I really can't remember any time during all the years of course that I've been in the grain business with a green trade in my ears and Great Plains weed. Of course, I'm sensing a cup when the Outlook has really been is clouded as it was at the present time. If I had been asked at the beginning or the end of the year saying December what the Outlook was for the 80s. I would have said probably years of dynamic growth and Agriculture and all of this of course was changed with the announcement of the sales suspension of the Soviet Union right at the beginning of the year on January 4th and matter fact on Friday night.Not only of course change to just for this year, but I really think change pretty much for the decade. And if somebody asked me in fact is that you know exactly what was going to happen. I wish I could respond that I knew because it'd be quite Frank with you despite the introduction. I really don't know and the only thing that I can do with you here is of course share some observations and some thoughts that I've had with regard to what is expected. I think we'd be deceiving ourselves in any of them off at the president's announcement of the grain sales suspension doesn't have or will not have some extremely profound effects not only on us Agriculture and Soviet agriculture, but pretty much all the way around the agriculture in the exporting and importing countries. And this of course is what we want to talk about here. There's absolutely no way anyone can turn around actually cancel the sales of 17 million tons of grain better not to bring back into a market without having that a market actually very severely affected and I think that again that it's extremely naive it would be a line to try to suggested. It really will not affect that market.The market effect of course is going to rip or not only through the entire agricultural system that it will Ripple through of course the entire economy as well. And I also think of course at the administration suspected it. I don't really know if the administration was aware of the very opposite when the announcement was made to what extent it would affect us Agriculture and US economy or you know, it is what area is the word effective. It is very obvious that they expected there would be an effect because of course they talked about expecting a sacrifice from the Americans in this particular area indicating that it would not have course be without some sacrifice. I want to State also incidentally that the criticism some people attempted to criticize the administration's handling saying that they were paying absolutely no attention to the farmers and their handling of the export sales suspension and the activities they were conducting of the actions. They propose to try to mitigate the effects they cause every action it was taken by the Department of Agriculture that are in every action that was taken by the Department of Agriculture. The farmers interest were kept in the Forefront any other interests, of course, we're already almost incidental. The drug purchases that were proposed by the administration were already designed to try to help, you know, a prevent Bluff of grain if the movements in certain areas and the move grain and other areas where there was no such a Glock and the administration offer, of course to buy the contracts of Greenwich. The exporters its own of the Soviet Union was really an effective this time or the administration had realized that there might be a ripple effect on the economy. And I think that they felt that if they purchased the contracts that actually if they replaced the Soviet Union as the buyer the grain of course of the contract would be delivered as they would have been had they been sent her soul to the Soviet Union so that all they rip what are the side effects, you know would be mitigated also that there wouldn't be that if the grade were actually transported the transportation system wouldn't be hard to handle. This might be used. But of course the problem really was where the grain would go. Which then of course is another story incidentally also for anyone who's made the suggestion which I thought was somewhat absurd that the exporters were being bailed out. He should really check to see how the administration is handling it. The administration is taking a course great pains to see that there can't be apps that they can be absolutely no hint of any profit made by any of the exporters in the reselling of the grain or the selling of the contracts and not only that they're asking or expecting of the exporters that do sign an agreement which they have that they will not pass any of these losses back down the pipeline or back in through so that affect the farmer or the exporter has to absorb the lost and the hands are the dealer in second third fourth answer back into the country of course will not be affected. It cannot be passed on to him, but the grain exporter has to suffer the entire loss. The administration appears. In fact to be doing all it can to try to mitigate the effect of the sales on us Agriculture and the US economy. And I think that also course is understandable and particularly in an election year in some instances. However, I feel that the administration is probably bent over backwards and it seems to be getting a fact even more intense in their efforts to try to downplay the effects of the export sales to spend and I find this actually not only not helpful but actually quite counterproductive. We've had statements recently from the Department of Agriculture. The effect that the Soviet Union is not really that important to the export markets and I quite frankly can't buy that I would still say that the export the Soviet Union is still the most significant factor in the World Export markets at the present time. And of course the factor which is