Live at the Fair: Don Roose

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Paul Yeager: Hello and welcome to this live taping of the MToM podcast. We're at the Iowa State Fair in the Cattleman's Quarters. I'm Paul Yeager, joined with Don Roose. Don, good to have you here at the Iowa State Fair. Do you know your way around the fair?

[Roose] Hey. Thanks, Paul. I really love being at the fair. Of course, being all a, that I am. I love to come here almost every day. Also, you know, have for years.

[Yeager] You do not come to the fair every day. There is no way I am here almost every day. Almost. And I have yet to see you on the big slide. Are you telling me you don't go? Is that where I. Is that why I'm missing you? Because you're always on the slide?

[Roose] No, I prefer the fair soil, Paul. So that's where I. Yeah.

[Yeager] We are taping this at the Cattlemen's Quarters, so our thanks to them. but this is part of our 50th season. As we get ready here in a week to kick off the 50th season of market to market. we're based at Iowa PBS, so we thought we'd start. We're sitting darn close to where Mark Pearson used to hold court when he was host of the fair. What is your earliest memory of market to market, Don?

[Roose] Well, you know, of course, Chet Randolph, the first host was in our office, so I remember him, flipping a coin to see what the markets would do. You know, after that, I have some really funny stories about Mark. He was a real character, a real professional. so I remember that, you know, like yesterday, some of those things.

[Yeager] We are going to be taking other questions. If you're in the audience and you want to submit, there's Caryline out working around. She's got white cards, and we have some great questions we'll get to in a minute. we'd love to hear from you again. This is the MToM podcast. We're here to disrupt everybody's meal plans. They didn't know they were going to get a dinner and a show. What do you think, Don, of when you think back 50 years? I mean, agriculture has changed just a tiny bit in that time. What do you think's been the biggest change in agriculture since 1975?

[Roose] Well, you know, I think the number one thing is, of course, the consolidation, it's just been very it's been huge. you know, the farms back, you know, 160 acres. You could make a living on a diversified farm. And now, you know, it takes something a lot larger than that. And all, most of the farms are specialized, so I would say just the diversification and the, expansion of the farm. 

[Yeager] Big changes. Big changes in TV for us, too. We've gone through a couple of hosts, and some have that. I can go back and look at some of the questions from the 70s and 80s and they're similar. A lot of the questions in agriculture haven't changed. we've got some ones about exports, markets, prices. Sound familiar?

[Roose] Yeah. You know, it really does. And I think within all of those, the biggest thing that I see that happen is our expansion and our competition. You know, in the 70s, South America really didn't even raise soybeans. Now, there were, over two times the volume that we raised. So we've turned out we've changed from the largest producer of soybeans to, now, second.

[Yeager] And we all get together and talk when we're here, people will stop us in line. They had no idea when they got into this line that they were going to hear us, in action right here. But I've heard it from multiple people this week. I've got some people who have said I have a really good crop. I just wish I had a price for it. that they like. Are you hearing consistently? Let's talk Iowa specific here that there is a good crop, an average crop or is there another word for it?

[Roose] Well, you know, I think when you look at it, Paul, I think, you know, when you have to mow your lawn in the August and you have to wear a, coat in July, I think it tells you that, you know, you've got the right weather for a big crop. Then you have the government coming out and saying the, good to excellent ratings are historically large. So there's no evidence, Paul, that the crop is large. So, you know, I hear this a lot. Maybe we're going to have to produce our way out of, breakeven.

[Yeager] Well, the one thing Jeff French said when we had this discussion, and which I think maybe you've said on the show before, is high prices cure, high prices, low prices cure low prices. Which cure are we going to have here?

[Roose] Well, you know, I think the problem is the last time we had low prices, it took three and a half, four years to move out of that. And of course, then what that was basically from, 15, 16 all the way to 19, 20. The year 2019, 20. And, then we had the durescho in August, everything changed. And then, like you say, the supply shrank and then the demand picked up.

[Yeager] We have a lot of good questions here we're going to get to. But I'm going to start with the very hardest hitting one first. Don, we are at the Cattlemen's Quarters. There is a Mark and Gary Burger named for two, strong Iowa ag-vocates. What is your favorite burger toppings? Kylie wants to know that one, and she's what I would beef. So no, no bias in that question at all.

[Roose] Well, I guess I would have to say probably blue cheese.

[Yeager] Oh, the blue cheese on the burger.

