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From YouTube: Interim Joint Committee on Agriculture (6-9-22)
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A
Senator
carpenter,
senator
caslin
senator
gibbons,
senator
howe,
senator
parrott,
senator
thayer
here
senator
webb,
senator
west
senator
westerfield
senator
wise
here,
representative
callaway
here,
representative
dixon,
representative
dosset
representative
fister,
here
representative
flood
representative,
graham
representative
hart
here,
representative
herron
representative
ims
here,
representative
kim
king
present
representative
cook
here,
representative
carney,
representative
mcpherson,
yeah,
representative
pollock,
here
representative
pratt,
representative
representative
rayburn,
representative
raymond
representative
reed,
representative
stevenson,
representative,
tate
representative,
thomas
here,
representative
tipton.
Here
senator
hornbach.
B
B
A
You,
mr
chairman,
I'd
like
to
welcome
the
american
legion
boys
state
group
here
today
my
good
friend
mr
pat
keefe
from
campbellsville,
who
represents
our
local
american
legion
group
there
as
well,
so
welcome
to
frankfort
men.
B
B
B
And
I
think
that's
got
our
introductions
out
of
the
way,
let's
move
on
with
business
and
we're
going
to
flip
the
schedule
and
let
our
usda
farm
service
occur
so
dean.
If
you
and
your
guests
will
come
to
the
table.
C
B
C
C
D
B
E
B
C
B
C
So
at
the
fsa,
of
course,
our
main
job
is
to
be
their
safety
net
for
the
farmer
and,
as
you
know,
we
had
a
a
lot
going
on
across
the
nation
across
the
country
and
then
in
kentucky.
Of
course,
we
were
plagued
with
a
devastating
tornado,
mr
chairman,
that
got
your
county
in
the
bull's-eye
and
a
lot
of
damage,
a
lot
of
distraction
to
farming
there
and
at
a
bad
time,
at
a
bad
time
when
hard
to
get
stuff
rebuilt.
C
You
know,
price
of
material
is
higher,
so
just
a
really
devastating
time
for
those
farmers
and,
of
course,
still
trying
to
work
through
that
and
definitely
be
working
through
it
here.
As
you
know,
you
try
to
get
your
crops
in
here
in
the
fall
so
that
that's
definitely
on
our
radar
at
fsa.
Of
course,
our
main
job
is
to
implement
the
farm
bill
to
do
what
the
u.s
congress
and
u.s
senate
put
in
their
farm
bill,
and
you
know
we
carry
that
out.
C
You
know
we
have
it's
pretty
straightforward,
what
what
we
can
do
and
what
we
can't
do,
the
programs
that
we
offer
and
then,
as
things
change,
there's
programs
that
can
that
pop
up
to
help
just
like
it
did
with
the
tornado
and-
and
we
had
several
programs
to
help
the
people
and
not
only
of
graves
county
but
several
other
counties
in
kentucky.
C
Where
the
you
know
there
was
a
lot,
a
lot
of
laws,
and
so
my
guests,
I
brought
with
me
today
so
they're
they're,
both
long-time
employees
with
usda,
unlike
myself,
who's
been
there
since
january,
the
third,
and
so
I
I'd
like
for
them
to
tell
a
little
bit
about
what
they
do
and
and
I'll
start
with
mike
mike
does
the
farm
loans
and,
and
as
we
talk
about
you,
know,
people
trying
to
rebuild
after
the
tornado.
You
know
he
has
some.
He
has
some
products
over
there.
C
That
would
help
people
with
that
as
well.
As
you
know,
of
course,
there's
a
big
new
beginning
farmers
and
there's
always
a
push
on
that,
especially
as
our
the
farmer
population
is
is
aging.
The
average
age
of
the
farmer
is
increasing.
So
it's
it's
good
to
bring
new
people
up
and
at
usda
that's
definitely
a
a
big
focus.
So
if
you
could
mike
just
tell
a
little
about
the
some
of
the
farm
loan
programs,
we
have.
B
D
Have
we
have
two
different
main
programs?
We
have
a
guarantee
and
we
have
a
direct
on
the
guarantee
program.
What
it
is
the
lender
is
actually
the
one
who
is
who
will
be
servicing
and
making
the
loan,
and
we
are
backing
the
loan,
we're
giving
them
a
guarantee
up
to
90
percent
and
on
the
direct
side.
What
it
is
is
we
basically
have
a
lower
interest
rate
longer
terms
on
some
of
those
don't
have
to
have
a
down
payment.
D
D
D
An
odd
state
that
this
half
of
the
state
is
is
very
good
agriculture
area
and
this
side
of
the
state
is
better
suited
for
pasture
and
hay
and
so
forth.
That's
not
to
say
it's
not
across
the
state
but
and
we
lead
the
nation
have
every
year,
I've
been
there
in
microloans
and
microloan
is
up
to
50
000,
it's
another
way
for
to
get
a
man
or
a
woman
into
farming
on
a
lower
scale
and
then
build
them,
and
as
dean
was
talking,
really
there's
three
things
that
we
try
to
do.
E
First,
thank
you
all
so
much
for
inviting
us
to
be
here.
It's
good
to
be
able
to
kind
of
give
you
an
overview
of
what
we
do
today.
I'm
going
to
tell
you
mostly
about
the
programs
that
we
had
been
the
tornado,
especially
on
everyone's
mind
kind
of
some
of
the
programs
that
we've
been
able
to
put
in
to
assist
people
with
that.
As
I'm
sure
mr
heath
has
told
you
the
pitchers.
E
Just
don't
do
it
justice
until
you
go
there
and
it
is
truly
unbelievable,
but
some
of
the
things
we've
been
able
to
do
to
help
is
we
have
a
program
called
the
emergency
conservation
program,
and
currently
we
have
19
counties
in
the
state
doing
that
program
that
were
affected
by
the
tornado
and
what
that
is.
E
Is
it
if
there
is
a
natural
disaster
we
can
help
with,
for
example,
for
the
tornado,
we're
doing
debris,
cleanups
of
crop
fields,
so
we're
able
to
help
reimburse
for
the
farmers
for
the
expense
that
they
have
to
get
that
land
ready
to
put
an
ag,
and
then
we
also
have
a
program
that
will
help
with
the
restoration
and
repair
of
fences.
So
currently,
like
I
said,
we
have
19
counties
and
today
it's
just
over
8
million
dollars
that
has
been
requested
in
those
19
counties.
E
So
we
are
excited
to
be
able
to
put
that
out
there
and
be
able
to
help
these
people
with
that
number
two.
We
have
a
program,
that's
the
livestock
indemnity
program.
This
program
is
not
an
emergency
program,
it
is
in
the
farm
bill,
but
we
were
able
to
help
some
of
the
people
that
have
like
a
poultry
operation
where
they
lost
their
entire
operation,
because
those
losses
of
chickens
were
directly
related
to
an
adverse
weather
event.
E
They
have
the
capability
to
store
6
million
bushels
and
they
are
going
to
be
storing
zero
for
the
2022
crop
years.
