 Well, good afternoon, or like Carl, good evening, everybody. We do have some people here, so I'm going to be trying to talk to them and watch the screen as well. But as Carl said, I'm going to move through this quite quickly, because we have a lot of speakers. I just had a talk today out of our aglenders conference in Fargo, and I did a 40-minute talk out there. Just a couple of things that you see on the screen here, and some of you at some locations may have handouts, but you see my website there. I'm going to show only about 15 slides, but I have about 40 slides on my website. And so I like to use charts because a picture is worth 1,000 words. And so if you see a chart on here, maybe a month from now that you want to look at, just help yourself get on my website. We try to update this cattle situation, and I'll look in, and it's, again, a much longer version, approximately every week, usually on Monday. So just do that. Obviously, these are very exciting times in the entire livestock industry, including the cattle business. We've got record prices, but with that comes record volatility, record uncertainty. I remember our last year's meeting that we held here. Things looked really, really good, and supply and demand conditions were very favorable for backgrounding. I think this year you're going to see we're back to a more normal situation where, you know, certainly there can be profits in backgrounding, but you maybe have to have a little sharper pencil than last year, and with feed being as high as it is and so on. So certainly there's profit potential, and the rest of the speakers are going to talk a lot about a different alternative. So let's move along here. We have set records for all market classes of beef cattle, wholesale beef prices, retail beef prices, last two years, well, 2011, and this year I'm already saying that we're going to have record prices this year, even though it isn't over yet, because we've already been higher than enough from last year to do that. But again, the question is about, on the bottom there, how about 2013 and what could derail prices? And here we're going to spend most of our time just talking in the shorter run between now and February and March when we're doing backgrounding. But there are a whole host of issues that can affect the cattle business. And you see some livestock production and price patterns there on the top of the screen. And I'm just going to mainly do number one, the seasonal there tonight, because we want to know what's going to happen the rest of the year, and in February and March that's what's affecting background. I'm not even going to mention the cattle cycle. The cattle cycle is important, and we still do have a cattle cycle. And this afternoon at our Lenders Conference I did mention a little bit on that. I'll just finish up with the long term, not again that it's really going to affect backgrounding this year. But again, all these unexpected things can affect the cattle business, and they are affecting the cattle business. And therefore, we maybe need to look at price risk management and be very careful even, you might say, well, backgrounding is just from now until February, so what could happen then? Well, a multitude of things can happen that affect prices. And you see I've got 2013 in question mark there. But just this year, go under that, we started off in March with the lean, fine texture beef thing that really depressed prices there in March and April go over a little on the screen. I'm not sure if my cursor, if I can get it to go fast enough or not. But you see BSE there, we had a case of BSE then in April. Just below that is drought, and my main concentration there is going to be on the drought and how that's affected cattle prices. And we'll continue to affect cattle prices. Obviously, it's affecting me in the short run, but long run, and I'm not going to worry as much about the long run tonight. So we've had three very significant events. Slaughter steer prices right now are $0.50 to $2 lower than they would have been if we wouldn't have LFTB. And then we did get through BSE without much impact on prices. But the drought, as we'll see here now, has been really, really a major factor. And a game changer both in the short run, and it's going to have a lot of long run implications as well in the cattle business. So on the left, you see what the drought monitor looked like on June 5th. The darker the color, the worse the drought on this chart. So you see back there on June 5th, go down to the corn. North Dakota wasn't pretty good shape. Go down to the corn belt, Iowa, Illinois. They were slightly dry, but actually that was positive for the cattle business because they were able to get the corn crop in early. And usually an early corn crop means a high yield. So on June 5th, USDA was predicting a record 15 billion bushel corn crop. And that would have been fantastic for the entire livestock sector. And unfortunately, when you go to the right hand column there, or the right hand map, you see that the drought set in. And actually it was worse in the eastern corn belt, but it has improved there some. But still very, very dry to the south of us and even dry in North Dakota. So that had a dramatic impact on the corn market. Again, we were expecting 15 million bushels on June 5th. And by July 5th, we were down to about 12 billion. And within a couple weeks after that, USDA had reduced it and still were right now about 10.7 billion. So in the matter of a month, we had to decide how we would use 4 billion bushels less corn and get those people out of the market. And so let's see. I'll just go to this and then come back. So what happened? You can see there are two different colors on this chart. The top line starting on the left hand side were November feeder cattle futures back and you see into the middle of June there right at 164. And corn was down there about $5 on the bottom. Again, if that 15 billion bushel crop would have come to fruition, we would have dropped futures on down below this chart, below 450. And we would have been talking about much lower corn prices. But you see the opposite effect there between feeder cattle futures and corn futures as soon as we knew we were going to have a smaller, smaller crop and it quit raining. Corn soared from $5 up to $8 and feeder cattle fell from 164 down to 142. And then we were in a trading range then after we knew about what the crop would be through mid-summer. There you see in September we did lose about $1 on corn and that helped us pick up feeder cattle a little bit. But we've just been, you see, moving in the opposite direction. And that is going to be the case. And what this tells me is that we're going to see extreme volatility, volatility like we've never seen before this spring and the closer we get to spring because we need a record corn crop