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HELLO AND WELCOME TO AT ISSUE. I AM H. WAYNE WILSON.
HELLO AND WELCOME TO AT ISSUE. I AM H. WAYNE WILSON. THANK YOU SO MUCH FOR JOINING
I AM H. WAYNE WILSON. THANK YOU SO MUCH FOR JOINING US.
THANK YOU SO MUCH FOR JOINING US. ANYONE WHO HAS GONE TO THE GRES
US. ANYONE WHO HAS GONE TO THE GRES RY STORE KNOWS THAT FOOD PRICES
ANYONE WHO HAS GONE TO THE GRES RY STORE KNOWS THAT FOOD PRICES ARE GOING UP.
RY STORE KNOWS THAT FOOD PRICES ARE GOING UP. UNFORTUNATELY, WE HAVE ONLY
ARE GOING UP. UNFORTUNATELY, WE HAVE ONLY BEGUN TO SEAT INCREASE IN FOOD
UNFORTUNATELY, WE HAVE ONLY BEGUN TO SEAT INCREASE IN FOOD PRICES.
BEGUN TO SEAT INCREASE IN FOOD PRICES. IT IS GOING TO GO EVEN HIGHER
PRICES. IT IS GOING TO GO EVEN HIGHER YET. WE WILL BE TALKING ABOUT
IT IS GOING TO GO EVEN HIGHER YET. WE WILL BE TALKING ABOUT THAT THE NEXT HALF-HOUR WITH
YET. WE WILL BE TALKING ABOUT THAT THE NEXT HALF-HOUR WITH SOME EXPERTS WHO ARE ON THE
THAT THE NEXT HALF-HOUR WITH SOME EXPERTS WHO ARE ON THE PRODUCING END OF THE FOOD CYCLE.
SOME EXPERTS WHO ARE ON THE PRODUCING END OF THE FOOD CYCLE. TO DO THAT WE HAVE INVITED DALE
PRODUCING END OF THE FOOD CYCLE. TO DO THAT WE HAVE INVITED DALE CLARY, THE PRESIDENT OF GREENE
TO DO THAT WE HAVE INVITED DALE CLARY, THE PRESIDENT OF GREENE FARM MANAGEMENT SERVICE
CLARY, THE PRESIDENT OF GREENE FARM MANAGEMENT SERVICE INCORPORATED.
FARM MANAGEMENT SERVICE INCORPORATED. THANK YOU FOR BEING HERE.
INCORPORATED. THANK YOU FOR BEING HERE. >>NO PROBLEM.
THANK YOU FOR BEING HERE. >>NO PROBLEM. >>WAYNE PEUGH IS HERE, PORK AND
>>NO PROBLEM. >>WAYNE PEUGH IS HERE, PORK AND GRAIN FARMER BASED OUT OF
>>WAYNE PEUGH IS HERE, PORK AND GRAIN FARMER BASED OUT OF DUNLAP, BUT YOU HAVE HOG FARMS
GRAIN FARMER BASED OUT OF DUNLAP, BUT YOU HAVE HOG FARMS AND GRAIN FARMS ALL OVER THE
DUNLAP, BUT YOU HAVE HOG FARMS AND GRAIN FARMS ALL OVER THE PLACE.
AND GRAIN FARMS ALL OVER THE PLACE. >>YES, FAIR ASSESSMENT, ALL OVER
PLACE. >>YES, FAIR ASSESSMENT, ALL OVER THE PLACE.
>>YES, FAIR ASSESSMENT, ALL OVER THE PLACE. >>I BELIEVE SO! (LAUGHING).
THE PLACE. >>I BELIEVE SO! (LAUGHING). >>HE IS ALSO THE IMMEDIATE PAST
>>I BELIEVE SO! (LAUGHING). >>HE IS ALSO THE IMMEDIATE PAST PRESIDENT OF THE NATIONAL PORK
>>HE IS ALSO THE IMMEDIATE PAST PRESIDENT OF THE NATIONAL PORK BOARD.
PRESIDENT OF THE NATIONAL PORK BOARD. >>YES.
BOARD. >>YES. >>AND MARK MARQUIS IS HERE.
>>YES. >>AND MARK MARQUIS IS HERE. HE IS PRESIDENT OF MARQUIS
>>AND MARK MARQUIS IS HERE. HE IS PRESIDENT OF MARQUIS ENERGY, AND MARQUIS ENERGY IS
HE IS PRESIDENT OF MARQUIS ENERGY, AND MARQUIS ENERGY IS INVOLVED IN SEVERAL DIFFERENT
ENERGY, AND MARQUIS ENERGY IS INVOLVED IN SEVERAL DIFFERENT THINGS, THE MOST NOTABLE
INVOLVED IN SEVERAL DIFFERENT THINGS, THE MOST NOTABLE RECENTLY IS THE ETHANOL PLANT UP
THINGS, THE MOST NOTABLE RECENTLY IS THE ETHANOL PLANT UP NEAR HENNEPIN.
RECENTLY IS THE ETHANOL PLANT UP NEAR HENNEPIN. >>PLEASED TO BE HERE.
NEAR HENNEPIN. >>PLEASED TO BE HERE. >>LET'S START WITH A STATEMENT
>>PLEASED TO BE HERE. >>LET'S START WITH A STATEMENT OF THE PRESIDENT OF THE UNITED
>>LET'S START WITH A STATEMENT OF THE PRESIDENT OF THE UNITED STATES, NOT TOO LONG AGO HE SAID
OF THE PRESIDENT OF THE UNITED STATES, NOT TOO LONG AGO HE SAID "WE NEED TO HAVE CERTAIN LEVELS
STATES, NOT TOO LONG AGO HE SAID "WE NEED TO HAVE CERTAIN LEVELS OF ETHANOL USE BY CERTAIN YEARS.
"WE NEED TO HAVE CERTAIN LEVELS OF ETHANOL USE BY CERTAIN YEARS. " IMMEDIATELY CORN IS A HOT
OF ETHANOL USE BY CERTAIN YEARS. " IMMEDIATELY CORN IS A HOT COMMODITY.
" IMMEDIATELY CORN IS A HOT COMMODITY. THIS MAY BE OVER SIMPLISTIC.
COMMODITY. THIS MAY BE OVER SIMPLISTIC. HOW SIGNIFICANT WAS THAT
THIS MAY BE OVER SIMPLISTIC. HOW SIGNIFICANT WAS THAT STATEMENT IN CREATING ECONOMIC
HOW SIGNIFICANT WAS THAT STATEMENT IN CREATING ECONOMIC PRESSURES ON CORN WHICH AFFECTS
STATEMENT IN CREATING ECONOMIC PRESSURES ON CORN WHICH AFFECTS GRAIN FOR HOGS AND FORCAST ~L, ,
PRESSURES ON CORN WHICH AFFECTS GRAIN FOR HOGS AND FORCAST ~L, , ETCETERA.
GRAIN FOR HOGS AND FORCAST ~L, , ETCETERA. IS THAT THE KEY TO
ETCETERA. IS THAT THE KEY TO THIS?
IS THAT THE KEY TO THIS? WHAT ELSE FALLS INTO THIS MIX?
THIS? WHAT ELSE FALLS INTO THIS MIX? >> CERTAINLY THE COST OF GRAIN,
WHAT ELSE FALLS INTO THIS MIX? >> CERTAINLY THE COST OF GRAIN, FEED GRAIN INPUTS AND LIVESTOCK
>> CERTAINLY THE COST OF GRAIN, FEED GRAIN INPUTS AND LIVESTOCK ENTERPRISE ARE MAJORITY,
FEED GRAIN INPUTS AND LIVESTOCK ENTERPRISE ARE MAJORITY, PROBABLY TWO-THIRDS OR MORE.
ENTERPRISE ARE MAJORITY, PROBABLY TWO-THIRDS OR MORE. SO AS WE ESCALATE THE PRICE OF
PROBABLY TWO-THIRDS OR MORE. SO AS WE ESCALATE THE PRICE OF CORN AND OR BYPRODUCT OF
SO AS WE ESCALATE THE PRICE OF CORN AND OR BYPRODUCT OF SOYBEANS, WITH SOYBEANS MEAL,
CORN AND OR BYPRODUCT OF SOYBEANS, WITH SOYBEANS MEAL, THAT SIGNIFICANTLY IMPACTS OUR
SOYBEANS, WITH SOYBEANS MEAL, THAT SIGNIFICANTLY IMPACTS OUR COST OF PRODUCTION, THE
THAT SIGNIFICANTLY IMPACTS OUR COST OF PRODUCTION, THE LIVESTOCK INDUSTRY.
COST OF PRODUCTION, THE LIVESTOCK INDUSTRY. AND WE WILL EVENTUALLY WILL BE
LIVESTOCK INDUSTRY. AND WE WILL EVENTUALLY WILL BE PASSED ALONG TO THE CONSUMER OR
AND WE WILL EVENTUALLY WILL BE PASSED ALONG TO THE CONSUMER OR WE WON'T HAVE THAT PROTEIN
PASSED ALONG TO THE CONSUMER OR WE WON'T HAVE THAT PROTEIN SOURCE OF OUR GROCERY STORE
WE WON'T HAVE THAT PROTEIN SOURCE OF OUR GROCERY STORE SHELVES.
SOURCE OF OUR GROCERY STORE SHELVES. >>AM I HEARING TWO-THIRDS OF THE
SHELVES. >>AM I HEARING TWO-THIRDS OF THE FEED GRAIN?SING YOUR HOGS IS IN
>>AM I HEARING TWO-THIRDS OF THE FEED GRAIN?SING YOUR HOGS IS IN >> THAT'S CORRECT.
FEED GRAIN?SING YOUR HOGS IS IN >> THAT'S CORRECT. YES.
>> THAT'S CORRECT. YES. >> SO THE PRICE OF CORN HAS GONE
YES. >> SO THE PRICE OF CORN HAS GONE FROM.
>> SO THE PRICE OF CORN HAS GONE FROM. >>$2.50 A BUSHEL A COUPLE YEARS
FROM. >>$2.50 A BUSHEL A COUPLE YEARS AGO.
>>$2.50 A BUSHEL A COUPLE YEARS AGO. >>TO 5:50.
AGO. >>TO 5:50. >>MORE THAN DOUBLED.
>>TO 5:50. >>MORE THAN DOUBLED. >>THAT'S CORRECT.
>>MORE THAN DOUBLED. >>THAT'S CORRECT. >>THAT PUTS ECONOMIC STRESS ON
>>THAT'S CORRECT. >>THAT PUTS ECONOMIC STRESS ON YOU. YOU ARE ALSO A GRAIN
>>THAT PUTS ECONOMIC STRESS ON YOU. YOU ARE ALSO A GRAIN FARMER, YOU ARE HAPPY ABOUT THE
YOU. YOU ARE ALSO A GRAIN FARMER, YOU ARE HAPPY ABOUT THE CORN, BUT NOT SO HAPPY ABOUT THE
FARMER, YOU ARE HAPPY ABOUT THE CORN, BUT NOT SO HAPPY ABOUT THE COST OF FEEDING YOUR HOG.
CORN, BUT NOT SO HAPPY ABOUT THE COST OF FEEDING YOUR HOG. IN THE SHORT TERM, IT CERTAINLY
COST OF FEEDING YOUR HOG. IN THE SHORT TERM, IT CERTAINLY PUTS A BIG STRAIN ON OUR
IN THE SHORT TERM, IT CERTAINLY PUTS A BIG STRAIN ON OUR FINANCES BECAUSE SUDDENLY THE
PUTS A BIG STRAIN ON OUR FINANCES BECAUSE SUDDENLY THE TOTAL DOLLARS THAT TOOK US FOR
FINANCES BECAUSE SUDDENLY THE TOTAL DOLLARS THAT TOOK US FOR PRODUCTION COSTS HAVE MORE THAN
TOTAL DOLLARS THAT TOOK US FOR PRODUCTION COSTS HAVE MORE THAN DOUBLED -- OR ALMOST RIGHT AT
PRODUCTION COSTS HAVE MORE THAN DOUBLED -- OR ALMOST RIGHT AT DOUBLED BECAUSE SOME OF OUR
DOUBLED -- OR ALMOST RIGHT AT DOUBLED BECAUSE SOME OF OUR OTHER COSTS HAVEN'T WENT UP
DOUBLED BECAUSE SOME OF OUR OTHER COSTS HAVEN'T WENT UP QUITE THAT MUCH.
OTHER COSTS HAVEN'T WENT UP QUITE THAT MUCH. WE PROBABLY JUST ABOUT DOUBLED
QUITE THAT MUCH. WE PROBABLY JUST ABOUT DOUBLED THOSE COSTS.
WE PROBABLY JUST ABOUT DOUBLED THOSE COSTS. AND AT THE SAME TIME, THE
THOSE COSTS. AND AT THE SAME TIME, THE LIVESTOCK BUSINESS, SHORT TERM
AND AT THE SAME TIME, THE LIVESTOCK BUSINESS, SHORT TERM PHENOMENON, THE PRICE WE RECEIVE
LIVESTOCK BUSINESS, SHORT TERM PHENOMENON, THE PRICE WE RECEIVE FOR LIVESTOCK ACTUALLY WENT DOWN
PHENOMENON, THE PRICE WE RECEIVE FOR LIVESTOCK ACTUALLY WENT DOWN OF WE HAVE GOT A HIGHER INPUT
FOR LIVESTOCK ACTUALLY WENT DOWN OF WE HAVE GOT A HIGHER INPUT COST, AND LOWER COST THAT WE ARE
OF WE HAVE GOT A HIGHER INPUT COST, AND LOWER COST THAT WE ARE RECEIVING AS WE MARKET THOSE
COST, AND LOWER COST THAT WE ARE RECEIVING AS WE MARKET THOSE ANIMALS.