So
not
only
is
it
that
gonna
affect
the
400
people
that
deliver
their
grain
or
store
their
grain
directly
to
them.
It's
also
going
to
affect
countless
people
in
the
neighboring
area
that
just
bring
and
deliver
their
grain
there
not
to
mention
affecting
how
they
can
market
their
crop,
because
they're
not
going
to
be
able
to
have
storage
so
they're
just
going
to
have
to
go.
E
You
know
whatever
the
day
they
shell,
it's
the
price
they're
going
to
get
so
one
program
that
we
have
available,
that
we
have
seen
a
huge
influx
in
is
the
farm
storage
facility
program.
That
is
part
of
the
farm
bill.
It's
always
been
available,
but,
as
you
can
imagine,
everyone
is
jumping
on
that
bandwagon
and
it
is
a
great
program
depending
on
the
amount
of
the
loan
it
can
go
up
to
12
years.
E
Currently,
our
interest
rate
is
anywhere
from
2.875
to
3
percent,
which
is
phenomenal,
but
with
the
huge
influx
of
everybody
wanting
to
build
at
the
same
time,
they
can't
get
supplies.
E
So
I
know
there's
some
talk
of
maybe
some
programs
that
might
be
able
to
help
some
of
that,
because
you're
going
to
have
an
increase
in
cost
for
fuel,
because
you're
going
gonna
have
to
haul
it
further
you're
gonna
have
to
have
more
drivers,
because
you're
gonna
not
have
a
quick
turnaround,
just
several
things
like
that,
so
we're
hoping
that
maybe
we
can
get
something
this
fall
to
be
able
to
to
help
those
that
are
affected
by
that.
So
thank
you
very
much.
B
Thank
you.
We
do
have
some
questions
or
comments
if
y'all
want
us
to
start
down
that
road.
Sure
representative
pratt.
A
A
Farm
loans,
to
you
know
you
all
do
farm
loans,
as
the
raising
interest
rates,
try
to
curb
the
runaway
inflation
right
now,
how's
that
affecting
you
all
and
your
loans.
You
you
touched
on
the
on
your
part,
but
on
your
part
of
it.
How
does
that
how's
that
affecting
your
your
rates
or
have
you
seen
them
go
up
yet.
D
The
rates
have
gone
up,
they
can,
they
can
go
up
on
a
monthly
basis,
actually
we're
seeing
right
now,
it's
kind
of
scattered
right
now,
but
we're
seeing
a
downturn
in
applications
which
I
can't
explain
it
right
now.
I
don't
know
if
one
of
the
other
gentlemen
I
saw
mr
snail
was
here.
Maybe
he
knows
a
reason.
D
Some
people
are
trying
to
relate
it
to
arpa
that
people
are
waiting
to
see.
If
there's
a
payoff.
I
don't
think
that
because
you
still
have
to
operate
so
I
don't
understand
where
we
are
right
now
and
it
may
just
be
a
may
just
be
a
tournament,
but
the
the
gentlemen
are
going
to
have
to
have
their
operating
money
and
the
I
say,
gentlemen,
I
mean
farmers,
men
are
women,
but
it
it's
a
temporary
thing.
I
hope
and
and
we'll
see
turn
a
turn
around
in
it
relatively
quick.
D
Oh,
we
hardly
ever.
A
quarter
of
a
percent
seems
like
when
we're
going
up
now.
Just
recently
this
month
from
from
may
to
june,
we
saw
about
seven
tenths
of
a
percent
rise
in
the
fo,
and
so
we're
going
to
continue
to
see
a
little
bit.
A
A
Thank
you,
mr
chair,
and
thank
you
all
for
being
here
today.
You
mentioned
briefly
about
fencing,
and
I
was
just
wondering
if
we
could
have
just
a
little
bit
more
information
about
that
when
those
horrible
tornadoes
hit
our
family
was
getting
information
that,
from
the
livestock
standpoint,
fencing
was
one
of
the
greatest
needs
and
not
covered
by
some
of
the
traditional
people
or
organizations
that
might
be
able
to
help.
A
E
A
E
The
majority
has
been
replaced
and
repaired
at
least
probably
almost
every
farm
has
had
some
and
then
to
get
everything
you
know
put
back
up
and
then
we're
working
on
the
rest
of
it.
But
when,
like
I
said,
the
eight
million
dollars
that
we've
requested
it
has
been
requested,
we
have
not
necessarily
received
all
the
funding
from
washington,
yet
so
as
the
guys
and
gals
finish
up
their
fencing,
they
bring
the
bills
in,
but
we're
still
waiting
on
the
funding
to
be
able
to
pay
them.
So
that's
also
an
issue.
F
Thank
you,
mr
chairman.
Jennifer.
Do
your
all's
programs
on
grain
storage
for
temporary
grain
storage
and
stuff
do
they
allow
for
like
the
baggers
and
stuff
I
mean
to
assist
farmers
in
trying
to
get
some
grain
stored?
Are
you
doing
that
too?
The.
E
Farm
storage
facility
alone
is
for
permanent
structures
or
refrigerator
trucks
or
trucks.
Semis
trailers,
that
kind
of
thing
so
as
far
as
the
it
would
have
to
be
considered
permanent-
and
I
know
some
of
those
are
getting
where
they
might-
we
might,
they
might
be
considered
permanent,
but
we
have
not
seen
any
yet.
C
I'll
speak
on
that
so
so
senator
senator
mcconnell
had
put
some
language
in
a
bill
and,
and
it
talked
more
about
ports
and
which
is
something
that
probably
just
can't
really
happen
fast,
and
you
know
we
would
like
to
see
something
happen
fast.
So
farm
bureau's
been
involved
along
with
senator
mcconnell's
office,
and
you
know
talking
to
usda
about
if
there
are
some
other
options
and
it
would
be
probably
more
of
a
temporary
type
or
or
prefer
long
term.
We
just
know
that
people
aren't
going
to
be
able
to
get.
C
You
know
you
can't
find
some
materials
and
you
may
not
be
able
to
get.
You
know.
I
think
we
lost
what
was
it
about
a
half
a
million
worth
of
half
a
million
bushels
of
a
private
storage.
So
it's
it's
hard
for
all
those
people
to
build
back,
plus
everyone
who
is
taking
it
to
mayfield
for
them
to
find
something.
So
so
I
I
think
in
washington,
dc
they're
working
with
senator
mccall's
office
to
you
know
to,
and
there
was
no
funding
there,
it
was.
C
It
was
just
you
know,
find
some
funds
to
do
that.
So
that
makes
it
a
little
difficult
too,
and
I
I
think
the
way
some
of
those
programs
were
written
there
wasn't
a
lot
of
latitude,
so
usda
can't
just
come
up
with
a
program
because
when
those
bills
are
written
it
was
really
tight.
The
language
in
that
so
not
a
lot
of
flexibility
so
trying
to
work
around
that.
So.
B
C
So,
as
you
all
know,
these
officers
took
a
big
hit
after
tobacco
they've.
