The Economic Viability of Winter Wheat (April 22, 2021 Webinar)

Department of Agricultural Economics Author

04/23/2021 Added

25 Plays

Description

Wheat is just emerging from dormancy and growers are getting their first look at how the crop faired through the winter months. Wheat fields planted behind fallow emerged in the fall and have established well. Depleted soil water and dry conditions have slowed wheat emergence in fields that have been continuously cropped. With: Dave Petersen, Area Claims Manager, Rural Community Insurance Services Katherine Frels, Assistant Professor, UNL Agronomy & Horticulture Cory Walters, Associate Professor and Grain Economist, UNL Agricultural Economics.

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[00:00:50.040]Cory Walters: Alright, good morning everyone out West and just hit the afternoon on the east side of nebraska.
[00:00:57.510]Cory Walters: hello, and thanks for joining the webinar my name is corey walters and i'm an associate professor in the department of agricultural economics here at the University of nebraska.
[00:01:06.990]Cory Walters: This is part of a weekly series of webinars produced by our extension farm and ranch management team find a complete schedule in past recordings at farm ul.edu.
[00:01:19.650]Cory Walters: The nebraska rule response hotline remains a great resource for professionals across the state, providing mental health counseling information regarding legal assistance financial clinics.
[00:01:32.250]Cory Walters: mediation and more the hotlines toll free number is 1-800-464-0258 we also have a wealth of resources related to stress and wellness at rule wellness.us l.edu.
[00:01:51.390]Cory Walters: We just just emerging from dormancy and growers are getting their first look at how the crop fair to the winter months.
[00:01:57.180]Cory Walters: We feels planted behind follow emerged in the fall and have established well depleted soil, water and dry conditions have slowed the weed emergence and fields that have been continuously crop.
[00:02:09.630]Cory Walters: To discuss more about the state and economic vitality viability of winter wheat, we have a number of guests from different disciplines joining us today.
[00:02:18.510]Cory Walters: First, we have David peterson area claims manager with rural community insurance services thanks for joining us Dave.
[00:02:28.380]David Petersen: thanks for having me.
[00:02:30.720]Cory Walters: You bet we also have with us, Catherine fields and assistant professor and agronomy in horticulture here here at you know morning Catherine.
[00:02:39.060]Katherine Frels: hi thanks for having me today.
[00:02:42.720]Cory Walters: awesome and I think soon we'll we'll have cody creech a dry land cropping systems cropping specialist with Western nebraska extension here in a short time so so to begin with David please give us your what you see going on out there.
[00:03:00.600]Cory Walters: in winter we.
[00:03:03.810]David Petersen: Well, the conditions are are.
[00:03:06.660]David Petersen: No big surprises pretty dry we've had some moisture this spring.
[00:03:13.500]David Petersen: Not an abundance but enough to at least give us some hope.
[00:03:17.880]David Petersen: started off dry getting dry last summer we had pretty decent moisture in the spring of 2020.
[00:03:27.690]David Petersen: And then throughout the summer just continued to spiral down as far as the amount of precept we were getting.
[00:03:36.870]David Petersen: And then through the winter it's been continuing to be dry, we did get.
[00:03:41.640]David Petersen: pretty much over the my area i've got actually northeast Colorado.
[00:03:48.180]David Petersen: panhandle the brassica will Southwest nebraska and.
[00:03:54.780]David Petersen: over my areas been pretty dry northeast Colorado it was drier earlier than it was in the panhandle.
[00:04:02.970]David Petersen: We didn't get enough moisture last fall for most people to get there, get the wheat in the ground and get it up.
[00:04:09.630]David Petersen: We are seeing some claims come in, where we didn't didn't flourish didn't come up real well spotty some of us just sm bearish bought some of it, the wind was hard on it at a windy winter.
[00:04:26.970]David Petersen: So it just it has not been it has not been a good week weather in some ways it's kind of amazing how good the week does look.
[00:04:37.950]David Petersen: it's greened up with the moisture we've gotten.
