00:09 We are simplifying it and explaining something that you probably hear a lot about I'm talking about your commodity marketing plans and people that swim in 00:18 this pool know a lot about it and they just toss around terms like puts and calls and all this kind of thing. And you know, what a lot of you probably are afraid to admit. You don't really 00:27 understand it. Welcome to extreme AG's cutting the curve podcast where you'll learn from the experiences of 00:36 America's most Innovative and successful Farmers as they shorten your learning curve increase your yield Roi and profit this episode of 00:45 cutting the curve is brought to you by Sylvia's Financial the company that offers customized Risk Management Solutions for 00:51 your farming operations. Sylvia's Financial integrates crop insurance with government programs and Grain and 00:57 cattle marketing to achieve profitability for your farm. And now here is your house Damian Mason. 01:03 Oh welcome to Another fantastic episode of extreme Ash kind of curve. I'm convinced that a lot of people in production agriculture still struggle with 01:11 all of the different aspects of commodity marketing which is why we have Specialists like my friend Sean and Bryce from 01:17 Sylvia's on here to help us Sylvia's is a company that combines their expertise in crop insurance crop marketing and government programs to help your farm be more successful. 01:26 We also are joined by Lane miles Lane is the son of Matt miles one of the five founders of extreme egg out of McGee Arkansas. We're gonna talk about puts and calls explained. What 01:35 are they? How do you use them? How do you not use them? How can you use them for maximum benefit? When should you use them when you should not use them Etc puts and 01:44 calls explain simplifying a strategy for your marketing success. Lane 01:50 Mmm, you're about 30 something. You're a farm guy. You've been around this your whole life. Nothing. Oh really know me Damian? Okay, you're 01:58 you're pointing you've been around as your whole life. How old are you? 02:02 The money I'll be 28 in like 10 days. Okay. I said about 30 28. I've been around as your whole life. You've been 02:08 working. It went to college and you came back and started, you know working for the farm admit it a lot of this 02:14 come out of the marketing stuff is not your strength. It's not in your wheelhouse and you still are confused 02:20 by it. That's why you work with Sylvia's Financial. What what I say put some calls. Do you know what they are? Actually, I 02:26 do know what they are. Oh, but it's taking some time definitely to get to know where I'm at. 02:36 Oh, I had a had a class in school and taught, you know talked about a little bit. You know, you kind of more let's get confused because you just 02:45 you, you know terminology, but you don't know what it means. So dig this most Farm 02:51 people in our people here at extreme AG. I'm sure a bunch of them. They love what we're doing our practices and our products and our trials and all the cool stuff. We're doing what would 03:00 bring on Sylvia's at least once a month to talk about the business side of it. It's critically important, but I'm gonna admit it until just Sean and rice 03:09 before I have a degree in agricultural economics, and I don't understand come out of the marketing. I don't do it. All right rice Goose. Sean Finley 03:17 start here at the beginning. I know you're gonna quickly get over our heads, but we're gonna try and always keep bringing it down simplifying this what is a put and 03:26 what is a call and they are some form of option start at the beginning Sean. You're usually better at this than Bryce. I mean, he just starts going way overboard 03:35 and confusing the club the customer you want the textbook definition or one that we use for Farmer. Give me both armor farmer. I'll start 03:44 with textbook first. The textbooks definition about put is the right to sell an asset at the strike price, but not the obligation 03:53 to And on the opposite side a call option would be the right to buy the underlying asset. At that strike price, but not the obligation to so, you 04:03 know kind of how we would spend that to you Lane is you know, if you're if you're producing corn and let's just assume corns at seven dollars for easy numbers. If you 04:13 buy a seven dollar put you spend the option premium for that right to put your floor at seven dollars. 04:22 But you don't put a put is the right to sell. A quantity of commodity at a certain price and also at a certain time, correct? Correct. 04:33 All options have an expiration period and and it any amount of quantity I want. 04:42 As long as it just the contract size of this same Futures Contract. So, you know, if you just have more bushels to sell you just add more contracts, correct? 