The Elevator’s Cut Podcast

S2E17 - Disclaimer: There is a risk of loss in futures and options trading. Past performance is not necessarily indicative of future results.

 

Are we giving producers too much freedom? In this episode of The Elevator's Cut, we're diving into the wild world of behavioral economics and why endless grain marketing choices usually just lead to terrible, last-minute decisions.

 

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Check Out Our Website - https://www.whitecommercial.com/

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S2E16 - Disclaimer: There is a risk of loss in futures and options trading. Past performance is not necessarily indicative of future results.

 

May brings bad weather, planting stress, and $5 corn, but should you actually be selling right now? Today, we're breaking down why FOMO is destroying your grain marketing strategy, the hard truth about elevator margins, and why the commercial side is pushing you to lock in basis. 

 

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Check Out Our Website - https://www.whitecommercial.com/

 

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In This Video:

 

Jeff Reardon's CFO Insights - https://www.whitecommercial.com/cfo-insight

Bloomington Meeting Details - https://www.gfai.org/upcoming-events.html

S2E15 - Disclaimer: There is a risk of loss in futures and options trading. Past performance is not necessarily indicative of future results.

 

Everyone says the market is "wrong," but the truth is usually just a supply crunch hidden in plain sight. We’re breaking down the "DeLorean Market" (Backwardation), why the Strait of Hormuz is driving everyone crazy, and the 3 phases of the grain business you need to survive.

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Check Out Our Website - https://www.whitecommercial.com/

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In This Video:

Jeff Reardon's CFO Insights - https://www.whitecommercial.com/cfo-insight Bloomington Meeting Details - https://www.gfai.org/upcoming-events.html

S2E14 - Disclaimer: There is a risk of loss in futures and options trading. Past performance is not necessarily indicative of future results. Welcome back to The Elevator's Cut!

In this episode, we're diving deep into the specific cultural characteristics that separate high-performing grain elevators from the rest of the pack. Drawing from over 50 years of industry observations and fresh off a national conference, the discussion moves beyond simple "buy low, sell high" tactics to explore the fundamental mindsets that drive long-term profitability and operational excellence.

S2E13 - Disclaimer: There is a risk of loss in futures and options trading. Past performance is not necessarily indicative of future results.

Welcome back to The Elevator's Cut! In this episode, we're diving deep into the specific cultural characteristics that separate high-performing grain elevators from the rest of the pack. Drawing from over 50 years of industry observations and fresh off a national conference, the discussion moves beyond simple "buy low, sell high" tactics to explore the fundamental mindsets that drive long-term profitability and operational excellence.

S2E12 - Disclaimer: There is a risk of loss in futures and options trading. Past performance is not necessarily indicative of future results.

Welcome back to The Elevator's Cut! In this episode, we're diving into the disconnect between public perception and the gritty reality of life in the grain industry. From the perspective of seasoned grain merchandisers, the conversation challenges common misconceptions—like the idea that any rain is "good" rain—by highlighting how unseasonable warmth and poorly timed downpours can actually jeopardize wheat crops and invite summer pest surges. Broadcasting from deep within America’s heartland, the discussion serves as a grounded voice of reason, cutting through the upbeat fluff of local news cycles to explain how specific weather patterns truly impact the elevator and the field.

S2E11 - Disclaimer: There is a risk of loss in futures and options trading. Past performance is not necessarily indicative of future results.

Welcome back to The Elevator's Cut! In this episode, your hosts Roger Gattis and Jason Wheeler recap their recent trip to St. Louis for a grain merchandising workshop, enduring extreme winter weather and navigating the "climate" of the city. They highlight the value of interactive meetings over stagnant PowerPoint presentations, sharing insights from their sessions on making grain bins profitable and the importance of capturing a "return to space" in any market.

S2E10 - Disclaimer: There is a risk of loss in futures and options trading. Past performance is not necessarily indicative of future results.

Welcome back to The Elevator's Cut! In this episode, your hosts Roger Gattis and Jason Wheeler are joined by the CEO of White Commercial, Phil Luce. Today, we dive into the harvest hours debate and the limitations of autonomous grain handling, then pivot to a deep analysis of farm bin profitability, arguing that the widely cited 25-cent return often neglects the vital cost of carry and quality risk.

S2E9 Welcome back to The Elevator's Cut! In this episode, your hosts Roger Gattis and Jason Wheeler are analyzing the intense harvest season, from viral videos of collapsing grain bins to the serious economic impact of bad crop quality. They look at the fundamental issues plaguing the rice and soybean markets. Is the talk about low prices and tariffs justified? They dig into the numbers to give you the real cash price picture.