[00:04:41.790]David Petersen: it's not growing much because it's been so cool, but when they the temperature is will will warm up least they always have so we just figured we'll do that again this year.
[00:04:55.770]David Petersen: And the wheat wheat has enough moisture out of pop whether it has enough to carry a very far is another matter, but for right now.
[00:05:04.020]David Petersen: it's we've got we've got hopefully we can raise a crop.
[00:05:10.320]David Petersen: The store is the insurance side of it.
[00:05:17.340]David Petersen: I guess I can't get into specifics, you know.
[00:05:22.410]David Petersen: I can answer questions.
[00:05:24.990]David Petersen: My just the one piece of advice that I give to everybody is don't do anything if you've got wheat that that you want to you want to tear up that you want to go to another crop.
[00:05:39.420]David Petersen: It doesn't look good it's not not killing or it didn't come up last fall or died during the winter don't do anything until you've contacted your agent.
[00:05:50.190]David Petersen: turn in a notice of loss, and you have heard from your adjuster and allow your adjuster to to give you the options that you have on what you can do with that crop and we don't want anybody going out and tearing up wheat and being out of compliance so.
[00:06:10.200]David Petersen: don't don't do anything before you hear from your gesture that's my.
[00:06:19.650]David Petersen: that's.
[00:06:22.020]David Petersen: Because that's, all I can think for opening worry.
[00:06:29.340]Cory Walters: Excellent David excellent that we do have our first question coming through when it goes to either of us from marla what what concerns do you have do we have about the recent very cold weather on on wheat.
[00:06:44.580]David Petersen: Nothing right now I in my part of the world, I don't I can't speak for for other parts of the State I know you know you go back further east.
[00:06:55.710]David Petersen: West probably had of ours, but I doubt much until that we joint gets into the joining stage or gets into the boot cold weather really isn't going to affect it.
[00:07:09.660]David Petersen: In some ways.
[00:07:12.180]David Petersen: They said advantageous to have a cool April, if we have a very high April, and then we really takes off it out grows itself, and then we get those may freezes.
[00:07:24.930]David Petersen: And that weeds too far along with stand there and that's that's where we get a lot of freeze damage, but this time of the year April we're not going to see not going to see for each damage might burn it down a little bit.
[00:07:37.500]David Petersen: turns leaves a little brown but it's not going to hurt the plan.
[00:07:41.760]Katherine Frels: And that's what we're seeing right now, at least in our fields and Lincoln as well as our research fields little bit farther North in me.
[00:07:51.900]Katherine Frels: We aren't seeing our plots at a stage where there's likely to be a whole lot of damage due to these cold temps and I expect that's more or less the same through most of Eastern nebraska.
[00:08:08.610]Cory Walters: awesome David question for me to you.
[00:08:13.350]Cory Walters: The in wheat the quality losses adjustments have been a contention point in the past, is there any any new updates on any of that that process, you know falling numbers any anything there to to report or discuss.
[00:08:34.560]David Petersen: That nothing really has changed.
[00:08:37.920]David Petersen: You know the the church that we use for for quality adjustment haven't changed falling numbers is not something that we typically get into in our in our part of the world that's aims to be more.
[00:08:54.510]David Petersen: Where they get more moisture So if you get up into the dakotas and.
[00:08:59.490]David Petersen: Minnesota in that area that you see more of that.
[00:09:04.200]David Petersen: down here.
[00:09:06.180]David Petersen: I don't even know and years and i've been a crop insurance I have ever seen a claim that had falling numbers in our area.
[00:09:15.690]David Petersen: As far as insurance on weed.
[00:09:21.510]David Petersen: where's the price discovery for the harvest price revenue protection policies those will come out that that discovery period is is in July.
[00:09:36.210]David Petersen: Right now.
[00:09:39.120]David Petersen: With prices going lesson bottom just drops out of it, I don't really see that happening.
[00:09:44.490]David Petersen: The guarantee on week one was planted.
[00:09:49.140]David Petersen: Last fall, the guarantee on on we was $4 and 90 cents a bushel.
[00:09:54.510]David Petersen: Right now, the July.