Really,
you
know-
and
I
know
my
predecessor,
brian
lacefield's
behind
me
and
I
think
they
stayed
pretty
constant
during
his
term.
You
know
you
lose
a
couple.
You
pick
a
couple
up
and
and
so
far
that's
what
happened
this
year
I
gained
one
on
the
federal
side.
I
lost
two
on
the
county
side.
They
did
change
some
language
where
we're
allowed
to
to
go
up
to
our
cap,
which
which
helps
us
out
too.
C
Of
course
we
have
turnover
there's
we
have
a
little
over
300
employees
and
64
county
offices,
and
it
makes
it
difficult.
I
know
you've
expressed
some
concerns
in
shelby
county
plus.
We
have
problems
like
other
places.
You
know
finding
people
and
being
able
to
keep
people
and
we're
especially
having
that
problem
on
our
farm
loan
side,
because
banks
are
making
a
lot
of
money,
and
you
know
basically,
these
people
are
bankers,
they're
giving
loans,
so
they
we
have
a
great
training
program.
C
So
it
seems
to
be
that
people
come
over
and
go
through
our
training
program,
and
then
you
know
a
bank
picks
them
up
an
ag
related
bank
picks
them
up
and
okay
takes
them
from
us
and
of
course
we
can't,
but
we
pay
really
good.
Of
course
we
have
great
benefits,
but
you
know
a
private
bank
can
offer
you
know
whatever
they
want.
So
it's
it's
hard
to
compete.
So
with
that
being
said,
you
know,
you
know,
feel
free
to
reach
out
to
me
time.
C
If
you
all
know
people
in
your
community
that
would
like
to
be
on
the
ag
lending
side
be
happy
to
take
them
and
give
them
the
process
applying
for
some
of
those
jobs.
Of
course,
one
thing
people
have
to
keep
in
mind
when
they
apply
for
a
job
with
fsa
is,
is
you
know
we're
for
the
whole
state?
So
it's
hard
just
to
you
know
you.
C
Now
when
we
advertise
for
those
jobs,
we
tell
where
those
jobs
are
at,
but
but
some
jobs
are
then
you
know
you
have
to
move
around
and
maybe
move
your
family
to
a
different
area.
If
you
have
flexibility
in
fsa,
it
works
out
really
well
because-
and
I
have
two
people
beside
me
here-
you
know
mike's
from
warren
county
and
with
his
job.
He
has.
He
has
a
place
in
lexington
and
same
with
jennifer
she's
from
graves
but
lives
in
lexington.
C
So
some
flexibility,
but
you
know
we
do
have
some
good
jobs
and
we
do
have
current
openings
and
and
farm
loan
people
to
go
through
our
training
and-
and
it
is
a
good
job.
B
Thank
you,
representative,
tipton.
A
Thank
you,
mr
chairman.
It's
good
to
have
you.
I
heard
have
a
question
for
jennifer
you
referenced
for
the
poultry
producers
who
had
weather-related
incidents.
We
also
have
a
big
issue
with
avian
flu
and
disease
causing
depopulation.
Producers
are
having
lost
income
because
lost
revenue.
Because
of
that,
do
you
do
any
of
your
programs
available
for
a
producer
in
that
situation?.
E
D
A
A
D
The
we
have
farm
ownership
and
farm
ownership,
conservation
loans,
those
those
are
all
the
same
rate
and
then
on
operating
side.
Basically
we're
going
to
have
two
rates
unless
you
get
into
an
emergency
loan
and
they're
going
to
try
to
pair
that
because
in
the
past
it
was
so
much
easier
to
process
an
operating
loan
than
it
was
an
em.
So
they're
gonna
try
to
pair
those,
and
so
an
emergency
loan
would
essentially
be
3.25.
D
D
A
E
As
a
poultry
producer
myself,
no
that
they
probably
won't
some
of
the
older
barns
that
if,
if
your
barn
was
older
and
it
was
destroyed
and
you
had
it
paid
for
the
expense
of
building
it
back,
it's
probably
not
going
to
the
profit
margin-
is
probably
not
going
to
be
there
for
you
to
do
that
now,
some
of
the
newer
ones.
That
would
be
a
different
story
about
them.
Building
back,
but
another
thing
I
didn't
mention
is
our
our
local
plant.
E
There
pilgrim's
pride
the
feed
mill
where
they
bring
us
our
feed
from
the
chickens
it
got
damaged,
and
so
another
local
plant
tyson
is
helping
with
all
of
that,
getting
us
chickens
that
they
have
been
super
they've
worked
great
together,
and
so
we
are
back
getting
chickens
and
our
feed
and
the
ones
of
us
that
have
barns
are
back
in
operation.
A
What
time
frame
you
think
you'll
be
for
you,
where
you're
kind
of
be
fully
recovered?
From
this
I
mean
in
our
area,
we've
got
producers,
and
we
know
they're
kind
of
kind
of
asking
them
to
over
produce
a
little
bit
trying
to
make
up
the
difference,
but
but
how
long
will
it
be
before
it
stabilizes?
You
think.
B
The
big
issue
is
is
getting
the
birds
hatched
and
out
to
the
barns.
I
talked
to
one
young
farmer
that
had
just
completed
some
new
houses.
He
had
gotten
one
flocked
through
the
houses
and
pilgrims
was
able
to
make
arrangements
to
get
birds
from
some
other
suppliers,
but
they
could
only
get
half
of
what
they
needed.
So
you
can
imagine,
being
a
young
startup
farmer
and
having
all
these
loans
and
millions
of
dollars
in
new
buildings
and
getting
half
the
birds
that
you
need.
E
I
can't
speak
fsa,
I'm
afraid
there's
not
but,
like
I
said
just
my
personal
knowledge,
I
do
know
that
we
grow
for
pilgrims
and
typically
your
turnaround
time
is.
You
have
birds
for
about
five
weeks
and
then
you
are
out
three
weeks
to
clean
the
barns
and
do
all
the
things.
If
you
are
out
over
the
three
weeks,
they
are
supplementing.
E
It's
not
great,
but
every
little
bit
helps
so
I'm
not
sure
how,
where
they're,
getting
that
money
or
what
fun
that's
coming
from.
But
we
are
getting
money
for
everything
we're
out
over
the
three
weeks.
So.
E
F
B
And
the
the
other
subject
that
we've
been
talking
about
with
losing
the
grain
facilities,
my
phil
grain,
in
particular
6
million
bushel
talking
to
some
farmers
in
the
area.
That
said
you
know
they
can.
They
have
quite
a
bit
of
on-farm
storage.
The
issue
they're
going
to
run
into
is
when
it's
time
fall.
Harvest
is
over.
The
grain
is
in
the
bins
and
now
they've
got
to
move
it
to
one
of
the
river
ports.
B
You
can
do
the
math
diesel
fuel
is
five
dollars,
plus
a
gallon.
The
semi
trucks
get
five
miles
per
gallon,
roughly
so
a
dollar
a
mile,
just
in
fuel
to
move
the
grain
to
the
elevator.
So
I
know
our
hands
are
tied
and
somebody
said:
is
there
anything?