RECEIVING AS WE MARKET THOSE ANIMALS. >> BUT WHAT IS GOING TO HAPPEN
ANIMALS. >> BUT WHAT IS GOING TO HAPPEN LONG RUN FOR HOG PRICE?
>> BUT WHAT IS GOING TO HAPPEN LONG RUN FOR HOG PRICE? PORK?
LONG RUN FOR HOG PRICE? PORK? >> ANY FREE ENTERPRISE ECONOMY
PORK? >> ANY FREE ENTERPRISE ECONOMY LIKE WE HAVE IN THE UNITED
>> ANY FREE ENTERPRISE ECONOMY LIKE WE HAVE IN THE UNITED STATES, EVENTUALLY THOSE COSTS
LIKE WE HAVE IN THE UNITED STATES, EVENTUALLY THOSE COSTS CATCH UP, AND THEN THERE WILL BE
STATES, EVENTUALLY THOSE COSTS CATCH UP, AND THEN THERE WILL BE A PERIOD OF RETURN TO KEEP THAT
CATCH UP, AND THEN THERE WILL BE A PERIOD OF RETURN TO KEEP THAT INDUSTRY -- IF THAT INDUSTRY IS
A PERIOD OF RETURN TO KEEP THAT INDUSTRY -- IF THAT INDUSTRY IS GOING TO SURVIVE.
INDUSTRY -- IF THAT INDUSTRY IS GOING TO SURVIVE. BUT, YOU HAVE GOT TO GET
GOING TO SURVIVE. BUT, YOU HAVE GOT TO GET THROUGHOUT SHORT TERM TO GET TO
BUT, YOU HAVE GOT TO GET THROUGHOUT SHORT TERM TO GET TO THE LONGER TERM RETURNS.
THROUGHOUT SHORT TERM TO GET TO THE LONGER TERM RETURNS. >>I MENTIONED THE ETHANOL AT THE
THE LONGER TERM RETURNS. >>I MENTIONED THE ETHANOL AT THE BEGINNING ONLY BECAUSE GEORGE
>>I MENTIONED THE ETHANOL AT THE BEGINNING ONLY BECAUSE GEORGE BUSH IS PRESIDENT OF OF THE
BEGINNING ONLY BECAUSE GEORGE BUSH IS PRESIDENT OF OF THE UNITED STATES, A HIGH PROFILE
BUSH IS PRESIDENT OF OF THE UNITED STATES, A HIGH PROFILE INDIVIDUAL, AND PEOPLE HEAR
UNITED STATES, A HIGH PROFILE INDIVIDUAL, AND PEOPLE HEAR ABOUT THOSE THINGS.
INDIVIDUAL, AND PEOPLE HEAR ABOUT THOSE THINGS. RIGHT AWAY THEY POINT A FINGER
ABOUT THOSE THINGS. RIGHT AWAY THEY POINT A FINGER AND SAY "ETHANOL, WITH THE
RIGHT AWAY THEY POINT A FINGER AND SAY "ETHANOL, WITH THE PRESIDENT SAYING WE ARE GOING TO
AND SAY "ETHANOL, WITH THE PRESIDENT SAYING WE ARE GOING TO HAVE BIGGER COMMITTMENT TO
PRESIDENT SAYING WE ARE GOING TO HAVE BIGGER COMMITTMENT TO ETHANOL, ETHANOL IS SPIKING CORN
HAVE BIGGER COMMITTMENT TO ETHANOL, ETHANOL IS SPIKING CORN BROOIS PRICES , ETCETERA."
ETHANOL, ETHANOL IS SPIKING CORN BROOIS PRICES , ETCETERA." BUT IT IS NOT THAT SIM.
BROOIS PRICES , ETCETERA." BUT IT IS NOT THAT SIM. I THINK THERE IS A LITTLE BIT OF
BUT IT IS NOT THAT SIM. I THINK THERE IS A LITTLE BIT OF A MISCONCEPTION AMONG THE
I THINK THERE IS A LITTLE BIT OF A MISCONCEPTION AMONG THE CITIZEN ON THE STREET, AND MAYBE
A MISCONCEPTION AMONG THE CITIZEN ON THE STREET, AND MAYBE IT HAS COME THROUGHOUT MEDIA TO
CITIZEN ON THE STREET, AND MAYBE IT HAS COME THROUGHOUT MEDIA TO SOME DEGREE.
IT HAS COME THROUGHOUT MEDIA TO SOME DEGREE. I THINK ETHANOL ITSELF, WHILE IT
SOME DEGREE. I THINK ETHANOL ITSELF, WHILE IT HAS BEEN PROLIFIC IN ITS
I THINK ETHANOL ITSELF, WHILE IT HAS BEEN PROLIFIC IN ITS INCREASE THIS PRODUCTION OVER
HAS BEEN PROLIFIC IN ITS INCREASE THIS PRODUCTION OVER THE LAST COUPLE OF YEARS, THE
INCREASE THIS PRODUCTION OVER THE LAST COUPLE OF YEARS, THE TIMING HAS MATCHED UP WITH THE
THE LAST COUPLE OF YEARS, THE TIMING HAS MATCHED UP WITH THE CORN HAS GONE FROM $2.50 OR 5.50
TIMING HAS MATCHED UP WITH THE CORN HAS GONE FROM $2.50 OR 5.50 PER BUSHEL.
CORN HAS GONE FROM $2.50 OR 5.50 PER BUSHEL. ETHANOL PRODUCTION IS MAYBE
PER BUSHEL. ETHANOL PRODUCTION IS MAYBE FOURTH DOWN ON THE LIST
ETHANOL PRODUCTION IS MAYBE FOURTH DOWN ON THE LIST IMPORTANT REASONS WHY CORN HAS
IMPORTANT REASONS WHY CORN HAS INCREASED IN VALUE. I THINK MORE IMPORTANTLY AND THE
INCREASED IN VALUE. I THINK MORE IMPORTANTLY AND THE LARGER REASONING BEHIND
I THINK MORE IMPORTANTLY AND THE LARGER REASONING BEHIND ESCALATION OF CORN PRICES THAT
LARGER REASONING BEHIND ESCALATION OF CORN PRICES THAT THE WEAK DOLLAR HAS MADE IT TO
ESCALATION OF CORN PRICES THAT THE WEAK DOLLAR HAS MADE IT TO WHERE THE FOREIGN BUYERS ARE
THE WEAK DOLLAR HAS MADE IT TO WHERE THE FOREIGN BUYERS ARE ABLE TO PAY VIRTUALLY DOUBLE IN
WHERE THE FOREIGN BUYERS ARE ABLE TO PAY VIRTUALLY DOUBLE IN U.S. CURRENCY FOR BUSHEL OF CORN
ABLE TO PAY VIRTUALLY DOUBLE IN U.S. CURRENCY FOR BUSHEL OF CORN WHAT THEY COULD A COUPLE YEARS
U.S. CURRENCY FOR BUSHEL OF CORN WHAT THEY COULD A COUPLE YEARS AGO, AND, YET, THAT VALUES THE
WHAT THEY COULD A COUPLE YEARS AGO, AND, YET, THAT VALUES THE SAME IN THEIR CURRENCY.
AGO, AND, YET, THAT VALUES THE SAME IN THEIR CURRENCY. WEAKENED DOLLAR HAS DRIVEN THE
SAME IN THEIR CURRENCY. WEAKENED DOLLAR HAS DRIVEN THE CORN PRICE UP.
WEAKENED DOLLAR HAS DRIVEN THE CORN PRICE UP. SECONDLY, THE FUNDS HAVE COME IN
CORN PRICE UP. SECONDLY, THE FUNDS HAVE COME IN AND WANTED TO INVEST IN
SECONDLY, THE FUNDS HAVE COME IN AND WANTED TO INVEST IN COMMODITIES BECAUSE THEY HAVEN'T
AND WANTED TO INVEST IN COMMODITIES BECAUSE THEY HAVEN'T BEEN INVESTING AS MUCH IN THE
COMMODITIES BECAUSE THEY HAVEN'T BEEN INVESTING AS MUCH IN THE STOCK MARKET, THEY HAVEN'T BEEN
BEEN INVESTING AS MUCH IN THE STOCK MARKET, THEY HAVEN'T BEEN INEST VOAFTING AS MUCH IN HOME
STOCK MARKET, THEY HAVEN'T BEEN INEST VOAFTING AS MUCH IN HOME MORTGAGES AND BONDS WITH LOW
INEST VOAFTING AS MUCH IN HOME MORTGAGES AND BONDS WITH LOW INTEREST RATES.
MORTGAGES AND BONDS WITH LOW INTEREST RATES. THEY HAVE BROUGHT A LOT OF THEIR
INTEREST RATES. THEY HAVE BROUGHT A LOT OF THEIR FUNDS INTO CRUDE OIL, GASOLINE,
THEY HAVE BROUGHT A LOT OF THEIR FUNDS INTO CRUDE OIL, GASOLINE, CORN, WHEAT, I THINK THOSE ARE
FUNDS INTO CRUDE OIL, GASOLINE, CORN, WHEAT, I THINK THOSE ARE FREED THE LARGER PERIMETERS,
CORN, WHEAT, I THINK THOSE ARE FREED THE LARGER PERIMETERS, ETHANOL, WHAT IS NOT UNDERSTOOD,
FREED THE LARGER PERIMETERS, ETHANOL, WHAT IS NOT UNDERSTOOD, WE GROW 15 BILLION OF BUSHELS IN
ETHANOL, WHAT IS NOT UNDERSTOOD, WE GROW 15 BILLION OF BUSHELS IN CORN IN THE U.S., AND THREE
WE GROW 15 BILLION OF BUSHELS IN CORN IN THE U.S., AND THREE BILLION GOES THROUGH AN ETHANOL
CORN IN THE U.S., AND THREE BILLION GOES THROUGH AN ETHANOL PLANT.
BILLION GOES THROUGH AN ETHANOL PLANT. AND ONLY FOUR, FIVE YEARS AGO,
PLANT. AND ONLY FOUR, FIVE YEARS AGO, WE WERE ONLY PRODUCING TEN
AND ONLY FOUR, FIVE YEARS AGO, WE WERE ONLY PRODUCING TEN BILLION BUSHELS OF CORN.
WE WERE ONLY PRODUCING TEN BILLION BUSHELS OF CORN. I THINK MAYBE IN A SENSE ETHANOL
BILLION BUSHELS OF CORN. I THINK MAYBE IN A SENSE ETHANOL HAS GOTTEN A RAP FOR THE
I THINK MAYBE IN A SENSE ETHANOL HAS GOTTEN A RAP FOR THE INCREASE IN FOOD PRICES OR
HAS GOTTEN A RAP FOR THE INCREASE IN FOOD PRICES OR INCREASE IN CORN PRICE, ANYWAY,
INCREASE IN FOOD PRICES OR INCREASE IN CORN PRICE, ANYWAY, AND PROBABLY MORE RELEVANT
INCREASE IN CORN PRICE, ANYWAY, AND PROBABLY MORE RELEVANT REASONS THAN ETHANOL PLANTS.
AND PROBABLY MORE RELEVANT REASONS THAN ETHANOL PLANTS. >>THEN, OF COURSE, THE GIANT
REASONS THAN ETHANOL PLANTS. >>THEN, OF COURSE, THE GIANT THAT IS SITTING OUT THERE,
>>THEN, OF COURSE, THE GIANT THAT IS SITTING OUT THERE, DEMAND, CHINA, INDIA, AND
THAT IS SITTING OUT THERE, DEMAND, CHINA, INDIA, AND PARTICULAR REASON IT IS
DEMAND, CHINA, INDIA, AND PARTICULAR REASON IT IS HAPPENING, THEY ARE TURNING TO A
PARTICULAR REASON IT IS HAPPENING, THEY ARE TURNING TO A PROTEIN, HIGHER PROTEIN DIET.
HAPPENING, THEY ARE TURNING TO A PROTEIN, HIGHER PROTEIN DIET. >>IT IS DRIVEN, AS YOU SEE, IN
PROTEIN, HIGHER PROTEIN DIET. >>IT IS DRIVEN, AS YOU SEE, IN EACH HE THOSE COUNTRIES, IF YOU
>>IT IS DRIVEN, AS YOU SEE, IN EACH HE THOSE COUNTRIES, IF YOU VISIT THEIR ECONOMIC IMPROVEMENT
EACH HE THOSE COUNTRIES, IF YOU VISIT THEIR ECONOMIC IMPROVEMENT IN DIFFERENT CLASSES OF THE
VISIT THEIR ECONOMIC IMPROVEMENT IN DIFFERENT CLASSES OF THE PEOPLE, MORE PEOPLE ARE GETTING
IN DIFFERENT CLASSES OF THE PEOPLE, MORE PEOPLE ARE GETTING MORE AFFLUENT, THEY HAVE MORE
PEOPLE, MORE PEOPLE ARE GETTING MORE AFFLUENT, THEY HAVE MORE MONEY, THAT THEREFORE, THE
MORE AFFLUENT, THEY HAVE MORE MONEY, THAT THEREFORE, THE DEMAND FOR PROTEIN.