[00:09:57.960]David Petersen: July board Kansas city is $6 and 74 cents so.
[00:10:09.600]David Petersen: It guess before you go into every week, you might consider consider those prices it's it's pretty amazing.
[00:10:18.240]David Petersen: That that means it's going to be a lot more work for for us and, and when I say us, I mean my adjusters because we're going to have a lot of revenue claims to work or people don't have any production losses, but they will have will have revenue officers, because of the difference in price.
[00:10:41.820]Cory Walters: demeanor.
[00:10:43.800]Cory Walters: or revenue.
[00:10:46.080]Cory Walters: gain.
[00:10:51.600]Cory Walters: hold on so so the price is going to go up and you'll recalculate that liability, so the only time I lost, what happens if you if you yield it out.
[00:11:00.960]Cory Walters: You got to have a yield loss.
[00:11:03.000]David Petersen: yeah yeah i'm sure i'm sorry yeah I misspoke yeah it would be wouldn't it would apply to what i'm what i'm thinking is that there are going to be a lot of production loss.
[00:11:10.230]David Petersen: So when that when that happens because of the drought.
[00:11:13.320]David Petersen: If we have production losses it's going to.
[00:11:17.640]David Petersen: it's going to create create a lot more.
[00:11:21.720]David Petersen: As far as.
[00:11:24.390]David Petersen: Payments I guess.
[00:11:25.440]Cory Walters: Payments yeah.
[00:11:26.460]David Petersen: My ability tremendously.
[00:11:28.320]Cory Walters: yeah liabilities going to go way up and each book or loss will be worth a lot more, and then, then we get to see the power of that revenue protection policy, where.
[00:11:39.300]David Petersen: If these prices keep going up and they go to $7, for instance.
[00:11:43.710]David Petersen: Is a $2 swing So if you have a 3030 bushel guarantee on your week.
[00:11:52.860]David Petersen: that's going to be $60 more above your your original guarantee in revenue which.
[00:12:01.590]David Petersen: Is there's more than substantially.
[00:12:05.010]Cory Walters: that's right yeah that's a big that's a big a big shift.
[00:12:12.150]Cory Walters: i'm going to stop my video because it says my internet's not doing too well.
[00:12:16.680]Cory Walters: that's a big shift and not it can can.
[00:12:20.460]Cory Walters: move a lot of dollars around pretty fast.
[00:12:26.280]Cory Walters: I got a question from brad in our department if we took nearly two bucks a bushel from insurance base price and and corn and soybean prices are up substantially as well, how should producers revisit their hedging plans with insurance as a foundation.
[00:12:44.400]Cory Walters: David do you want to talk about that too or.
[00:12:47.910]Cory Walters: I can, as well.
[00:12:49.140]David Petersen: Not, not even a little bit.
[00:12:51.660]Cory Walters: No, not at all.
[00:12:54.720]David Petersen: I don't I don't give advice I you know i'm.
[00:12:57.540]David Petersen: not going to tell you how to hedge or do anything like no i'm not.
[00:13:00.450]David Petersen: i'm not going to give a marketing advice.
[00:13:03.510]David Petersen: Because it is not part of proper insurance and.
[00:13:07.380]David Petersen: In my own case I own a wheat farm neighbor farms it and.
[00:13:13.650]David Petersen: Over the over the years and I farmed.
[00:13:16.980]David Petersen: I have proven myself to be the worst weed marketer in western nebraska so i'm.
[00:13:23.940]Cory Walters: Okay.
[00:13:24.810]David Petersen: i'm not gonna go there.
[00:13:26.040]Cory Walters: Okay i'll jump into it, so I would say whatever you are doing, David as a week marketer you've done your Okay, because you're still here today.
[00:13:37.020]Cory Walters: We we we oftentimes mess up our marketing.
[00:13:41.190]Cory Walters: With with.
[00:13:43.560]Cory Walters: We messed that up with our goal with with achieving goals and objectives and if you're still still farming, the following year you survive those rare financially devastating years you're doing the right thing.