next year to get by. We are going to virtually run out of corn this year. The nice thing about last year we had a short corn crop too but it only had to last 11 months because we had a month early corn harvest and we were able to fill the bins. Now we've even got a shorter crop this year and if we have more normal harvest next year it means an even shorter crop is going to have to last 13 months. And so as we approach spring and see how many acres we're going to plan and what the weather's doing isn't still dry in the corn belt or whatever, we are going to see just unparalleled jumps from day to day week to week in corn prices and then you see the opposite effect in feeder cattle. And depending on how long you're backgrounding, if you're doing some of these program particular heifers we're going to talk about later on where you might keep them longer, our expectations are extreme volatility. So that's the one thing I want to get across to you that many people say, when are we going to go back to normal? When our price is not going to be so volatile and that isn't the case. They're going to be volatile. So the most important driver of feeder cattle prices and then backgrounding potential that we're going to see here in the next several months are really shown right here and around the bottom. It's all about feed. What are your feed costs? What feed available ability do you have? And then feeder on the country. So I've already talked to you about corn prices there on the left. I just jumped ahead and came back. Again, they're going to be extremely volatile. We've established a trading range there now probably in corn futures where we were up to eight and a half dollars almost and then down to about seven and a half so likely for the next couple of months they'll bobble around there unless we get a major scare that the crop is even below 10.7 billion bushels. But into the new year then it'll be even more volatile, like I said. Another issue is and these are competitive ours for backgrounding up here is winter wheat pasture in the southern plains. Obviously they're in the driver's seat for putting wheat on calves because that winter wheat is basically free as long as you got a fence around it in some water because it's going to go dormant anyway. So it's free grazing. The winter wheat conditions have not been the best, but just recently, particularly across eastern Oklahoma, they've received grains and the winter wheat crop greened up and lightweight calf prices last week jumped 10 bucks in Oklahoma with the anticipation of winter wheat there. So again, the market is going to find a way to put weight on cattle and we have high corn prices. Just where is it going to be done? So probably the potential for backgrounding up here maybe looked a little better, although they just brought calf prices up to where they are here. Just with that $10 increase, they were below us. But the more it rains in the southern plains, the more winter wheat is going to be there, the more they're going to bid up calves and that's going to spread nationwide and that's going to bring the lighter weight calf prices up higher relative to the heavy ones and probably at least somewhat reduce the potential for backgrounding. The other issue we have on the right-hand side there is we have put up a lot of silage in the U.S. and particularly in the western corn belt and the problem is we don't know how much silage that we put up and so that's got to be fed to cattle. Some of it's going to go to cows to keep them going and so on, but a lot of it's going to be fed to calves and so that's another thing that's going to keep a floor under calf prices and probably cause them to be higher. So those are all issues that we're dealing with there. So let's just move along. Of course, higher corn prices affect at all feeder livestock and I'm not going to get into the other species here, but you just kind of look at those top two charts there. Obviously, when corn goes up, it affects negatively the lightest weight calves the most because feedlots are willing and want heavier weight cattle so you see there, five to six hundred pound calves dropped more with that corn going up and these are cash prices then relative to the futures or we'll go to the right hand side, the seven to eight weights then. They did drop, but they didn't drop as much again, encouraging backgrounding and encouraging higher weight. So that tells us that the market again is going to reward backgrounding. It's just who's got cheap enough feed to do it. And the thing that's underpinning and keeping feeder cattle prices at record high and I guess that's one of the things maybe that I just wanted to mention back here in spite of LFTB, in spite of BSE, in spite of the worst drought in the corn belt since 1988, right now we still have record prices for feeder cattle for this time of the year. They've never been this high before. I know our expectations last spring were for higher prices now, but they did fall, but they are still at record levels compared to the other market or the other species which are way below that. So what's underpinning that is we're just very short of feeder cattle. On July 1st we had 3% fewer feeder cattle than last year and you go across on that chart and you see that we have the lowest number of feeder cattle that we've had for many, many years, which means excess feedlot capacity and they're bidding for feeder cattle so that's what's keeping them at record highs. So just jump ahead into the outlook here a little bit and then move on to the other speakers that are really going to get into some of the economics. I use this sign here to show outlook, which this is really a road sign, but outlook can go all over the place. Prices can stay the same, they can go higher, they can go lower, they can take a bend in the road and that sign says good luck and maybe that's part of what outlook is all about here. It's good luck and one of those irregular factors don't affect the market. So let's just jump to the 550 to 6 weight calves in North Dakota. These are at the prices from the four markets in North Dakota where we have USDA reporters and that is on a periodic basis in West Fargo and then from now through spring every sale at Napoleon and Kiss and Mandan and Stockman. So these are kind of average I-94 prices. So those of you up in Botno listening obviously have to take a couple $3 off of that, but I'm not as interested in the exact prices as just the trend. So in those lines on the bottom again from 2007 to 2010, just we're going to disregard them. I just left them in there to show you that that purple line in the middle there was last year where we set record high prices and this year, again, particularly in the spring where we were higher and so we're going to set records this year, although we're getting very close to last year. And