Credit Suisse Tumbling to New Lows as Contagion Spreads to Europe

Credit Suisse’s largest investor: Can’t provide the Swiss bank with more financial assistance

USDA daily export sale: 667,000 tonnes of corn to China during the 2022-23 marketing year.

SVB update:

• The DOJ and SEC are investigating its collapse.

• Silicon Valley Bank’s lack of a chief risk officer for much of last year is being examined by the Federal Reserve as part of its probe of the bank’s failure, which will be released May 1.

• Some of the largest private equity firms — Apollo, Blackstone and KKR, to name a few — are interested in snapping up the fallen lender’s loan book.

• Creditors of Silicon Valley Bank’s parent company have formed a group in anticipation of a potential bankruptcy filing, through which they hope to profit from a sale of the collapsed firm’s private-wealth and other units, the WSJ reports, citing people familiar with the matter.

• Bottom line: The separate probes are in their preliminary phases and may not lead to charges or allegations of wrongdoing. Prosecutors and regulators often open investigations after financial institutions or public companies suffer big, unexpected losses.

Moody’s Investors Service placed First Republic Bank and five other U.S. lenders on review for downgrade, the latest sign of concern over the health of regional financial firms following the failure of SVB. Western Alliance Bancorp., Intrust Financial Corp., UMB Financial Corp., Zions Bancorp. and Comerica Inc. were the other lenders put on review.

It ain’t over. Risk aversion is again elevated at mid-week as the banking turmoil that started in the U.S. is spreading in Europe. European banking stocks are taking a hit today, led by Credit Suisse and worries about its financial health. Credit Suisse shares slid again on Wednesday, dropping by over 20% to a new record low, as its largest investor said it couldn’t give the Swiss bank more financial assistance. Saudi National Bank Chairman Ammar Al Khudairy cited regulatory concerns as the reason behind not being open to injecting more capital into the bank. Credit Suisse disclosed a material weakness in its reporting procedures yesterday, which led to concerns over the bank’s internal controls. Credit Suisse has stumbled repeatedly over the past few years. The 2021 collapse of clients Greensill Capital Management and Archegos Capital Management sparked uncertainty about its future. “The failure of Silicon Valley Bank has spilled into the European equity market,” a Citi strategist wrote. Link for details via Bloomberg.

Oil prices skidded to the lowest this year. Brent crude futures were trading below $78 per barrel today, close to levels not seen since December 2022, as investors mulled the risks buried in the U.S. financial system against prospects of a recovery in global demand.

The state of Ohio sued Norfolk Southern Tuesday over the Feb. 3 derailment of a freight train that released over a million gallons of hazardous materials and pollutants into the environment around the town of East Palestine. “This derailment was entirely avoidable,” Ohio Attorney General Dave Yost said at a press conference, adding he was seeking compensation for damages to the state’s environment, economy and residents. The state wants at least $75,000 in damages, its attorney general said yesterday, but that amount will grow as authorities calculate how much the disaster has cost. More below.

Six environmental groups filed a lawsuit over the Biden administration’s approval of ConocoPhillips’ Willow oil and gas project in Alaska, which they claimed could be a stepping stone to more development in an ecologically sensitive region.

A surge in African swine fever (ASF) infections in China is set to reduce hog output later this year, farm managers and analysts said. Details in China section.

On the ag policy front, a coalition of over 400 farm groups sent a letter to the House and Senate Budget panels seeking more money for the next farm bill than is in the current baseline. Meanwhile, two Republican senators on the Ag Committee want USDA Secretary Tom Vilsack to clarify a statement he made on chemical restrictions. This will likely surface turning tomorrow’s hearing in the Senate Ag Committee. More details in the Policy section.

A surge in African swine fever (ASF) infections in China is set to reduce hog output later this year, farm managers and analysts said.

Rich Feltes, a well-known and respected ag industry analyst, will be retiring from R.J. O’Brien on April 3. More on this below.

Equities today: Global stock markets were mixed overnight, with Asian shares mostly up and European shares down. European banking stocks are taking a hit today, led by Credit Suisse and worries about its financial health. U.S. Dow opened around 500 points lower. In Asia, Japan flat. Hong Kong +1.5%. China +0.6%. India -0.6%. In Europe, at midday, London -2.3%. Paris -3.1%. Frankfurt -2.7%.