MONEY, THAT THEREFORE, THE DEMAND FOR PROTEIN. WITH OUR CHEAP DOLLAR AS MARK
DEMAND FOR PROTEIN. WITH OUR CHEAP DOLLAR AS MARK SAID, THERE IS MORE COUNTRIES IN
WITH OUR CHEAP DOLLAR AS MARK SAID, THERE IS MORE COUNTRIES IN THE WORLD COMPETING FOR THE SAME
SAID, THERE IS MORE COUNTRIES IN THE WORLD COMPETING FOR THE SAME PRODUCTS.
THE WORLD COMPETING FOR THE SAME PRODUCTS. THERE HAS BEEN SOME CROP
PRODUCTS. THERE HAS BEEN SOME CROP PROBLEMS LIKE IN AUSTRALIA,
THERE HAS BEEN SOME CROP PROBLEMS LIKE IN AUSTRALIA, THERE HAS BEEN DRY WEATHER,
PROBLEMS LIKE IN AUSTRALIA, THERE HAS BEEN DRY WEATHER, DROUGHT.
THERE HAS BEEN DRY WEATHER, DROUGHT. SO THE WHEAT CROP IN THE U.S. IS
DROUGHT. SO THE WHEAT CROP IN THE U.S. IS 60 YEAR LOW SUPPLY WISE.
SO THE WHEAT CROP IN THE U.S. IS 60 YEAR LOW SUPPLY WISE. THAT WILL OBVIOUSLY DRIEST
60 YEAR LOW SUPPLY WISE. THAT WILL OBVIOUSLY DRIEST MARKET.
THAT WILL OBVIOUSLY DRIEST MARKET. CHEAP DOLLAR, AND YOU GET THE
MARKET. CHEAP DOLLAR, AND YOU GET THE SPECULATORS ON TOP OF THAT, THE
CHEAP DOLLAR, AND YOU GET THE SPECULATORS ON TOP OF THAT, THE MARKET MAYBE GOES A LITTLE
SPECULATORS ON TOP OF THAT, THE MARKET MAYBE GOES A LITTLE HIGHER THAN MAYBE WHAT IT
MARKET MAYBE GOES A LITTLE HIGHER THAN MAYBE WHAT IT SHOULD.
HIGHER THAN MAYBE WHAT IT SHOULD. >>YOU MENTIONED WHEAT.
SHOULD. >>YOU MENTIONED WHEAT. LET'S TALK ABOUT THAT A LITTLE
>>YOU MENTIONED WHEAT. LET'S TALK ABOUT THAT A LITTLE BIT.
LET'S TALK ABOUT THAT A LITTLE BIT. AT THE SAME TIME THERE WAS A BAD
BIT. AT THE SAME TIME THERE WAS A BAD CROP IN AMERICA, AUSTRALIA COMES
AT THE SAME TIME THERE WAS A BAD CROP IN AMERICA, AUSTRALIA COMES UP WITH A BAD CROP.
CROP IN AMERICA, AUSTRALIA COMES UP WITH A BAD CROP. I WAS TALKING TO PIZZA MAKER
UP WITH A BAD CROP. I WAS TALKING TO PIZZA MAKER JUST THE OTHER DAY.
I WAS TALKING TO PIZZA MAKER JUST THE OTHER DAY. I THINK I WAS TALKING OVER A
JUST THE OTHER DAY. I THINK I WAS TALKING OVER A PIZZA! HIS PRICE A YEAR AGO WAS
I THINK I WAS TALKING OVER A PIZZA! HIS PRICE A YEAR AGO WAS $9.50 FOR 50-POUND BAG.
PIZZA! HIS PRICE A YEAR AGO WAS $9.50 FOR 50-POUND BAG. IT WAS 34 .50 I BELIEVE MOST
$9.50 FOR 50-POUND BAG. IT WAS 34 .50 I BELIEVE MOST RECENTLY, A WEEK OR TWO AGO.
IT WAS 34 .50 I BELIEVE MOST RECENTLY, A WEEK OR TWO AGO. THAT IS AN INCREASE THAT PIZZA
RECENTLY, A WEEK OR TWO AGO. THAT IS AN INCREASE THAT PIZZA MANUFACTURERS OR PIZZA MAKERS
THAT IS AN INCREASE THAT PIZZA MANUFACTURERS OR PIZZA MAKERS CANNOT TOLERATE.
MANUFACTURERS OR PIZZA MAKERS CANNOT TOLERATE. >> WELL, AND I SENSE THAT PEOPLE
CANNOT TOLERATE. >> WELL, AND I SENSE THAT PEOPLE HAVE THE CONCERN OVER THE
>> WELL, AND I SENSE THAT PEOPLE HAVE THE CONCERN OVER THE INCREASE IN THE GRAIN PRICE, BUT
HAVE THE CONCERN OVER THE INCREASE IN THE GRAIN PRICE, BUT I THINK IN THE WHOLE GROCERY
INCREASE IN THE GRAIN PRICE, BUT I THINK IN THE WHOLE GROCERY BILL SCHEME, WE SEE THAT ONLY
I THINK IN THE WHOLE GROCERY BILL SCHEME, WE SEE THAT ONLY 20% GOES ACTUALLY TO THE GROWER
BILL SCHEME, WE SEE THAT ONLY 20% GOES ACTUALLY TO THE GROWER OF THE FOOD DOLLAR.
20% GOES ACTUALLY TO THE GROWER OF THE FOOD DOLLAR. SO, THE TRANSPORTATION COSTS,
OF THE FOOD DOLLAR. SO, THE TRANSPORTATION COSTS, LABOR COSTS, TO BRING THE FOOD
SO, THE TRANSPORTATION COSTS, LABOR COSTS, TO BRING THE FOOD PRODUCTS TO MARKET ARE PART OF
LABOR COSTS, TO BRING THE FOOD PRODUCTS TO MARKET ARE PART OF THE WHOLE INCREASE SITUATION.
PRODUCTS TO MARKET ARE PART OF THE WHOLE INCREASE SITUATION. >>LET'S TALK A LITTLE BIT ABOUT
THE WHOLE INCREASE SITUATION. >>LET'S TALK A LITTLE BIT ABOUT THIS WITH YOUR FARM, WAYNE.
>>LET'S TALK A LITTLE BIT ABOUT THIS WITH YOUR FARM, WAYNE. WHAT KINDS OF INCREASES HAVE YOU
THIS WITH YOUR FARM, WAYNE. WHAT KINDS OF INCREASES HAVE YOU SEEN IN ROUGH TERMS IN FUEL, IN
WHAT KINDS OF INCREASES HAVE YOU SEEN IN ROUGH TERMS IN FUEL, IN FERTILIZER, , ETCETERA?
SEEN IN ROUGH TERMS IN FUEL, IN FERTILIZER, , ETCETERA? >> I THINK, IN GENERAL, AND
FERTILIZER, , ETCETERA? >> I THINK, IN GENERAL, AND PROBABLY OUR AUDIENCE CAN BEST
>> I THINK, IN GENERAL, AND PROBABLY OUR AUDIENCE CAN BEST RELATE TO WHAT THEY ARE PAYING
PROBABLY OUR AUDIENCE CAN BEST RELATE TO WHAT THEY ARE PAYING FOR FUEL AT THE SERVICE STATION
RELATE TO WHAT THEY ARE PAYING FOR FUEL AT THE SERVICE STATION FOR GAS FOR THEIR CAR OR ENERGY
FOR FUEL AT THE SERVICE STATION FOR GAS FOR THEIR CAR OR ENERGY TO HEAT OR LIGHT THEIR HOME.
FOR GAS FOR THEIR CAR OR ENERGY TO HEAT OR LIGHT THEIR HOME. I DON'T HAVE THE NUMBERS IN
TO HEAT OR LIGHT THEIR HOME. I DON'T HAVE THE NUMBERS IN FRONT OF ME, BUT I AM GUESSING
I DON'T HAVE THE NUMBERS IN FRONT OF ME, BUT I AM GUESSING IN ROUGH NUMBERS THAT'S PROBABLY
FRONT OF ME, BUT I AM GUESSING IN ROUGH NUMBERS THAT'S PROBABLY JUST ABOUT DOUBLED IN THE PAST
IN ROUGH NUMBERS THAT'S PROBABLY JUST ABOUT DOUBLED IN THE PAST YEAR AND A HALF.
JUST ABOUT DOUBLED IN THE PAST YEAR AND A HALF. OVER ALL, I THINK A LOT OF OUR
YEAR AND A HALF. OVER ALL, I THINK A LOT OF OUR INPUT COSTS FALL RIGHT IN LINE
OVER ALL, I THINK A LOT OF OUR INPUT COSTS FALL RIGHT IN LINE WITH THAT, MORE BETWEEN ONE AND
INPUT COSTS FALL RIGHT IN LINE WITH THAT, MORE BETWEEN ONE AND A HALF AND TWO TIMES WHAT THEY
WITH THAT, MORE BETWEEN ONE AND A HALF AND TWO TIMES WHAT THEY WERE A YEAR AND A HALF, TWO
A HALF AND TWO TIMES WHAT THEY WERE A YEAR AND A HALF, TWO YEARS AGO.
WERE A YEAR AND A HALF, TWO YEARS AGO. SO PRETTY MUCH ACROSS THE BOARD
YEARS AGO. SO PRETTY MUCH ACROSS THE BOARD AND AFFECTING IT NO DIFFERENT
SO PRETTY MUCH ACROSS THE BOARD AND AFFECTING IT NO DIFFERENT THAN IT IS A LOT OF OTHER PEOPLE
AND AFFECTING IT NO DIFFERENT THAN IT IS A LOT OF OTHER PEOPLE AND A LOT OF OTHER BUSINESSES.
THAN IT IS A LOT OF OTHER PEOPLE AND A LOT OF OTHER BUSINESSES. >>WITH HOGS, YOU HAVE A LOT OF
AND A LOT OF OTHER BUSINESSES. >>WITH HOGS, YOU HAVE A LOT OF COST IN ENERGY?
>>WITH HOGS, YOU HAVE A LOT OF COST IN ENERGY? >> CERTAINLY TO HEAT, VENTILATE
COST IN ENERGY? >> CERTAINLY TO HEAT, VENTILATE THE BUILDINGS AND SO FORTH,
>> CERTAINLY TO HEAT, VENTILATE THE BUILDINGS AND SO FORTH, ENERGY IS A SIGNIFICANT PART OF
THE BUILDINGS AND SO FORTH, ENERGY IS A SIGNIFICANT PART OF IT.
ENERGY IS A SIGNIFICANT PART OF IT. TRANSPORTATION OF THE ANIMALS,
IT. TRANSPORTATION OF THE ANIMALS, TRANSPORTATION OF THE FEED TO
TRANSPORTATION OF THE ANIMALS, TRANSPORTATION OF THE FEED TO GET TO THE ANIMALS, OBVIOUSLY
TRANSPORTATION OF THE FEED TO GET TO THE ANIMALS, OBVIOUSLY THOSE COSTS ESCALATED AT THE
GET TO THE ANIMALS, OBVIOUSLY THOSE COSTS ESCALATED AT THE SAME RATE TRANSPORTATION COSTS
THOSE COSTS ESCALATED AT THE SAME RATE TRANSPORTATION COSTS HAVE.
SAME RATE TRANSPORTATION COSTS HAVE. >>FERTILIZER FOR THE GRAIN?
HAVE. >>FERTILIZER FOR THE GRAIN? >> FERTILIZER FOR THE GRAIN
>>FERTILIZER FOR THE GRAIN? >> FERTILIZER FOR THE GRAIN INPUT SIDE OF THE FARM,
>> FERTILIZER FOR THE GRAIN INPUT SIDE OF THE FARM, ANHYDROUS PRICES HAVE AT LEAST
INPUT SIDE OF THE FARM, ANHYDROUS PRICES HAVE AT LEAST DOUBLED IN THE PAST TWO YEARS.
ANHYDROUS PRICES HAVE AT LEAST DOUBLED IN THE PAST TWO YEARS. AGAIN, IT IS REAL ACROSS THE
DOUBLED IN THE PAST TWO YEARS. AGAIN, IT IS REAL ACROSS THE BOARD INCREASES THAT HAVE OFFSET
AGAIN, IT IS REAL ACROSS THE BOARD INCREASES THAT HAVE OFFSET FOR THOSE WHO THINK THE FARMER
BOARD INCREASES THAT HAVE OFFSET FOR THOSE WHO THINK THE FARMER AT FIVE-DOLLAR CORN CERTAINLY
FOR THOSE WHO THINK THE FARMER AT FIVE-DOLLAR CORN CERTAINLY DOUBLED HIS INCOME, PROBABLY NOT
AT FIVE-DOLLAR CORN CERTAINLY DOUBLED HIS INCOME, PROBABLY NOT TRUE BECAUSE A LOT OF HIS INPUT
DOUBLED HIS INCOME, PROBABLY NOT TRUE BECAUSE A LOT OF HIS INPUT COSTS HAVE ESCALATED
TRUE BECAUSE A LOT OF HIS INPUT COSTS HAVE ESCALATED PROPORTIONATELY.