continue to affect the US markets even after the great sport sale suspension was announced another of course statement, which I bothered by was a suggestion. Weekly export clearances the weekly outdoor Green from the United States is more than it was last year at the same time. And I think of course it is it's all so much more than it was in 1935. But that really is relative irrelevant. As a matter of fact, it really is not as much as it was before the export sales suspension. We're still shipping grain to the Soviet Union of the 8 million tons in any of them and it's not as much as it would have been had we of course sold the additional 7 sold and shipped additional 17 million tons. And then of course statement to the effect that the government is really read diverting or finding new sources are new customers for that grain. I find that a little also less than quite corrector. I properly cause of course the areas to which were selling additional quantities of rain this year are those to which we expected to move it. We really have not found new buyers for that grain. For example, the Mexicans are the Mexicans by intentions were fairly well known in December or early in December long before the export sales suspension was announced and added sales tax of the People's Republic of China and Eastern Europe for sales at all of them, which we had expected even before the export sales of the suspension was announced and they were in addition to a sales we expected to make the Soviet Union and not in place of I found this actually rather interesting even just the other day. I saw a statement which has been issued by the Department of Agriculture, which was inserted into the record by Senator proxmire to that effect. And it was an unbelievable statement saying, of course, we wouldn't that be affected in our balance of trade or payments because they had figured out that it would probably cost no more than agreed decrease of a little less than 2 billion dollars. Well, I'm not really sure about these government people. I still think to 2 billion dollars is a hell of a lot of money. I'd rather than prove the contention that the farmers are the United States was not going to be hurt. I found incidentally also the farmers are not really as contempt with the reasons for the export sales suspension or the effects of the export sales suspension as some of the press has reported and as the administration would like to believe in many instances farmers were afraid to make public criticism for fear that they would be called unpatriotic or also because it did read exactly know which way to go or go with it. As a matter of fact that I made the comment. In fact in Washington not very long ago. That although did the farmer may not be talking very loudly about the greatest sale suspension. I should remember that when the farmer goes to the polls to vote. He goes by himself it is he alone who pushes the liver and of course he's going to vote his pocketbook in exactly what he thinks. I don't agree incidentally also with a comment that I am group to the effect that the farmer has lost his political clout. I don't think that's correct at all. I think that the farmer has actually a great deal of political clout and when it particularly whenever it's combined with the cloud or say the voting Ability of the economic importance of all those for related agriculture-related areas called for the farmer really likes is a lack of political Direction. I worked in Grapevine sleep for 10 and a half years and I've been in there for three and a half years and I've noticed that the farmer ready never comes in and stays very clearly what it is. He wants certainly never in a very clear or concise or a consistent Manner and it's a little disturbing. I find because the farmer really has a great deal to talk about our great deal to do and really has as I've said i r indicator I think a lot of political clout I think are to use it and certainly take care of the direct it. I've never seen anywhere where they lack of Direction in agriculture was as evident as it has been course in Washington in the American Agricultural movement. And of course the aam has been the most vocal by quite a bit the most vocal of all the farm groups that come into Washington, of course and then staged protest and have captured a great deal of urban and press attention. And the first of course the Press attention they captured remarkably not was really very sympathetic. And if that soured whenever they found out that actually with the farmers were talking about whenever they talked about parody, you know, just exactly what parody mint and then of course last year that the people in Washington starred very strongly, of course on the aam and I found that really rather unfortunate it was really unfortunate that whenever they got the attention. They didn't really exactly know what to do with it. And as a result, they lost a lot of the sympathy which they had gathered in the Press. The urban press and among the people in Washington New York to the various large Urban centers. I think it's revealing about a horse wanting better prices for agriculture. And I think there were haughty Justified. I think that of course their prices have been the farmers prices have been manipulated with and they shouldn't have been in the farmer what he deserved a better break, but he didn't really go bad in a consistent matter and really explain what it was he wanted and exactly how it was he proposed to get it and of course when the am soft erection Unfortunately, they didn't always save directions in the places where they could have achieved. I was also amazed The Following the Leader of such individuals ask this man. Of course there Keno speaker. The aam has continued to strike at the area which rating has done the most for agriculture. In