U.S. equities yesterday: The Dow rose 336.26 points, 1.06%, at 32,155.40. The Nasdaq gained 239.31 points, 2.14%, at 11,428.15. The S&P 500 rose 64.80 points, 1.68%, at 3,920.56.

Bank of America garnered more than $15 billion in new deposits in a matter of days, as customers fearful of a spreading crisis from the failure of three smaller lenders sought refuge in the firms seen as too big to fail. That’s a sharp contrast from the end of last year, when deposits at the second-largest U.S. bank were down $8 billion versus the end of the third quarter. Other banks like JPMorgan Chase & Co., Citigroup Inc. and Wells Fargo & Co. also raked in billions in new deposits, though the figures have not been disclosed yet.

Agriculture markets yesterday:

• Corn: May corn futures rose 7 1/4 cents to settle at $6.20 3/4, near the daily high.
• Soy complex: May soybeans rose 2 1/2 cents to $14.93 3/4, nearer the session high after hitting a two-week low early on. May soybean meal gained $1.90 at $481.20 and near the session high. May bean oil rose 32 points to 56.18 cents and closed near mid-range.
• Wheat: May SRW futures closed 11 3/4 cents higher at $6.96 1/4. May HRW futures rose 17 1/4 cents and settled at $8.17 3/4, near the day’s high. Spring wheat futures rose 17 2/4 cents and closed at $8.50, near the top of the day’s range.
• Cotton: May cotton rose 19 points to 81.37 cents and near mid-range.
• Cattle: April live cattle futures fell 50 cents to $163.05 Tuesday, while most-active April feeder futures dropped 90 cents to $189.925.

• Hogs: Nearby April lean hog futures ended Tuesday 82.5 cents lower at $85.40. The deferred contracts posted somewhat larger losses.

  Ag markets today: After trading higher earlier in the overnight session, corn, soybeans and wheat have turned mostly lower early this morning. As of 7:30 a.m. ET, corn futures were trading steady to 2 cents lower, soybeans were 6 to 8 cents lower, winter wheat futures were 1 to 3 cents lower and spring wheat was fractionally to 6 cents higher. Front-month crude oil futures were around $1 lower, and the U.S. dollar index was nearly 1,000 points higher.
  

Technical viewpoints from Jim Wyckoff:

On tap today:

• U.S. retail sales for February are expected to fall 0.4% from the prior month. Follow our live markets coverage here and our main retail story here. (8:30 a.m. ET) UPDATE: Retail sales in the U.S. were down 0.4% month-over-month in February of 2023, compared to market forecasts of a 0.3% fall, and following an upwardly revised 3.2% surge in January, which was the biggest gain since March of 2021. The biggest decreases were seen in sales at furniture stores (-2.5%), food services and drinking places (-2.2%), miscellaneous retailers (-1.8%), motor vehicles and part dealers (-1.8%), clothing stores (-0.8%), gasoline stations (-0.6%). In contrast, increases were seen in nonstore retailers (1.6%), health (0.9%), food and beverages stores (0.5%), general merchandise stores (0.5%) and electronics and appliances (0.3%). Excluding autos, sales were down 0.1% and excluding gas and autos, sales were flat. Meanwhile, core retail sales which exclude automobiles, gasoline, building materials and food services and relate more with the consumer spending component of GDP, increased 0.5%. Retail sales aren’t adjusted for inflation.
• U.S. producer price index for February is expected to rise 0.3% from the prior month. (8:30 a.m. ET) UPDATE: Producer prices for final demand in the U.S. went down 0.1% month-over-month in February 2023, against market expectations of a 0.3% increase. Goods prices decreased by 0.2%, after a 1.2% rise in January, namely food (-2.2%) of which chicken eggs (-36.1%); and energy (-0.2%). The indexes for residential natural gas, fresh and dry vegetables, diesel fuel, home heating oil, and primary basic organic chemicals also fell. In addition, services cost went down 0.1%, the same as in the prior month. Margins for final demand trade services fell 0.8% and prices for final demand transportation and warehousing services decreased 1.1%. In contrast, the index for final demand services less trade, transportation, and warehousing advanced 0.3%.
• New York Fed’s Empire State manufacturing survey is expected to fall to minus 7.8 in March from minus 5.8 one month earlier. (8:30 a.m. ET)
• U.K. Chancellor Jeremy Hunt releases the government’s spring budget. (8:30 a.m. ET)
• U.S. business inventories for January are expected to be unchanged from the prior month. (10 a.m. ET)
• National Association of Home Builders housing market index is expected to fall to 40 in March from 42 one month earlier. (10 a.m. ET)
• President Biden will discuss his plans to lower prescription drug costs today at 11:30 a.m. PT at the University of Nevada, Las Vegas. The president returns to the White House at 7:50 p.m. ET.