COSTS HAVE ESCALATED PROPORTIONATELY. >>LET'S TURN TO DALE AND TALK
PROPORTIONATELY. >>LET'S TURN TO DALE AND TALK ABOUT LAND PRICES.
>>LET'S TURN TO DALE AND TALK ABOUT LAND PRICES. FOR THOSE OF YOU WHO ARE NOT
ABOUT LAND PRICES. FOR THOSE OF YOU WHO ARE NOT FAMILIAR WITH HIM, HE HANDLES
FOR THOSE OF YOU WHO ARE NOT FAMILIAR WITH HIM, HE HANDLES FARM LAND.
FAMILIAR WITH HIM, HE HANDLES FARM LAND. >>RIGHT.
FARM LAND. >>RIGHT. MANAGE LAND FOR ABSENTEE OWNERS
>>RIGHT. MANAGE LAND FOR ABSENTEE OWNERS AND SELL REAL ESTATE.
MANAGE LAND FOR ABSENTEE OWNERS AND SELL REAL ESTATE. THE REAL ESTATE MARKET WAS
AND SELL REAL ESTATE. THE REAL ESTATE MARKET WAS PARTLY DRIVEN UP UNTIL THE END
THE REAL ESTATE MARKET WAS PARTLY DRIVEN UP UNTIL THE END OF 2006 BY 1031 LIKE KIND
PARTLY DRIVEN UP UNTIL THE END OF 2006 BY 1031 LIKE KIND EXCHANGES WHICH WAS DRIVEN THE
OF 2006 BY 1031 LIKE KIND EXCHANGES WHICH WAS DRIVEN THE BY HOUSING MARKET.
EXCHANGES WHICH WAS DRIVEN THE BY HOUSING MARKET. >>EXPLAIN 1031 FOR THE AWED
BY HOUSING MARKET. >>EXPLAIN 1031 FOR THE AWED YENS.
>>EXPLAIN 1031 FOR THE AWED YENS. >>1031 IS WHERE YOU CAN SELL A
YENS. >>1031 IS WHERE YOU CAN SELL A PROPERTY AND TRADE IT, YOU DELAY
>>1031 IS WHERE YOU CAN SELL A PROPERTY AND TRADE IT, YOU DELAY YOUR TAXES.
PROPERTY AND TRADE IT, YOU DELAY YOUR TAXES. YOU ROLL IT FROM LIKE KIND, LIKE
YOUR TAXES. YOU ROLL IT FROM LIKE KIND, LIKE FROM A FARM TO ANOTHER FARM.
YOU ROLL IT FROM LIKE KIND, LIKE FROM A FARM TO ANOTHER FARM. THAT MONEY IF YOU SELL 80 ACRES,
FROM A FARM TO ANOTHER FARM. THAT MONEY IF YOU SELL 80 ACRES, 20,000, BUT THEN YOU BUY FARM
THAT MONEY IF YOU SELL 80 ACRES, 20,000, BUT THEN YOU BUY FARM GROUND AT 5,000, YOU WOULD BUY
20,000, BUT THEN YOU BUY FARM GROUND AT 5,000, YOU WOULD BUY MORE ACRES.
GROUND AT 5,000, YOU WOULD BUY MORE ACRES. IT HAS BEEN DOWNSTATE IS THE
MORE ACRES. IT HAS BEEN DOWNSTATE IS THE MOVEMENT.
IT HAS BEEN DOWNSTATE IS THE MOVEMENT. WITH THAT, THE HOUSING MARKET IS
MOVEMENT. WITH THAT, THE HOUSING MARKET IS SLOWING DOWN.
WITH THAT, THE HOUSING MARKET IS SLOWING DOWN. THE DEVELOPERS OBVIOUSLY STOPPED
SLOWING DOWN. THE DEVELOPERS OBVIOUSLY STOPPED BUYING FARMS OUTSIDE OF THE
THE DEVELOPERS OBVIOUSLY STOPPED BUYING FARMS OUTSIDE OF THE SUBURBS.
BUYING FARMS OUTSIDE OF THE SUBURBS. AT THE SAME TIME, THE GRAIN
SUBURBS. AT THE SAME TIME, THE GRAIN MARKET START TODAY TAKE OFF DUE
AT THE SAME TIME, THE GRAIN MARKET START TODAY TAKE OFF DUE TO THE TIGHTNESS AND THE WORLD
MARKET START TODAY TAKE OFF DUE TO THE TIGHTNESS AND THE WORLD SITUATION, THE LOW DOLLAR.
TO THE TIGHTNESS AND THE WORLD SITUATION, THE LOW DOLLAR. INVESTMENT PEOPLE, AGAIN, LIKE
SITUATION, THE LOW DOLLAR. INVESTMENT PEOPLE, AGAIN, LIKE MARK SAID, STARTED TO SHY AWAY
INVESTMENT PEOPLE, AGAIN, LIKE MARK SAID, STARTED TO SHY AWAY FROM THE STOCK MARKET A LITTLE
MARK SAID, STARTED TO SHY AWAY FROM THE STOCK MARKET A LITTLE BIT, BUYING HARD ASSETS WHERE
FROM THE STOCK MARKET A LITTLE BIT, BUYING HARD ASSETS WHERE THEY COULD TOUCH IT, SEE IT, GO
BIT, BUYING HARD ASSETS WHERE THEY COULD TOUCH IT, SEE IT, GO VISIT IT, IF SOMETHING WENT BAD,
THEY COULD TOUCH IT, SEE IT, GO VISIT IT, IF SOMETHING WENT BAD, THE AG ECONOMY, THEY STILL HAD
VISIT IT, IF SOMETHING WENT BAD, THE AG ECONOMY, THEY STILL HAD THAT PRODUCT VERSUS A COMPANY.
THE AG ECONOMY, THEY STILL HAD THAT PRODUCT VERSUS A COMPANY. IF THE COMPANY IS BAD, PAPER AND
THAT PRODUCT VERSUS A COMPANY. IF THE COMPANY IS BAD, PAPER AND STOCKS ARE GONE, AND YOU ARE
IF THE COMPANY IS BAD, PAPER AND STOCKS ARE GONE, AND YOU ARE DONE FOREVER.
STOCKS ARE GONE, AND YOU ARE DONE FOREVER. EARLY 2007, PEOPLE MAKING GOOD
DONE FOREVER. EARLY 2007, PEOPLE MAKING GOOD MONEY AT WHATEVER THEY DO
EARLY 2007, PEOPLE MAKING GOOD MONEY AT WHATEVER THEY DO STARTED INVEST IN FARM GROUND.
MONEY AT WHATEVER THEY DO STARTED INVEST IN FARM GROUND. FARMERS STARTED TO COME BACK IN
STARTED INVEST IN FARM GROUND. FARMERS STARTED TO COME BACK IN THE MARKET WITH THE SHORT TERM
FARMERS STARTED TO COME BACK IN THE MARKET WITH THE SHORT TERM IDEA THAT GRAIN PRICES ARE HIGH
THE MARKET WITH THE SHORT TERM IDEA THAT GRAIN PRICES ARE HIGH OTHER, THAT HELPS DRIVE THE
IDEA THAT GRAIN PRICES ARE HIGH OTHER, THAT HELPS DRIVE THE PRICE UP.
OTHER, THAT HELPS DRIVE THE PRICE UP. INCOME WAS INCREASING DUE TO THE
PRICE UP. INCOME WAS INCREASING DUE TO THE HIGHER MARKET.
INCOME WAS INCREASING DUE TO THE HIGHER MARKET. SO IN REACTION TO THAT, PEOPLE
HIGHER MARKET. SO IN REACTION TO THAT, PEOPLE ARE WILLING TO PAY MORE BASED ON
SO IN REACTION TO THAT, PEOPLE ARE WILLING TO PAY MORE BASED ON THEY THINK IT WILL BE A LONG
ARE WILLING TO PAY MORE BASED ON THEY THINK IT WILL BE A LONG TERM SITUATION.
THEY THINK IT WILL BE A LONG TERM SITUATION. AS WE WENT THROUGH 2007, LAND
TERM SITUATION. AS WE WENT THROUGH 2007, LAND PRICES INCREASED ON THE AVERAGE
AS WE WENT THROUGH 2007, LAND PRICES INCREASED ON THE AVERAGE ABOUT 16% FOR FARM GROUND.
PRICES INCREASED ON THE AVERAGE ABOUT 16% FOR FARM GROUND. WE HAVE GOTTEN IN 2008, WE ARE
ABOUT 16% FOR FARM GROUND. WE HAVE GOTTEN IN 2008, WE ARE STARTING TO SEE ANOTHER JUMP
WE HAVE GOTTEN IN 2008, WE ARE STARTING TO SEE ANOTHER JUMP PARTLY DUE TO THE HIGH GRAIN
STARTING TO SEE ANOTHER JUMP PARTLY DUE TO THE HIGH GRAIN PRICES.
PARTLY DUE TO THE HIGH GRAIN PRICES. MOST OF THE LAND THAT HAS BEEN
PRICES. MOST OF THE LAND THAT HAS BEEN BOUGHT OR FARM GROUND BOUGHT IN
MOST OF THE LAND THAT HAS BEEN BOUGHT OR FARM GROUND BOUGHT IN THE LAST FOUR OR FIVE YEARS, WAS
BOUGHT OR FARM GROUND BOUGHT IN THE LAST FOUR OR FIVE YEARS, WAS PAID FOR, VERY LITTLE MONEY WAS
THE LAST FOUR OR FIVE YEARS, WAS PAID FOR, VERY LITTLE MONEY WAS BORROWED TO BUY IT.
PAID FOR, VERY LITTLE MONEY WAS BORROWED TO BUY IT. WE NOW ARE ENTERING APPEARED
BORROWED TO BUY IT. WE NOW ARE ENTERING APPEARED WHERE THEY ARE STARTING TO BE
WE NOW ARE ENTERING APPEARED WHERE THEY ARE STARTING TO BE SOME BORROWING OR LOANS PUT ON
WHERE THEY ARE STARTING TO BE SOME BORROWING OR LOANS PUT ON THE FARM GROUND.
SOME BORROWING OR LOANS PUT ON THE FARM GROUND. SOME SPECULATIVE, PROBABLY, THE
THE FARM GROUND. SOME SPECULATIVE, PROBABLY, THE ETHANOL BUSINESS, ALTERNATIVE
SOME SPECULATIVE, PROBABLY, THE ETHANOL BUSINESS, ALTERNATIVE FUELS, TIGHTNESS IN THE WORLD,
ETHANOL BUSINESS, ALTERNATIVE FUELS, TIGHTNESS IN THE WORLD, CHINA, INDIA, THOSE ECONOMIES
FUELS, TIGHTNESS IN THE WORLD, CHINA, INDIA, THOSE ECONOMIES CONTINUING TO GROW, THAT THIS IS
CHINA, INDIA, THOSE ECONOMIES CONTINUING TO GROW, THAT THIS IS GOING TO BE A TEN, 15 YEAR TYPE
CONTINUING TO GROW, THAT THIS IS GOING TO BE A TEN, 15 YEAR TYPE PERIOD VERSUS A TWO OR THREE
GOING TO BE A TEN, 15 YEAR TYPE PERIOD VERSUS A TWO OR THREE YEAR BLIP.
PERIOD VERSUS A TWO OR THREE YEAR BLIP. >>YOU MENTIONED 167% INCREASE IN
YEAR BLIP. >>YOU MENTIONED 167% INCREASE IN 2007.
>>YOU MENTIONED 167% INCREASE IN 2007. HOW MUCH OF AN ACRE OF FARM LAND
2007. HOW MUCH OF AN ACRE OF FARM LAND SELLING FOR NOW?
HOW MUCH OF AN ACRE OF FARM LAND SELLING FOR NOW? >> RIGHT NOW ICS YOU CAN
SELLING FOR NOW? >> RIGHT NOW ICS YOU CAN CONSISTENTLY FIND FOR THE TOP
>> RIGHT NOW ICS YOU CAN CONSISTENTLY FIND FOR THE TOP QUALITY, THE BEST YOU CAN BUY,
CONSISTENTLY FIND FOR THE TOP QUALITY, THE BEST YOU CAN BUY, $7,000 SALES OR SOME ABOVE THAT,
QUALITY, THE BEST YOU CAN BUY, $7,000 SALES OR SOME ABOVE THAT, AND THAT'S AN INCREASE IN 2005
$7,000 SALES OR SOME ABOVE THAT, AND THAT'S AN INCREASE IN 2005 WE WERE PROBABLY 5,000.
