Josh Linville

And that's the problem. If we were on an island of our own, if it was just the U.S. market, I think if we hold out for a few more months, we'd probably start to see that happening. But the problem is the rest of the world continues to have all these issues.

So if the American farmer sits there and says no long enough, even if our price does dip down, if the rest of the world stays up, they'll just start loading vessels and soon have to see. And that is where it gets very dangerous to only focus on us from a U.S. perspective. Trust me, I have to fight myself out of having blinders on just as much as everybody else.

So if the American farmer sits there and says no long enough, even if our price does dip down, if the rest of the world stays up, they'll just start loading vessels and soon have to see. And that is where it gets very dangerous to only focus on us from a U.S. perspective. Trust me, I have to fight myself out of having blinders on just as much as everybody else.

So if the American farmer sits there and says no long enough, even if our price does dip down, if the rest of the world stays up, they'll just start loading vessels and soon have to see. And that is where it gets very dangerous to only focus on us from a U.S. perspective. Trust me, I have to fight myself out of having blinders on just as much as everybody else.

At the end of the day, we're part of this world market. You know, phosphate's a great example. We could cut our application rate, stick it to the man, have double-digit percentage demand destruction on it, but if the world stays as tight and demand stays as solid as it is, we could still see our pricing up, regardless of the fact that we really showed them what we were all about.

At the end of the day, we're part of this world market. You know, phosphate's a great example. We could cut our application rate, stick it to the man, have double-digit percentage demand destruction on it, but if the world stays as tight and demand stays as solid as it is, we could still see our pricing up, regardless of the fact that we really showed them what we were all about.

At the end of the day, we're part of this world market. You know, phosphate's a great example. We could cut our application rate, stick it to the man, have double-digit percentage demand destruction on it, but if the world stays as tight and demand stays as solid as it is, we could still see our pricing up, regardless of the fact that we really showed them what we were all about.

My advice is always to watch that, what's my fertilizer price in relation to the grain price. Phosphate, let's go back to last summer on the phosphate. Price has dipped down pretty well. And I can tell you at the low end of it, I thought it probably had another $25 to $50 a ton downside. At the same point, corn looked good.

My advice is always to watch that, what's my fertilizer price in relation to the grain price. Phosphate, let's go back to last summer on the phosphate. Price has dipped down pretty well. And I can tell you at the low end of it, I thought it probably had another $25 to $50 a ton downside. At the same point, corn looked good.

My advice is always to watch that, what's my fertilizer price in relation to the grain price. Phosphate, let's go back to last summer on the phosphate. Price has dipped down pretty well. And I can tell you at the low end of it, I thought it probably had another $25 to $50 a ton downside. At the same point, corn looked good.

Corn price was going up, and I thought, hey, they're going to continue to go up. So the ratio is really good. In fact, it got down to some of the lowest 25% range values that we've seen over the last half decade to decade. I thought phosphate was further down. I thought corn was further up. Let's wait and see what happens. But that value was there. And that's when I think we need to jump in.

Corn price was going up, and I thought, hey, they're going to continue to go up. So the ratio is really good. In fact, it got down to some of the lowest 25% range values that we've seen over the last half decade to decade. I thought phosphate was further down. I thought corn was further up. Let's wait and see what happens. But that value was there. And that's when I think we need to jump in.

Corn price was going up, and I thought, hey, they're going to continue to go up. So the ratio is really good. In fact, it got down to some of the lowest 25% range values that we've seen over the last half decade to decade. I thought phosphate was further down. I thought corn was further up. Let's wait and see what happens. But that value was there. And that's when I think we need to jump in.

And those numbers are going to look different for everybody out there. And that's where we have to kind of work with our suppliers. Hey, can we run these type of numbers? I can get the historical grain prices from the elevator. Can we overlay that with your historical fertilizer price? And then you can create a graph that sits there and says, hey, when I get to

And those numbers are going to look different for everybody out there. And that's where we have to kind of work with our suppliers. Hey, can we run these type of numbers? I can get the historical grain prices from the elevator. Can we overlay that with your historical fertilizer price? And then you can create a graph that sits there and says, hey, when I get to

And those numbers are going to look different for everybody out there. And that's where we have to kind of work with our suppliers. Hey, can we run these type of numbers? I can get the historical grain prices from the elevator. Can we overlay that with your historical fertilizer price? And then you can create a graph that sits there and says, hey, when I get to

50, for example, that's a good value. If it hits 50, I need to do a layer. I don't care what the grain price is. I don't care what the fertilizer price is because that is a value there. And that's the thing. Last summer, when I look at it from a NOLA Chicago perspective, the ratio dipped to 80. And that was a heck of a buy. We started jumping up and down saying, guys, opportunity.

50, for example, that's a good value. If it hits 50, I need to do a layer. I don't care what the grain price is. I don't care what the fertilizer price is because that is a value there. And that's the thing. Last summer, when I look at it from a NOLA Chicago perspective, the ratio dipped to 80. And that was a heck of a buy. We started jumping up and down saying, guys, opportunity.

50, for example, that's a good value. If it hits 50, I need to do a layer. I don't care what the grain price is. I don't care what the fertilizer price is because that is a value there. And that's the thing. Last summer, when I look at it from a NOLA Chicago perspective, the ratio dipped to 80. And that was a heck of a buy. We started jumping up and down saying, guys, opportunity.

This is a big one. Today, that same ratio is 125. Whew. Almost 50 bushels more to pay for a ton of DAP than what it was last summer.