 My name is Bill Wilson. I'm a professor in agribusiness and agricultural economics. I do a lot of work in commodity marketing, risk and strategy, and particularly applied to agricultural technology. I do work around the world in all of these topics. I show this first slide here because it gives you an understanding of why it's important to do research in agriculture and agricultural technology. Basically we're in a very, very competitive environment. We're more competitive now than I've ever seen in my career. We have Russia who's coming to dominate now the World Week market, having about 40% market share. We have Canada becoming more like the United States and we have Brazil dominating the soybean market and the Brazilian Chinese soybean market in particular. So this is how we view research in agricultural technology. We spend money over a period of time. Maybe a typical project might span five to 15 years and that costs money. And then we begin accruing benefits. Maybe eight to 10 years forward, spanning upwards of 30 years forward. And those benefits go to growers, consumers, governments and industries. And so it's that balance of a very long time period to develop and commercialize agricultural technology, which is important. Few years ago, Dr. Grafton asked me to give an idea what the return on investment was in agriculture in North Dakota. So we use our experiment station data for a long period of time to measure that our productivity was increasing at a rate of about 2.29% per year and our return on investments 24%. That's been corroborated by other studies now and this is a widely circulated study of my own. And what that means is investing in agricultural research is a very good investment. I show this last slide because it gives an idea about the scope of ag technology. We used to talk about plants and feeding livestock but now we got imagery of plant science, crop protections, ag marketplace, sensors. All of these are the different types of ag technology today. We need them all. Hello, I'm Frank Olson, crop economist and marketing specialist with NDSU Extension. My job is to try and help people understand how the crop markets work so they can make more informed and hopefully better decisions. My primary audience is farm and ranch managers but I also work closely with agricultural lenders, policymakers, grain elevators and processors and even international grain buyers by working with the Northern Crops Institute. I can honestly say my job is never boring. There's always something new to talk about especially when you consider the wide range of crops grown in North Dakota. For example, this pie graph shows the number of acres planted to various crops in 2019. Even though the planted acreage changes from year to year, it does give you a general idea of the relative size of each crop. Spring wheat, soybeans, corn and canola account for about 80% of the crop land acres in the state. So most of my time is spent with these markets. Almost all the crops have both domestic and international buyers which makes understanding market dynamics even more complicated. There are times when the domestic buyers are leading and times when the international buyers become dominant. In a typical year, approximately 70% of North Dakota soybeans, 45% of North Dakota spring wheat and 40% of North Dakota corn are exported internationally. The impact of global trade on North Dakota agriculture and crop prices specifically became very obvious during the US-China trade war. China placed a 30% import tariff on US soybeans which effectively stopped the movement of North Dakota soybeans into China. I received a lot of questions about alternative market outlets and how the flow of grain would change as a result of the tariffs. Fortunately, the phase one agreement has been signed and China's begun to buy US agricultural products again. In fact, Chinese buyers buying of US corn and soybeans are at record levels. While we don't have the exact numbers yet, a significant portion of North Dakota soybeans and corn will be delivered to China in the near future. The big question is, so what's next? Only time will tell.