The Elevator’s Cut Podcast

S2E20 - Disclaimer: There is a risk of loss in futures and options trading. Past performance is not necessarily indicative of future results.

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Most people assume grain elevators clear 70 cents a bushel, but once you take out the median 57 cents in expenses, the average net is closer to 13, and that changes how every penny should be merchandised. Jason Wheeler and Roger Gattis of White Commercial also get into why this harvest is the simplest selling decision in years, and why basis backs off when futures rally.

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

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S2E19 - Disclaimer: There is a risk of loss in futures and options trading. Past performance is not necessarily indicative of future results.

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It costs about $5 a bushel of space to build new — but good existing elevators are trading between $1.50 and $3. Jeff Reardon of White Commercial breaks down the median numbers across North America, why banks are cutting operating lines from $40 million to $20 million, and the one thing that decides whether you're selling a business or just selling bins. With hosts Roger Gattis and Jason Wheeler on The Elevator's Cut.

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

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S2E18 - Disclaimer: There is a risk of loss in futures and options trading. Past performance is not necessarily indicative of future results.

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Why do two elevators 15 miles apart post completely different bids for the same grain? Jason and Roger break down the different "games" being played across elevators, end users, and resellers. They also dig into how much say a co-op board should actually have over grain-buying policy.

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

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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.