[Roose] I think that I mean, I think that's it because I think it's dietary, but I'm not sure.

[Yeager] There's certain ways there's places this year that have done, double burgers, the smash burger, the large patty, the small patty, bacon cheeseburger egg roll. Did you have that?

[Roose] No, I tell you, I haven't, but it sounds pretty good. But I tell you, one of the things the, the taco haystack is really good here, actually. You know, the, the beef people have really come up with some creative, meals. So, you know, you have to give a lot of compliment.

[Yeager] I'm a big fan of the roast beef sandwich. And Don, by the way, he‘s just reading everything off the menu so he doesn't know what's going on. I see a hot beef sundae in front of us. Have you ever taken one of those on the tilt a Whirl?

[Roose] Oh, you're supposed to make me look good. And I'm saying.

[Yeager] Hey, I'm helping him out. Like I said, I ask you some ridiculous questions, and this would be one of them. I think, Jerry from from Malcolm in Iowa has a question that a lot of people have right now. When are we going to make money again?

[Roose] Well, you know, the one problem with the market, Paul, is, I think what you have to do is reach a level where we get low enough, where we pick up demand and then, hopefully production goes up and then hopefully the big thing and maybe it even happens this year. What we hope for is South America has a weather problem, helps us. And then next year we have better prices. So I would say right now that's the thing that we're looking forward to.

[Yeager] Don, we've talked about it, I know numerous times on the show is we're finding that the pencil is pretty sharp for a lot of these people right now. They are trying to figure out how to make things work, how to get through. Are you hearing, A, are bins empty and B, will bins get filled back up this year?

[Roose] Well, you know, that's a good question, Paul, because, you know, the number one problem that we had is this is a transition year from high prices are relatively high prices. We had the last three years. So a lot of producers were anticipating that we'd get a least one weather scare sometime this summer. And, we just didn't. So what you're leading up to is the fact that a lot of producers have too much grain on farm, and they're going to sell it before the start of the next harvest. So too much grain and too much grain moving. So that's causing a mini harvest right now. Paul.

[Yeager] I had a chance to take a drive into Missouri a couple of times this year. I've never seen northeast Missouri look so good. but then if I would take that drive north to Minnesota, I would see some fields that look good. But they've seen a whole lot of rain. What about the fringe states around Iowa that maybe aren't the corn producers that that Iowa is? What what is their story, and how is that going to contribute to this overall national discussion on corn?

[Roose] Well, if the yields are going to get smaller, it's going to have to come from the north, I think, because that was the area that we were just too wet. We started off slow. It kind of put the market on hold from starting a big push to the downside. We tried to rally on the wet weather, the slow planning, the slow development, and then, those crops have improved greatly. I think you ask people, they say we went from a crop that was below average, maybe much below average, and now back to average. And now they're starting to even get concerned. It might even be above average.

[Yeager] Isn't it crazy? We think above average is something to be concerned about.

[Roose] Well, you know that's exactly right. I mean, you know, I think it's when you're looking at an opportunity for higher prices, you know, you start to wonder.

[Yeager] I start to wonder about young farmers getting in. we talk, we see the ones with families that are here, the ones that there's heritage. Today's the day that they do Heritage Farm and Century Farms. And I asked you, you know what has changed in 50 years? What do we see in the next 50 years? For those that are with the families right now that are trying to figure out, how am I going to find my niche, how am I going to find my spot to be able to continue the legacy that I have?

[Roose] Well, you know, I think when you look at it, Paul, I've been at this a long time. I'm not going to say how long because I embarrass myself. But, you know, I think when you look at it going forward, I think it's probably going to come down to, the entries very hard, probably niche marketing, a lot of technology has change is going to continue to change. And I think there's going to be more of an opportunity to maybe work on the farm. and, remotely. And so I think maybe you can do a combination then grow from there.

[Yeager] Maybe they could add some more livestock if they could just afford to buy some livestock. Let's talk about live cattle first. Like, kind of like what we do on the show. that's always kind of tied to the economy. I think we discuss that in greater terms most weeks. What do you see a future here for live cattle? Do you like this way? Remember, this must be a friendly audience to you.