AND THAT'S AN INCREASE IN 2005 WE WERE PROBABLY 5,000. FARM GROUND NORMAL INCOME HAS
WE WERE PROBABLY 5,000. FARM GROUND NORMAL INCOME HAS KIND OF BEEN TWO TO FOUR PERCENT
FARM GROUND NORMAL INCOME HAS KIND OF BEEN TWO TO FOUR PERCENT AREA RETURN IF YOU ARE VERY
KIND OF BEEN TWO TO FOUR PERCENT AREA RETURN IF YOU ARE VERY EFFICIENT WHICH FARMERS HAVE HAD
AREA RETURN IF YOU ARE VERY EFFICIENT WHICH FARMERS HAVE HAD TO BE MORE EFFICIENT OVER THE
EFFICIENT WHICH FARMERS HAVE HAD TO BE MORE EFFICIENT OVER THE YEARS BECAUSE GRAIN PRICES FROM
TO BE MORE EFFICIENT OVER THE YEARS BECAUSE GRAIN PRICES FROM '790-2006 TRADED IN VERY SMALL
YEARS BECAUSE GRAIN PRICES FROM '790-2006 TRADED IN VERY SMALL RANGE.
'790-2006 TRADED IN VERY SMALL RANGE. I REMEMBER GETTING OUT OF
RANGE. I REMEMBER GETTING OUT OF COLLEGE IN '73, WE SOLD TWELVE
I REMEMBER GETTING OUT OF COLLEGE IN '73, WE SOLD TWELVE DOLLAR BEANS.
COLLEGE IN '73, WE SOLD TWELVE DOLLAR BEANS. IT HAS TAKEN UNTIL 2008 TO DO IT
DOLLAR BEANS. IT HAS TAKEN UNTIL 2008 TO DO IT AGAIN.
IT HAS TAKEN UNTIL 2008 TO DO IT AGAIN. >> LET'S TALK ABOUT THE LAND
AGAIN. >> LET'S TALK ABOUT THE LAND PRICE AND HOW IT IMPACTS YOU.
>> LET'S TALK ABOUT THE LAND PRICE AND HOW IT IMPACTS YOU. YOU RENT SOME OF YOUR LAND?
PRICE AND HOW IT IMPACTS YOU. YOU RENT SOME OF YOUR LAND? >> YES, WE DO.
YOU RENT SOME OF YOUR LAND? >> YES, WE DO. >>OBVIOUSLY RENT PRICE WILL
>> YES, WE DO. >>OBVIOUSLY RENT PRICE WILL FOLLOW THE PRICE OF FARM LAND
>>OBVIOUSLY RENT PRICE WILL FOLLOW THE PRICE OF FARM LAND AND GO UP WHICH WILL INCREASE
FOLLOW THE PRICE OF FARM LAND AND GO UP WHICH WILL INCREASE THE COST OF PLANTING BEANS AND
AND GO UP WHICH WILL INCREASE THE COST OF PLANTING BEANS AND CORN.
THE COST OF PLANTING BEANS AND CORN. HOW MUCH DO YOU RENT PERCENTAGE
CORN. HOW MUCH DO YOU RENT PERCENTAGE WISE?
HOW MUCH DO YOU RENT PERCENTAGE WISE? >> WE PROBABLY RENT 80% OF THE
WISE? >> WE PROBABLY RENT 80% OF THE GROUND THAT WE FARM.
>> WE PROBABLY RENT 80% OF THE GROUND THAT WE FARM. >>80%?
GROUND THAT WE FARM. >>80%? >> PROBABLY.
>>80%? >> PROBABLY. >>IS THAT TYPICAL OF A FARMER?
>> PROBABLY. >>IS THAT TYPICAL OF A FARMER? >> I WOULD SAY THAT IS TYPICAL
>>IS THAT TYPICAL OF A FARMER? >> I WOULD SAY THAT IS TYPICAL BECAUSE MOST FARMERS CAN'T OWN
>> I WOULD SAY THAT IS TYPICAL BECAUSE MOST FARMERS CAN'T OWN ALL THE LAND THEY FARM TO
BECAUSE MOST FARMERS CAN'T OWN ALL THE LAND THEY FARM TO PRODUCE -- TO MAKE A DECENT
ALL THE LAND THEY FARM TO PRODUCE -- TO MAKE A DECENT LIVING.
PRODUCE -- TO MAKE A DECENT LIVING. I WOULD SAY AT LEAST HALF TO
LIVING. I WOULD SAY AT LEAST HALF TO 80% -- MANY FARMERS RENT A
I WOULD SAY AT LEAST HALF TO 80% -- MANY FARMERS RENT A HUNDRED PERCENT.
80% -- MANY FARMERS RENT A HUNDRED PERCENT. >> SO YOUR PRICE OF RENT HAS OR
HUNDRED PERCENT. >> SO YOUR PRICE OF RENT HAS OR WILL GO UP?
>> SO YOUR PRICE OF RENT HAS OR WILL GO UP? >> YES.
WILL GO UP? >> YES. IT HAS WENT UP EACH OF THE LAST
>> YES. IT HAS WENT UP EACH OF THE LAST YEARS, AND I WOULD CERTAINLY
IT HAS WENT UP EACH OF THE LAST YEARS, AND I WOULD CERTAINLY ANTICIPATE NEXT YEAR GOING UP
YEARS, AND I WOULD CERTAINLY ANTICIPATE NEXT YEAR GOING UP AGAIN.
ANTICIPATE NEXT YEAR GOING UP AGAIN. AGAIN, THOSE NUMBERS ARE GOING
AGAIN. AGAIN, THOSE NUMBERS ARE GOING TO REFLECT, LIKE DALE SAID, LAND
AGAIN, THOSE NUMBERS ARE GOING TO REFLECT, LIKE DALE SAID, LAND HISTORICALLY HAS GIVEN PEOPLE
TO REFLECT, LIKE DALE SAID, LAND HISTORICALLY HAS GIVEN PEOPLE THREE OR FOUR PERCENT RETURN ON
HISTORICALLY HAS GIVEN PEOPLE THREE OR FOUR PERCENT RETURN ON THEIR MONEY.
THREE OR FOUR PERCENT RETURN ON THEIR MONEY. SO AS THAT LAND PRICE GOES UP,
THEIR MONEY. SO AS THAT LAND PRICE GOES UP, THEY ARE GOING TO CONTINUE TO
SO AS THAT LAND PRICE GOES UP, THEY ARE GOING TO CONTINUE TO EXPECT CASH FLOW BASIS SOME
THEY ARE GOING TO CONTINUE TO EXPECT CASH FLOW BASIS SOME RETURN TO THE DOLLARS THEY HAVE
EXPECT CASH FLOW BASIS SOME RETURN TO THE DOLLARS THEY HAVE INVESTED.
RETURN TO THE DOLLARS THEY HAVE INVESTED. THAT WILL GO UP PROBABLY NOT --
INVESTED. THAT WILL GO UP PROBABLY NOT -- PROBABLY PROPORTIONATE TO LAND
THAT WILL GO UP PROBABLY NOT -- PROBABLY PROPORTIONATE TO LAND PRICE AND NOT PROPORTIONATE TO
PROBABLY PROPORTIONATE TO LAND PRICE AND NOT PROPORTIONATE TO THE INPUT.
PRICE AND NOT PROPORTIONATE TO THE INPUT. I THINK THE INPUTS ARE GOING TO,
THE INPUT. I THINK THE INPUTS ARE GOING TO, IN TERMS OF FERTILIZERS, AND
I THINK THE INPUTS ARE GOING TO, IN TERMS OF FERTILIZERS, AND SEEDS, ARE GOING TO GO UP AT A
IN TERMS OF FERTILIZERS, AND SEEDS, ARE GOING TO GO UP AT A FASTER RATE MORE LIKELY THAN THE
SEEDS, ARE GOING TO GO UP AT A FASTER RATE MORE LIKELY THAN THE LAND RENTAL VALUE.
FASTER RATE MORE LIKELY THAN THE LAND RENTAL VALUE. IT IS A MUCH MORE STABLE
LAND RENTAL VALUE. IT IS A MUCH MORE STABLE COMMODITY.
IT IS A MUCH MORE STABLE COMMODITY. WE ARE SEEING SO MANY VOLATILITY
COMMODITY. WE ARE SEEING SO MANY VOLATILITY IN THE MARKETS, WHETHER THE
WE ARE SEEING SO MANY VOLATILITY IN THE MARKETS, WHETHER THE FERTILIZER MARKET BECAUSE OF THE
IN THE MARKETS, WHETHER THE FERTILIZER MARKET BECAUSE OF THE WORLD DEMAND NOW FOR FERTILIZER
FERTILIZER MARKET BECAUSE OF THE WORLD DEMAND NOW FOR FERTILIZER OR, AGAIN, GRAIN MARKETS,
WORLD DEMAND NOW FOR FERTILIZER OR, AGAIN, GRAIN MARKETS, LIVESTOCK MARKETS, WE PUT A LOT
OR, AGAIN, GRAIN MARKETS, LIVESTOCK MARKETS, WE PUT A LOT MORE VOLATILITY PEEKS AND VAL IS
LIVESTOCK MARKETS, WE PUT A LOT MORE VOLATILITY PEEKS AND VAL IS IN THOSE PRICES IN THE LAST FEW
MORE VOLATILITY PEEKS AND VAL IS IN THOSE PRICES IN THE LAST FEW MONTHS THAN WE HAVE SEEN IN A
IN THOSE PRICES IN THE LAST FEW MONTHS THAN WE HAVE SEEN IN A LONG TIME.
MONTHS THAN WE HAVE SEEN IN A LONG TIME. WITH THE VOL AT THIS'S
LONG TIME. WITH THE VOL AT THIS'S OCCURRING, IS IT POSSIBLE TO
WITH THE VOL AT THIS'S OCCURRING, IS IT POSSIBLE TO EVEN LOOK AT HOW MUCH FOOD
OCCURRING, IS IT POSSIBLE TO EVEN LOOK AT HOW MUCH FOOD PRICES ARE GOING TO GO UP IN THE
EVEN LOOK AT HOW MUCH FOOD PRICES ARE GOING TO GO UP IN THE FUTURE?
PRICES ARE GOING TO GO UP IN THE FUTURE? YOU WE ALREADY KNOW THEY HAVE
FUTURE? YOU WE ALREADY KNOW THEY HAVE GONE UP ESPECIALLY FOR DAIRY
YOU WE ALREADY KNOW THEY HAVE GONE UP ESPECIALLY FOR DAIRY PRODUCTS.
GONE UP ESPECIALLY FOR DAIRY PRODUCTS. WE HAVE ALREADY SEEN A GOOD
PRODUCTS. WE HAVE ALREADY SEEN A GOOD SPIKE IN DAIRY PRODUCTS, IN
WE HAVE ALREADY SEEN A GOOD SPIKE IN DAIRY PRODUCTS, IN BREAD.
SPIKE IN DAIRY PRODUCTS, IN BREAD. BUT IN HOGS, CATTLE?
BREAD. BUT IN HOGS, CATTLE? >> THE MAJOR PART OF THAT IS YET
BUT IN HOGS, CATTLE? >> THE MAJOR PART OF THAT IS YET TO COME.
>> THE MAJOR PART OF THAT IS YET TO COME. AS WE WORK IN THIS GLOBAL
TO COME. AS WE WORK IN THIS GLOBAL ECONOMY, WE SEE PARTS OF THE
AS WE WORK IN THIS GLOBAL ECONOMY, WE SEE PARTS OF THE GLOBAL ECONOMY WITH FOOD PRICES
ECONOMY, WE SEE PARTS OF THE GLOBAL ECONOMY WITH FOOD PRICES THAT HAVE SPIKED, AND PROBABLY
GLOBAL ECONOMY WITH FOOD PRICES THAT HAVE SPIKED, AND PROBABLY DOUBLED IN THE PAST FEW MONTHS.
THAT HAVE SPIKED, AND PROBABLY DOUBLED IN THE PAST FEW MONTHS. WE CERTAINLY HAVEN'T SEEN THAT
DOUBLED IN THE PAST FEW MONTHS. WE CERTAINLY HAVEN'T SEEN THAT HERE DOMESTIC CALLY.
WE CERTAINLY HAVEN'T SEEN THAT HERE DOMESTIC CALLY. BUT I THINK YOUR PROTEINS AND
HERE DOMESTIC CALLY. BUT I THINK YOUR PROTEINS AND VEGETABLE PRICES, I THINK WE
BUT I THINK YOUR PROTEINS AND VEGETABLE PRICES, I THINK WE WILL CONTINUE TO SEE THOSE
VEGETABLE PRICES, I THINK WE WILL CONTINUE TO SEE THOSE PRICES GO UP SIGNIFICANTLY OVER
WILL CONTINUE TO SEE THOSE PRICES GO UP SIGNIFICANTLY OVER THE NEXT YEAR, AND TO TRY TO PUT
PRICES GO UP SIGNIFICANTLY OVER THE NEXT YEAR, AND TO TRY TO PUT A DOLLAR AMOUNT ON IT IS
THE NEXT YEAR, AND TO TRY TO PUT A DOLLAR AMOUNT ON IT IS PROBABLY LOOKING INTO THE
A DOLLAR AMOUNT ON IT IS PROBABLY LOOKING INTO THE CRYSTAL BALL.