04:51 Okay, that makes a contract five thousand bushels. There we go. So corn beans and and 50,000 pounds for cotton for 05:00 one contract. All right. So put is the right to sell a quantity of commodity at a certain time for a certain price, right? 05:09 right and a call is the right to buy just the outside a certain amount of quantity of commodity at a certain time for a certain price. Okay, 05:19 what would somebody like Lane then? He's he's he gonna use a put is he going to use this option A put option in his 05:32 Farming operation. Hey Damian know something funny. I've used more puts and calls this year than I ever have and I still don't know what I'm talking about. That's right 05:41 doing it. Right? So Bryce, you're the one that works with Lane talk about it. They know production. He's really gonna production. We're still coming along on 05:50 this. What does he what do you do for them? Tell us how it works? Well, as of right now they I mean through Harvest 05:56 if you're majority of the way sold, you're you're not really as worried about your downside risk. So you wouldn't want to buy puts at this point in time. If you 06:05 are more heavily Soul because you aren't really worried about the downside at this point in time because you have forward Souls 06:11 you're corn beans, whatever your marketing. Now on the other hand say hey, I'm not worried about storing anything. I want to sell it all straight out of 06:21 the field. But we've been here in this yield number get tossed back and forth. I want some of that upside opportunity 06:27 if we do see a Rally post Harvest. That's where you'd want to buy a call option because a call option gives you upside where I 06:37 put gives you a floor to protect your downside. All right. Well, here's the big question Lanes of producer Lane produces Commodities. Why 06:46 would he want to call when that's the right to buy? Why would he be in the interest? Why would he be buying he's only interested in selling, correct? 06:52 Because he's already sold the crap and he's thinks that there might be a chance that the market could go higher. Okay. How much is he gonna pay for that? So he's already 07:01 sold stuff. You've already got all the stuff sold, but then you said, you know, we're gonna do we're gonna get all your stuff sold. We're also gonna do this call option. Tell us 07:07 how that works. So it depends so like for Sean, I guess I'll use what we kind of finish on the March contract right now, March 23, we close at around 670. 07:19 So if you wanted to buy like an at the money we call it so at a call option at 670, roughly. I don't know what that 07:28 would cost pry 45 50 cents around currently is to buy a straight-up call option. But I know we've talked about in the 07:38 past we get into these spreads. We call them a call spread where if you wanted to buy a 670 call, which is right where we're at today. 07:47 But so say a seven seventy call above it you're paying for one dollar of upside protection 07:56 for less money because you are collecting the money from the higher call that you sold. Okay. 08:03 So you're not getting as much penny for Penny of The Upside, but it is making it cheaper for you to buy that option. And how much does he paying for this? 08:13 I might have to look I mean 50 cents probably for the 670 and you might collect how much do you think Sean 20 cents for 15 to 20? Probably 15 08:22 to 20. Yeah, so effectively 35 30 to 35. For a dollar above side. Okay. So if it doesn't ever happen, then he's 08:33 still out the money. He's out 35 cents. Yeah, correct. Okay. Lane 08:40 there you are and you're in you're doing this stuff and it's still a little it's still a little over her head one of you what have you learned so far? 08:49 Well, basically that I can to me. I like puts more than I like calls because I understand I'm a little bit better and 09:00 I like knowing that you know, if I say, okay, I'm fine x amount of bushels worth puts that I've set 09:06 a floor and I know that I'm getting that for my crop right that's kind of a safety net the the call 09:12 options and especially when he gets into talking about calls and spreads and stuff. It still gets a little bit confusing for me. I understand, 09:21 you know as far as like Sell your crop and trying to buy it back and basically what you're doing is is losing the physical asset. 09:31 and buying the right to to reown it by guess is what? A sure. All right. Here's the big question. Is it making you money? 