, there'll have to be negotiation and communication between the land owner and
the producer.
A farm enrolled in PLC or ARC for seed cotton this year 2018 is able to participate in STAX
bill.
And so the deadline passed, February 28th for Sign up for crop insurance and... so,
those STAX policies, they'll be eligible this year, but there's text in the language in
the act that says in the amendment that says for 2019 crop year STAX, a producer will not
be eligible for STAX if they enroll in PLC or ARC counties for seed cotton.
So beginning in 2019, you can't do both.
You have to do PLC ARC program or use, purchase STAX.
One or the other.
There's a loan rate established for seed cotton of 25 cents per pound, but that's not a new,
non recourse marketing assistance loan for seed cotton.
You still have the loan rate cotton lint going up on cotton.
The 25 cents is just a, a loan rate to use as the floor for the basically, it limits
the PLC payment just like on the other commodities before loan rate hits the floor on the payment.
If you look at how a seed cotton PLC payment rate is going to be calculated, it's the same
formula as the other covered commodities.
The peanuts, corn... soybeans, wheat... same formula, just using the seed cotton reference
price of 36.7 cents per pound and... it takes the higher of the market year average price
for seed cotton or the 25 cent loan rate, seed cotton times the payment yield, that'd
be the seed cotton payment yield and... times the base acres, times 85% of base acres.
And then if there's a sequestration, that'd be adjusted for that too.
The same formula that, for all the other covered commodities, just using the seed cotton reference
pricing and the loan rate.
Now the marketing year average price for seed cotton is something most of us aren't familiar
with and it gives a formula for that, in which you take the upland cotton marketing year
average price, times the U.S. upland cotton production, plus the cotton seed market year
average price times the U.S. cotton seed production and you divide that by total production of
U.S. upland cotton and cotton seed production, basically it's a weighted average of lint
and cotton seed price.
That's whether you take the U.S. lint price, average price, plus the cotton seed average
price, divided by the total production and come up with the price.
I borrowed this, this chart from Dr. Don Shirley and Adam Rabinowitz [phonetic] at the University
of Georgia.
When they put out this little fact sheet on this new program, and they went back to 2008
and showed the difference, the history.
And what's the price, when you use that formula over on the right hand column, what seed cotton
price would have been going back to 2008 and... you know, we're around 33.6 or 33.5, is kind
of an estimate being used right now for 2017 marketing average price for seed cotton.
So... you're using the upland cotton price and the production, and the cotton seed pricing
production to come up with the seed cotton price.
And if you look at this pounds, the pounds column, in both upland cotton and cotton seed,
and you divide the cotton seed by the upland cotton, it comes to around 1.39, 1.4 some
years.
That's, generally where the 2.4 factor comes from, and trying to convert upland cotton
plant yield to a seed cotton yield.
So, to look at it kind of graphically, I borrowed this from the National Cotton Council, and
their website, slides that they put together, the green line is the cotton lint price and
the bottom gray line is cotton seed.
And so... when you come up with the seed cotton, through that formula, it's the blue line and
as long as the blue line falls below that red line, which is reference price of 36.7
cents per pound, then that'd trigger a PLC payment and then you see.
Going back to even back to 1990, that would have triggered a payment.
That In more recent history, if you go back to 2008, four times it wouldn't have triggered
a payment.
But then In the last four years, it would have triggered some form of PLC payment and
is projected to trigger one for 2017.
And That black line down there is that 25% floor so it can't go.
The payment would be maximized out at that difference between 36.7 and 25 cents per pound.
And So... this chart has been developed by several different folks I just pulled it off
of National Cotton Council, but if you used kind of a current price of cotton seed, $150
per pound and 69 cent average, marketing year average price for lint, then the seed cotton
price would be 33.5 cents per pound.
And so... going 150, if it went up, if it's $160 a ton, and...
71 cents, then it'd be about 34.7 cents per pound.
So Let's use that 33.5 cents per pound market year average price and on 100 acres of seed
cotton base and assume 800 pound yield, then... multiply that 800 pound yield times 2.4 factored,
that'd give you 1920 pounds of seed cotton payment yield.
At 33.5 cents, you subtract that from the reference price of 36.7, that's 3.2 cents
per pound payment rate.
And you Multiply that payment rate times the payment yield times 100 acres times 85%.
That'd be a total payment of $5,222 per total and then per base acre divided by 100 would
be $52.22. and so In this scenario, that kind of gives you an idea, where maybe if it ended,
marketing season played out to where these estimates, by the end of the year, then, that's
what we'd have.
As a PLC payment.
So... in, there's tables out there, that kind of show that relationship.
As you go up in cotton seed price... or go down, or up in, in lint price, what's the
effect on the potential payment at 800 pound payment yield.
Or 1920 seed cotton payment.
And so... you know, that'd be around $52 where the current estimates are.
If you have got a higher payment yield, 900 pounds, cotton lint yield which translates
into 2160 pounds, seed cotton, then it'd go up another $6 to 58 thousand take you up to
65 so.