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Disclaimer: There is a risk of loss in futures and options trading. Past performance is not necessarily indicative of future results.

S2E8 Welcome back to The Elevator's Cut! In this episode, your hosts Roger Gattis and Jason Wheeler are joined by special guest Scott Hansen, a grain business legend with decades of experience. In this candid discussion, we dive into the frustrations many farmers are facing this harvest season, particularly with the historically low soybean basis. Scott shares a fascinating story about a conversation he had at church with some farmers who were concerned the market was "trying to steal their soybeans." We tackle common misconceptions about grain markets, explain why basis is a market signal (not a conspiracy), and reveal what really happens when an elevator's bids drop to "no bid."

S2E7 Join Roger and Jason on "The Elevator's Cut Podcast" as they dive into the current harvest landscape. Why are farmers selling even when prices are low? We'll discuss the massive yields emerging from the Southeast and how they’re affecting the market. We'll also break down the importance of harvest ownership for elevators and discuss why some grain is being sold "across the scale" despite low prices.

S2E6 Join Roger and Jason on "The Elevator's Cut Podcast" as they welcome back industry legend, Jeff Reardon! In this insightful episode, Jeff, a financial expert and CPA, dives deep into the current financial landscape for grain merchandisers and elevators. Discover why the industry is seeing impressive profits, even with changing market dynamics. Jeff shares his unique "dollars per bushel of space" metric for evaluating financial health, discusses the critical importance of harvest ownership, and explains why raising price later fees in a carry market is essential.

S2E5 Join hosts Roger Gattis and Jason Wheeler on this episode of The Elevator's Cut as they welcome back old friend and former grain elevator manager, Michael Kaeb of White Commercial. Michael, now a consultant for grain elevators across the western U.S. and Canada, shares his surprising observations about the vast diversity of crops—from milo and sunflowers to various wheat types—and the unique hedging strategies employed in these regions, including using corn futures to hedge barley.

 

The conversation then dives into common, often misused, phrases in the agriculture industry. Michael helps demystify expressions like "the way the market is right now" and "out of position," offering a candid look at what these colloquialisms truly mean (or don't mean!) in the fast-paced world of grain trading. Plus, get a behind-the-scenes peek at elevator life, including the unexpected challenges of painting wood paneling and hilarious college student excuses. Tune in for insightful discussions, industry anecdotes, and a few laughs!

S2E4 Welcome back to The Elevator's Cut, where Roger Gattis and Jason Wheeler cut through the misconceptions and complexities of the grain industry with a healthy dose of humor and pragmatism. This episode, they tackle the "joys" of corn planting season, dissecting USDA numbers and the ever-predictable weather chaos. They then dive into the wild world of grain spreads and basis trading, revealing why the math might make your head spin (and why your elevator isn't making a killing on price). Plus, get the inside scoop on why grain elevators actually make their money, and why co-op retirements are causing such a stir. And for the record, the internet has spoken: ranch is NOT a spread! Tune in for straight talk, funny takes, and maybe a few eye-rolls, all aimed at shedding light on the real challenges and opportunities in the grain business.

S2E03 What is the market really saying? Probably “good luck,” but we’re listening anyway. In this episode, Roger and Jason decode how merchandisers respond to spread structures, why everyone’s suddenly in love with averager contracts, and what to do when every farmer within 100 miles decides to grow corn. As always, no financial advice—just sarcasm, strategy, and survival tips from the merchandiser trenches.

S2E2 In this episode, Jason and Roger return from the road to unpack what they’re hearing across the industry—from farmer frustrations to merchandiser game plans. They dig into summer inversions, spread behavior that defies expectations, and the silent chaos of full bins before harvest. Also: co-op board decisions, pricing deadlines, and how bureaucratic policies somehow helped basis. If you’re in grain merchandising or AG logistics, this one’s for you.

S2E1 Who’s really pulling the strings in the grain market? The Grain Mafia? The speculators? The deep state? In this episode, Roger and Jason break down the latest rally, debunk some classic misconceptions, and take a closer look at why some folks think only farmers should be allowed to trade futures. Plus, we explore why certain pricing myths just won’t die and how elevators actually manage risk (hint: it’s not by guessing the top). Tune in for the usual mix of hard truths, sarcasm, and a few hot takes that might just get us canceled on grain Twitter.