[00:13:55.350]Cory Walters: If you're if you're missing the high end the wheat market fine you need to you need to you need to insure yourself from the bad events there's in years like this, when the prices are really volatile going up.
[00:14:10.200]Cory Walters: You, you have to enjoy the process and and can't second guess selling something and then watching it keep going up, you know you break your sales up you sell into it.
[00:14:22.350]Cory Walters: And, and you enjoy it and you don't try to find the high you'll you won't find it.
[00:14:29.430]Cory Walters: And and you're going to meet your goals and objectives.
[00:14:33.630]Cory Walters: Throughout the through for this year to get in the next year it's a heck of a lot better to be here, then seeing you know low $3 wheat or something like that.
[00:14:42.960]Cory Walters: So I.
[00:14:44.160]David Petersen: often thought about.
[00:14:45.150]Cory Walters: me and brad we should always.
[00:14:52.170]Cory Walters: Go ahead, David.
[00:14:54.150]David Petersen: I was just saying I.
[00:14:56.610]David Petersen: i've thought at times about showing my own marketing service because.
[00:15:01.680]David Petersen: When I saw my weight that's usually the trigger for to move higher so.
[00:15:06.630]David Petersen: So I was thinking that maybe that would be marketable.
[00:15:10.830]Cory Walters: yeah i've heard that for a few folks no one's I haven't seen anyone jump on on selling those strategies.
[00:15:18.060]Cory Walters: yeah.
[00:15:21.750]Cory Walters: And, and also remember in these markets that these these markets only reflect the active buyers and sellers, so if you're if you're a wheat grower out in western nebraska and you're you're walking through this this these weather conditions and everything going on.
[00:15:37.950]Cory Walters: Probably not not too enthusiastic selling watching this whether so so maybe that's what's also holding this thing up is are allowing it to go up is there's there's not a lot of selling.
[00:15:50.760]Cory Walters: From from actual hedgers on this thing the stuff I read there's a lot of lot of outside money in this thing so it's it's pretty pretty cool pretty fun time to be in it to.
[00:16:04.260]Cory Walters: With that let's uh let's move over to to Catherine on the week breeding genetics, you know all this stuff that takes a little time to get into the market, but you know really lays down the foundation of.
[00:16:19.860]Cory Walters: You know our growing wheat and is a if we don't have a good foundation then man things get bad ugly so Catherine, welcome to you as well, and yeah glad you're here with us today.
[00:16:32.760]Katherine Frels: Well, thanks corey as, as you mentioned, I am the new small grains breeder for the University of nebraska I am succeeding are long time breeders Steve been singer who's been here for 35 years has done a outstanding job.
[00:16:51.690]Katherine Frels: producing high yielding.
[00:16:54.090]Katherine Frels: High quality weeds for nebraska and so i'm really very excited to continue his legacy here, I was a Grad student in the program and did my PhD work looking at nitrogen use efficiency.
[00:17:12.750]Katherine Frels: phenotype methods trying to identify ways that we can develop wheats to more easily to use their the fertilizer we apply much more efficiently.
[00:17:26.010]Katherine Frels: That in itself is going to help the farmers bottom line and so now that i'm taking over the Program.
[00:17:34.500]Katherine Frels: we're really looking at what are the new tools, the new methodologies, that we can use in wheat breeding to really continue to deliver that product to our producers, the really unique thing about nebraska is we have.
[00:17:53.550]Katherine Frels: Such a wide range of environments, that we have to breed wheat for so we have the higher rainfall areas in eastern nebraska and then you know moving West we lose rainfall.
[00:18:07.200]Katherine Frels: As we keep moving West, so we really need to consider different things as we breed Fridays for these areas and every once in a while we do find wheats that can perform well across nebraska but more often what we find are things that are kind of regionally adapted.
[00:18:31.650]Cory Walters: awesome can you want to go further into work, you know where you see your program going just as almost like an interview question or not.
[00:18:43.410]Cory Walters: But.
[00:18:44.820]Cory Walters: You know there's there's a.