It's just like the other commodities depends on what the payment yield is and what that
market year average price ends up being as to what potential payments would be.
So To summarize, real quickly on seed cotton which is the unginned cotton is now a covered
commodity eligible for PLC and ARC county.
And Generic base is eliminated.
Land owners and producers will be making decisions on converting generic base to fixed crop base
and updating upland cotton yields payment yields.
And FSA had 90 days to sign up to do sign up from the passage of the act, so... they're
busy writing regs and they'll need time to train their folks on this program and implement
the program and so... you know, I expect that, for them to come out with stuff, that we have
to be a little patient with them, because this is something that, we not as I guess,
as anticipated, maybe a Farm Bill change, and so... you know I expect us to there'll
be something within those 90 days, that I expect us to probably be doing this on into
the summer, if you just asked my opinion.
But...
I do think that the seed cotton program brings in a balance, the safety net for southern
crops.
And so it helps, I think, in terms of providing a little more balance and safety net program
and more consistent between our major selling commodities like cotton, peanuts and even
rice, as well as corn and soybeans.
So, the cotton transition from the seed cotton program to the peanut situation and outlook...
I want to share a few thoughts and slides on peanuts and this is part of the I'm using
slides that I updated from a presentation that Dr. Adam Rabinowitz announced myself
did at the southern conference in Atlanta.
And Currently, we're in a big crop situation.
Bobby said big crop in peanuts.
It was a record crop.
It was up, planted acreage were up by over 12%, 1.88 million acres in 2017.
And the Yield wasn't a record, but... a big, a strong yield at over 2 tons, 4,074 pounds
per acre.
The record was 2012 at 4211.
Going into 2017, that supply was actually tight, but with the increased acres and the
good yield overall, it produced a bump of crop.
And It was actually, with the increased acreage and... the original yield projections, were
taking us around 3.8, 3.9 million ton crop, as far as USDA estimates go.
We Compare that to the 2012 record of just under 3.4 million tons.
So It'd have been a record by a long shot.
Right now...
USDA estimates crop size at 3.6 million tons, and that'll build us up over 1.2 million tons
of stocks for carryover into the 2019, 18 19 marketing season.
Where did those planted acres come from?
Well... basically, you know... the southeast was up quite a bit, the southwest was actually
down, in Texas, dropping a few some acres.
But Every other state increased planted acres of peanuts in 2017 to over 1.87 million acres
and... when you look at the, what Georgia's acres have done, what their trend has been
and...
Texas, the two largest states, Texas ramped up in 16, and dropped back a little bit last
year.
You know That's affecting rotations I think in terms of peanuts versus cotton and corn
and others, being the main rotation of crops.
Here's a picture from a chart, from National Center for Competitiveness showing where those
acres have been planted with the red, purple and blue being higher counties with the largest
planted acres.
10,000 acres or more.
And We've seen where they have kind of grown and concentrated around the country we've
seen since the end of the quota days you know expanded further, down the eastern seaboard,
and further south on the Carolinas.
And more acres in east Georgia more acres in Several different areas of Alabama and
moved westward, into Mississippi and Arkansas.
And I know Arkansas growers here and we have seen that growth there and along the delta
and up in the northeast corner.
Last year's crop, like I said, in late summer, it was looking like a real big warehouse buster,
with crop conditions up around 80% did the excellent, and then as the season got closer
to harvest, we saw crop conditions drop.
And Georgia and Florida certainly had some issues I think with weather, impacting their
yields, but still, 17, just as a crop overall, was an excellent crop, with yields.
And... again, over 2 ton yields in the U.S.
If you look at every state, except Florida, was up over 16, 2016, compared to other yields.
Florida had some issues with, with either some type of disease or in weather.
That was really impacted their yields.
Still trying to figure out what really went on there.
But Other states had big yields.
South Carolina where I'm at had a record yield at 2 tons.
And so When you look at the overall production, again, the USDA's got it pegged with just
over 3.
6 million tons.
That's a 29% increase over Last year where it was about 2.
8 million tons.
So That's a jump of 800,000 tons, roughly and... there was concern about having warehouse
capacity.
Dr. Rabinowitz had plugged this slide on warehouse CCC approved warehouse tons.
This is basically all peanut warehouses have a federal license, to proving that ton proven
that, for storage, so that they can be eligible for loan, to participate in the long program
or store for the long program.
And... total tonnage below is just under 3.8 million tons and so... it was looking like
there was going to be a real squeeze on warehouse capacity it still pushes warehouse capacity
but with the size of the crop, I think we had enough storage for it.
On the demand side, demand has been good.
Domestic use continues to increase.
Edible use up 3.6% through December.
That's a good number.
That means we got use that's increasing, that's going to increase, I think per capita use.
That means we're growing faster than population and so... that means there's more demand or
consumption per person.
Going on.
And That's, that's a good story, the exports are going to be key, because... we really
increased exports with peanuts over the last few years.