PROBABLY LOOKING INTO THE CRYSTAL BALL. IF WE WENT UP TEN PERCENT IN THE
CRYSTAL BALL. IF WE WENT UP TEN PERCENT IN THE PAST SEVERAL MONTHS ON FOOD
IF WE WENT UP TEN PERCENT IN THE PAST SEVERAL MONTHS ON FOOD PRICE, I WOULD CERTAINLY THINK
PAST SEVERAL MONTHS ON FOOD PRICE, I WOULD CERTAINLY THINK THEY COULD EXPECT ANOTHER 20,
PRICE, I WOULD CERTAINLY THINK THEY COULD EXPECT ANOTHER 20, 30% OVER THE NEXT TWELVE MONTHS.
THEY COULD EXPECT ANOTHER 20, 30% OVER THE NEXT TWELVE MONTHS. >>LET'S TURN TO MARK AGAIN AND
30% OVER THE NEXT TWELVE MONTHS. >>LET'S TURN TO MARK AGAIN AND TALK ABOUT -- EVERY ONE LOOKS AT
>>LET'S TURN TO MARK AGAIN AND TALK ABOUT -- EVERY ONE LOOKS AT ETHANOL AND SAYS, OKAY, WE ADD
TALK ABOUT -- EVERY ONE LOOKS AT ETHANOL AND SAYS, OKAY, WE ADD THAT TO OUR GASOLINE.
ETHANOL AND SAYS, OKAY, WE ADD THAT TO OUR GASOLINE. IT RUNS OUR AUTOMOBILES.
THAT TO OUR GASOLINE. IT RUNS OUR AUTOMOBILES. BUT THERE IS AN IMPORTANT
IT RUNS OUR AUTOMOBILES. BUT THERE IS AN IMPORTANT BYPRODUCT THAT ACTUALLY HELPS?
BUT THERE IS AN IMPORTANT BYPRODUCT THAT ACTUALLY HELPS? >> RIGHT THERE. MIGHT BE A
BYPRODUCT THAT ACTUALLY HELPS? >> RIGHT THERE. MIGHT BE A MISCONCEPTION FOR THE CITIZEN ON
>> RIGHT THERE. MIGHT BE A MISCONCEPTION FOR THE CITIZEN ON STREET IF WE TAKE A BUSHEL OF
MISCONCEPTION FOR THE CITIZEN ON STREET IF WE TAKE A BUSHEL OF CORN AND TAKE TO AN ETHANOL
STREET IF WE TAKE A BUSHEL OF CORN AND TAKE TO AN ETHANOL PLANT, AND ONLY GET FUEL FROM
CORN AND TAKE TO AN ETHANOL PLANT, AND ONLY GET FUEL FROM IT.
PLANT, AND ONLY GET FUEL FROM IT. WHEN WE TAKE A BURN ELF CORN, A
IT. WHEN WE TAKE A BURN ELF CORN, A THIRD IS MADE INTO A BUY PRO
WHEN WE TAKE A BURN ELF CORN, A THIRD IS MADE INTO A BUY PRO DUFNLGHT AT THE PLANT WE TAKE
THIRD IS MADE INTO A BUY PRO DUFNLGHT AT THE PLANT WE TAKE THE STARCH OUT AND THAT'S WHAT
DUFNLGHT AT THE PLANT WE TAKE THE STARCH OUT AND THAT'S WHAT MAKES THE FUEL.
THE STARCH OUT AND THAT'S WHAT MAKES THE FUEL. THAT'S THE ETHANOL THAT GOES
MAKES THE FUEL. THAT'S THE ETHANOL THAT GOES INTO OUR TANK.
THAT'S THE ETHANOL THAT GOES INTO OUR TANK. AND I THINK WHAT WE REALLY ARE
INTO OUR TANK. AND I THINK WHAT WE REALLY ARE LOOKING FOR HERE IS PROBABLY
AND I THINK WHAT WE REALLY ARE LOOKING FOR HERE IS PROBABLY SOME BALANCE.
LOOKING FOR HERE IS PROBABLY SOME BALANCE. IF WE THINK ABOUT MAYBE WE BUY A
SOME BALANCE. IF WE THINK ABOUT MAYBE WE BUY A GALLON OF MILK EVERY WEEK, AND
IF WE THINK ABOUT MAYBE WE BUY A GALLON OF MILK EVERY WEEK, AND THAT'S GONE UP A DOLLAR, BUT
GALLON OF MILK EVERY WEEK, AND THAT'S GONE UP A DOLLAR, BUT MAYBE WE BUY 20 GALLONS OF
THAT'S GONE UP A DOLLAR, BUT MAYBE WE BUY 20 GALLONS OF GASOLINE EVERY WEEK AND IT HAS
MAYBE WE BUY 20 GALLONS OF GASOLINE EVERY WEEK AND IT HAS GONE UP A DOLLAR.
GASOLINE EVERY WEEK AND IT HAS GONE UP A DOLLAR. ONE GONE UP $20 A WEEK, AND ONE
GONE UP A DOLLAR. ONE GONE UP $20 A WEEK, AND ONE HAS GONE UP A DOLLAR A WEEK.
ONE GONE UP $20 A WEEK, AND ONE HAS GONE UP A DOLLAR A WEEK. I THINK AN IMPORTANT AND
HAS GONE UP A DOLLAR A WEEK. I THINK AN IMPORTANT AND THOROUGH ANALYSIS OF FOOD COSTS
I THINK AN IMPORTANT AND THOROUGH ANALYSIS OF FOOD COSTS AND FUEL COSTS WE NEED TO HAVE
THOROUGH ANALYSIS OF FOOD COSTS AND FUEL COSTS WE NEED TO HAVE OUR CORN USED BOTH AS FUEL
AND FUEL COSTS WE NEED TO HAVE OUR CORN USED BOTH AS FUEL PRODUCT AND AS A FOOD PRODUCT.
OUR CORN USED BOTH AS FUEL PRODUCT AND AS A FOOD PRODUCT. IT HAS BEEN DONE BY THE DDG,
PRODUCT AND AS A FOOD PRODUCT. IT HAS BEEN DONE BY THE DDG, DRIED DISTILLERS GRAIN
IT HAS BEEN DONE BY THE DDG, DRIED DISTILLERS GRAIN INSOLUABLES IS THE FEED PRODUCT
DRIED DISTILLERS GRAIN INSOLUABLES IS THE FEED PRODUCT THAT COMES OUT OF THE ETHANOL
INSOLUABLES IS THE FEED PRODUCT THAT COMES OUT OF THE ETHANOL PLANT.
THAT COMES OUT OF THE ETHANOL PLANT. IT IS SOLD TO PORK PRODUCERS AND
PLANT. IT IS SOLD TO PORK PRODUCERS AND CATTLE PRODUCERS AS A
IT IS SOLD TO PORK PRODUCERS AND CATTLE PRODUCERS AS A REPLACEMENT FOR THE SHELLED CORN
CATTLE PRODUCERS AS A REPLACEMENT FOR THE SHELLED CORN THEY WERE PREVIOUSLY USING.
REPLACEMENT FOR THE SHELLED CORN THEY WERE PREVIOUSLY USING. BUT KIND OF LOOKING FOR A
THEY WERE PREVIOUSLY USING. BUT KIND OF LOOKING FOR A BALANCE WHERE WE ADD TO THE FUEL
BUT KIND OF LOOKING FOR A BALANCE WHERE WE ADD TO THE FUEL SUPPLY.
BALANCE WHERE WE ADD TO THE FUEL SUPPLY. WE USE 140 BILLION GALLONS OF
SUPPLY. WE USE 140 BILLION GALLONS OF GASOLINE IN CARS IN THE U.S. IN
WE USE 140 BILLION GALLONS OF GASOLINE IN CARS IN THE U.S. IN A YEAR.
GASOLINE IN CARS IN THE U.S. IN A YEAR. RIGHT NOW, 7 OR
A YEAR. RIGHT NOW, 7 OR 8 BILLION GALLONS OF ETHANOL IS
RIGHT NOW, 7 OR 8 BILLION GALLONS OF ETHANOL IS A PORTION OF THAT 140 BILLION.
8 BILLION GALLONS OF ETHANOL IS A PORTION OF THAT 140 BILLION. AND THAT ETHANOL NUMBER WILL
A PORTION OF THAT 140 BILLION. AND THAT ETHANOL NUMBER WILL KEEP CLIMBING, BUT IT IS NEVER
AND THAT ETHANOL NUMBER WILL KEEP CLIMBING, BUT IT IS NEVER GOING TO BE -- ETHANOL IS NEVER
KEEP CLIMBING, BUT IT IS NEVER GOING TO BE -- ETHANOL IS NEVER GOING TO BE A COMPLETE SOLUTION
GOING TO BE -- ETHANOL IS NEVER GOING TO BE A COMPLETE SOLUTION TO THE SHORTAGE OF FUEL
GOING TO BE A COMPLETE SOLUTION TO THE SHORTAGE OF FUEL PRODUCTS.
TO THE SHORTAGE OF FUEL PRODUCTS. IF WE TOOK ALL THE CORN THAT IS
PRODUCTS. IF WE TOOK ALL THE CORN THAT IS PRODUCED IN THE U.S., WHOLE
IF WE TOOK ALL THE CORN THAT IS PRODUCED IN THE U.S., WHOLE 13 BILLION BUSHELS WE MAKE 16%
PRODUCED IN THE U.S., WHOLE 13 BILLION BUSHELS WE MAKE 16% OF THE AUTO GAS SUPPLY.
13 BILLION BUSHELS WE MAKE 16% OF THE AUTO GAS SUPPLY. SO WHILE WE HATE TO THINK WHAT
OF THE AUTO GAS SUPPLY. SO WHILE WE HATE TO THINK WHAT GASOLINE PRICE WOULD BE IF WE
SO WHILE WE HATE TO THINK WHAT GASOLINE PRICE WOULD BE IF WE DIDN'T HAVE THE 8 OR
GASOLINE PRICE WOULD BE IF WE DIDN'T HAVE THE 8 OR 9 BILLION GALLONS OF ETHANOL IN
DIDN'T HAVE THE 8 OR 9 BILLION GALLONS OF ETHANOL IN THAT MARKET.
9 BILLION GALLONS OF ETHANOL IN THAT MARKET. WE DO NEED TO HAVE ETHANOL TO BE
THAT MARKET. WE DO NEED TO HAVE ETHANOL TO BE A PART OF THE MARKET, BUT IT
WE DO NEED TO HAVE ETHANOL TO BE A PART OF THE MARKET, BUT IT WILL NEVER BE THE COMPLETE
A PART OF THE MARKET, BUT IT WILL NEVER BE THE COMPLETE SOLUTION.
WILL NEVER BE THE COMPLETE SOLUTION. >>LET'S TALK ABOUT YOUR PLANT.
SOLUTION. >>LET'S TALK ABOUT YOUR PLANT. COMING ON BOARD LATE THEY ARE
>>LET'S TALK ABOUT YOUR PLANT. COMING ON BOARD LATE THEY ARE MONTH.
COMING ON BOARD LATE THEY ARE MONTH. >>TWO WEEKS, WE WILL START
MONTH. >>TWO WEEKS, WE WILL START GRINDING CORN.
>>TWO WEEKS, WE WILL START GRINDING CORN. IN THREE WEEKS, WE WILL BE
GRINDING CORN. IN THREE WEEKS, WE WILL BE SHIPPING ETHANOL.
IN THREE WEEKS, WE WILL BE SHIPPING ETHANOL. >>THAT'S JUST OUTSIDE OF
SHIPPING ETHANOL. >>THAT'S JUST OUTSIDE OF HENNEPIN.
>>THAT'S JUST OUTSIDE OF HENNEPIN. >>JUST NORTH OF HENNEPIN.
HENNEPIN. >>JUST NORTH OF HENNEPIN. VERY BENEFICIAL LOGISTICS,
>>JUST NORTH OF HENNEPIN. VERY BENEFICIAL LOGISTICS, ADVANTAGES FOR ETHANOL PLANT OF
VERY BENEFICIAL LOGISTICS, ADVANTAGES FOR ETHANOL PLANT OF HAVING BARGE LOADING CAPABILITY
ADVANTAGES FOR ETHANOL PLANT OF HAVING BARGE LOADING CAPABILITY TO SHIP BY BARGE ON THE RIVER,
HAVING BARGE LOADING CAPABILITY TO SHIP BY BARGE ON THE RIVER, ALONG THE NORFOLK SOUTHERN
TO SHIP BY BARGE ON THE RIVER, ALONG THE NORFOLK SOUTHERN RAILROAD.
ALONG THE NORFOLK SOUTHERN RAILROAD. WE HAVE THE INTERSTATE HIGHWAYS.
RAILROAD. WE HAVE THE INTERSTATE HIGHWAYS. I39 AND I80.
WE HAVE THE INTERSTATE HIGHWAYS. I39 AND I80. NATURAL GAS SUPPLY AND ELECTRIC
I39 AND I80. NATURAL GAS SUPPLY AND ELECTRIC PLANT A MILE AWAY.
NATURAL GAS SUPPLY AND ELECTRIC PLANT A MILE AWAY. ALL THE KEY COMPONENTS ARE
PLANT A MILE AWAY. ALL THE KEY COMPONENTS ARE THERE, AND MADE A NICE SITE FOR
ALL THE KEY COMPONENTS ARE THERE, AND MADE A NICE SITE FOR ETHANOL PLANT.