09:40 Well, yeah, I mean it's made some for yeah, I mean we I mean, I'm not gonna lie we've had one that that didn't make 09:49 money but I mean all honesty rice does a pretty good job price from people come to you and they say, hey man, I'm I'm really not good at this 09:58 you're is your job. What are you tell them? How do you start off? Saying that we aren't Market guessers because no 10:05 one knows where the market is actually going. So like Well Lane said, it's making everyone feel comfortable a if 10:11 I yes, there is a chance that corn could go to six dollars. Do we want to see that happen? No, but can we kind of minimize some 10:20 of that risk with through options? to make it make you feel safe and make you be able to sleep at night I mean with 10:29 The amount of risk that farmers have these days. It's hard to go out there and not forward sell or not. Use some kind of option to protect your 10:38 assets understood completely. So then that next one is okay. So somebody comes in and say man, I tell you what, I've never been comfortable with any of this. I just 10:47 go to the co-op or go to the my place to the green elevator and they they help me out they buy my stuff and it's all 10:53 sold. Do they need you? They need these do we need these things? I mean for us too. I know Wayne can attest to 11:02 it is we show you what this trait is doing to your on-farm profitability. We're not just giving you a blanket recommendation and not showing 11:11 you what the effect of that position is where he's like, well, we look at selling 25,000 bushels and corn goes up to 750. 11:20 How much do I lose on those bushels by doing that? We are painting that picture for them. So they are comfortable before they pull the trigger and do 11:29 it. Yeah, okay. So mmm the point is he buys a put the right to sell the half a scrap whatever the crop is for a certain amount of price and then 11:39 You also then. You've already done that just so you're guaranteed that you also do the call to protect for upside. Correct? I 11:47 mean depends on the time. I mean, you're not gonna buy it put and buy a call at the same time. Usually, you're either trying to protect your 11:53 downside or you're trying to protect your upside one of the other typically. All right Damian. It's pretty cool to 11:59 me. You know for the guy that doesn't understand it is, you know, we can talk about it all day long. 12:05 And the more you talk about it the more it's that tends to go over your head. One thing that Sylvia does is they put it into agree it 12:11 and what brought senior probability on your farm basically to the to the done guy like me if it's in the green, it's good. If 12:20 it's in the red, you know, it's bad. He shows you your upside risk in the green you're downside risk and the good in the red, you 12:26 know, you're good to bad. John is there any reason is there any reason not to do this? 12:35 There's there's definitely a time at a place for them, you know, a lot of what we look at with options with guys and 12:41 you know, you know, you see in this first-hand Lane, you know kind of having the underlying asset with them is you want the market to be moving enough in 12:50 relation to how much the option costs. You know when Bryce says, oh, you know your call your put options 45 cents, you know, we're corn seems like it's going up 12:59 10 or 20 cents every day, you know, you can probably justify that a little bit more because you're like hey a week's worth 13:05 of action covers that move but if this same option costs 45 cents and we are moving one to two cents a day. You're like, no that's that's way too much 13:14 given for how much the Market's moving so, you know the terms of volatility and that's kind of how options are priced but you know, there's definitely a Time. 13:23 Sort of Damien. It's been about a year for your lane. And are you going out of your old man saying? Hey, why were we 13:29 doing this before? Um, not really because he you know, he'll tell you which he he's done a really good job. He's kind 13:37 of our marketing guy, but he's he's still learning some of this stuff. I mean and he's been farming what 13:42 25 30 years. I mean, he's still learning. I mean, so it's it's definitely something where these guys do it every day. 13:50 For us that, you know, as Farmers have to wear a hundred different hats you learn pieces of it. 13:56 And so, you know him still learning today. You sell stuff if I wanted to sell something. I can go and probably get a contract with one of the green processors right around 14:05 here one of the ethanol plants or whatever. I can just go and sell directly to them and I can not do any of these protections all the thing. I'm doing there is I'm maybe selling it you Bryce 14:14 you would say. Hey, you know what to do that. You might be leaving money on the table. Really? That's