I remember that a couple of months ago, we discussed the possibility of the company increasing its planted area in Mato Grosso do Sul, given the strong outlook ahead for the sector. And I was wondering if you have any updates on that front that you can share with us right now. I mean, if Adecoagro were to increase its sugarcane planted area, would that involve converting pastureland or would you leave land already used for sugarcane something amongst that line? Thank you once again and congratulations on the results.
Mariano Bosch: Thank you, Larissa. Renato will take your first question, and I will take the second one. So Renato, do you want to clarify regarding the selling volumes of ethanol and storage capacity.
Renato Junqueira Pereira: Hi, Larissa. We think that the low priority ratio at the pump now and the level of demand of ethanol that you have been seeing is going to increase disparity towards the 7%. Probably, we’re going to see this in the next months. So we are taking advantage of all our tanks capacity. And also, we are leasing some tanks outside of our mills. So, at this moment, we have approximately 250,000 cubic meters starts. So we will be feeling the market how quick the price should go up to start selling our volume between the fourth quarter and the first quarter of next year.
Mariano Bosch: Okay. Thank you, Renato. That is regarding the capital allocation and the planted area of course, within the growth projects that we have, we’ve always indicated that growing the planting area or the amount of sugarcane that we produce in the cluster is probably the most efficient investment that we’ve been doing. And as we’ve been growing, we are able to lease land mainly from pastureland one of the advantages that we have is that we don’t have competition in sugarcane land with other sugar mills because of our specific location or the competition is very low. So, — in general, when we plant new sugarcane, we convert faster lands into sugarcane. That’s basically what we’ve been doing. This year 2023, we are planting 8,000 hectares of new planted hectares being specific on answering your question.
Larissa Pérez: Thank you. That was super clear. Thank you.
Operator: [Operator Instructions] For the written questions, I’ll pass the floor over to Vitoria, Investor Relations Officer.
Vitoria Cabello: We received that question from Julia Rizzo from Morgan Stanley, and she asks, I would like to ask about next year crushing and mix. Sugar production could go as much as the 3,020 — 320,000 tons for quarters. Basically, is it possible that each quarter, we could see the same record volume of sugar production than we did lease this quarter.
Mariano Bosch: Okay. I can’t take directly the question. As Renato explained, very clear, the crushing volume that we are already expecting for 2024 is between 5% to 10% more than this year. And regarding the specific amount of sugar that we can produce this quarter that we are announcing today, we produce this 320,000 tons of sugar that is an absolute record because of all these investments and adjustments that we did that I also just mentioned, doing that, the four quarters, I think it’s too challenging, mainly because of the amount of sugarcane that we harvest every quarter. The quarter that we are just finishing is usually the more dry quarter of our cycle, being dry means that we can be harvesting and milling all or most of the time in all the other quarters, it’s more difficult to reach that level or that amount of crushing days.
That’s why I see too challenging, making 320. Can we do 20% less? Yes, I think we can do 20% place by quarter, but we can repeat this same 320 for the same quarter of the next year. And maybe the previous quarter, the second quarter of the year is also a quarter that is usually more day. So the — the semester during winter time is more used for having more sugarcane than the other quarter. That’s basically the answer.
Operator: This concludes the question-and-answer section. At this time, I would like to turn the floor back to Mr. Bosch for any closing remarks.
Mariano Bosch: Thank you, everyone, for joining today, and we hope to see you in our next upcoming events.
Operator: Thank you. This concludes today’s presentation. You may disconnect at this time, and have a nice day.