The
department
of
agriculture
can
do
to
get
fuel
prices
down,
and
I
said
well.
If
they
could,
he
could
run
for
president
instead
of
governor,
but
but
yeah.
We,
the
farmers,
are
facing
some
uphill
challenges
and
that's
just
one
one
of
them.
A
Thank
you,
mr
chairman.
I
was
just
thinking
in
terms
of
the
the
comments
made
about
those
barns
that
were
old,
older
and
could
not
be
replaced.
Are
there
any
mechanisms?
You
may
have
said
this
by
which
those
who
cannot
afford
to
rebuild?
Are
there
any
things
in
place
for
people
to
be
able
to
get
some
assistance
to
be
able
to
rebuild
those
barns.
E
A
All
right,
mr
mr
chairman,
I'd
just
like
to
take
opportunity
to
make
a
comment
about
my
former
colleague.
I
want
to
thank
him
for
really
stepping
up
and
and
working
public
service
in
public
service.
A
You
did
a
fantastic
job
while
you
were
here
in
the
house,
and
I
know
with
your
appointment,
I
know
you're
doing
an
excellent
job
in
terms
of
servicing
this
commonwealth,
but
I
just
wanted
to
thank
you
for
your
service
not
only
to
your
community
but
to
this
commonwealth
and
now
to
the
country
as
a
whole.
So
thank
you
so
much.
B
Thank
you
for
those
comments,
representative,
graham,
and
I
would
echo
that
you
guys
know
that
our
ag
committee,
if
there's
a
non-partisan
committee
in
frankfort,
this
is
probably
it
we're
we're
about
farmers
and
and
taking
care
of
business.
And
it's
been
pleasure
working
with
you,
representatives
more
in
the
past,
and
glad
to
have
you
on
board
to
work
with
you
going
forward.
B
G
I
couldn't
help,
but
my
name
is:
will
snell
I'm
an
agricultural
economist
at
the
university
of
kentucky?
I
couldn't
help
but
have
a
great
smile
on
when
I
came
in
here
this
morning.
Kelly
and
susan
had
put
up
a
picture
of
my
new
granddaughter
born
last
week.
I
have
to
admit
I
have
a
long
way
to
go.
That's
my
second
grandchild.
So
I
have
a
long
way
to
go
to
keep
up
with
my
state
representatives.
G
Okay,
there
we
go
sorry
about
that,
but
those
of
you
all
with
grandchildren
know
that
that's
about
as
close
to
the
slice
of
heaven
as
you
can
get
as
those
grandkids.
So
again,
thanks
kelly
and
thanks
susan
for
for
doing
that.
For
me,
my
chore
this
morning
to
talk
about
a
topic
that
every
one
of
us
in
this
room
are
talking
about
all
the
time
it
doesn't
matter.
If
you
go
to
the
grocery
store
or
the
gas
station
farm
supply
store.
G
You
know
everybody's
talking
about
inflation.
I
was
actually
on
the
flora
rupp
arena
at
the
all-tech
conference
a
couple
of
weeks
ago,
2500
people
from
91
different
countries,
and
this
gentleman
by
name
of
john
calipari,
grabbed
the
microphone
and
he
says
what
are
we
going
to
do
about
these
fertilizer
prices
and
I
couldn't
have
helped,
but
like
many
of
you
all
kind
of
chuckle
at
coach,
cal
talking
about
fertilizer
prices,
but
again
it's
it's
a
major
issue
out
there.
We
certainly
know
it's
impacting
all
of
us.
G
G
G
See
if
I
can
here,
we
go
just
a
basic
slide
here
that
most
of
you
all
have
had
a
course
or
two
in
economics
over
time,
and
you
all
know
that
when
we
talk
about
well,
let
me
try
the
mouse
here
there
we
go
back
up
here.
G
Okay,
when
we
talk
about
textbook
definitive
economics,
we're
generally
talking
about
a
rise
in
prices
for
a
selected
basket
of
goods
or
too
much
demand
chasing
too
few
goods
and
services.
You
all
recall
those
definitions,
but
I
think
most
of
us
can
relate
to
our
good
philosopher.
Yogi,
berra
and
yogis
came
up
with
this
saying
about
inflation
and
nickel
ain't
worth
a
dime
anymore.
G
So
again
we
all
can
relate
to
this.
Looking
at
the
change
in
our
purchasing
power,
all
of
us
are
certainly
being
impacted
by
this
as
consumers,
as
well
as
producers
out
there,
and
when
you
look
at
inflation,
inflation
is
measured
as
most
of
you
all
know,
by
the
consumer
price
index.
G
What
you
may
not
know
is
the
cpi
is
actually
a
basket
of
market
goods
certainly
includes
things
such
as
food
prices
in
cars
and
the
price
of
gasoline,
but
it's
actually
a
gauge
of
eighty
thousand
different
goods
and
services.
Chairman
harbach
were
talking
all
the
way
from
funeral
home
expenses
to
haircuts
included
in
in
the
cpi.
G
It's
measured
in
75
different
urban
areas
across
the
united
states.
So
it's
really
not
a
good
measure
of
rural
inflation.
Certainly
many
of
our
small
rural
communities
probably
have
higher
levels
of
inflation
than
some
of
these
urban
areas
and
it's
measured
within
23
different
23
000
different
retail
establishments.
G
G
If
you
look
at
inflation
over
the
past
50
years-
and
many
of
you
certainly
can
remember
the
center
parrot,
the
earliest
early
80s
and
the
levels
of
inflation,
the
double-digit
level
inflation
we
had
for
many
years
during
that
time
period,
but
we
also
know
that
through
about
the
past
couple
of
decades,
or
so
we
have
not
had
much
inflation.
I
tell
my
students
that
pretty
much
throughout
their
entire
lifetime.
They
have
not
experienced
much
inflation
at
all.
Now
always
tell
a
story.
G
When
I
took
the
ag
leadership
program
center
horn
back
down
to
brazil
in
the
early
90s
and
we'd
go
into
a
restaurant
and
they
would
have
menu
prices
on
a
chalkboard,
it's
like.
Why
are
they
putting
menu
prices
on
the
chalkboard?
Well,
many
of
you
all
can
probably
figure
out.
We
would
actually
see
prices
on
the
menu
change
during
our
meal,
because
at
that
time
brazil
is
experiencing
somewhere
around
a
thousand
percent
annual
interest
rate.
So
again,
most
of
us
all.
The
past
couple
of
days
certainly
have
not
experienced
much
inflation.
G
Until
recently,
the
last
cpi
came
out
last
month
for
april
at
8.3
is
actually
down
a
little
bit
from
the
month
before
our
latest
cpi
actually
comes
out
in
the
morning,
and
you
know
certainly
with
the
increases
in
fuel
prices
we've
seen
over
the
past
month
and
continued
high
food
prices
and
rental
rates
interest
rates.
You
know
it's
going
to
be
hard
to
envision
that
inflation.
G
You
know
coming
down
from
the
levels
that
we
had
last
month.
So
what's
caused
this
run-up
in
inflation,
you
all
watch
the
news
like.
