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Hey welcome back everybody. We have a brief update today on what's been happening. There's been some changes in the marketplace and we have Malieka Bordigioni here to talk about what's been happening, in particular with regard to livestock commodity prices. So, take it away Maleika. Good morning Bob. Hi everybody. I just want to give you a brief update on the changes in the marketplace that we've seen in the last week or so since we've given you a price update. I'm going to start out here with giving you a brief overview, or brief snapshot of Nevada agriculture. This is primarily from a livestock focus, since that is our biggest industry here in Nevada. This data is based on 2017 data reported by the USDA AG Census and the Nevada Department of Agriculture 2019 report. As of that date, there are about 4,000 farms and ranches on six million acres here in Nevada. Seventy-seven percent of those farms or ranches are owned by an individual or family, that's their legal entity status. Fifty-four percent of all those farms and ranches are considered small businesses with annual sales of less than $10,000. One of the reasons we wanted to give you the snapshot is to just kind of put into perspective where we fall in the national supply chain, and how our livestock industry may have been impacted and has been impacted by the effects of the COVID-19 virus. Nevada egg commodities in 2017 generated 650 million dollars in revenue. 74 percent of that revenue originated from animal commodities. We had primarily those commodities are going to be sales of cow calf or calves on the hoof. We had an inventory in 2017 of about four hundred and forty five thousand animals and eighty three percent of the farms holding those animals are primarily beef cattle ranches. There were a hundred and forty-two thousand, or about 32% of those feeder animals were shipped out of state on the hoof, as opposed to just slaughter, they were shipped to be fed. And 77% of those animals went to four states, California being the largest followed by Idaho, Colorado and then Nebraska. An additional 70,000, or about sixteen percent of our total inventory was shipped out of state specifically for slaughter and 64 percent of those animals went to two states, primarily California and Arizona. In terms of livestock, we also have about 25 dairy farms in Nevada, and 66% of those are located in Churchill County around Fallon, Nevada. In 2017, they produced seven hundred and three million pounds of milk, which generated a hundred and twenty six million dollars in sales. And I believe most of our dairy farmers are tied in with California cooperatives. As Bob mentioned, we've seen some price changes in the market, both from the producer side and on the retail side. So in previous episodes of Sage Outlook, we've talked about the supply chain and how changes that impact the supply chain at different points might result in different prices for producers on the producer end for the meat packers at that point in the supply chain and then of course for consumers on the retail end. Even though we are still deep in the impacts from the COVID-19 virus, we seem to be moving slightly out of that real crisis period. What we see here is the chart of U.S. feeder cattle prices. Believe this morning they were up about to a dollar twenty-seven. This is from last night, so this might show a little bit lower. You can see we're about seven and a half percent down from the high over the last 12 months, but more importantly where you really see these impacts--so there's good news and bad news. The bad news is when you look back here at May of 2019 you can see we're much lower. We're almost 20 cents lower, 15 to 20 cents lower than we were last May at this point, so we would expect to be higher. But the good news is we can see that the prices have also risen. We see these prices rising for a couple of reasons, but first I want to look at the impacts from on the processing side moving through to retail. So again, these are national cattle and beef summary from yesterday. We captured this yesterday. We see that there are-- I have three separate charts here--so we're looking at three different components of that processing market. We first see our weekly choice cut out, then next we'll look at the steer, or the dressed weights, which means the slaughtered hanging weights--or close to the slaughtered hanging weight. And then the weighted average steer price. The weekly choice cut is where we see the biggest change. We see this huge spike. This is really reflecting what we're seeing on the retail side from the shortages that have resulted from a lot of shifts towards the consumer retail market, where folks were really stocking up their refrigerators and their freezers. And we see this huge spike, and then we also know what was going on was that there were impacts in the supply chain on the processing, which wasn't allowing-- we were having a lot of employees fall out sick, and we had shuttered or partially shuttered processing plants, that was creating a backlog on the egg producer side. So we weren't getting as many animals in. We weren't able to turn as much meat out, and then the consumers were demanding much higher rates of meat that really caused those prices to spike. However, when we look at the average prices for steers, the weighted average prices for steers, we can see--and this is towards the end or the third graph--we can see that they're sort of trending back towards the 2019 average and the five year average. We are starting to see some of those animals, so as I mentioned there's some plants that have opened up. It's important to keep in mind that when we're reading about these plants closing, the plants really tend to specialize in a particular kind of livestock--overall. I'm speaking in generalities here. But a lot of the plants that have closed might have been pork. The biggest plants that have closed have been hog processing plants, which wouldn't necessarily have an impact