THERE, AND MADE A NICE SITE FOR ETHANOL PLANT. >>YOU MENTIONED EVEN IF WE TOOK
ETHANOL PLANT. >>YOU MENTIONED EVEN IF WE TOOK ALL 13 BILLION BUSHELS OF CORN,
>>YOU MENTIONED EVEN IF WE TOOK ALL 13 BILLION BUSHELS OF CORN, AND IT WASN'T TOO LONG AGO WE
ALL 13 BILLION BUSHELS OF CORN, AND IT WASN'T TOO LONG AGO WE WERE ONLY REAPING TEN BILLION?
AND IT WASN'T TOO LONG AGO WE WERE ONLY REAPING TEN BILLION? >> RIGHT.
WERE ONLY REAPING TEN BILLION? >> RIGHT. THREE OR FOUR YEARS AGO, TEN
>> RIGHT. THREE OR FOUR YEARS AGO, TEN BILLION WAS THE CROP SIZE IN THE
THREE OR FOUR YEARS AGO, TEN BILLION WAS THE CROP SIZE IN THE U.S.
BILLION WAS THE CROP SIZE IN THE U.S. TODAY IT IS 13 BILLION.
U.S. TODAY IT IS 13 BILLION. A LOT OF THAT IS DUE TO
TODAY IT IS 13 BILLION. A LOT OF THAT IS DUE TO GENETICS.
A LOT OF THAT IS DUE TO GENETICS. >>TECHNOLOGY IN ESPECIALLY SEED
GENETICS. >>TECHNOLOGY IN ESPECIALLY SEED CORN WE HAVE SEEN IMPROVEMENT --
>>TECHNOLOGY IN ESPECIALLY SEED CORN WE HAVE SEEN IMPROVEMENT -- THIS YEAR, SOME COUNTIES IN THE
CORN WE HAVE SEEN IMPROVEMENT -- THIS YEAR, SOME COUNTIES IN THE STATE AVERAGED OVER 200-BUSHEL.
THIS YEAR, SOME COUNTIES IN THE STATE AVERAGED OVER 200-BUSHEL. WE HAD SOME YIELDS, COMBINE
STATE AVERAGED OVER 200-BUSHEL. WE HAD SOME YIELDS, COMBINE YIELD MONITORS THAT BUMPED UP TO
WE HAD SOME YIELDS, COMBINE YIELD MONITORS THAT BUMPED UP TO CLOSE TO 300.
YIELD MONITORS THAT BUMPED UP TO CLOSE TO 300. THEY THINK THE GENETICS ARE
CLOSE TO 300. THEY THINK THE GENETICS ARE THERE, IF WE GET FAVORABLE
THEY THINK THE GENETICS ARE THERE, IF WE GET FAVORABLE WEATHER, AND THAT MAY BE SOME OF
THERE, IF WE GET FAVORABLE WEATHER, AND THAT MAY BE SOME OF OUR ANSWER TO SUPPLY ENOUGH CORN
WEATHER, AND THAT MAY BE SOME OF OUR ANSWER TO SUPPLY ENOUGH CORN TO KEEP THE FEED USE WHICH IS
OUR ANSWER TO SUPPLY ENOUGH CORN TO KEEP THE FEED USE WHICH IS THE BIG PART OF USAGE OF CORN.
TO KEEP THE FEED USE WHICH IS THE BIG PART OF USAGE OF CORN. LIKE THEY SAY THE PUBLIC NEEDS
THE BIG PART OF USAGE OF CORN. LIKE THEY SAY THE PUBLIC NEEDS TO KNOW A LOT OF THE CORN WE
LIKE THEY SAY THE PUBLIC NEEDS TO KNOW A LOT OF THE CORN WE GROW ON THE FARMS, THEY ARE NOT
TO KNOW A LOT OF THE CORN WE GROW ON THE FARMS, THEY ARE NOT CONSUMING DIRECTLY.
GROW ON THE FARMS, THEY ARE NOT CONSUMING DIRECTLY. THAT'S OF OF THE BECAUSE THE AC,
CONSUMING DIRECTLY. THAT'S OF OF THE BECAUSE THE AC, I WAS LOOKING AT SOMETHING THE
THAT'S OF OF THE BECAUSE THE AC, I WAS LOOKING AT SOMETHING THE OTHER DAY, 1900 TO NOW, CORN
I WAS LOOKING AT SOMETHING THE OTHER DAY, 1900 TO NOW, CORN MAKERS HAVE GONE DOWN WHICH
OTHER DAY, 1900 TO NOW, CORN MAKERS HAVE GONE DOWN WHICH WOULD BLOW YOUR MIND A LITTLE
MAKERS HAVE GONE DOWN WHICH WOULD BLOW YOUR MIND A LITTLE BIT.
WOULD BLOW YOUR MIND A LITTLE BIT. WITH THE GENETICS, SOME PEOPLE
BIT. WITH THE GENETICS, SOME PEOPLE SAY WE SHOULDN'T BE USING THE
WITH THE GENETICS, SOME PEOPLE SAY WE SHOULDN'T BE USING THE GENETICS, ANYBODY THAT IS ALIVE,
SAY WE SHOULDN'T BE USING THE GENETICS, ANYBODY THAT IS ALIVE, EATEN GENETICALLY IMPROVED FOOD,
GENETICS, ANYBODY THAT IS ALIVE, EATEN GENETICALLY IMPROVED FOOD, AS YOU CROSS IT, IT IS LIKE
EATEN GENETICALLY IMPROVED FOOD, AS YOU CROSS IT, IT IS LIKE ANYTHING, IF YOU CROSSBREED IT,
AS YOU CROSS IT, IT IS LIKE ANYTHING, IF YOU CROSSBREED IT, YOU GET IMPROVEMENTS.
ANYTHING, IF YOU CROSSBREED IT, YOU GET IMPROVEMENTS. >>YOU MENTIONED NOT EVERYBODY IS
YOU GET IMPROVEMENTS. >>YOU MENTIONED NOT EVERYBODY IS ON BOARD.
>>YOU MENTIONED NOT EVERYBODY IS ON BOARD. EUROPE IS NOT ON BOARD?
ON BOARD. EUROPE IS NOT ON BOARD? THEY HAVE SOME HESITATION ABOUT
EUROPE IS NOT ON BOARD? THEY HAVE SOME HESITATION ABOUT THAT.
THEY HAVE SOME HESITATION ABOUT THAT. >>I THINK THEY DO, ALTHOUGH I
THAT. >>I THINK THEY DO, ALTHOUGH I THINK SOLELY AND SURELY THERE IS
>>I THINK THEY DO, ALTHOUGH I THINK SOLELY AND SURELY THERE IS MORE ACCEPTANCE GENETICALLY
THINK SOLELY AND SURELY THERE IS MORE ACCEPTANCE GENETICALLY MODIFIED CROPS.
MORE ACCEPTANCE GENETICALLY MODIFIED CROPS. WAYNE CAN PROBABLY SPEAK TO THAT
MODIFIED CROPS. WAYNE CAN PROBABLY SPEAK TO THAT BETTER THAN I CAN.
WAYNE CAN PROBABLY SPEAK TO THAT BETTER THAN I CAN. THE MARKETPLACE WILL PROBABLY
BETTER THAN I CAN. THE MARKETPLACE WILL PROBABLY DRIVE THAT I I THINK IT WILL AS
THE MARKETPLACE WILL PROBABLY DRIVE THAT I I THINK IT WILL AS AVAILABILITY TO THE PEOPLE.
DRIVE THAT I I THINK IT WILL AS AVAILABILITY TO THE PEOPLE. BUT WE ALWAYS HAVE TO REMEMBER
AVAILABILITY TO THE PEOPLE. BUT WE ALWAYS HAVE TO REMEMBER THE CONSUMER IS THE ULTIMATE
BUT WE ALWAYS HAVE TO REMEMBER THE CONSUMER IS THE ULTIMATE DETERMINER OF WHAT THEY ARE
THE CONSUMER IS THE ULTIMATE DETERMINER OF WHAT THEY ARE GOING TO GET.
DETERMINER OF WHAT THEY ARE GOING TO GET. IF THERE IS A DEMAND FOR
GOING TO GET. IF THERE IS A DEMAND FOR SOMETHING, THERE IS SOMEONE WHO
IF THERE IS A DEMAND FOR SOMETHING, THERE IS SOMEONE WHO WILL SUPPLY IT AT A COST.
SOMETHING, THERE IS SOMEONE WHO WILL SUPPLY IT AT A COST. BUT MORE THAN LIKELY, I SEE THE
WILL SUPPLY IT AT A COST. BUT MORE THAN LIKELY, I SEE THE EU AS COMING ARMED AND LOOKING
BUT MORE THAN LIKELY, I SEE THE EU AS COMING ARMED AND LOOKING AT THEIR BAN ON GA NET CALLY
EU AS COMING ARMED AND LOOKING AT THEIR BAN ON GA NET CALLY MODIFIED FEED GRAINS, PROBABLY
AT THEIR BAN ON GA NET CALLY MODIFIED FEED GRAINS, PROBABLY BACKING OFF ON THAT AND BEING A
MODIFIED FEED GRAINS, PROBABLY BACKING OFF ON THAT AND BEING A LITTLE MORE ACCEPTABLE OF
BACKING OFF ON THAT AND BEING A LITTLE MORE ACCEPTABLE OF CULTURE OF THE REST OF THE
LITTLE MORE ACCEPTABLE OF CULTURE OF THE REST OF THE WORLD.
CULTURE OF THE REST OF THE WORLD. >>HAVING MENTIONED EVERYTHING SO
WORLD. >>HAVING MENTIONED EVERYTHING SO FAR, AND YOU ARE SAYING WE WILL
>>HAVING MENTIONED EVERYTHING SO FAR, AND YOU ARE SAYING WE WILL SEE DEFINITELY SEAFOOD PRICE
FAR, AND YOU ARE SAYING WE WILL SEE DEFINITELY SEAFOOD PRICE INCREASES ESPECIALLY IN MEATS.
SEE DEFINITELY SEAFOOD PRICE INCREASES ESPECIALLY IN MEATS. ARE WE GOING TO SEE A
INCREASES ESPECIALLY IN MEATS. ARE WE GOING TO SEE A STABILIZATION AGAIN?
ARE WE GOING TO SEE A STABILIZATION AGAIN? BECAUSE WE ARE USED TO STABLE
STABILIZATION AGAIN? BECAUSE WE ARE USED TO STABLE GROCERY PRICES.
BECAUSE WE ARE USED TO STABLE GROCERY PRICES. WE JUST GO INTO THE GROCERY
GROCERY PRICES. WE JUST GO INTO THE GROCERY STORE.
WE JUST GO INTO THE GROCERY STORE. WE KNOW WHAT A LOAF OF BREAD
STORE. WE KNOW WHAT A LOAF OF BREAD COST.
WE KNOW WHAT A LOAF OF BREAD COST. ALL OF A SUDDEN WE ARE NOT
COST. ALL OF A SUDDEN WE ARE NOT PAYING 89 CENTS FOR A LOAF OF
ALL OF A SUDDEN WE ARE NOT PAYING 89 CENTS FOR A LOAF OF BREAD ANY MORE.
PAYING 89 CENTS FOR A LOAF OF BREAD ANY MORE. IS THERE SOME SORT OF
BREAD ANY MORE. IS THERE SOME SORT OF STABILIZATION POINT?
IS THERE SOME SORT OF STABILIZATION POINT? I KNOW IT IS CRYSTAL BALL TIME
STABILIZATION POINT? I KNOW IT IS CRYSTAL BALL TIME AGAIN.
I KNOW IT IS CRYSTAL BALL TIME AGAIN. CONSUMER IN THE U.S., ALL OF US
AGAIN. CONSUMER IN THE U.S., ALL OF US INCLUDED, U.S. IS ONE OF THE
CONSUMER IN THE U.S., ALL OF US INCLUDED, U.S. IS ONE OF THE CHEAPEST PLACES AS FAR AS OUR
INCLUDED, U.S. IS ONE OF THE CHEAPEST PLACES AS FAR AS OUR SPENDABLE DOLLAR FOR FOOD SO WE
CHEAPEST PLACES AS FAR AS OUR SPENDABLE DOLLAR FOR FOOD SO WE CAN GO TO THE STORE AND BUY
SPENDABLE DOLLAR FOR FOOD SO WE CAN GO TO THE STORE AND BUY EXTRA TV OR WHATEVER.
CAN GO TO THE STORE AND BUY EXTRA TV OR WHATEVER. SO YOU ARE A LITTLE BIT SPOILED
EXTRA TV OR WHATEVER. SO YOU ARE A LITTLE BIT SPOILED FROM THAT STANDPOINT.
SO YOU ARE A LITTLE BIT SPOILED FROM THAT STANDPOINT. AT A POINT, I WOULD SAY IT WOULD
FROM THAT STANDPOINT. AT A POINT, I WOULD SAY IT WOULD STABLE LIZE, ONCE, LIKE THE
AT A POINT, I WOULD SAY IT WOULD STABLE LIZE, ONCE, LIKE THE LIVESTOCK PRICES KIND OF MAYBE
STABLE LIZE, ONCE, LIKE THE LIVESTOCK PRICES KIND OF MAYBE CATCH UP WITH THE GRAIN PRICES.