How are basis traders looking at this recent harvest and the outlook for this season? We talk through the basics of what's going on, the importance of setting boundaries with customers, the value of space, why people hate Free DP so much, why the heck people hedge in the wrong months, and the prospects of setting up our own DOGE for the grain industry. A veritable cornucopia of zeitgeist delving after our recent hiatus.

The guys are back delving the Zeitgeists on all the latest bad basis takes. We discuss how basis may not actually have destroyed the country's infrastructure, how "trading like an elevator" may not be as glamorous as people think but still worthwhile, and what the heck is basis theft and basis fraud anyways. 

If you'd like to hear how Christopher Columbus and CRT are related to basis trading, this is a good episode for you.

We are back with Part 2 for your harvest time listening pleasure. This time, with Special Guest, Susan Stroud of No Bull Ag (NO BULL (nobullag.com)). We delve into the Corn Sweat Zeitgeist, of course, but still have time to tackle the big topics of the 2024 fall harvest: rolling basis contracts, proactive selling to capture big carries, what's a "good price" and how does it change throughout the year?, logistics of a big crop, harvest marketing alternatives, and what's all this carbon intensity stuff mean?

It's that time again for some audio to help pass the long hours of harvest. The guys have a special guest, Michael Kaeb from IL, to share stories and have some fun talking about the more entertaining side of the grain business. From Chemtrails to damaged equipment to bathroom subscription services, we once again dare to delve where other podcasts refuse to.

 

0:00 Intro

3:10 Special Guest Introduction

9:05 Conspiracies -- Chemtrails/Flat Earth/ Corn Sweat/ Wildfires

18:00 Grain Truck Drivers -- Demographics/ Business Ideas/ Unfortunate Stories

37:40 Hired Hands at the Farm and Season Help at the Elevator

Do the fundamentals even matter anymore? Are the Spec Shorts covering their Longs? Why is this crop so big and prices so low? Mostly, what should we do now that nothing is sold and prices are worse? Finally, how should elevators be approaching the coming logistical crunch and capturing the value they should? As usual, the guys delve into these topics and have all the answers. 

Help! I HTA'd myself and I don't know what to do!

 

Join us as we delve into the mysterious world of re-owning hedges and other recent agtwitter shenanigans.

The guys chat with Phil Luce about his ascension from spreadsheet guy to Spreadsheet CEO. What should we get out of charts? How did you learn the business? Can we have raises? All the important questions asked or implied. And of course, how should we interpret Cicadian Rythyms?

An Elite Peer Group of geographically diverse grain merchants join the show to share about their love for the grain business as well as their struggles and how they help each other through it all. Join us for a lively chat with Jake Lund from Wisconsin, Ben Nething from Ohio, and Michael Mock from Pennsylvania.

When is a random line more than just a random line? When somebody tells you it's important to look at, that's when! Join us as we delve into the obscure world of technical terms and tag along on our jaunt down the path of the psychology behind the contract names.

Basis Rolls, Fees, Huge spreads, and changes in selling patterns. We saw a lot of interesting developments with this crop, so we delve into how it all intertwined to create a zeitgeist stew of merchandising opportunities for the coming year.

Do you believe in conspiracy theories? Does Bigfoot have a cousin? Can Elevators charge double digit monthly DP fees? Grab your trench coat and listen to find out as the guys delve into the inner workings of elevator bids and fees, farmer marketing behaviors, and a little known mythical figure of the West Arkansas Ozarks.

An extended version of our normal podcast to help keep you company during the long hours of harvest. We mix in grain talk with a lot of our own personal preferences, stories, and strange perspectives from the universe. Timestamps of topics below.

0:00:35 - What is this episode?

0:04:30 - Convenience Store Food Options

0:21:43 - Gas Station Bathrooms

0:24:40 - Farm Marketing Discussion on Choices vs Decisions

0:37:25 - PowerPoint Presetations

0:43:43 - Brokers

0:57:57 - Bankers/Interest costs in the Grain Biz/ Spread Structures

1:05:02 - Cashless Society Conspiracy Talk

1:09:58 - Floor Traders/ Algos/ GMD (Farmer) Conspiracy Theories

1:16:48 - Flat Earthers

1:21:44 - Ufology/ Aliens

1:33:00 - Restaurant Food

1:55:01 - Food Stories of Mr. White

2:02:50 - Travel Hacks and Hotel Thoughts

The guys discuss their ideas on the upcoming crop merchandising year and touch on the secret to unmitigated success (probably) for the basis trader.