on the beef market directly. There would be indirect impacts, but not directly. So, we are seeing some of those plants open back up. Some of the beef plants are open, and we're seeing those prices trend back towards averages. We also see, and another important thing to look at, is this dressed weight. So we're seeing that in 2020, even though we started out very near the 2018 average and a little higher than a 2019 average, that the animals--all those dress weights-- are higher than we've seen in prior years, and this is really a consequence of producers having to hold those animals longer and feed them longer so they're getting to a larger size. This just kind of breaks down, and we see a lot of what we saw in those charts here in the actual data. So you can see while we're down from last year, at the same time, we're at about six hundred and sixty-two thousand animals slaughtered. We're actually up from last week, so we are seeing again those animals moving back in. Looking at the live weights and the dress weights, we can see that our weights right now are higher than they were when we look back to last year, which is really a good comparison. However, we're still down in terms of the millions of pounds of beef produced because we do have less animals moving through. The next thing we're going to shift to is milk. So again, good news, bad news. Bad news is we're still 25% down over where we were last year at this time. So that is just drastic, and really painful for all of the milk producers. Milk and milk products have been far more impacted, maybe than any other commodity, in terms of the commercial and industrial demand for the products using. So this is schools closing, restaurants closing, that sort of thing. Milk is the most perishable of egg products. It can't really be held long. It doesn't have a shelf life. You can't freeze it in the same way. And we've talked previously about how the supply chain really funnels the raw commodity into different paths to package it, either in very large bulk form or for retail sale, and then also the byproducts are packaged similarly. So we've seen a lot in [inaudible] about milk dumping. There's some release there. So the good news is even though we are down 25 percent from where we were last year, we are up about 5 percent from where we were at the peak of the crisis. So, milk is still being dumped, but we're seeing a little bit of relief for multiple reasons. The industry has had time to adapt and adjust, to find alternate ways of using this milk, so maybe milk is being fed to calves instead of feed. We do see some restaurants and other commercial ventures are opening back up, and then there's also been development of some direct to food bank distributions that, I mean, this has given us a little bit of relief. And then producers are also finding ways maybe to adjust the feed of their dairy animals to lower production slightly. I mean this is all marginal, but it's better than nothing. Then, beyond the prices, I just wanted to give you a little update on--we did get some news this morning about the USDA Direct Relief payments. There's been a lot of back and forth and this is the most recent news that we have in terms of setting parameters. So, this is the 16 billion in relief being distributed by the USDA that will be Direct Relief to farmers. This is, I think about nine billion of this comes from the CARES package, and then the remaining amount comes from the CCC program. They decided that they're going to cap the Direct Relief payments to 250,000 per individual. Eighty percent of the payment that each producer qualifies for will be made in the initial payment. The 20% will be paid--the remaining 20%--will be paid later, based on the available funds that are left. There's a couple of caveats, or additional clarification for who qualifies for that 200, up to 250,000. Individuals who get less than 75% of their income from farming will still be eligible as long as their adjusted income is less than nine hundred thousand a year. And corporations, maximum, a cap of three individuals that fall under a corporation, who meet the USDA requirements, are still eligible. Like I said, up to three separate payments, so each of their families. Then there are specific commodities that are eligible. This is relevant to Nevada. So cattle producers: good, hog, dairy, specialty, which would be fruit and veg, and then row crops, but they're primarily corn, cotton, and soybean. So, for Nevada, in terms of direct payment. The one thing that you may notice is missing is hay producers. Although we have seen hay prices hold pretty steady, I don't want to say they haven't been impacted by COVID certainly. And that could be a case-by-case basis, but we don't see them being covered. Stay tuned for more information and clarification. And then one last little bit of news on relief is that Secretary Mnuchin was reported to say that the White House has been working with Congress to come up with an eight-week extension or a longer extension for that PPP program that some egg producers had qualified for. So, we may see a little bit of just administrative relief on that end. That's about it for our update today. Thank you so much Malieka. Any questions or comments? Stacy and Mike do you have anything you want to add to that? Going once, going twice. Alright, thanks everybody. We'll be back next week with another update, and thank you so much Malieka. Important information, it sounds like things are stabilizing a little bit maybe, so let's remain optimistic about this. Yeah. I do want to mention just one more thing really quick that I forgot to mention. We talked about these average national prices, and hopefully in another two weeks we'll have some more Nevada specific data. That only comes out about once a month. There's about a month lag in it being reported, so when we get some--hopefully in like two or three weeks, we might have some more Nevada specific data to report. Great. Thanks so much everybody, we'll check back in next week. Take care.