CME Fed funds futures continue to shift to shift between signaling a slight edge for a 25bp hike to no change at the Fed meeting conclusion March 22. A jump ball.

Think inflation is bad in U.S.? Argentina’s annual inflation rate has hit 100%, cracking triple digits for the first time since way back in 1991. The country’s soaring prices are a major concern for voters ahead of a very contentious election this fall.

European Central Bank policymakers are still leaning towards a half-percentage-point rate hike on Thursday, despite turmoil in the banking sector, as they expect inflation will remain too high in coming years, a source told Reuters. Investors had begun to doubt the ECB’s commitment to another big rate hike after the collapse of SVB.

U.S. airlines expect strong demand. Executives from major U.S. airlines on Tuesday said they were optimistic about travel demand for the rest of the year, shaking off worries about creeping operating costs and fears of ebbing demand. Travel appetite surged last year and airlines began to make money again after losing billions of dollars during the Covid-19 pandemic. Carriers this year have been dogged by worries that demand will falter amid higher fares, and that rising costs of fuel and labor would dent profits.

Market perspectives:

• Outside markets: The U.S. dollar index is higher. U.S. Treasury market volatility is at its highest since the aftermath of the last big banking crash in 2009, with the biggest drop since 1987 in 2-year Treasury yields on Monday followed by the biggest one-day jump in 14 years on Tuesday. The yield on the 10-year U.S. Treasury note has dropped to trade under 3.52% with a mostly lower tone in global government bond yields. Crude is under pressure, with U.S. crude around $70 per barrel and Brent around $76.05 per barrel. Gold and silver surged, with gold around $1,930 per troy ounce and silver around $22.35 per troy ounce.

• Global oil stockpiles climbed to the highest in 18 months as Russian production defied predictions of a slump and demand slowly picked up, the International Energy Agency said.

• Tyson Foods Inc. plans to shut down two of its poultry plants and lay off nearly 1,700 workers as it tries to improve its chicken operations that produce about one-fifth of the U.S. supply. Chicken prices have fallen sharply in recent months. Boneless, skinless breast meat prices fell from $3.50 in May 2022 to about $1 by January, according to research firm Urner Barry. That decline squeezed profit at Tyson and rival chicken company Pilgrim’s Pride. Link to details via the WSJ.

• Ag trade: Jordan tendered to buy up to 120,000 MT of option origin milling wheat.

• NWS weather outlook: here is a Slight Risk of excessive rainfall over parts of the Southwest on Wednesday and over parts of the Southern Plains/Lower Mississippi Valley on Thursday... ...Heavy snow over parts of the Upper Mississippi Valley and Upper Great Lakes; Pockets of rain/freezing rain over parts of the Middle Missouri Valley... ...Nor Easter will wind down along the Northeast Coast... ...There is an Enhanced Risk of severe thunderstorms over parts of the Southern Plains on Thursday.

Items in Pro Farmer’s First Thing Today include:

• Mostly weaker grain market tone this morning
• NOPA crush expected to decline from January but rise from year-ago
• China to continue wheat sales
• Malaysian groups file petition opposing EU deforestation law
• Wholesale beef prices strengthen
• Wholesale pork prices slip but movement improves

— Russia’s oil export revenues have roughly halved in the space of a year while its oil exports have remained largely unchanged, suggesting Western sanctions are taking effect and cutting Moscow’s income without restricting global oil flows, the IEA said.

• Analysts estimate that Russia is firing some 10,000 shells a day, down from 20,000 to 30,000 last summer — but still well above Ukraine’s 3,000 or so.

• Russian forces are escalating their attacks across Ukraine’s eastern Donetsk region. As fierce fighting continues in Bakhmut, a Ukrainian soldier called the fight around the area “hell on Earth.”