I
do,
there's
a
lot
of
finger-pointing
about.
What's
caused
inflation
over
time
and
you
know
where
I'm
coming
from,
you
can't
identify
just
one
single
source,
a
lot
of
discussion
about
the
government
spending
we
had
you
know
certainly
the
pandemic
expenses.
G
We
had
all
the
stimulus
checks,
we
had
infrastructure
bill
pass
and
you
know
that
accounted
for
about
six
trillion
dollars
of
federal
government
spending
over
the
past
couple
years,
just
kind
of
related
to
the
pandemic,
and
then
you've
got
monetary
policy.
The
fed
injected
about
six
trillion
dollars
of
increased
money,
supply
40
increase
in
the
money
supply
over
that
time
period.
So
again,
you've
got
all
these
new
government
spending.
G
You've
got
all
this
injection
of
the
money
supply,
but
against
other
factors
we
all
know
the
supply
chain,
all
the
way
from
plans
closing
the
congestion
at
ports
like
a
truck
drivers,
all
the
supply
chain
disruptions
we've
had
on
the
labor
side.
You
know
higher
wage
rates,
certainly
within
ag
weather
issues.
G
We've
had
you
know:
droughts
in
south
america,
we've
had
the
dry
weather
out
in
the
western
part
of
the
united
states,
certainly
infecting
the
beef
cattle
herd
representing
tipton,
or
maybe
you
mentioned
avian
flu-
that
certainly
impacted
the
poultry
sector
out
there
so
again
a
lot
of
different
factors
from
weather
and
diseases,
and
then
on
top
of
that,
the
war
in
ukraine.
Many
of
you
all
know
we'll
talk
about
it
here
in
a
few
minutes.
G
How
important
that
region
the
world
is
to
agriculture
in
terms
of
food
in
terms
of
fuel
in
terms
of
fertilizer.
So
again
it's
a
combination
of
factors.
That's
caused
a
run-up
in
inflation,
so
what
about
eggs
certainly
ag
has
not
been
exempt,
and
this
is
kind
of
where
hoppy
comes
into
play,
that
if
you
look
over
time
periods
where
we've
had
relatively
high
levels
of
inflation,
we've
typically
will
see
in
a
few
minutes
here
have
had
fairly
high
commodity
prices.
G
G
and
you
welcome,
remembers
a
time
period
with
a
run
up
in
global
green
prices
and
we
went
to
what
was
called
a
family
farm.
It
was
a
mom
and
dad
two
brothers
and
a
sister-
and
I
don't
know
about
your
perception
of
family
farms
in
africa,
but
mine
was,
it
was
fairly
small
scale,
but
this
farmer
said
well.
The
price
of
grain
has
been
pretty
good
on
the
world
market
last
year,
so
we've
decided
to
raise
29
000
more
acres
this
year.
G
So
again,
if
they
can
do
that
in
africa,
you
know
we
can
find
some
more
acres
in
you
know
in
europe
and
south
america,
central
kentucky
and
farmers
want
to
raise
more.
So
again
you
have
a
situation
higher
commodity
prices
encourages
higher
production
and
then,
when
we
have
inflation
come
into
play,
the
fed
gets
involved.
We
get
higher
interest
rates
and
that's
really
an
important
factor
impacting
farm
input
prices.
So
again
I
want
to
look
at
this
relationship
between
the
growth
in
farm
commodity
prices
and
the
growth
in
farm
input
prices.
G
G
Farm
input
cost
as
a
whole
across
all
inputs
are
up
about
24,
whereas
the
cpi,
for
all
goods
and
services
in
the
economy
have
risen
by
about
12.
So
again,
farm
input
costs
have
gone
up
twice
as
much
as
the
cost
of
everything
else
in
the
economy.
G
Fertilizer
prices,
I
have
to
tell
you
more
than
doubled
again.
This
slide
is
a
month
old,
we'll
get
new
data
tomorrow,
and
certainly
the
diesel
and
gasoline
increases
will
probably
that
we've
seen
over
the
past
month
will
probably
exceed
a
hundred
percent
growth
over
that
time
period,
and
you
can
see
the
other
inputs
there.
So
again,
I
it's
no
surprise
to
any
of
you
all
in
this
room
that
you
know,
farm
input
costs
have
increased
considerably
over
the
past
couple
of
years,
but
we
also
know
that
commodity
prices
have
increased
as
well.
G
You
can
look
at
the
percentage
change
there
over
time
from
our
major
commodities
that
we
produce
here
in
in
the
state
of
kentucky,
and
again
you
see
that
tremendous
growth
that
we've
had
over
the
past
two
months
or
two
years,
so
I'm
going
to
bring
this
back
here
a
little
bit
later.
We're
going
to
talk
about
how
all
this
relates
to
kentucky.
But
what
I
want
to
do
now
is
look
at
some
of
the
data
that
I
pulled
together
from
a
historical
standpoint
about
the
changes
in
input
prices
versus
the
changes
in
commodity
prices.
G
The
blue
line
there
represents
an
index
of
all
farm
inputs,
seed,
fertilizer
fuel,
labor
interest
cost.
If
you
aggregate
all
those
costs
over
time
into
an
index,
whereas
the
yellow
line
there
represents
the
index
of
farm
prices,
received
prices
for
cattle
prices,
for
corn,
soybeans
tobacco,
etc,
and
then
I'm
going
to
compare
that
to
the
red
line.
That's
the
increase
in
overall
prices
of
all
goods
and
services
in
the
economy.
The
inflation
rate-
and
the
first
thing
I
want
to
look
at
is
a
correlation
between
the
two
and
again
relate
going
back
to
your
days.
G
In
college,
when
you
you
had
a
statistics
course
you,
you
figure
correlation
coefficients
and
those
coefficients
generally
range
from
a
plus
one,
which
would
say
that
two
variables
are
ex
perfectly
correlated
when
one
goes
up.
The
other
one
goes
up
by
the
same
amount
or
if
it's
negative
one,
they
go
down
by
the
same
amount.
If
it's
equal
to
zero,
then
there's
no
statistical
relation,
oops
shoot.
G
G
Again,
you
all
don't
have
to
do
any
statistical
calculation
to
look
at
those
lines
to
realize
that
the
prices
paid
are
highly
correlated
with
the
price,
the
rate
of
inflation,
as
well
as
the
prices
received.
You
can
see
that
correlation
coefficient
almost
equal
to
one,
but
then
the
question
becomes
okay,
which
one
of
these
has
gone
up
by
a
larger
amount
over
time.
G
G
But
also
when
I
looked
at
the
data
over
that
50-year
time
period
and
those
of
you
all
that
farm
can
relate
to
this,
that,
when
farm
commodity
prices
are
generally
matching,
the
rate
of
inflation
increases
when
representing
pratt
when
farm
prices
are
going
up,
input
prices
typically
go
up
a
little
bit
more,
but
when
farm
prices
start
coming
down
with
the
rate
of
inflation,
input,
prices
do
not
come
down.
Accordingly,
they
come
down
at
a
slower
pace.