[Roose] Well, one, the good news is of all of the markets that we have in agriculture, it's actually the cattle that has the best opportunity, from a demand and supply standpoint, to create and continue a strong market. So I think the real question mark for the beef, I mean, the numbers aren't going to be there. Let's just look at next year, supplies are going to be down 4.5%. So you say, wow, those are huge prices. But the government says demand is going to be, also down 3.5%. So I think it's a balance. The government says from a price standpoint we're going to average 191 all next year. So the futures market now is running a discount. So we've kind of pulled back from those thoughts.

[Yeager] Do you get the sense that who is expanding and who is consolidating right now in this market?

[Roose] Well, you know, the person that's the big winner in this cattle market right now is the one that really has to do all the work. And that's the cow calf operation. So, you know, you when you have baby calves sold at as high as they are in yearlings, as high as they are good for the cow calf guy. But you know, you really have to watch your breakevens very close because you can buy these feeders way too high. So make sure you look at that very close.

[Yeager] You've been talking to my dad. That's the same thing he would have always said, you got to watch your breakevens. he's a long time cattle farmer, and you grew up on a dairy farm and many other things. So you have some stories from the dairy barn, right?

[Roose] Oh, I definitely do. Yep. I grew up in a town, Clarksville, and we were in a diversified operation. We had, cattle, hogs, well, not many hogs, horses, dairy cattle and then also and then grain and then also got involved in operation just cow calf out in Illinois where we did, cow calf in Illinois and grain mainly in Iowa.

[Yeager] Don, you have such a varied background, it's hard for me to keep track every time I ask, about some little part of life. You go and surprise me with another little. Oh, well, I'm into that a little bit. the one that I like to say. And I just told someone before. You're scared. What I'm about to say. Aren't you?

[Roose] I'm very scared. Because I hope you don't get out of control.

[Yeager] Why start now? And being under control? My favorite thing is we recorded the show on Friday afternoon. And a little secret, middle of the afternoon. You and I both sometimes have plans on Friday nights. It's not related to television. I do some sports on the side. but it's not uncommon to see Don running the chain gang at a football game. How did that come about?

[Roose] Yeah, I've done that for a long time for Valley, large school, the Lions Club basically does is involved in the chain. So we do the chains for Valley High School and have done that for many years.

[Yeager] It's always fun. Don was at the UNI Dome I think two years ago as I was watching the semifinals and I texting Don. I know he's not going to get the message. You actually got back to me quicker than I thought. So you played and officiated at the highest level, I guess if you want to call it that.

[Roose] Well, I would say, yeah, I was more of a spectator than anything else. I would say the chain gang is, not real instrumental on the game overall. But yeah, we do. I mean, it's fun being down on the field, seeing the the kids and I mean, actually how great the athletes are that, play football in Iowa.

[Yeager] Well, those are part of the youth. That's part of the next generation. And, John Daniels, who's an FFA advisor in Belle Plaine. I don't know if John is still here, but he says we have a record numbers of youth in the four and F and NFA. So the question is, what needs to happen from state and federal policies to actually help keep these people, coming and staying in rural Iowa and other rural states and get them to come back and farm?

[Roose] Well, you know, I think, number one, the government helps in a lot of different areas. And I think to sustain agriculture, I think if they had, you know, programs that were, more conducive to helping the young people, come back and farm and I think even a mentor program, because there's a lot of, producers that are getting a little bit more mature, a little bit older, and I think they would, like to transition. So I think, if you had a couple of those programs, a mentor program, and also a solid loan program.

[Yeager] And a solid education on commodities, where does that start for you? Where is a good place for people who might not? I mean, there's people in here eating right now, Don, that they might not understand calls and puts and hedges and and things like that. Why should everybody be in, in the know a little bit about what goes on?

[Roose] Well, I always tell people the number one thing that you can do and risk management, whether it's, you know, calls puts like you say or any other type of tools is that's a number one thing, particularly if you're just entering into the field of production. It's the one thing you can do. You don't have to, buy any more land. You don't have to buy any more machine rebuild any more bins. All you have to do is just use the knowledge that's out there. So I think it's a way, to create a better profit potential through risk management.

[Yeager] You mentioned the cow calf operation and sometimes, younger generation might start with that livestock find a different spot. We talked about live cattle feeders a little bit. Is this an opportunity right now for them they're actually taking being able to, help their bottom line with lower feed needs. Right.