what we're talking about, right? Yeah, and I just like what Shawn said there's a time and a 14:23 place where I know like Lane and Matt situation down there in Arkansas. I mean They get in the field a little bit early. So they 14:31 have a large positive basis for a window of time. So they're trying to take advantage of that too. Where okay, I we want to sell this now because 14:40 the basis is so attractive even if the price is lower. So therefore they can go in they can go ahead and capitalize that sell the cash grain 14:49 and then if we'd go higher then that's where we look at doing call spreads. So that's kind of where Sean saying there's a time and a place where you might not think 14:58 that you're getting the best Futures price for your grain, but the basis is so attractive you are taking advantage 15:04 of that. Yeah. So, I mean that's a great example right there. So he's saying hey man, we're getting our stuff off early and people need corn because it's you know, 15:13 it's August and we can do that here in a Delta region of Arkansas so he can go on and sell then what protections you 15:19 need if he's already sold stuff. He's already sold stuff above market price for the positive basis is he need any protections? That's where 15:25 we go back to him be like, okay. Is it worth spending 25? Events for you to for a chance of you making another dollar 15:31 or you happy with what you've made and that's it. I mean that's where it's some guys want to go extra go after that extra 75 dollar 15:40 or some guys are just happy with what they made for the year and they're done, you know talking about what Ross Lane, you know, because you 15:46 know, the another 25 cents when corn was four dollars, 25 cents. This is gonna sound bad 25 cents mint more at four dollars than it does at six. 15:56 So you've got a little bit more wiggle room to to try to capture a little bit more but also a six dollars here. You're looking at two years ago. It was four dollars. You 16:05 feel pretty good. Yeah. Well that was gonna be what I was exactly gonna say Lane is you know, what we're kind of talking about this, you know, what price is saying? Do you want more upside, 16:14 you know kind of as you're coming in through Harvest, you know with a positive basis in December of 21. 16:21 Futures ran from four dollars to almost seven, you know in a very short window of time, you know, that is the kind of why people look at calls and 16:30 call spreads is for that exact ample, you know when you're selling stuff out of the field. 16:34 But you want to make sure you're in those moves if they come that's right. So let's just do that scenario right 16:40 there Sean. He you harvested and you sold four dollar corn and I'll be damned if it didn't go up to seven within a couple months. All 16:50 right. You say to capitalize on that. What do I do? What does Lane do? Would buy a call when he sells his cash grade 16:59 to the elevator. So he sells his four dollar corn. There is has his money you and you say man. There's chances gonna 17:05 run up. And then how did what do I do then? So let's just assume that he spends what 20 cents probably around four dollars. I would guess 17:14 I'd cost maybe 20 cents. He spends 20 cents on a four dollar call option. 17:18 Price goes from four to seven so that call option now becomes worth three dollars and then when he decides to exit that option, 17:27 he sells it and then he just basically gets the difference of the money in its Edge accounts is the difference between four dollar corn and seven dollar core because 17:36 he bought it he bought the but the option to buy four dollar Corners what he sold for he bought it the option in. How long 17:42 would you would you want to put that out there? If he was doing it at Harvest time, I would say probably he'd probably want to look at maybe a may call. So maybe get 17:51 through the end of April. So you'd be about six months seven months. Correct. Okay, and so I do 17:58 all that and then I'm on the phone with you and I'm saying hey, we want them four to four fifty. I'm on 18:04 the internet for 20 cents. That means I can make 30 cents. I just go ahead and do it there. I mean obviously then you're guessing what 18:10 where it ends. But when do you tell a person you know what you've got your money you got your money and then you doubled it already. Where do you where do you where do you strike? I 18:19 would say kind of ultimately boils down to the individual clients risk tolerance, you know, there's some guys 18:25 that are gonna be a lot more upset if they miss that run where some guys are much happier with the original four dollar sale, you know, so they get just 18:34 kind of finding that blend of are