G
So
I
see
a
few
nods
in
in
the
by
the
committee
members.
So
again
you
can
relate
to
that.
So
again
you
got
inflation
impacting
commodity
prices,
but
impacting
input
prices.
What
about
farm
income?
Well,
I've
already
alluded
to
the
fact
that,
typically,
if
you
look
at
this
data,
where
you
look
at
it
for
50
years
or
100
years,
that
those
input
prices
are
going
up
at
a
faster
rate
than
the
rate
of
farm
prices
are
going
up.
G
We
have
farm
income
to
come
down,
but
again
inflation
affects
not
only
these
variables
but
a
lot
of
other
variables
that
we're
watching
the
farm
economy.
Let
me
start
off
by
looking
at
land
values.
Economists
like
to
look
at
this
ratio
to
to
come
up
with
the
value
of
farmland
or
any
asset.
If
you
look
at
the
ratio
of
what
kind
I
expect
from
that
parcel
of
land,
how
much
income
can
it
generate
over
time?
G
G
This
slide
here
is
looking
at
interest
rates,
mapped
against
farmland
prices
over
time.
Here
in
kentucky,
can
you
look
back
in
the
decade
of
the
70s
that
black
line
representing
higher
interest
rates
and
eventually,
when
the
feds
stepped
in,
you
know,
as
as
a
result,
to
curb
inflation
that
we
saw
eventually,
land
prices
decline
in
the
early
80s,
and
then
we
had
a
couple
of
decades
of
pre-sustained
lower
interest
rates,
and
you
can
see
that
growth
we
had
in
land
values.
G
So
what
that
results
in
that
the
real
value
of
farmland
in
kentucky
has
been
over
time
increasing
and
what
you've
always
heard,
and
the
data
certainly
supports
that
land
is
a
good
hedge
against
inflation,
that
land
values
typically
increase
greater
than
the
rate
of
inflation.
G
So
what
about
export
markets?
We
know
that
agriculture
is
very,
very
depicted
upon
strong
export
markets.
How
does
inflation
impact
exchange
rates
well
again?
Higher
levels:
inflation
higher
interest
rates
when
interest
rates
go
up
here
in
the
united
states,
we
get
not
only
u.s
investors,
but
investors
around
the
world
want
to
invest
in
u.s
securities
long-term
securities,
so
that
typically
increases
the
demand
for
u.s
financial
securities.
G
Higher
demand
for
u.s
dollar
denominated
interest
rates
increases
the
value
of
the
dollar,
and
most
of
you
all
know
that
we
we
have
a
high
value
dollar
that
typically,
is
detrimental
to
exports.
It
caused
foreign
buyers,
more
m
or
their
currency
to
buy
u.s
goods.
So
again,
just
looking
at
some
of
the
data
over
time
again
back
in
the
early
70s,
when
that
blue
line
came
down,
that's
represents
the
exchange
rate.
We
saw
increases
in
those
red
bars
representing
exports.
G
G
G
G
The
official
data
for
2021
won't
come
out
to
later
this
summer,
but
back
in
december,
on
the
midst
of
higher
commodity
prices,
relatively
low
input
prices
very,
very
strong
crop
yields
some
improvements
in
livestock
prices
and
in
returns
we
estimated
that
farm
cash
receipts
for
the
first
time
in
the
history
of
kentucky
agriculture
would
approach
seven
billion
dollars
and
even
when
you
pulled
out
the
input
cost
at
that
time
for
the
preceding
crop
year
relatively
low
and
even
with
lower
government
payments,
so
strong
export
markets
and
the
strong
yields
we
had
here
in
kentucky,
we
were
anticipating
that
our
net
farm
income
was
going
to
be
one
of
the
highest
levels
over
the
past
seven
or
eight
years
as
farm
income
rebounding.
G
G
What
I
have
here
is
some
data
from
one
of
my
colleagues
greg
haledge,
who
puts
together
our
green
budgets.
The
table
on
the
left
represents
the
cost
of
that
we
had
in
our
budgets.
I
think
he
put
these
budgets
together
back
in
in
march
and
april,
and
you
can
look
at
the
various
costs
there
for
corn
and
soybeans,
certainly
the
higher
fertilizer
cost.
We
can
note
down
at
the
bottom
there
that
we
had
diesel
fuel
at
425
a
gallon.
G
Obviously
again,
this
is
a
couple
of
months
old
we'd
have
to
as
representative
heath
pointed
out.
That
would
certainly
be
north
of
five
dollars
right
now,
but
the
bottom
line
is:
if
we
look
at
this
from
a
historical
standpoint,
this
is
by
far
the
highest
cost.
We've
ever
seen
per
acre
in
putting
out
a
naked
of
our
green
crops.
G
At
that
time
we
are
anticipating
corn
prices
in
the
fall
being
660
a
bushel,
and
if
you
look
at
prices
today
on
the
board
as
well
as
you
know,
fall
delivery.
You
know
they're
seven
dollars,
plus
a
bushel
soybean
prices,
are
higher
than
that
15
15
that
we're
showing
there.
G
G
G
He
estimates
that
input
costs
for
beef
producers
with
higher
feed
costs,
tire
fuel,
fencing
higher
animal
costs
that
they're
up
about
20
to
22
percent,
a
20
to
30
percent.
Here
in
2022
price
calf
prices
are
going
to
be
higher.
He
anticipates
in
the
fall
compared
to
where
we
were
last
year.
Overall,
he
feels
like
our
cow
calf.
G
Producers
will
be
able
to
recoup
most
of
that
higher
input
cost,
but
certainly
not
add
much
to
overhead
return
on
overhead
as
a
result
of
the
higher
input,
cost
feels
a
little
bit
more
optimistic
on
stocker
cattle,
given
where
the
prices
that
are
on
the
board
certainly
been
very
surprised
that
consumer
demand
for
beef
has
still
remained
relatively
high.
Despite
the
high
prices
in
the
export
market,
I
think
dave
maples
would
agree,
continues
to
still
show
a
lot
of
strength,
oversize
overseas
in
moving
a
lot
of
our
beef
products.
G
As
far
as
tobacco
we've
been
talking,
tobacco
companies
for
many
years
about
supply
security,
but
they've
always
found
enough
pounds
to
to
meet
their
needs
here
in
the
u.s
market.
But
I
think
this
is
the
first
time
where
the
companies
are
a
little
bit
worried
about
supply
security.
G
We've
had
several
companies
boost
contract
prices
not
only
once
twice,
I
think
one
company
chairman
hornback's
boosted
three
times
so
they're
up
seven
ten
twelve
percent
depending
on
the
type
of
tobacco,
but
input
costs
from
our
budgets
are
up
about
ten
to
twenty
percent.
So
again
those
margins
are
going
to
be
extremely
tight
and
we're
going
to
have
to
depend
upon
probably
above
much
well
above
average
yields
to
pan
out
on
tobacco.
So
again,
where
does
this
lead
us
to
that
preceding
slide?