[Roose] Yeah. You know, I, you know, I always look at, you know, the big cycles of things and, you know, from getting into the cow calf business right now, you know, it's very hard when you're getting in at the top end of the range. So you have to be extra cautious and make sure you do better risk management there. But you're right. You know, your question is what happens to the feed coming down. That's certainly a big help. You know, and I think that's also one of the things that can make the feeder cattle higher. So it's kind of that, inverse relationship.

[Yeager] If you want to submit your question, you still can hear at the Cattlemen's Quarters. We've got some people that have been listening. And, I know this was a couple of questions. again, let's go back. Larger economy, Derrick and Urbandale wants to know how interest rates affect our corn and bean prices?

[Roose] Well, you know, I think the big thing that the interest rates, do is they make a producer probably sell stuff, quicker than you would hope. So I think, the interest rates really increase the cost to carry it really is a big item on the break even anymore. And, so I think, people are managing the interest rates and hopefully they come back down, but, no doubt it was a cost. Wasn't much of a cost a while back, you know, just a year ago, two years ago now it's a big factor.

[Yeager] Had a question recently about the dollar, I guess interest rates in the dollar. Not the same thing. However, we hear it quite often. We need the dollar to be it helps exports if we have a weaker dollar. Kind of. Give me a little, one on one on that.

[Roose] Yeah, I think it when you look at it from a dollar standpoint, number one, crude oil around the world, your energy, trades in US dollars around the world. And, our exports, trade in US dollars. So, if you go to work and have a lower dollar, it means that you can sell more of the, buyers can buy a bigger, chunk of a product than at a high dollar. So to put it in perspective, right now, we're about 107 on the US dollar. In the 90s, we were at 75, and people thought we could go lower. So if you look at it, that's a 2,530% higher cost just from the exporter for the buyer.

[Yeager] And that adds up.

[Roose] Well, you know, it's a big deal when you're looking at competition around the world. You know, I was just going to say, Paul, when you look at it, even with our strong dollar right now, today, our corn values are about $0.31 cheaper than Brazil. They're about $0.62 cheaper than Ukraine. Those are our two big competitors. So we're very well priced right now.

[Yeager] Are you just trying to impress your family that's here?

[Roose] Well I'm. Well where are they?

[Yeager] They're behind you and they're making faces. They're not even looking at us right now because they can't hear us. That there. But I mean, where did your knowledge I mean, you mentioned years involved in this, but where did your interest start to get in, to do what you're doing?

[Roose] Well, you know, like I said, we grew up in a cow calf operation in Illinois, also a grain operation in Iowa. But, actually probably one of my mentors, it was a guy that traded on the Board of Trade, and it was about 150 miles from Chicago. And every day he would get up and he would trade in the corn pits, and every day he would get up about 4:00 in the morning and he would drive to Chicago, trade in the corn pits, and then drive back. And he had a cow calf operation. So that was, I guess, I always quizzed him on that. So, his name was John Donahoe. He passed away now, but, you know, I would say that's where it started.

[Yeager] And it has worked. You know, it's funny when you say Board of Trade, I was having a conversation, with some people about the Board of Trade and how there is no open outcry anymore. There's not people standing and flashing fingers and signs. Did you ever see that in person?

[Roose] Yeah, I definitely did, because actually we had two seats on the Board of Trade and two on the Chicago Mercantile. So, you know, I used to go in there all the time and, Yeah. So but now, like you say, it's all electronic, and I think it's probably more efficient. So, times keep changing all the time, and usually it's for the better.

[Yeager] Well, let's, let's, let's dip a little bit into that for the better computers. And there's this I mean it happened in the stock market recently where if a sign starts that there's a sell off computers, algorithms kick in. What is something who's sitting out here do to not necessarily outthink the computer, but at least try to play in that environment where they are up against a machine?

[Roose] Well, I think you're exactly right, Paul, because this momentum trading anymore algorithm trading, if you will. so you really have to have a system and actually we do where you kind of can, mimic and track where these funds are getting in and out of the market. But, you know, the more things change, the more they stay the same. I was just going to tell you when I was first in the business, there were not computers, believe it or not. And we had a clicker board at the end of the, at the end of the office. And when the markets would change, you'd see this click, click, click. So you hear all this noise. And I think that was the same thing in the pitch. You'd hear all this noise. So you know now it's algorithm traders pushing stuff around. You just have to.

[Yeager] Watch it back to knowing what your cost of profit profitability is. Where can you make money? Where can you not lose as much money, which is unfortunately, some people are stuck right now. I had a text, earlier this week from a producer who said, well, I empty the bins, I'm ready to put stuff in. Are you hearing anybody is not going to empty the bins and maybe just sell this 24 crop right on down the road before it arrives?