fact, really the most active the most interesting part of the US economy has been the grain export area and this is the area which the aam has continued to hit and certain of course I do. Try to hit the people or the individual firms, which have been doing the greatest exporting and the comments made with regard to the exporters has been actually quite untrue over a long. Of time and I'm always surprised that the comments and misconceptions about the Great Neck supporters have been perpetuated throughout the years. I'd like to stay first of all that there are really many more than five large grain farms in the United States. Some of the comments are that there really 24 V. And the three or four of them are foreign-owned. This is really not true. There are many more than 5 and there may be only one or two of the fine ones that are foreign-owned and one of the largest for the largest five by David stay then is a farmer Cooperative caused quite frankly Farmers export rice in there among the top 5 firms in the country in terms of exports and this of course contradicts. The claims. The farmers are not directly involved in exporting grain certainly are forced to the cooperatives. And the ownership of the firm's having weather for notary to own in the United States are farming base to the headquarters are brought or not is really actually the irrelevant. The important thing about the grain exports firms is first of all, their based in the United States that these firms have invested Millions mega millions of dollars in facilities for exporting us grains. They employ Americans are essentially run by Americans. They pay taxes in the United States, they serve the farmers and of course, they promote the exports of u.s. Grants and for all intents and purposes. You have to consider them as us grain firms. I never think of them as anything, but of course the u.s. Green trade the grain exports, of course, including the cops as well are themselves injured parties as a result of the exports sale suspension there still many aspects. Of course, I've touched on some of them in many aspects of course of the grand scale suspension, which I haven't even touched on here. And obviously there going to be a great many of which I haven't even thought about I think one of them for example, is it obviously the decreasing degree of confidence? Bring that I think we have to contend with I think it'll be many many years before the Soviet Union could attempt again or continue to try to expand its own livestock production based on a short and steady supply of brain from the United States. I think the same thing can be said of course for Eastern Europe, and I know that the Japanese are already concerned about what they're going to be able to buy from the United States. Another thing is of course, what do we do with contractor buyers who make contracts the United States different times who tried to keep the farm bars from breaking contracts when the markets going against them, but then of course the argument that we start to get now is will you break your contract? You know, why do you expect us to honor are you considered a contract valid if you're able to break them whenever you want to another thing is of course what kind of insurance a virus going to need that there won't be a sales this pension and the only type of insurance you can do and selling is to try to increase your price and offered increase your margin to cover the extra risk of making delivery. And when you do that, of course, does that make you less competitive in the World Market's exactly what? Hyper speed in the event that the action with regard to the Embargo. The grain sale suspension has been taken his created a great deal of uncertainty, but it's ready done. There is no way we can make it. I'm done even if the Embargo where to be lifted immediately the effects of core the Embargo will last for this for a long time and I think they'll carry with us probably through the 80s and maybe for a longer. Of time than that. I think it behooves us never the less since it already is here to do all that we can to cooperate with each other course and with a government in an effort to try to get out of it and as soon as possible and to mitigate the effects of it as much as possible and I think that in order to do that, I think we have to consider it honestly recognize it for what it is and not attempt to downplay it or color it improperly because I think we have to be honest with ourselves. And if you're not honest with herself, we can't really achieve the best type of policy to continue in the future. The rest of the album for the 1980s is still a good one. We're talking about of course, what are sales expansion or export sales my thing and we've expected a continuation of increase sales to most parts of the world that will continue. Of course what has not the, you know, it will not continue is I think that that possibly the rate of growth in the United States if other buyers are going to have greater confidence and other sources of supply and whenever they deplete the stocks and the other countries than quite obviously the countries are going to go pull out on production if we on the other hand tend to want to put more of our production into stocks and storage when our time comes around for bar planting intentions and obviously going to be decreasing our own production and this is my concern that we will not be increasing our agriculture. Of course at the we won't have the same rate of agricultural growth as we've had in the past and possibly we will not be increasing our own agriculture to the extent that we might have it in the power to the extent that the other countries are doing. So, so the question I suppose is really one more of degree and even How we react in the current situation and how we plan for the future. Thank you.