[00:18:47.430]Cory Walters: Private Companies you know West bread and stuff and you got the you got the public side, give us maybe some insights into that and how to navigate these these changing waters and all that sort of sort of stuff.
[00:19:02.550]Katherine Frels: yeah so, so we are really looking.
[00:19:06.240]Katherine Frels: At some major changes.
[00:19:09.270]Katherine Frels: In or major new challenges in our week growing areas and one of the big things that my program is really going to be focusing on for Western nebraska is breeding for software resistance.
[00:19:25.350]Katherine Frels: There has been a little bit of a soft vibrating program going, but we really see the need to ramp that up and put a lot of focus on that for our panhandle region, so what we're looking at there is working with the solid stem varieties and they have a.
[00:19:49.470]Katherine Frels: A little bit of a bad rap I would say in that they're viewed it as lower yielding and yeah there is a little bit of a yield penalty because that trait isn't.
[00:20:00.780]Katherine Frels: We haven't done as much breeding for it, so when we bring in germplasm with that trade, it is not as adapted to nebraska growing conditions as we need so we're going to spend a lot of time working for solid and semi solid.
[00:20:17.400]Katherine Frels: traits making sure that they maintain that yield and we get that soft live resistance for the other side of the state, we we be with a little more rainfall, we really have to consider the disease packages that were reading for so we really focus a lot on the.
[00:20:38.010]Katherine Frels: The the rust leaf for us and stripe recite the big things are germplasm has a lot of stem rest resistance.
[00:20:44.760]Katherine Frels: So we don't see a lot of stem russ in the US, which is great, and we want to keep it that way, we have been dealing with a lot more challenges from striper us, as well as.
[00:20:55.260]Katherine Frels: we're seeing more issues with museum headlight so that is a real quality problem, the fungus produces a bama toxin that can be in the grain.
[00:21:07.260]Katherine Frels: So, so one of the high priorities for Eastern nebraska is really working on that.
[00:21:13.740]Katherine Frels: Tuesday and headlight resistance, but you know, considering all of the state, one of our main goals is really to leverage our new genetic tools, as well as improve statistical tools to help us leverage that.
[00:21:28.350]Katherine Frels: Environmental variation that we see and help make better decisions within the breeding program to really produce weeds for those regions.
[00:21:41.850]Cory Walters: awesome and you're gonna you're gonna add all that in there and increase yields by 20 30%.
[00:21:48.210]Katherine Frels: You know, a girl can dream.
[00:21:52.020]Cory Walters: that's right you never know what you find.
[00:21:53.580]Katherine Frels: yep yep where we're really looking forward to getting out there, this season getting out to the field days and and seeing how lines are doing throughout the state.
[00:22:04.800]Cory Walters: awesome so everyone will have a chance to meet you and interact more with you, with the field days.
[00:22:09.690]Katherine Frels: yep yep I will be out.
[00:22:11.970]Cory Walters: awesome we do got a question here from Sandra would to you, Catherine know what what breeds you recommend for box view count.
[00:22:21.780]Katherine Frels: All right, Sandra so I i'm gonna beg a little bit of ignorance here because i've been out of nebraska for the last five years, and I just started, not even two months ago, and I wish cody were here, and he must have gotten held up in another meeting because he.
[00:22:42.660]Katherine Frels: is one of the coordinators for the state variety trial, along with amanda easterly and they really have the most up to date information on.
[00:22:55.170]Katherine Frels: released varieties from all of the breeding programs in the region that can help you make those variety decisions I really encourage you to check out the state variety testing program website and we can probably even.
[00:23:13.380]Katherine Frels: put that in the chat for you, I can see if I can find that online and then, and you can go in there and explore all the data from last year's state variety program as well, as you know, I hope to see you at the field days, and we can really address that question better they're.
[00:23:38.610]Cory Walters: awesome.
[00:23:40.560]Cory Walters: So i've not not seen anything from cody yet.
[00:23:45.750]Cory Walters: So with that.
[00:23:48.660]Cory Walters: let's Ryan if we could open this thing up to let the attendees speak if they'd like if they have any questions for Catherine David or I and open it up to just more of a more of a discussion.
