Josh Linville

That's a lot of it. I would say, so again, one of the big things we talk about, if you've seen Twitter, the reports, things like that, I always talk about the ratio, right? And for anybody that might not know, that whole concept comes from when I kind of break down what farming is from my perspective, just looking at marketing. So this is a very, very, very simplistic point of view.

It's a lot like manufacturing. And you go to a manufacturer and you say, well, how do you do your stuff? How do you do your inputs and outputs? Well, they're not trying to call the low the inputs. They're not trying to call the high the outputs. They're just sitting there saying when that value between the two of them gets to a good level, I lock them in.

It's a lot like manufacturing. And you go to a manufacturer and you say, well, how do you do your stuff? How do you do your inputs and outputs? Well, they're not trying to call the low the inputs. They're not trying to call the high the outputs. They're just sitting there saying when that value between the two of them gets to a good level, I lock them in.

It's a lot like manufacturing. And you go to a manufacturer and you say, well, how do you do your stuff? How do you do your inputs and outputs? Well, they're not trying to call the low the inputs. They're not trying to call the high the outputs. They're just sitting there saying when that value between the two of them gets to a good level, I lock them in.

And it doesn't matter where they're at, right? It doesn't matter if your input is insanely high priced or the other side is insanely low. Now, we'd love to hit both of these two, but they're trying to look for that value. And so that's how we track it. We just basically sit there and say, I'm looking at like December Chicago corn.

And it doesn't matter where they're at, right? It doesn't matter if your input is insanely high priced or the other side is insanely low. Now, we'd love to hit both of these two, but they're trying to look for that value. And so that's how we track it. We just basically sit there and say, I'm looking at like December Chicago corn.

And it doesn't matter where they're at, right? It doesn't matter if your input is insanely high priced or the other side is insanely low. Now, we'd love to hit both of these two, but they're trying to look for that value. And so that's how we track it. We just basically sit there and say, I'm looking at like December Chicago corn.

And I'm looking at New Orleans, Louisiana fertilizer because that's the most liquid point that we have in the North America marketplace. So I look at it from, well, how many bushels of corn does it take to pay for a ton of urea, UAN, anhydrous phosphate potash?

And I'm looking at New Orleans, Louisiana fertilizer because that's the most liquid point that we have in the North America marketplace. So I look at it from, well, how many bushels of corn does it take to pay for a ton of urea, UAN, anhydrous phosphate potash?

And I'm looking at New Orleans, Louisiana fertilizer because that's the most liquid point that we have in the North America marketplace. So I look at it from, well, how many bushels of corn does it take to pay for a ton of urea, UAN, anhydrous phosphate potash?

Because I've yet to walk into a room and say, okay, well, you guys, if you had the chance, would you rather spend 50 bushels of corn to buy a ton of urea or 100 bushels of corn to pay for a ton of urea?

Because I've yet to walk into a room and say, okay, well, you guys, if you had the chance, would you rather spend 50 bushels of corn to buy a ton of urea or 100 bushels of corn to pay for a ton of urea?

Because I've yet to walk into a room and say, okay, well, you guys, if you had the chance, would you rather spend 50 bushels of corn to buy a ton of urea or 100 bushels of corn to pay for a ton of urea?

Does it matter what the price is?

Does it matter what the price is?

Does it matter what the price is?

So that's why we look at it that way. If that value gets low, it's a good value. If it gets high, it stinks. And when you look at urea, UAN, it's middle of the ground. It's not terribly high. It's not terribly low versus historical values. Anhydrous is starting to bump up there on the higher side.

So that's why we look at it that way. If that value gets low, it's a good value. If it gets high, it stinks. And when you look at urea, UAN, it's middle of the ground. It's not terribly high. It's not terribly low versus historical values. Anhydrous is starting to bump up there on the higher side.

So that's why we look at it that way. If that value gets low, it's a good value. If it gets high, it stinks. And when you look at urea, UAN, it's middle of the ground. It's not terribly high. It's not terribly low versus historical values. Anhydrous is starting to bump up there on the higher side.

We weren't too concerned about fall anhydrous demand, but it's starting to kind of creep in a little bit.