Pedro, you say what opportunities are you seeing? We saw — we have two things we’re looking at and trying to capture. One we captured part of already, we saw recently you must also follow cotton. We saw a strengthening of the premiums for cotton. We always worked with more negative bases and now we’re closing cotton in the next harvest with 500. Just to remind you, we were selling at 250. Now we see a recovery in basis points for the next harvest an important increase. And when we see a recovery in basis points, we can be more aggressive in the sale. In the case of soybean, there is a great concern in the market and maybe an opportunity, a super harvest that is arriving. But we have two factors that we’re discussing. We have the farmers selling points is low, farm selling is low.
Second, we have the main ports, especially in the South, that so there’s a great opportunity, this can happen to strengthen the basis. Talking about this during harvest, it’s difficult to believe I know, but there is a lack. There is a lack of soybean. China will buy soybean again from Brazil. So high prices in Chicago and strengthening of the basis where we see this on a regional basis. So in our cases, we’re looking at each region, each farm, looking at logistics. So the strengthening of basis will not happen in the same way. For example, it will not go up everywhere. We believe there are some regions, some corridors that will have bottlenecks. While we have bottlenecks, there may be a drop in the premium. So we’re monitoring the opportunities and when you ask me about new things, I would say basis of cotton and a lot of attention in the basis of soybean in the next few months.
Thank you.
Ana Ribeiro: Well we received; I will join here two questions from Vinicio . What are the perspectives for the next quarters concerning the recovery of historical profits? And if we can go back to historical profits in 2020 — that we had in 2022. And also Claudio, question concerning the margins of the main products. We stressed that in the last two years, they were well above the historical averages. Can you talk about the historical averages and prices we can have in the medium-term?
Andre Guillaumon: Well, Vinicio and Claudio let’s begin with profit. Yes. Last year, as we said, we had a perfect combination. So we have a commitment. The company will continue to grow, increasing leasing, purchases, operations. Now the picture of last year in terms of sugarcane, when we talked about margin, we had a margin of R$10,000 per hectare. So in the next few years, being realistic, we can — we believe that the margin per hectare for sugarcane will be R$5,000 or R$6,000. When we summarize margin and crop, we would have a soybean with the cost reductions I mentioned. We’re talking about historical margins of soybean around R$30, R$40. This is what we see. Now, the different thing, what is challenging is the margin for corn.
Corn has been a crop that in the second crop has been very profitable and Brazil is exporting a lot of corn. We have two challenges in corn. The increase in exports, and of course, there is a bottleneck in logistics. We’re talking about Brazil with 130 million tons. In 2030, we will have 180,000 tons, so 180 million tons. We have two large drivers that have to grow, the exports, production and consumption of ethanol from corn — ethanol made from corn. I see this with; there was a lot of optimism the ethanol used in the market and exports. Now corn was always had highs and lows. So depending on the domestic market, when we look at corn in the long-term until 2030, we will be important exporters and the local industry using corn will try to have a more regulated supply.