[00:24:02.580]Cory Walters: With with everyone.
[00:24:15.660]Cory Walters: So, if anyone has a question, please, please ask now put it in the chat or Q amp a.
[00:24:22.230]Cory Walters: And, and we can we can open this thing up a little bit because there's got to be other concerns thoughts out there.
[00:24:29.640]Cory Walters: I think the group would like to like to hear.
[00:24:34.530]Cory Walters: And while there, while.
[00:24:39.480]Katherine Frels: Do we have a question I am going to put the state variety testing program in the chat and they have both a box view rain fed and irrigated.
[00:24:52.860]Katherine Frels: site, so you can get really great information.
[00:24:57.990]Katherine Frels: from that.
[00:25:04.410]Katherine Frels: Right, a question about spring weight breathing so.
[00:25:11.040]Katherine Frels: That is part of the State variety program and I think right now, they are testing lines from SDS to.
[00:25:21.540]Katherine Frels: I think nds you as well as a couple of the companies and so that's something we're going to keep an eye on, and I was previously up in Minnesota where I worked a little bit with the spring weight breeding program there, so I have a little bit of experience with that Program.
[00:25:42.210]Katherine Frels: We probably won't be doing a whole lot of spring rate breeding right now within our Program.
[00:25:49.950]Katherine Frels: Where I really think the ul program can help is working with amanda and cody in the variety testing program to help identify other programs, they should talk to that might.
[00:26:05.250]Katherine Frels: Have varieties that work well in nebraska and we can also work on finding traits that are really key to the success of spring wheat in nebraska and we can work with our my spring wheat breeding colleagues to help identify varieties that could work here.
[00:26:40.140]Cory Walters: David any any questions for Catherine.
[00:26:47.100]David Petersen: Recording didn't catch what you said.
[00:26:50.160]Cory Walters: Oh sorry guys asked if you had any questions for Catherine.
[00:26:54.240]David Petersen: um no not really I guess you know I.
[00:26:58.650]David Petersen: When I was farming, I always kept up on the wheat varieties and anymore i'm sorry to say, i've kind of out of touch out of touch and in that area in the varieties and I used to plant probably been put on the ashy sometime ago.
[00:27:15.720]Okay.
[00:27:18.810]David Petersen: field we're.
[00:27:19.410]David Petersen: Going in but being planted out here.
[00:27:22.410]Katherine Frels: yep and that's another big focus of our breeding program is making sure we are releasing clearfield varieties, and we also have a coaxial breeding program in the pipeline, so those varieties are a few years out because it's a very new program but we're really excited by what we're seeing.
[00:27:46.350]David Petersen: I know that the.
[00:27:48.690]David Petersen: clearfield varieties your for for a while, I mean they were great for weed control for for joining us go grass and cheatgrass.
[00:27:57.840]David Petersen: couldn't grow as a problem with wheat.
[00:28:01.080]David Petersen: But the yields weren't there but they've done.
[00:28:05.700]David Petersen: A tremendous job in those breeding programs to to make those.
[00:28:10.980]David Petersen: Those yields they've they've they've risen a lot for a week and a lot of times we think it's hard to tell the difference.
[00:28:18.000]David Petersen: At this point.
[00:28:20.430]Katherine Frels: yeah that's a great point whenever we're adding a new trade into the breeding program our first release is probably with that trait is probably not going to match some of our older varieties because.
[00:28:34.830]Katherine Frels: We really have to make sure that it is well adapted to our growing conditions and and it usually takes some time to do that so.
[00:28:44.250]Katherine Frels: Usually the first couple generations might not be everything that we want, but we've got that trait in there, so that's really important to get those traits out to farmers as fast as we can, and then.
[00:28:56.190]Katherine Frels: that's the job of the breeding program is to make sure that we catch up and and are hitting all of those yield goals those quality goals, all of the metrics that we need to hit in those varieties.
[00:29:12.180]Cory Walters: awesome we've got a couple questions coming in.