[Roose] Well, you know, I think, you know, it's a good question, but, you know, sometimes storage is not a friend because it makes you, hold on to a prop longer than you should. But, you know, I think the people that are whole and there are people that are holding next year's crop over, somebody is going to own about 2.1 billion bushels of corn in two weeks when the new crop year starts. So somebody, but I say for the most part, people want to clear their bins before they hit the new crop. But yeah, some people that have, let's just call it excess money, not that worried about the marketplace are probably holding on because, you know, it's getting close to below the cost of production.

[Yeager] So you see some of this corn and beans maybe going to emerge onto the market soon.

[Roose] Well, what we're actually having is a mini harvest. you know, if you look at the producer advantage is surprising. The basis is still strong, but it's weakening and it's starting to go to new crop. So, you know, most definitely I think we're having a mini harvest right now. And, you know, we had some of these other years similar to that. And we bottomed the corn and soybeans in, early September.

[Yeager] Well, sometimes when you've got that many harvest and you're trying to ship it down the road, you're looking about exports. Jimmy in Iowa Falls asked us, when will corn exports improve?

[Roose] Well, you know, actually, the largest importer of corn is, Mexico, our neighbor, about 850 million bushels. But, you know, that's a bright spot. The exports on corn actually are strong, and the government probably has it too low. And like we alluded to earlier, with the cheapest corn in the world right now. And, Brazil's basis is back firming. So they're not going to be really a competitor from September through, February. So I think our exports are going to pick up. That's going to be a demand factor. It really is going to boil down to if the producer sells at harvest or not. When does the end user buy. So it's kind of musical chairs. You're looking at each other. Who's going to blame?

[Yeager] Last year's harvest went really quick for some because there wasn't as much of a crop. But we've become very efficient. This is a harvest that could take a long time if the yields are in some places. I've heard west central Iowa north of 300 bushels to the acre Don. And I'm sure that's not alone in some places. Nobody's going to say it out loud until it's actually in the barn or in the hopper. What does an extended harvest mean in corn country?

[Roose] Well, you know, it's a good and a bad thing. You know, the number one we are we're a harvest in corn from Texas, Oklahoma coming north. So, you know, harvest is coming at us. Brazil's harvest is basically done now so that export competition is behind us. But we have a new crop coming at us. But you know, your real question is we're going to, slow the harvest down, probably, because of the North, is going to have a later harvest than the, south in the mid. So, but it is it's going to be a slugfest in some of these big years are in big, areas, you know, with the crop. So we'll see how well it is. See what the dry down is? That's going to be the key if you have to dry it down. Takes a long time.

[Yeager] Well, and those inputs have been an issue. We've discussed high inputs for a number of years here. We've seen inflation I think we saw a report that finally the inflation number dipped below year over year below 3%. What is inflation done in the field of agriculture right now?

[Roose] Well, you know, I think the big thing that's happened, inflation, just like all of us, you know, is really kicked up its heels. But in agriculture, I mean just look at it. seed keeps going up. Fertilizer keeps going up, chemicals keep going up, tractors keep going up. And you know, when you look at it, you know, the producer has one issue. And that's the fact that he, sells wholesale and buys retail. So somehow you have to go to work and narrow that gap.

[Yeager] Well, we've narrowed the gap, from us in tables there. Starting to be some free tables. Maybe they don't want to listen to us anymore. Don.

[Roose] Well, I don't know. You're pretty good, Paul. 

[Yeager] Believe it. Well, I thank you for coming. I guess I have a couple more state fair questions. I know I've seen you on the grounds for the World Pork Expo. You've been out here? you go to shows and you talk to people. Have. What's the interaction like this year compared to other years?

[Roose] Well, you know, I think actually this year, I think people are probably a little more concerned in the areas that agriculture isn't going so well, you know, in the corn, soybean production. But, you know, there's a lively, step in the cattle production here yet hog, production the same, you know, kind of concerning. So we'll see if all those things can turn around.

[Yeager] But do you like to look at the, See, you're looking at the menu. I'm looking at the antique tractors. Are there food or iron? I mean, that's the whole thing. Like some people get food and then they go look at the iron. Is that your camp or is it beverage then iron? Which one is it?