— Two Republican senators on the Ag Committee want USDA Secretary Tom Vilsack to clarify a statement he made on chemical restrictions. Vilsack will testify before the committee on Thursday. Sens. Roger Marshall (R-Kan.) and Chuck Grassley (R-Iowa) sent Vilsack a letter (link) requesting clarification of testimony he provided last May about whether the Justice Department consulted him concerning the federal government’s view on federal law on the safe use of glyphosate preempting state law. The letter recalls that Vilsack said the Justice Department did not consult him, but that on February 2, 2023, the Justice Department informed Marshall that USDA was invited to share its views in the Monsanto Company v. Hardeman. The letter also requested that Vilsack inform the senators of what position USDA recommended the DOJ take on the case or if USDA failed to provide its views.

— A bevy of U.S. farm groups follow House Ag wish for more farm bill funding. More than 400 farm groups on Tuesday asked Congress for more money for the next farm bill than is in the current baseline. The letter has been in the works for weeks. The letter, sent to both Budget panels, says: “Sufficient budgetary resources will be needed to craft a new bipartisan, multi-year, comprehensive, and meaningful piece of legislation. As you work to build the federal budget for fiscal year 2024, we seek your support for providing sufficient resources to the committees to craft the next farm bill.” The letter (link) was distributed by the American Soybean Association.

The letter includes concerns about China, the No. 1 market for U.S. farm products, by noting the country is “marked with geopolitical volatility” and that if a trade war were to occur “it is difficult to envision a scenario that would provide meaningful assistance without significant improvements.”

Other topics included in the “sufficient budgetary resources” letter include Russia’s invasion of Ukraine, Covid-19, other supply chain snafus, non-tariff trade barriers erected by multiple countries, and devastating natural disasters, all of which the farm groups say “have tested the effectiveness of current farm policy.”

— Some of you no doubt think you could ever agree with a New York Times editorial. How about this one (link):

“The federal government is bailing out the banking industry, and the American people, who have seen this show far too often, have every right to be furious.” The NYT accuses banks of profiting from risky bets and “running for government aid” when those bets fail. But the NYT says the U.S. gov’t has “a duty to explain to the American public how things were allowed to spin so far out of control.” In addition to blaming the banks for their own downfall, the Times also holds Congress accountable, saying that lawmakers “need to recognize the limits of government oversight as a substitute for market discipline,” and that Congress should “require clawbacks of executive compensation and dividends at failed banks.” The Times concludes by saying that the financial industry has succeeded because of government aid and regulation, adding that this most recent bailout was “necessary because the government was not paying enough attention.”

— China battling new surge in ASF. A surge in African swine fever (ASF) infections in China is set to reduce hog output later this year, farm managers and analysts said. Infections this year began to surge around the Lunar New Year holiday, three managers at pig farming companies and analysts told Reuters. “Data from swine fever virus testing companies show that the number of positive detections exploded after the new year holiday. The order of magnitude in a single month has reached the level of the whole year of 2022,” said analysts at Huachuang Securities in a report on Monday. “We guess that the current swine fever infection area in northern production areas may be reaching 50%,” it added. The disease outbreaks, as well as the prior herd reductions, will lead to fewer hogs reaching market when demand improves in the second half of the year, said the Huachuang report.

— The president of Honduras, Xiomara Castro, said that her country would establish diplomatic ties with China and therefore sever them with Taiwan. China sees Taiwan as a breakaway province and does not allow official relations with both places. Honduras is the fourth Central American country to switch to China in the past six years, leaving Taiwan recognized by just 13 countries worldwide.

— China’s industrial production advanced 2.4% year over year (yoy) in January-February 2023 combined, faster than a 1.3% gain in December 2022 but less than market forecasts of 2.6%. Manufacturing output quickened following the lifting of the zero-Covid policy, while activity slowed at both mining and utilities.

Within manufacturing, output expanded for coal mining & washing (5.0%), oil & gas (4.2 %), chemical raw materials (7.8%), ferrous metal smelting (5.9%), non-ferrous metal smelting (6.7%), non-metallic mineral products (0.7%), electrical machinery (13.9%) electricity (2.3%), and agriculture (0.3%); while production fell for textiles (-3.5%), communication (-2.6%), general manufacturing (-1.2%), and automotive (-1.0%). In 2022, the industrial production grew by 3.6%.