[00:29:16.140]Cory Walters: We got one here when is the best time to decide whether to abandon week for another spring planted crop, when will we have a better estimate of your potential in we've given current conditions and called damage.
[00:29:31.380]David Petersen: Well that's a that's a good question from from the insurance standpoint, the way the way we work, those claims he's really claims is we go on to praise of the week, as it is today.
[00:29:47.880]David Petersen: I know, one of my adjusters called me last week and said that and ensure that he talked to was concerned about testflight issues, the harvest time.
[00:29:57.810]David Petersen: And it's not something we can deal with until harvest time we're nobody's got a crystal ball we don't know what that we're going to be like next week, let alone, what is going to be like in July.
[00:30:12.300]David Petersen: So.
[00:30:14.730]David Petersen: You know, all we can do is look at the week today and give you your options tell you what the appraisal is to day, if you want to tear it up and plan another crop.
[00:30:26.490]David Petersen: That certainly your your your prerogative to do that.
[00:30:32.580]David Petersen: But I guess what I would what I would caution against is getting too excited about planning another prop because if you lost her we promise because of draft and.
[00:30:45.060]David Petersen: I have never found a crop that didn't need some moisture to grow so.
[00:30:50.430]David Petersen: You know, you might just be throwing throwing good money after bad if you if you go down that road, I know it's tempting and I know it's you know or reaction usually is to do something, but sometimes sometimes doing nothing will will be more advantageous to especially with a price.
[00:31:08.520]David Petersen: increase the we're seeing.
[00:31:12.000]David Petersen: It something look hard at before you before you start spending more money, the good side is, if you do enough, we did get some moisture wheat crop is pretty iffy.
[00:31:22.080]David Petersen: You don't have a lot out there, and you want it, you want to tear it up and plant millet i'm going to assume that mill is going to be pretty valuable again this year because of the continuing growth, we saw last year, so.
[00:31:35.220]David Petersen: it's not.
[00:31:36.990]David Petersen: may not be a bad option if if we have enough moisture to to make it viable.
[00:31:45.330]Cory Walters: awesome Thank you David i've got another question, given the weather, do you recommend adding more nitrogen at this point, and also, given that this nitrogen has increased in price.
[00:32:00.810]Cory Walters: And this this looks like one maybe more for cody.
[00:32:05.280]Cory Walters: wasn't able to join us today, but I would not knowing how the wheats looking you know, on each individual location.
[00:32:14.790]Cory Walters: that's going to be a timely.
[00:32:17.490]Cory Walters: like David said the prices up it's worth more, but I don't see what it looks like at the current point.
[00:32:24.840]Cory Walters: So that's tough to answer.
[00:32:26.910]David Petersen: As a producer not not from an insurance standpoint but.
[00:32:33.900]David Petersen: In a dry year very easy to over over reply in and those that we have to burn up faster than if you don't say that's I would approach it very cautiously.
[00:32:49.920]Cory Walters: that's.
[00:32:51.450]Cory Walters: got another one here to all of us are wheat acres in eastern nebraska increasing.
[00:33:02.040]David Petersen: Not not that i'm aware of Catherine night, you probably probably might have a better feel for that, and I do like.
[00:33:08.820]David Petersen: In nebraska as far as what I see on the insurance side are my my counterparts back in the eastern part of the state.
[00:33:18.630]David Petersen: They see very, very few weeks we policies back there.
[00:33:25.290]Katherine Frels: yeah I would say that.
[00:33:30.390]Katherine Frels: We have gotten some increasing interest there's interest in thinking about how winter wheat can be used in.
[00:33:40.980]Katherine Frels: alternate crop rotations and how that can benefit, you know soil health, as well as break up some of the weed life cycles.
[00:33:56.250]Katherine Frels: But I don't know that we're seeing significant increases at this time, though, I will say that it we do still.
[00:34:06.330]Katherine Frels: include a.
[00:34:09.510]Katherine Frels: Active breeding for weights that are going to do well in eastern nebraska because that helps us access.
[00:34:18.270]Katherine Frels: You know the markets in in Kansas as well, so, so we do look at how well our wheat varieties are doing kind of for that whole.