LIVESTOCK PRICES KIND OF MAYBE CATCH UP WITH THE GRAIN PRICES. THE GRAIN PRICES BACK OFF A
CATCH UP WITH THE GRAIN PRICES. THE GRAIN PRICES BACK OFF A LITTLE BIT.
THE GRAIN PRICES BACK OFF A LITTLE BIT. RIGHT NOW WE HAVE GOT
LITTLE BIT. RIGHT NOW WE HAVE GOT SPECULATIVE MONEY, THE CHEAP
RIGHT NOW WE HAVE GOT SPECULATIVE MONEY, THE CHEAP DOLLAR COMPETING IN THE WORLD
SPECULATIVE MONEY, THE CHEAP DOLLAR COMPETING IN THE WORLD HAS THROWN A LITTLE SKEW WE ARE
DOLLAR COMPETING IN THE WORLD HAS THROWN A LITTLE SKEW WE ARE ON THE LOW END OF COMPETING WITH
HAS THROWN A LITTLE SKEW WE ARE ON THE LOW END OF COMPETING WITH THE OTHER COUNTRIES FOR
ON THE LOW END OF COMPETING WITH THE OTHER COUNTRIES FOR EVERYTHING RIGHT NOW.
THE OTHER COUNTRIES FOR EVERYTHING RIGHT NOW. YET, OUR SOCIETY WE ARE
EVERYTHING RIGHT NOW. YET, OUR SOCIETY WE ARE CONSUMERS.
YET, OUR SOCIETY WE ARE CONSUMERS. WE ARE THE CONSUMERS OF THE
CONSUMERS. WE ARE THE CONSUMERS OF THE WORLD KIND OF THING.
WE ARE THE CONSUMERS OF THE WORLD KIND OF THING. AS LONG AS WE CAN KEEP CHUGGING
WORLD KIND OF THING. AS LONG AS WE CAN KEEP CHUGGING ALONG, THEY WILL TRY TO KEEP
AS LONG AS WE CAN KEEP CHUGGING ALONG, THEY WILL TRY TO KEEP SELLING US STUFF.
ALONG, THEY WILL TRY TO KEEP SELLING US STUFF. >>I THINK WE HAVE TO RECOGNIZE,
SELLING US STUFF. >>I THINK WE HAVE TO RECOGNIZE, TOO, THE COMPETITION IN THE
>>I THINK WE HAVE TO RECOGNIZE, TOO, THE COMPETITION IN THE WORLD IS WORLD ECONOMY.
TOO, THE COMPETITION IN THE WORLD IS WORLD ECONOMY. WE KNOW THAT CHINA HAS
WORLD IS WORLD ECONOMY. WE KNOW THAT CHINA HAS 200 MILLION PEOPLE THAT ARE
WE KNOW THAT CHINA HAS 200 MILLION PEOPLE THAT ARE GOING IN THE NEXT COUPLE OF
200 MILLION PEOPLE THAT ARE GOING IN THE NEXT COUPLE OF YEARS MOVE FROM THE POVERTY
GOING IN THE NEXT COUPLE OF YEARS MOVE FROM THE POVERTY CLASS TO THE UPPER-CLASS.
YEARS MOVE FROM THE POVERTY CLASS TO THE UPPER-CLASS. INDIA, 300 MILLION.
CLASS TO THE UPPER-CLASS. INDIA, 300 MILLION. WHEN THEY MOVE FROM POVERTY
INDIA, 300 MILLION. WHEN THEY MOVE FROM POVERTY CLASS TO MIDDLE CLASS, THEY WILL
WHEN THEY MOVE FROM POVERTY CLASS TO MIDDLE CLASS, THEY WILL DRIVE AUTOMOBILES AND EAT HIGHER
CLASS TO MIDDLE CLASS, THEY WILL DRIVE AUTOMOBILES AND EAT HIGHER PROTEIN DIET ONE LIKE WE HAVE
DRIVE AUTOMOBILES AND EAT HIGHER PROTEIN DIET ONE LIKE WE HAVE ENJOYED THE LAST 30, 40 YEARS
PROTEIN DIET ONE LIKE WE HAVE ENJOYED THE LAST 30, 40 YEARS THEY ARE JUST NOW STARTING TO
ENJOYED THE LAST 30, 40 YEARS THEY ARE JUST NOW STARTING TO ENJOY.
THEY ARE JUST NOW STARTING TO ENJOY. WE HAVE HEARD A LOT ABOUT THE
ENJOY. WE HAVE HEARD A LOT ABOUT THE CHINA ECONOMY AND ITS
WE HAVE HEARD A LOT ABOUT THE CHINA ECONOMY AND ITS DEVELOPMENT AND EXPLOSION.
CHINA ECONOMY AND ITS DEVELOPMENT AND EXPLOSION. MAYBE WE ARE SEEING IN THE U.S.
DEVELOPMENT AND EXPLOSION. MAYBE WE ARE SEEING IN THE U.S. WE ARE GETTING SOME COMPETITION
MAYBE WE ARE SEEING IN THE U.S. WE ARE GETTING SOME COMPETITION FROM THOSE MARKETS ESPECIALLY
WE ARE GETTING SOME COMPETITION FROM THOSE MARKETS ESPECIALLY WITH THE WEAK DOLLAR WITH SWARE
FROM THOSE MARKETS ESPECIALLY WITH THE WEAK DOLLAR WITH SWARE THEY CAN COME IN AND BUY A LOT
WITH THE WEAK DOLLAR WITH SWARE THEY CAN COME IN AND BUY A LOT OF OUR GOODS WITH THEIR
THEY CAN COME IN AND BUY A LOT OF OUR GOODS WITH THEIR CURRENCY.
OF OUR GOODS WITH THEIR CURRENCY. WE ARE SEEING COMPETITION AROUND
CURRENCY. WE ARE SEEING COMPETITION AROUND THE WORLD.
WE ARE SEEING COMPETITION AROUND THE WORLD. WE ARE HAVING TO PAY MORE FOR
THE WORLD. WE ARE HAVING TO PAY MORE FOR CRUDE OIL AND GASOLINE, AND WE
WE ARE HAVING TO PAY MORE FOR CRUDE OIL AND GASOLINE, AND WE ARE HAVING TO PAY MORE FOR OUR
CRUDE OIL AND GASOLINE, AND WE ARE HAVING TO PAY MORE FOR OUR FOOD PRODUCTS.
ARE HAVING TO PAY MORE FOR OUR FOOD PRODUCTS. IT IS THE FUNCTION OF THE WEAK
FOOD PRODUCTS. IT IS THE FUNCTION OF THE WEAK DOLLAR AND COMPETITION FROM
IT IS THE FUNCTION OF THE WEAK DOLLAR AND COMPETITION FROM EMERGING NATIONS WITH THEIR
DOLLAR AND COMPETITION FROM EMERGING NATIONS WITH THEIR IMPROVED DIET.
EMERGING NATIONS WITH THEIR IMPROVED DIET. >>WE HAVEN'T EVEN MENTIONED
IMPROVED DIET. >>WE HAVEN'T EVEN MENTIONED POLITICS, BOTH HERE AND
>>WE HAVEN'T EVEN MENTIONED POLITICS, BOTH HERE AND OVERSEAS.
POLITICS, BOTH HERE AND OVERSEAS. COUPLE OF CHANGES THERE OR
OVERSEAS. COUPLE OF CHANGES THERE OR MOTHER NATURE COULD THROW OUT.
COUPLE OF CHANGES THERE OR MOTHER NATURE COULD THROW OUT. >>WE ARE NEVER SECURE ON WHAT
MOTHER NATURE COULD THROW OUT. >>WE ARE NEVER SECURE ON WHAT THOSE POLITICS -- WE ARE NOT
>>WE ARE NEVER SECURE ON WHAT THOSE POLITICS -- WE ARE NOT SECURE, OUR POLITICS ARE
THOSE POLITICS -- WE ARE NOT SECURE, OUR POLITICS ARE DOMESTIC CALLY EITHER.
SECURE, OUR POLITICS ARE DOMESTIC CALLY EITHER. BUT CERTAINLY THE INDIA'S AND
DOMESTIC CALLY EITHER. BUT CERTAINLY THE INDIA'S AND CHINA'S OF THE WORLD SOMETIMES
BUT CERTAINLY THE INDIA'S AND CHINA'S OF THE WORLD SOMETIMES LAY OUT OF PLAN OF WHERE THEY
CHINA'S OF THE WORLD SOMETIMES LAY OUT OF PLAN OF WHERE THEY ARE GOING.
LAY OUT OF PLAN OF WHERE THEY ARE GOING. AND IT IS UNILATERAL DECISION
ARE GOING. AND IT IS UNILATERAL DECISION THAT SOMETIMES TO CHANGE
AND IT IS UNILATERAL DECISION THAT SOMETIMES TO CHANGE DIRECTION OR HERE IT IS OVER A
THAT SOMETIMES TO CHANGE DIRECTION OR HERE IT IS OVER A PERIOD OF TIME.
DIRECTION OR HERE IT IS OVER A PERIOD OF TIME. WE DON'T EVER COUNT ANYTHING AS
PERIOD OF TIME. WE DON'T EVER COUNT ANYTHING AS A GIVEN, BUT I FIRMLY BELIEVE
WE DON'T EVER COUNT ANYTHING AS A GIVEN, BUT I FIRMLY BELIEVE WHAT MARK SAID, THERE WILL BE
A GIVEN, BUT I FIRMLY BELIEVE WHAT MARK SAID, THERE WILL BE MORE COMPETITION FOR A PROTEIN
WHAT MARK SAID, THERE WILL BE MORE COMPETITION FOR A PROTEIN DIET AROUND THE WORLD THAN WE
MORE COMPETITION FOR A PROTEIN DIET AROUND THE WORLD THAN WE HAVE EVER SEEN IN THE PAST.
DIET AROUND THE WORLD THAN WE HAVE EVER SEEN IN THE PAST. >>AND THERE IS ONE GIVEN.
HAVE EVER SEEN IN THE PAST. >>AND THERE IS ONE GIVEN. YOU THINK.
>>AND THERE IS ONE GIVEN. YOU THINK. WE WILL SEE HIGHER FOOD PRICE AT
YOU THINK. WE WILL SEE HIGHER FOOD PRICE AT THE GROCERY STORE.
WE WILL SEE HIGHER FOOD PRICE AT THE GROCERY STORE. ARE WE IN AGREEMENT?
THE GROCERY STORE. ARE WE IN AGREEMENT? >> AGREEMENT.
ARE WE IN AGREEMENT? >> AGREEMENT. >>WE ARE SEEING CAPITALISM AT
>> AGREEMENT. >>WE ARE SEEING CAPITALISM AT ITS BEST AND WORST RIGHT NOW.
>>WE ARE SEEING CAPITALISM AT ITS BEST AND WORST RIGHT NOW. >>WITH THAT COMMENT, WE WILL SAY
ITS BEST AND WORST RIGHT NOW. >>WITH THAT COMMENT, WE WILL SAY THANK YOU TO DALE CLARY,
>>WITH THAT COMMENT, WE WILL SAY THANK YOU TO DALE CLARY, PRESIDENT OF GREENE FARM
THANK YOU TO DALE CLARY, PRESIDENT OF GREENE FARM MANAGEMENT SERVICE INCORPORATED.
PRESIDENT OF GREENE FARM MANAGEMENT SERVICE INCORPORATED. WAYNE PEUGH, IMMEDIATE PAST
MANAGEMENT SERVICE INCORPORATED. WAYNE PEUGH, IMMEDIATE PAST PRESIDENT OF THE NATIONAL PORK
WAYNE PEUGH, IMMEDIATE PAST PRESIDENT OF THE NATIONAL PORK BOARD AND LOCAL GRAIN AND HOG
PRESIDENT OF THE NATIONAL PORK BOARD AND LOCAL GRAIN AND HOG FARMER.
BOARD AND LOCAL GRAIN AND HOG FARMER. >>THANK YOU, H.
FARMER. >>THANK YOU, H. >>TO MARK MARQUIS, PRESIDENT OF
>>THANK YOU, H. >>TO MARK MARQUIS, PRESIDENT OF MARQUIS ENERGY, CONGRATULATIONS
>>TO MARK MARQUIS, PRESIDENT OF MARQUIS ENERGY, CONGRATULATIONS ON YOUR NEW ETHANOL PLANT GOING
MARQUIS ENERGY, CONGRATULATIONS ON YOUR NEW ETHANOL PLANT GOING INTO PRODUCTION.
ON YOUR NEW ETHANOL PLANT GOING INTO PRODUCTION. >>THANKS, H, PLEASURE TO BE
INTO PRODUCTION. >>THANKS, H, PLEASURE TO BE HERE.
>>THANKS, H, PLEASURE TO BE HERE. >>THANK YOU FOR JOINING US ON
HERE. >>THANK YOU FOR JOINING US ON "AT ISSUE."
>>THANK YOU FOR JOINING US ON "AT ISSUE." WE WILL JOIN YOU AGAIN NEXT
"AT ISSUE." WE WILL JOIN YOU AGAIN NEXT WEEK.
WE WILL JOIN YOU AGAIN NEXT WEEK. HAVE A GOOD EVENING.
WEEK. HAVE A GOOD EVENING. >>