Tanner Winterhof

I want to go back into the underwriting mind of what you're seeing right now, specifically for, let's talk protein first, and then we'll dive into commodities.

What's the inventory like for cattle producers?

Are we keeping bread?

Are we keeping heifers back to, to breed or are we still feeding the fat market?

So we're not seeing a lot of heifers being kept back for herd expansion?

Not a lot, no, not a lot.

So now let's talk, unless you wanted to add to that.

Right.

So now let's talk corn and soybeans.

Right.

Are you seeing a lot more corn and soybeans still on the balance sheet this time last year compared to this time last year?

Are we holding our bushels?

And if Ethan's right.

And there is less grain on balance sheets now compared to last year.

That's a good potential sign for the grain markets because that would indicate there's probably less bushels unsold than what we're thinking.

Because there's a conception amongst our audience that guys have stored it and are ignoring it.

Yep.

Yep.

Now I want to dive into, you hit the equity side of this, but we touched on the protein side.

If you've got livestock, you're probably in a little bit better position at this point right now.