[00:34:28.920]Katherine Frels: A little bit wetter growing region.
[00:34:36.690]David Petersen: it's hard to convince people to grow.
[00:34:39.660]David Petersen: $7 wheat.
[00:34:43.620]David Petersen: hundred hundred bushels $7 wheat on irrigated ground and they can grow a 250 bushel $7 corn on your ground that's that's it that's a tough sell.
[00:34:55.050]Cory Walters: What well what went went to court hit seven bucks.
[00:34:58.560]David Petersen: Well it's about it's about same prices week it's very close so i'm you know i'm optimistic.
[00:35:06.690]Cory Walters: I sense that die.
[00:35:08.100]very optimistic.
[00:35:11.040]Cory Walters: that the new crop corn contract is not quite that high.
[00:35:15.990]Cory Walters: Where we at 556 but hey you know.
[00:35:21.120]Cory Walters: you're saying there's whole.
[00:35:23.640]David Petersen: yeah let's just look at the board here.
[00:35:29.430]Cory Walters: So I get what you're saying the economic.
[00:35:31.530]David Petersen: Order 6641 and we just 644.
[00:35:34.980]Cory Walters: So.
[00:35:35.790]Cory Walters: that's currently them.
[00:35:37.290]David Petersen: I bought a new to get it.
[00:35:38.940]Cory Walters: i'm a new crop.
[00:35:42.180]David Petersen: yeah.
[00:35:42.660]David Petersen: yeah.
[00:35:43.110]David Petersen: yeah and I didn't I didn't look that far ahead i'm just saying all things being equal, if you can raise 200 bushels of the crop instead of 100.
[00:35:51.570]David Petersen: At the same price or even within $1 of each other.
[00:35:56.850]Cory Walters: you're going to go the other one.
[00:35:58.290]David Petersen: i'm going to go to the i'm going to go to the highest price.
[00:36:03.390]Cory Walters: Well, there you go Catherine that's what you that's that's the your yield increase, you need to know you you're competing with.
[00:36:09.120]Katherine Frels: You know and that's something that that we hear pretty often we We really are targeting you know high yielding weeks and wanting to maintain the quality and really looking at what.
[00:36:24.900]Katherine Frels: You know identity preserved, or what other markets, we can help our growers access that will help in prove that price.
[00:36:39.390]Cory Walters: awesome.
[00:36:41.910]Cory Walters: Why don't see any more questions and we're getting close to the end i'm happy to call it good here if we don't see getting getting more questions here.
[00:36:53.070]Cory Walters: from anyone.
[00:37:02.610]I.
[00:37:05.010]Cory Walters: Think might have one here Gary.
[00:37:09.750]Cory Walters: see your hands up.
[00:37:23.820]Cory Walters: Can anyone hear that.
[00:37:25.590]Katherine Frels: night I couldn't.
[00:37:27.180]Okay.
[00:37:29.160]Cory Walters: Gary we can't we get quite understand you can you can you type it out, maybe your question.
[00:37:38.400]Cory Walters: or comment.
[00:37:51.240]Cory Walters: i'm still getting a weird sound.
[00:38:03.720]Cory Walters: will give you a little bit here Gary to type it out, if possible.
[00:38:26.670]Cory Walters: yeah it's still.
[00:38:31.440]Cory Walters: i'm sorry the Internet connection is just not very good job, still getting just.
[00:38:37.770]Cory Walters: odd sound.
[00:38:51.360]Cory Walters: I would, I would ask you there Gary, if possible, maybe reach out to each of us individually, if you had some someone you want to visit with for everyone else on here and do the same and we thank you for joining today and.
[00:39:05.130]Cory Walters: And for the good discussion on wheat.
[00:39:08.820]Katherine Frels: Thank you.
[00:39:10.950]David Petersen: Thanks everybody.
[00:39:13.680]Cory Walters: Thank you.
[00:39:16.320]Cory Walters: bye bye.

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The Economic Viability of Winter Wheat (April 22, 2021 Webinar)

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