G
Certainly
we
were
looking
at
higher
input
or
higher
commodity
prices,
but
not
at
the
level
we're
seeing
right
now.
At
that
time,
back
in
december,
at
the
farm
bureau
annual
meeting,
we
were
saying
that
for
2022
we
thought
we
could
push
seven
billion
dollars
and
probably
exceeded
a
little
bit
for
for
2022.
G
As
far
as
net
farm
income,
you
know
again,
there's
no
doubt
input
costs
are
going
to
be
up,
but
those
higher
cash
receipts,
I
think,
will
more
than
offset
our
inputs
cost
increase,
as
well
as
the
fact
that
we're
not
going
to
have
very
much
in
terms
of
government
payments.
So
again,
where
I
come
to
you
today
is
saying
that
despite
inflation,
this
is
kind
of
my
take-home
message,
despite
inflation
and
again
making
a
lot
of
assumptions
about
good
weather
patterns,
export
market
remaining
relatively
strong.
G
G
The
world
will
respond
to
these
higher
commodity
prices
and
we
will
see
probably
some
pushback
lower
commodity
prices,
especially
crop
prices.
We
anticipate
for
2023,
but
again
remember
what
I
said
earlier.
Those
input
prices
tend
to
be
fairly
sticky
and
we
typically
will
not
have
not
seen
them
come
down
as
fast
as
commodity
prices
and,
as
a
result,
that's
our
biggest
concern.
Is
we
kind
of
look
at
2023.
G
G
We
used
to
talk
more
about
ag
marketing,
but
now,
with
my
student
base,
I
talk
more
about
food
marketing,
so
I
watch
these
prices
plus
I
am
probably
responsible
for
about
80
or
90
of
the
grocery
shopping
in
our
household,
and
I
don't
only
like
to
go
the
grocery
I
like
to
kind
of
watch
consumers
and
how
they
respond
to
price
increases,
and
I
remember
early
in
the
pandemic
kind
of
being
shocked
on
you
know.
G
Turning
on
the
tv
and
consumers
were
talking
about
well,
food
prices
are
up
20,
30
percent,
the
highest
I've
ever
paid.
It's
doubled
from
what
I
paid
six
months
ago,
and
you
know
when
I
went
to
the
store
yeah.
There
was
some
empty
meat
cases
from
time
to
time,
but
early
during
the
pandemic
food
prices,
just
due
to
the
fact
that
we
had
competition
out
there
and
ample
supplies
of
most
foods
didn't
have.
G
But
I'm
telling
you
and
you
all
know
the
past
few
months
it's
been
a
shocker
going
to
the
grocery
store.
I
was
in
kroger
the
other
day
and
they
had
buy
one
get
one
free
chuck
roast.
So
I
thought
well,
that's
pretty
good,
but
when
I
picked
up
a
fairly
medium-sized
chuck
roast
it
was
35
for
that
one
chuck
roast.
G
I
was
at
a
specialty
meat
shop
in
florida
a
couple
of
months
ago
and
went
in
and
looked
in
the
meat
case
and
filet
mignons
were
49.99
a
pound.
Now
I
might
expect
to
pay
that
at
tony's
or
jeff
ruby's,
but
to
have
to
pay
that
at
the
butcher
shop
is
another
thing.
But
again
you
look
at
these
prices
and
again
we'll
get
some
updates
tomorrow.
But
you
know,
food
prices
have
gone
up
again.
I
tell
my
students,
during
most
of
their
lifetime,
they've,
never
seen
food
price
inflation
until
now.
G
So
it's
up
about
10
percent.
But
what
is
amazing?
Let
me
back
up
and
talk
a
little
bit
about
what's
driving
this
certainly
higher
commodity
prices,
higher
price
of
wheat,
higher
price
of
corn,
soybean
cooking
oil,
etc.
Beef
prices.
We
know
those
commodity
prices
are
driving
higher
food
prices,
but
always
show
this
chart
in
class
that
the
cost
of
our
food
when
we
go
to
the
grocery
store
and
spend
a
dollar
on
food.
G
85
of
that
cost
is
beyond
the
farm
gate,
so
higher
commodity
prices
do
have
an
impact,
but
it's
all
these
other
factors,
our
fuel
costs,
labor,
cost
processing
costs,
packaging,
cost
export
markets
been
very
strong
on
food
exports.
All
these
factors
are
coming
into
place.
So,
yes,
we've
seen
a
tremendous
amount
of
food
price
inflation
here
in
the
united
states,
but
I
also
like
to
show
this
chart,
as
I
began
to
finish
up
here.
G
Look
at
that
red
line.
That's
u.s
food
price
volatility
check
out
that
green
line.
That
is,
the
average
volatility
in
global
food
prices,
we're
very
blessed
in
this
country
with
the
infrastructure.
We
have
the
efficiency
that
we
have
the
competition
we
have
in
our
food
marketing
system.
Despite
you
know,
some
of
the
challenges
we
always
talk
about
food
prices
today
are
up
10
here
in
the
united
states
are
up
about
30
percent
worldwide
and
again.
A
lot
of
this
relates
to.
G
What's
going
on
with
the
war
in
ukraine,
you
all
know
that
ukraine
and
russia
considered
somewhat
the
bread
basket
of
the
world
in
terms,
especially
green
output.
G
G
Certainly,
most
you
know
we're
not
so
much
impacted
here
in
the
united
states
from
those
markets
being
shut
off.
But
if
you
look
in
the
middle
east,
look
in
african
countries
a
lot
of
the
lower
income
countries
is
where
a
lot
of
this
grain
from
these
two
markets
typically
end
up.
So
you
all
probably
read
about
it.
G
But
it's
it's
true
that
we
are
in
the
midst
of
a
global
food
crisis,
and
you
may
have
seen
some
of
the
news
over
the
past
couple
of
weeks
been
some
discussions
with
president
putin
and
some
of
the
european
leaders
and
leaders
from
turkey
on
trying
to
get
some
of
this
green
out
of
those
countries
to
these
developing
countries.
These
low-income
countries
to
to
try
to
prevent
this
from
happening,
but
again
there's
a
lot
of
concern
out
there
in
a
global
global
sector.
G
G
You
know
the
buy
administration
is
working
a
lot
of
different
areas
in
trying
to
improve
competition
in
the
marketplace
to
improve
capacity,
beef
capacity,
meat
capacity
out
there
we're
doing
some
efforts
here
in
kentucky
through
the
ag
development
fund
to
increase
slaughter
capacity.
G
You've
got
efforts
to
try
to
increase
production
longer
term
by
you
know,
double
cropping
and
some
of
the
other
measures
to
increase.
You
know
production
of
crops,
but
it's
going
to
take
a
while
for
food
price
inflation
to
moderate
and
again
I'll.
Just
finish
up
my
emphasize
that
point
I
said
earlier,
we
feel
pretty
good
about
the
ag
economy
for
2023
2022.
We've
got
some
carryover
money
from
last
year
from
a
good
crop
year.
G
We've
got
very
strong
export
markets
right
now.