you trying to capture the most out of this is she possibly can but you 18:40 also run a much higher risk of an expiring worthless, you know versus 18:46 You know just looking at it more from a return number. You gotta have money in the account for all this so then there's the issue of some cash flow. 18:56 If Lane puts 20 cents on a whole bunch of bushels. That's money that's tied up between now and and spring and he might need to have for input. So there's a little 19:05 bit of a decision to be made there, too. Yes. Yeah, and then the counter that too is where some guys going into Harvest they don't want to sell too much for tax purposes as 19:14 well. We run into that all the time. So that's why that's when you're on the flip side and you're buying puts because 19:20 you you aren't selling your cash crane now you're waiting until after the first of the year for tax purposes. So you're worried about the downside. So you're buying puts 19:29 instead of buying calls because you're worried about a price drop not a price increase. 19:34 So it just depends on what situation that you're looking in like did you come up the strategy? Do they take your input? How 19:40 does this work? Bryce came along and said, you know what you all work with me. I'm gonna I'm gonna be better for your commodity marketing 19:46 and your response was oh, you know, basically we say, well, let's try it out. That's probably one of the best decisions we made we've actually got another guy that we were we were 19:55 using before Bryce and We still use we just you know, two two opinions or more than one opinions never bad thing and 20:04 I can tell you there's one person I listen to most and that's price. Okay. So you're you're advice the person 20:13 I hear that says. Hey man, I I am all about production. I'm into ground with me but this stuff a little bit overwhelming to me. What's your advice getting a 20:19 father? I mean seriously get it advisor get somebody get somebody like Sylvia's like rice and Sean that that know what 20:28 they're doing that these guys look at this every day. Look at it all day every day, which is the other part of 20:34 this if that was my job. I would I would have to be at some Corner prescription medication if I had to sit look at 20:40 the computer screen every second of every day and it was over three cent moves on a commodity markets. I 20:46 think I would have to be on some kind of pills. What do you think Bryce? I mean, that's why we get paid to do it. I mean 20:53 it's not always three set moves either lately. That's why you kind of get 20:58 more people are paying attention when you start getting 10 to 20 cent moves, like what we've seen this year though, too. I mean 21:04 when we're singing we're seeing swing from 550 to 750 you're down it starts getting people's attention because they're 21:10 seeing their profit numbers fluctuates so much people are paying a closer attention to it. We haven't really seen those two three cent moves very 21:19 often this year. It seems like at least is there a reason not to have to put in put to use put options. I mean is you the 21:28 right to sell at a pride a guaranteed price then you can go to your bank and you can say I've got I'm gonna get 200 bushel 21:34 corn. I got all sold for six bucks. It's 1200 dollars an acre. Boom. I just I already guaranteed locked it. Why would you 21:42 Because like what you said you can get a lot of cash flow kind of tied into it as well. I mean 21:48 if you need money for inputs, you can't have a bunch of money tied up in your brokerage account or vice versa where some people that's what 21:54 mean just go and sell the cash then you You can hedge your crap in multiple different ways where we're not saying. Oh Lane you go sell 100% 22:03 of your crap in Harvest and we're gonna re-owned all of that. That's not what we're saying. Go ahead and sell what you want to sell and say if you want upside on 20% 22:12 you use options. We're not saying you're that you need to hedge your 100% of your crap using. Puts and calls. Like that's not you typically how it 22:22 works, but I can lock in a price I can lock in I can sell bushels without buying a put I can I mean right I can go down to the health and all plant and say 22:31 I'm gonna bring you corn in January for this amount and then they say great. No, it's a contract right? 