my idea is here again we're going to have a floor under these calf prices because the winter wheat is greened up and we've got silage and we've got a short supply. And so I think we're going to bring them more over instead of going up like they did last year significantly, we're going to kind of bring them over and maybe even see some weakness by November. So calf prices are likely going to be a little bit lower than last year to finish out the year, but still at near record levels there. What happened last year why calf prices went up contraseasily when they're usually lowest in November is corn fell $2 during that October time period last year. Fed cattle futures, the spring futures went up $8 to $10. And again, we had some winter wheat, a green up down south where they had a devastating drought like last year. So that is similar. But the chance of corn going down $2 in the next month or a couple months is not impossible, but it's very highly unlikely because our stocks are just much, much lower because our crop is very low. So again, we can't expect calf prices to go up like they did, but again a floor under them and jump to the heavier weights then that would be coming out here in your background and calves that we're talking about tonight, steer calves. Again, the records being the same there. The other thing I have in this chart are the futures which correspond to these 758 calves. So those light blue squares are the October and November futures, which according to the futures at least and the way prices are now, it looks like the 750s will be a little bit above last year. Compared to the calves, it'll be a little bit below last year. But again, with $7 corn versus $4 or $5 corn that just makes the higher weights valuable. Usually then when we go to the spring futures, which are those green squares, usually in a normal year the January and March futures prices are below the October and November futures prices because the seasonal low in these heavier weight background of cattle is usually in February and March because that's what they're all coming to market. But last year, recall that wasn't the case. We had an inverted market and we had higher spring futures and the prices kept going up. So last year, backgrounding was a very good thing to do. And this year, they're not as high into March or January and March, but they still are higher than these fall futures. So the expectation of the market now is for us to increase prices, some on these background cattle from what they are now. Again, with corn being the driving factor and we need to put weight on calves for the feed line. So I'm just going to skip that. And here's the most recent market report from last week then of the actual prices at those three markets. And again, some of the other speakers later on are going to use some of these prices and get into budgets and what different feeds we have in the costs and so on. But I just want to make a couple comments about them. And actually, I could talk about this particular slide, I think, for an hour. But I just got to kind of finish up here. And if you look across to go down there and you see those 550 to 5995 to six-weight calves, we had 500 of them averaging 154. Now go down to the 750 to 800 pounds, which shows you there's 99, 756 to 788 averaging 144, about a $10 difference. Right now, the market, if you multiply those 200 pounds that you would put on there by those prices, the market's paying you about $1.17 right now. But if you look to the March futures, which today are trading at 153, that's only a dollar less than those 154 average calves. And so in that particular case, then the market's paying a buck 50 right now for you to get those 550s into March. And so if you can do it for less than a buck 50 a pound, and even with $7 corn, I have a budget on my website that I think the feed costs are about 70 to 85 to 80 cents, and then you have your other costs along with that. It certainly looks feasible, and I know John is going to talk about some different alternatives and so on in just a minute. The other thing is, look for those 550 to six-weight calves. Look at the wide range there, 147, 25 up to 160. So that's the same weight and grade of calves sold at the same place, so there are cheaper ones being sold. So maybe there's some opportunity to buy some cheaper ones rather than the highest price ones. And I don't have the Heffer one along here just in the interest of time. But last week, 400 pound Heffers were $27 lower than their comparable steer weights, 550 pounders were $16 lower, 900 pounders, $6 lower, and fed cattle the same. So on Heffers, the more weight you put on them, the closer they get to steers all the way up to the same, so it looks like some opportunities on particularly the lightweight Heffers as well. So again, just wrap things up here and let the other speakers talk. Feeder cattle are also affected by slaughter steer prices, and this would be a more longer term event. But we do expect higher fed steer prices the rest of this year, and the futures are bearing that out with those blue, darker blue dots there up to 125 and 127. And then again, by the February futures up to 130, and these kind of do have to come through to get the feeder cattle futures the way they are, but this is moving in the right direction, which would be, again, positive for higher feeder 750 weights come spring. So again, volatility is the name of the game. Some of you have different preferences for price risk management. And I know I'm pretty sure that John is going to mention some of these alternatives as well, so I didn't bring any along. And so I'm just going to wrap up there with, I don't know, Carl, if we've got time to take questions or how we're going to go around or do that or wait till the end. But that's kind of the end of my presentation for here. Thank you, Tim. I'll ask one quick question since it's still. If the price of corn hadn't gone up as much as it did, were we still on track to have a $20 increase in feeder calf prices? If you look back through feeder calf steer prices for the past two years, it's gone up 20 bucks, 100 weight. Sure, yes. Yeah, feeder cattle prices would have been at least 20 bucks higher across the board, but you still got the margin between calves, you see, and 750 weights to deal with. But yes, for sure, corn going up, and of course it did fall a little bit there in September, but yes, we would have had, if we would have had $4 corn, we would have had much, much higher feeder cattle prices. OK, is there another question out there in the interactive video of the network land that we might have right now? If so, I'll answer one, and then we'll move on to the next speaker. Thank you, Tim. We will do our own, Carl, in case there's a discussion later or something comes up. How about here and Fargo, any questions? Thank you, Tim.