And China and Vietnam came in and helped with the 15 crop, working down that surplus, as
well as China getting into the peanut market for the first time in 2012.
And so I think the uncertainty is, are they going to come back into the market for this
crop?
And really What we've seen in the past, if you go by prior behavior, it's kind of biased
based on price.
And If the price gets low enough, then they'll come in and start buying.
There's other factors to think about now with the trade issues.
Especially with the threats of tariffs on film aluminum and just the whole trade atmosphere
right now, with China and the U.S. and other countries that, that might, could they have
adverse effects on agriculture.
Typically, where will they retaliate, countries with tariffs.
Since we export, they actually have a trade surplus in agriculture that can usually typically
be where when the retaliation happens.
So again I think The key, is right here in the green part of these bars, the exports,
we'll just continue to work down some of that surplus through exports.
I think domestic production will respond to more peanuts and good quality peanuts.
But... we're still probably looking at carrying over at least a million tons.
If not more of peanuts into the next, next crop year.
So... as far as an outlook, I think when you look at overall, the big crops, we're going
to see fewer acres, prices are lower on peanuts.
The contracts are coming out, but I don't think the contracts seem to be coming out
slower and... not, are limited in amount per tonnage, that would be contracted.
I guess, before the seed cotton program, and before cotton prices really ran up, you know...
the industry was really looking at prices being down below where they were before 2017,
you know... below $400 a ton, I think.
Actually, with the crop probably being smaller than what everybody thought... that helps
prices a little bit... but, shifting some peanut acres over the cotton acres is going
to help I think in the next over the next year on contract prices and may help peanut
prices up a little higher than we'd expected.
And so But... saying that, you know... $400, 415, 425, that range on runners.
A little bit higher on Virginias, that probably, kind of the price range we're looking at.
And related to the PLC payment, this is USDA's peanut price report that, the weekly prices,
by marketing year and the blue line shows last year's average market year average price
for the marketing, the prices through the year and the red line shows the 17 crops.
And You can see that the 17 crops, has, kind of fluctuated between 20 cents, and 23, 24
cents per pound throughout the season.
And it's above the blue line so Basically the market year average price is going to
come in higher than $400 a ton.
That's pretty a safe assumption and so... the PLC payment rate was $141 a ton last year,
it'll be lower for the 16, 17 crop, as far as the payment rate goes.
You know Will it be, will the average price end up being 450, 440?
425?
I don't know.
I think FSA is Projecting 125 right now.
I said earlier, that based on what contracts were, I was thinking somewhere around 85,
$90 a ton, in that range.
It could be above Around $100 a ton, we'll have to wait and see on how reporting goes
through the rest of this marketing year.
But... if you look at what's going on in the other commodities, and if you want to use
the spring price of cotton on crop insurance, then... in the other commodities like corn
and soybeans, then compare it to previous years.
Corn was about like 2016 but cotton is up over the last couple of years at 75 cents
for the insured price grain sorghum 3.78 and runner peanuts at 392 and Virginias at 443
now of course If you go on the yield, APH, then... we can use contracts and use the contracted
price, of the insurance price on peanuts.
Then Soybeans, at a little over $10 a bushel.
Now The market's rallied even since then and raised these prices.
And so you know competition between peanuts and other acres.
These peanuts need to be in acres.
Well, with the large supply they don't really need to be in acres.
And so I think that's why you would probably see contracts move slower and a little slower
coming out.
These are just some cost and returns estimates.
In South Carolina, Georgia has them, other states, budgets do the same thing plug in
your numbers but Basically, if I ascend the 415 average price for peanuts, I wouldn't
be surprised if we see and we will have we've had 425s updated and 440s mentioned, but if
you average it all over all the tons, I'm just saying maybe 415 average.
75 cent cotton, 14 corn and $10 soybeans.
Then at the variable cost Cotton and corn look better than South Carolina on non-irrigated
than peanuts.
So I think that's why We'll see a few less peanut acres.
Now The yields are they relative to each other that's the key point.
And A lot of individual farms, and what their yield is and what your costs are, compared
to what the prices are offered at the time.
On irrigated, same story.
You know... cotton and corn at these prices look a little better than peanuts right now.
So the message is on peanuts while If you were looking at these numbers and saying,
well do I get a PLC payment, you don't have to plant the peanuts this year to get the
PLC payment on peanuts.
So again... revisiting the generic base, where you could allocate temporarily allocate peanuts
you planted on a farm, with generic base and receive the PLC payment.
That's not in effect for 2018.
Now it's just, plant your farm and your bases are going to be fixed between the converted
generic base to either seed cotton or covered commodity.
And hopefully this has been helpful in terms of thinking about the seed cotton program
and implications on peanuts.
I do think, you know now that we don't have anymore generic base, peanuts will be responding
more to the market, and not be driven so much, with some of the acres being planted on farms
with generic base.
That kind of changes some of the rotations and now, I think farmers can move back to
more of the agronomic base of rotation if they need to and address those types of issues
and look at what the respond to the market in terms of what to plant.
For this season and going forward.
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