What do spreads and summer have in common? They both start with “S”, duh. In this episode the guys get back to the business of grain merchandising and delve into what the ongoing shift in corn spreads spells for the basis trader. (hint: it rhymes with “hairy”)

What makes Cooperatives great? What makes them struggle? We chat with retired Co-Op Veteran, Scott Hardy, to discuss all he has seen over the years with Boards, GMs, Mergers, Patronage, and more. Some high quality insight for anyone that interacts with a Co-Op with some entertaining and informative stories mixed in.

Lovingly and famously known as "The July 1st Story," friend of the show and grain industry mentor to many, Scott Hardy, shares his harrowing tale from his days on the road visiting grain elevators. Over his 40 years of creating, observing, and retelling the stories, this one may top them all. From transportation challenges to food reactions to medical emergencies to Jamaican Ukeleles, this one has it all. 

Having exhausted this month's supply of market quips, the guys discuss the sayings of the grain biz that may or may not have any bearing on reality.

Roger recently listened to an insightful podcast which of course is a foreign concept to us, so Roger shared some of the big concepts from it and the guys discuss how these insights apply to our business. As a credit to Arkansas Public Schools, Jason learns what aphorism means and Roger learns what Zimbabwe is.

The guys are back from hiatus with a lively discussion on how merchandisers are coping with the current basis and spread environment and how that is affecting their plans for the next season. What should we be doing now? How should we be approaching the coming crop year? 

We also announce our first ever shipment of Elevator's Cut T-shirts (sized M, L, XL) and what you can do to get one for yourself.

We delve into the farmer-elevator relationship from the perspective of the farmer with Kansas farmer, Adam Baldwin. What communication is the farmer looking for, what gets their attention, and how do they like to interact with their grain buyers? 

The guys delve into the pressing challenges, opportunities, and ideas from the largest annual conference of exclusively basis traders in history. Some great concepts on managing your business and how we see it applied in the grain industry. They discuss a possible monumental shift in preferred snacks of the show as well as new podcast swag in the works. 

What do GMD, Free DP, and Runza all have in common? This episode. Join us as we talk through it all and memorialize our 100,000th download. 

The guys chat up Jared Flinn of Bulkloads.com and discuss the finer points of elevator/trucker relationships.

The guys were invited on stage at the NGFA's annual Country Elevator Conference in St. Louis. This episode is a live recording of the panel they hosted about the upcoming merchandising and financial challenges that this crop year holds. We chat with bankers and merchants about how best to approach the year.

The guys delve into some of the aspects of what separates the haves and have-nots among merchandisers during years with flat/inverted market structures.

Known to many as the nicest guy in the grain business, Dan shares his wealth of experience with us in this episode. He shares some stories from his decades in the commercial grain business and tells us about the importance of building and maintaining relationships throughout his career. Dan also fills us in on what the heck a data scientist is and how they will help our industry grow into the future. 

The guys are back with some news! Big upcoming event details. Then we psychoanalyze some of the things we say in the grain business and why. Finally, we finish on some of the exciting basis trading stories from this harvest given the historic basis volatility. 

The guys have a discussion with Susan David of No Bull (@SusanNOBULL) on the recent disruption in the barge freight market. What's causing it? How will it be resolved? Who is benefitting? And what does it all mean to the rest of us? She gives us a great breakdown of what is going on.

The guys chat with White Commercial CEO and Basis Guru, Phil Luce, about managing basis, spreads, and expectations in these crazy times.

In this episode the guys speculate about what they’re delve into on the episode just before they record the episode.... and are immediately proved wrong.

The guys connect via transoceanic technology to our friend and fellow elevator advocate across the pond, Dan Murphy, aka @GrainPirateDan, in the grain growing East Midlands region of England. Dan shares both the differences and similarities of the grain elevator business from his perspective, and we try to come to grips with a few cultural differences. So pour yourself a pint (just not of Stella) and enjoy!

The guys chat with Kellee James, CEO and Founder of Mercaris, to delve into the mysterious realm of specialty grains. If $42/bushel soybeans doesn’t grab your attention, we don’t know what will! Shout out to cauliflower rice for not sponsoring this episode.

The guys tackle springtime basis in light of inversions, and discuss what an elevator’s fee structure signals to farmers. Just remember kids, keep your eye on the ball, be you a merchant or a farmer… just understand which ball you really should be looking at. Also, pringles are great.