22:36 Yep. Okay. Do you do that lane? Because then you'd say why do you why do you need to put? 22:43 Well, yeah, I do that, you know, we definitely sale. sales elevator, so, you know sell the different chicken feed meals whatever but it's still 22:54 it's still a way to like Bryce said you've got 20% of your your crop that you're you're setting a floor to or you're buying 23:00 back or you know, it's it's It's able to do something different with other parts of your crop. 23:08 And you're doing it at different increments too. You're not gonna go out and price 75% of your crop on on one 23:14 day say, okay, I'm gonna sell 10% today and maybe a month later we go a little bit higher. Okay, maybe instead of selling that cash. I'll just buy a few puts a 23:23 set of floor there instead of committing the bushels because who knows you might not know what yield is looking like either. 23:29 You don't want to get over sold. So it just kind of depends on on the time of year and how much risk you want on the table. We were talking like. 23:36 A spring, you know early so by now he's already done. So now what's a person do? He's finished. He's in Arkansas. That's it's September 26 when 23:45 recording this he's done. Now what? He's saying okay. We've just sold off what 20 cents in a couple days. Okay, where is 23:54 my opportunity if I'm 100% sold to maybe get back in the market on on some upside on some of my bushels that I do have sold. 24:02 Meaning by buying the cheap stuff now that we've gone over John you must your clients really understand all this do you think that they just asked you to explain it to him and 24:11 they say, okay and they not and you do that you make the decisions. I would say a fair amount of understand a difference between a put 24:17 and a call, you know any the and you know, once you get into the spreads and you know, that's where you know, like Lane said you you wear different it makes 24:26 sense when you're in the discussion, but then once it's over it kind of glasses over so I think most of them understand the difference 24:32 between a put in a call. It's just kind of finding the right time to implement them and feeling comfortable enough with that. Yeah. 24:38 I mean, I it's pretty easy you gave us the definition the farmer definition as well as the textbook definition that Parts the easy part, then it's 24:44 the issue of utilizing them and and utilizing them to make it make sense. How many of how many you think I don't know the answer to this how many of our Farms don't even 24:53 do this? How many farms do do is it half two thirds? I don't know I think more and more doing it because like what we said, I mean, we're not just talking small little 25:02 farm. Anymore, we're talking big operations. Like this is like a full-fledged company that we're trying to run. So there's more risk involved than back in 25:11 the day or I mean it's becoming the norm not not to try to feature not to trade options, but to have some kind of risk management 25:20 strategy going into Harvest or your other times of the year, but mistakes, what kind of mistakes do you see Lane? Have you made any mistakes mistakes when it comes 25:29 to doing this? Oh, yeah. Oh, you know, I'm gonna be honestly anytime you anytime you decide to actually Market your grain. 25:38 You're probably gonna make a mistake because this year this year, especially, you know, you'll say, okay. Well, let's let's lock in 25:44 a few bushels and you lock me in what's gonna go up 50 cents next day, but you can't look at it like that. It could have just as easy drop. So I mean you you want 25:53 to call that a mistake whenever it goes up, but you got to be happy with this decision made. Yeah. Yeah, right. It looks like a mistake but remember sealed thing 26:01 hindsight's 2020, but you guys Bryson Sean. I would say what Lane described it's probably the biggest mistake that I see is when guys actually do pull the 26:10 trigger on a sale and then it you know shoots up higher the day or two after that's what most people jump to buy a call because they you know, it's the fomo they feel like they missed 26:19 out on it. And usually that's kind of the worst time to make that move and it just kind of amps up the emotional pressure of the whole decision. So what should 26:28 you do? Then the moment you sell just not look at the not not look at your phone for the next couple of weeks because it's gonna make it it'll make 26:34 you all upset or should you do something at time of sale? As I would say at time of sale kind of run through the exercise. 26:40 Do I want upside on these and or do I not and just kind of make peace with that decision there? All right, so and they say, okay. I'm pulling the 26:49 trigger I'm selling it, but I'm also get myself protection. Somebody go ahead and put I'm gonna purchase a call option for the right to buy at this price. 