[Roose] Oh, I tell you, Paul, actually I, you know, grew up showing cattle like a lot of people. So I like to go through the cattle. But then of course, I like to look at the machinery.

[Yeager] And it's, there's so many things to do at the Iowa State Fair. And that's where we are for this Live Anton podcast. This will be a part, every Tuesday we come out with a new one of these. It's in conjunction with the TV show. We talked about 50 years of Market. You had some Mark Pearson stories.

[Yeager] I think you I think can we say those are has the statute of limitations run out on maybe your favorite?

[Roose] No. You know, I got a couple of them. Paul. He was a real character Paul, Mark was a real character. And, you know, I remember one of them. He came to the studio late. He lived  south of Des Moines, and he bent over and all of a sudden he ripped his pants. And so they told him he could not turn around. All they could do is just back into things. So, you know, that's one of them. And number one, he was on the set, ready to shoot also. And they stopped. And, somebody said that he had a pimple and they so had to come up and pop the pimple, and he said, you're not going to pop my pimple. But then probably a true one that it's a little bit sad. I was on the, show with Mark, and he always was a character. He was just before they were ready to start the, the interview, Mark leaned over to me and he said, you know what, Don? If I don't lose some weight pretty quick, he said, this is going to kill me. And unfortunately, two weeks later, he had a serious heart attack.

[Yeager] He was a guy that, cast a very large shadow on this place. And I don't mean that in the the literal sense, but in the figurative sense, there is a plaque have you seen it there? The plaque here on Grand Avenue that Mark, he hosted the Iowa PBS fair coverage for a number of years. And, and there wasn't a if you ever wanted to see, what it was like to be a member of the Beatles right around with Mark here at the fair. 

[Roose] Oh, I'm sure that's exactly right. I mean, he was a true character, but also he was a true professional. I mean, he really was. And it's just sad that he left us so early.

[Yeager] We have appreciated you over the years on the show. You go back to the Chet Randolph. We talked a little bit about that. And, we've put you on panels before, which is a little different aspect to having your own thought. You got to sit there and listen and say respectfully, I disagree or agree. What about the opinions when people do? And I love how I had somebody tell me this week, I said we were doing this. This live episode that Don wrote, that Don Roose is one of my favorites. Do you like being someone's favorite or would you rather be the villain?

[Roose] Well, you know, I guess it's hard to say. But, you know, when you're talking about the panels market, you're r right, because you have to be respectful of everybody. Because number one, everybody does have a good point of view. And we know what the markets are. It's not an exact science. So you have to listen close because you know some of those opinions are pretty good.

[Yeager] And and some of them come in and we get you can all look at a question the a differently you read the question, but you have a different way that we arrived at that answer. And but Don, the question is how high are we going to go and when are we going to hit it?

[Roose] Well, I just want to tell you, Paul, you do a very good job. You know, on Market to Market. So keep up the good work. But, you know, you never know how low low is until you get there or how high high is until you get there. But I do know this, that this is a year where it's all seasonal. And then if you get into a normal seasonality, the old adage is sell in May and walk away and it's working pretty good.

[Yeager] Well, I appreciate you. Thank you so much for the comments. Thanks for coming in to the the Iowa State Fair to work for once.

[Roose] Thank you, Paul. I knew you'd make me look good, Don.

[Yeager] You make us look good. And we thank the Iowa Beef Cattlemen's Quarters for having us here for this live discussion and disrupting everybody's lunch. Don, I hope we can still walk in this crowd and people too. They'll be okay.

[Roose] Yeah, it looks like it's a friendly crowd, so we're okay, all right?

[Yeager] We don't have to use the side exit. So that's Don Roose. This is the podcast. And we're also kicking off the 50th season of Market to market here. in a couple of weeks, we will have all sorts of good celebrations for taking the show on the road to a couple of other places. So if you listen to the MtoM,  which comes out on Tuesday, different than the TV show, we do market analysis, then the market plus and then this podcast, there's going to be lots of news that we will put in there and other taping. So maybe we'll get you for one of those big events to Don.

[Roose] I'm always willing. Paul. Thank you.

[Yeager] All right. Don Roose from U.S. Commodities. Thank you so much. And thank you for watching or listening to this live episode of the MToM. I'm Paul Yeager. Thank you so very much for watching. And we will see you next time here from the great Iowa State Fair.

Contact: Paul.Yeager@iowapbs.org