— PBOC ramps up fund injections into banking system. The People’s Bank of China (PBOC) injected 481 billion yuan ($69.7 billion) via a one-year medium-term lending facility (MLF) to some financial institutions and left the interest rate unchanged at 2.75%. With 200 billion yuan of MLF loans set to expire this month, the operation resulted in a net 281 billion yuan of fresh fund injection into the banking system. The central bank also pumped 104 billion yuan through seven-day reverse repos while keeping borrowing cost unchanged at 2%.

— CBP releases data on products detained under Uyghur Forced Labor law. The U.S. Customs and Border Protection (CBP) unveiled a new dashboard (link) to provide information on the level of goods that have been detained under the Uyghur Forced Labor Prevention Act (UFLPA), putting the total value of products stopped at $961 million covering 3,327 shipments.

Of the total, 424 shipments have been denied, 1,090 have been released and 1,723 shipments are still pending.

The dashboard breaks the information down by quarter, with the July-September quarter totaling put at $465 million, the largest amount which coincided with CBP starting enforcement actions. Shipments fell to $305 million in the October-December quarter and stand at $183 million so far in 2023. “Shipments identified for further examination under UFLPA represent .01% of all shipments entering the U.S. since the implementation of the act,” acting CBP Commissioner Troy Miller said. Some 1,627 of the shipments have involved electronics, 631 for apparel, footwear and textiles, 422 for industrial manufacturing and mining and 197 agriculture and prepared products.

Malaysia has had the most shipments affected at $491.2 million with $369.9 million for Vietnam and $89.7 million for China.

The law has prompted shifts in trade flows as the restrictions under the UFLPA result in shipments being detained unless evidence can be provided to prove the goods were not produced using forced labor.

— You knew it was coming: Green groups sue Biden administration over approval of Alaska Willow oil project. Six environmental groups filed a lawsuit on Tuesday over the Biden administration’s approval of ConocoPhillips’ Willow oil and gas project in Alaska, which they claimed could be a stepping stone to more development in an ecologically sensitive region. The suit (link) claims the administration failed to consider cumulative effects of Willow and essentially ignored elements of its new climate consideration guidelines for reviews under the National Environmental Policy Act, despite claiming to incorporate them.

Meanwhile, Energy Secretary Jennifer Granholm defended the Biden administration’s approval of a massive ConocoPhillips oil drilling project in Alaska, arguing that fossil fuels are still needed even as the president seeks to reach net carbon neutrality by mid-century.

— Year-round E15 legislation. A Senate bill backed by ethanol makers and the oil industry would allow year-round sales of ethanol blends higher than 10 percent in a step that would end years of wrangling over E15. Link for details.

— You may start noticing “sleep” snacks on grocery store shelves. One new option: A cereal company (the one behind Raisin Bran and Fruity Pebbles) launched a cereal called Sweet Dreams, which is supposed to help your nightly routine. The Washington Post writes: “Do products like this work? Probably not. Many claim to help produce melatonin. But having too much added sugar — or eating too close to bedtime — can actually disrupt your sleep.”

— USDA approves two states to replace stolen SNAP/food stamp benefits. Maryland and Vermont became the first states approved by the USDA to replace recipients’ SNAP benefits stolen by card skimming, card cloning and similar crimes. Benefit replacement is available for two years ending on Sept. 30, 2024, under a provision of the government funding bill passed last December.

In a statement, USDA Deputy Undersecretary Stacy Dean said the USDA was working with state officials “so that those who fall victim to a criminal’s selfish and illegal actions can still afford food for their families. We are pleased that all states submitted a plan outlining how they will process claims of stolen funds and reimburse SNAP customers. This puts us one step closer to helping people who have been victimized, while we continue to work on ways to combat fraud.”

Replacement of stolen benefits will begin this month in Vermont and Maryland.

USDA has no estimate of the scope of the problem. In card skimming, criminals install devices on ATMs or point-of-sale terminals to record EBT card data, which can be used to create fake EBT cards known as clones. Data can also be acquired through fraudulent phone calls or text messages.

SNAP households will be limited to two benefit replacements in a fiscal year and USDA restricted the amount that could be replaced.

Link for details.

— CNN poll: Trump leading DeSantis by 4 points nationally in GOP primary. A new CNN poll of 1,045 Republicans and “Republican-leaning independents” (3/8-3/12) found former President Donald Trump leads Florida Gov. Ron DeSantis (R) by 4 percentage points for a hypothetical 2024 GOP presidential nomination among Republicans and Republican-leaning independents. Some 40% said they’d most likely support Trump and DeSantis earned 36%, while just 6% are supporting both former U.N. Ambassador Nikki Haley and former Vice President Mike Pence.