Yes,
input
prices
are
higher,
but
we
feel
pretty
good
about
2022,
but
the
concern
is,
if
we
don't
see
some
moderation
in
input
prices
for
2023,
that's
where
the
concern
lies
in
in
the
coming
year.
So
with
that
chairman
heath,
I
will
close
my
comments
and
be
glad
to
entertain
some
some
questions
or
comments.
B
F
A
couple
of
comments,
mr
chairman,
one
thing
I
like
to
tell
everybody
here
is
that
how
fortunate
we
are
in
the
ag
industry
to
have
will
snell
will
forever
has
been
the
one
to
help
us
with
projections
and
numbers
and
look
what
the
ag
economy
is
like
here
in
kentucky
and
and
will
I
truly
appreciate
all
the
help
you've
been
to
me
and
to
all
the
farmers
throughout
kentucky
wanted
to
just
make
everybody
aware
of
that.
F
A
couple
things
a
couple
questions:
will
you
talked
early
about
inflation
and
the
reasons
for
inflation,
and
it
appears
that
the
six
trillion
dollars
of
new
money
we
injected
into
the
economy
had
a
great
effect
and
it's
still
having
a
great
effect
on
the
supply
side?
What
the
I
mean
the
demand
side
and.
G
G
You
know
many
of
us
tried
to
go
out
and
buy.
You
know
new
tractor
new
truck.
We
ended
up
doing
a
lot
of
home
improvement
projects,
but
there's
still
money
on
on
the
side
and
to
be
honest
with
you,
when
I
was
looking
at
these
numbers
over
time,
I
was
shocked.
How
well
the
economy
in
the
short
run,
did
when
basically
the
whole
country
the
whole
economy
shut
down,
but
now
we're
kind
of
paying
the
price
for
it.
G
We
were
able
to
artificially
keep
our
economy
relatively
strong
and
we
would
have
seen
some
detrimental
impacts.
There's
no
doubt
in
the
short
term,
but
there
will
be
a
lot
of
analysis
for
the
next
several
decades
on
whether
that
was
the
right
policy
prescription
at
that
time
or
not,
but
again
we're
it's
not
the
only
factor,
but
certainly,
I
think,
had
an
impact
on
the
overall
rate
of
inflation.
G
F
And
just
another
car
or
another
observation
on
your
worksheet,
you
had
there
for
ag
inputs
versus
return
and
everything
the
over.
For
me,
I
mean
the
overhead
costs
have
gone
up
a
lot
more
than
what
some
of
those
other
costs
have
gone
up.
If
you
look
at
just
equipment
cost,
I
mean
that
have
gone
up
over
20
in
the
last
year,
so
those
returns
that
show
200
percent
increase
300
increase
in
a
year's
time.
F
Net
return
are
probably
not
as
realistic
as
what
farmers
are
going
to
see
because
overhead
costs
interest
costs,
because
most
farmers,
as
dean
had
said
back
early
and
their
folks
carry
a
debt
on
that,
so
their
their
interest
costs
for
one
thing
are
going
to
be
close
to
double
this
year
of
what
they
were
last
year,
plus
carrying
a
lot
more
debt
because
of
the
increase
in
all
those
inputs
and
everything.
G
We
all
know
that
farmers
look
at
basically
year
to
year,
but
those
those
equipment
costs
are
over
a
longer
time
period
and
and
they're
going
to
be
financed
at
higher
rates.
So
one
final
comment:
I
totally
appreciate
all
the
support
you've
given
to
me
in
your
position
in
the
state
legislature
over
the
years
and
now
I'm
glad
you're
gonna
have
more
time
to
take
care
of
hoppy
for
me.
So.
G
G
So
again
I
made
some
reference
to
those
countries
in
the
the
middle
east
in
africa,
where
you
know
it's:
it's
over
50
percent
of
their
income,
so
again
not
only
higher
food
prices,
but
lack
of
income
and
more
dependence
upon
that
income
to
to
you
know,
pay
for
for
food
costs
so
again
we're
very
blessed
in
this
country,
but
good
point
again:
it
points
out
to
the
the
efficiency
of
our
egg
and
food
system.
It's
it's
something
we
take
for
granted.
G
We
saw
what
happens
when
it
doesn't
run
efficiently,
but
again
long
term,
we'll
get
some
of
those
kinks
modified
and
again
we're
very
blessed
to
be
in
this
country.
With
a
food
marketing
system.
We
have.
D
D
I
was
in
the
john
deere
store
yesterday
buying
blew
out
of
broke
a
pto
shaft
and
was
in
there
purchasing
that
and
conversation
all
the
farmers
everybody's
lined
up
getting
parts
yeah
trying
to
get
back
in
the
field,
and
so
this
there's
actually
some
good
news
in
here.
D
D
Go
up
to
750
a
gallon,
you
could
spread
it
out.
You
know
500
extra
fuel
on
a
50-acre
field
and
you'd,
probably
according
to
these
numbers
here
still
making
money,
but
another
major
problem
we're
having
not
only
the
timeline
of
getting
parts
that
continually
get
slower.
I
was
lucky
enough.
They
had
mine,
but
my
part
was
in
store
there,
but
it
was
roughly
double
the
same
part
was
even
18
months
ago.
That's
going
up
and
then
the
other
part
of
it's
the
labor.
D
That's
just
absolutely,
and
I
know
every
community
from
whether
it's
teachers
or
anything
else,
but
the
ag
community
is
absolutely
getting
squashed
in
the
labor
and
I
think
sometimes
it's
harder
to
pay
those
higher
numbers,
at
least
on
labor
for
agriculture.
So
I
think
it's
continuing
to
follow
farther
behind,
but
there's
just
no
help
available
to
work.
The
equipment.
G
Yeah
and
that's
you
know
we
once
we
get
some,
maybe
a
little
bit
more
calmness
in
this
geopolitical
conflicts,
we're
having
right
now
and
we
get
more
oil
production
in
in
the
middle
east,
I
mean
we
will
see
some
moderation
in
fuel
prices.
I
think
that'll
help
the
inflation
rate,
but
wage
rates
once
wages
go
up
again,
that
I
would
think
they
would
be
fairly
rigid.
G
So
that's
certainly
a
big
challenge,
and
I
think
you
know
agriculture
is
not
going
to
be
immune,
that
what
we're
seeing
in
agribusiness
as
well
as
other
sectors
out
there
to
try
to
become
more
automated.
But
you
know
it's
a
challenge
in
agriculture
to
go
that
route.
D
You
know
it's
and
I
use
this
as
an
example.
We
have
a
ventor
right
there
in
paris
that
they
produce
ingredients
for
the
covid
vaccine,
so
department
of
homeland
security
mandates.
They
stay
open,
they're,
producing
12
of
the
21
ingredients.
I
think
they're
starting
pay
right
now,
21
an
hour
and
they're
hiring
anybody
that
comes
in
through
the
door
and
that
man,
it
is
just
making
it
harder
and
harder
to
compete
because
that's
that's
hard
to
pay
in
agriculture.
B
Oh
sorry,
next
meeting
july,
the
7th
9am
right
here
in
this
room.