26:55 within the next six months Correct. Yeah. Yeah good stories for me Bryce anecdotes anything like that and tell me, you know, give me a story like a 27:06 guy. Turned into a multi-billionaire because he worked with me just couldn't tell me one of those stories. Oh, yeah, I gotta 27:14 say that but you know, how many hours worse now, but I mean, I feel like just like what Lane was saying. I mean, there's a lot of emotions running through especially when 27:23 you just make like a 50,000 bushel of corn sail and we have a report the next day and we're up 30 cents. I mean, it's so easy to kick yourself and it's just like I know Kelly has 27:32 talked on some of these podcasts too where he's like, I'm not trying to hit the high on every single one of my sales but as long as I'm average or 27:41 in that two third where I'm above average than everyone else then that's where I'm happy. Like, you're not gonna guess the high every single time. It's not gonna happen. 27:50 If you did you probably wouldn't be farming because you can just be a commodity broker and that's kind of what I would say with options, you know, you are not trying to 27:59 catch the 10% of the move. You're trying to knock out. The worst half of outcomes, you know, you're buying puts you're trying to eliminate the 28:09 big move down or if you're buying a call option you're trying to protect the three dollar corn run that we have the end of 20. Yeah. I mean it's 28:18 neat. It's neat to say that we're gonna guarantee you're always gonna hit the highs or you know, Miss the lows or whatever, but the reality is 28:24 you're just you're building in you're building in your margin of error. There you go. Is there anything we didn't cover about all this? 28:32 I don't think so. I mean just for Terminology put protection downside call Protect Your upside and just kind of depends on what situation that 28:41 you're in and that time of the year whether what side of the coin you want to be on and like what Sean says there's a right time and a place to do it. I mean going into 28:50 Harvest seasonally, you don't really want to be long calls or own upside because seasonally with the Harvest pressure we tend 28:59 to sell off so that means you want downside protection. I mean just knowing the the seasonalities on when we 29:07 What typically we should be doing in the markets Granite we've had different news stories and stuff. But past couple 29:14 days. We're starting a disease and harvest pressure and we've gone down lower now. I'm not gonna say we're gonna keep doing that 29:20 but it's kind of knowing where where you're at in the seasonality of it. All right real late. Now the last word because he's after all 29:26 the extreme man guy you already gave your recommendations or anything else. They're laying that we need to make sure that people understand about this. You never got you're not gonna understand all at once. You don't understand even from taking 29:36 the class. You're gonna learn it by doing it, right? Yeah. That's right you experiences everything 29:42 You're gonna lose some you're gonna win something but you're glad you're doing it though, right? Absolutely. Well, like you 29:49 said you're the person to putting you're seeing actual results. And also you're you're running it as a business which more more organizations obviously 29:55 have to as Bryce pointed out. My name is Damian Mason. That's Sean Finley. And that is Bryce Goose. They're 30:01 joined by Lane miles far from McGee Arkansas, please share this with somebody that can benefit from this because every month the guy from Sylvia has come on we talk 30:10 about issues that relates to commodity marketing. We're gonna be covering more stuff on these very topics 30:16 as we move forward and we know sometimes it maybe not the sexiest topic. I know Farm people like talk about machinery and 30:22 yield but guess what you're running a business Farms are businesses. If you want to run like a business act like a business and if 30:28 you want to act like a business you do what we're talking about here with Sylvia's Financial. They combine crap insurance with come out 30:34 of the marketing along with navigation of government programs. That's their expertise if they if you want to find out more look up 30:40 so this financial at It's always financial.com or we're on the main social. Media's Facebook Twitter Instagram All the Above. 30:48 No tiktok videos though. I don't think Sylvia's financial.com. Check them out there Shawn Brice Lane. 30:54 Thanks so much for being here till next time. It's dami Mason with extreme AG that's a wrap for this edition of extreme 31:00 AGS cutting the curve podcast brought to you by Sylvia's Financial Sylvia's advisors show business-minded farmers how to integrate government programs 31:09 with crop insurance as well as crop and cattle marketing to achieve positive Financial outcomes. Learn more at Sylvia's financial.com.