— Ways and Means chair condemns Mexico’s threat to campaign against Republicans: ‘Unacceptable’. The Republican chairman of the House Ways and Means Committee this week condemned a threat from Mexico’s president to actively campaign against the Republican Party after GOP lawmakers threatened to hold Mexico accountable for violent drug cartel. Link for details.

— Virginia Gov. Glenn Youngkin is meeting next month with donors in Dallas, Texas, stoking speculation that Youngkin is weighing a presidential run, the Washington Post reports.

Meanwhile, Sen. Marco Rubio (R-Fla.) ruled out another presidential bid in 2024, telling radio host Hugh Hewitt, “I don’t have any plans to run for anything this year because, you know, timing is everything in life and we’ve got a lot of stuff going on.”

— The Ohio Attorney General sued Norfolk Southern Corp. in federal court on Tuesday, seeking to hold the railroad operator financially responsible for the Feb. 3 freight train derailment near East Palestine, Ohio. The 106-page civil lawsuit said the derailment caused the release of more than one million gallons of hazardous chemicals and harmful pollutants into Ohio’s air, streams, rivers, soil, and groundwater, killing thousands of fish and other animals, and “recklessly endangering” the health of area residents and Ohio’s natural resources. “Ohio shouldn’t have to bear the tremendous financial burden of Norfolk Southern’s glaring negligence,” Attorney General Dave Yost. “The fallout from this highly preventable incident may continue for years to come, and there’s still so much we don’t know about the long-term effects on our air, water and soil.” The lawsuit, alleging 58 counts, said the derailment was “entirely avoidable and the direct result of Norfolk Southern’s practice of putting its own profits above the health, safety and welfare of the communities in which Norfolk Southern operates.”

— Paris stinks. Some 5,600 tons of stinking, uncollected trash have piled up in Paris, the result of an ongoing strike by public sanitation workers opposed to the government’s controversial plan to raise the pension age, under which workers would have to retire at 64 instead of 62. Other cities, including Nantes and Rennes, have also been impacted. Additionally, three waste treatment sites have been blockaded, while a fourth is partially closed.

— This could have been a Seinfeld episode. A Japanese member of parliament, who is also a YouTuber, has been expelled for never actually turning up to work. Yoshikazu Higashitani, known as GaaSyy on YouTube, where he posts celebrity gossip videos, was elected seven months ago and has not shown up to a single session of parliament since, so his Senate colleagues kicked him out.

— Rich Feltes retirement announcement. R.J. O’Brien & Associates released the following statement:

“It is with feelings of happiness for him and sadness for us that we are writing to share that Rich Feltes will be retiring from R.J. O’Brien on April 3rd of this year.

“As most of you well know, Rich has been an invaluable part of RJO since the fall of 2010. He has provided fundamental market research on the grain markets not only to RJO IBs and clients, but to countless institutions, farmers, and risk managers for 50 years! But more than anything, Rich embodies what it is to BE RJO. The passion for his craft, RJO and our clients is second to none and he will be sorely missed.

“Rich forged his path in agriculture at Continental Grain Company and further discovered his passion for securing, analyzing, and sharing market research and developed his vast network of followers at Refco and MF Global prior to joining RJO. Earlier this year, Rich was honored by the Commodity Markets Council with a “Lifetime Achievement Award”.

“Rich’s wife, Anita, has been at his side, supporting him throughout his entire career. They have decided it was time to spend more time with their children and grandchildren and enjoy their free time traveling. This will certainly keep Rich busy!

“RJO’s Randy Mittelstaedt, Head of Market Insights, will continue to provide daily market insights in the agriculture markets and he is building out his team to add more reporting to fill the void that will be left by Rich Feltes. We will be sharing those details in the coming months.

“Rich and Anita will be joining us at our Annual IB Conference, August 25-26, 2023, at the Gaylord Texan in Grapevine, TX. We hope you can join us to wish him well in retirement and toast his next adventure!”

Personal comments: For those of us who know Rich, he is a master at summarizing and analyzing complex topics in the business of agriculture. I’ve known him for decades and his insights will be missed.

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