And I think what you’ve seen in the execution, even after we get ourselves hedged out on the Board, ultimately, it’s getting hedged out on the cash and how the teams execute right up until when we receive the beans and ship the oil and ship the meal there’s opportunity to continue to upgrade and maximize what our ultimate realized crush value is. And that’s why I think the team has been doing a fantastic job. If there ends up being upside in Q4, the drivers will be what we have opened and to see crush margins improve as we locked it in, but it will also be in the quality of the execution around the cash legs that are still open or as we see some dislocation and changes in our global footprint.
Sam Margolin: Understood. Thank you so much.
Gregory Heckman: Thanks, Sam.
John Neppl: Thanks.
Operator: Thank you. The next question comes from Steven Haynes with Morgan Stanley. Please go ahead.
Steven Haynes: Hey, good morning. Thanks for taking my question.
Gregory Heckman: Good morning.
John Neppl: Good morning.
Steven Haynes: Wanted to just come back to maybe the soy oil part of the equation for a second and the kind of some of the weakness in the D4 RINs. And maybe if you could just provide some thoughts on why right now, it seems like some of the weakness in the RINs market is kind of flowing back into soybean oil rather than kind of compression like compressing RD margins? And then you also talked about the possibility of some policy. Can you just maybe help balance some of this out. I mean do you have a rough time line for when you think that could take shape? And what kind of yes, policy adjustments, which you expect? Thank you.
John Neppl: Yes. This is John. Look, I think related to D4 RINs, certainly, some of that has to do with the relatively low RVO that came out, and then you have biodiesel being imported into the U.S. that’s carrying RINs with it. And so the market feels a little heavier right now. But ultimately, I think the policy change that’s coming in 2025, where we switched from a blenders credit to a producer’s credit will — should have a positive impact for us and for RIN values at that point. So we’ll be watching that closely. And then ultimately, what does EPA do with RVO levels is California implied that they’ll take a harder look at what production capability is and adjust their target blending requirements in California based on the industry’s ability to produce RD, if the RVO — if the EPA takes a similar stance, then maybe that will be positive as well, that’s to be seen, certainly.
But we think the industry is certainly capable of producing a lot more than what the RVO would imply. And so we’ll be watching that going forward as well. But ultimately, I think 2024 will be a bit of a transition year. Here, we’ll see how things shake out. But I think long-term, we’re still very positive on the direction.
Steven Haynes: Okay. Thank you.
Operator: Thank you. This concludes our question-and-answer session. I would like to turn the conference back over to Greg Heckman for any closing remarks.
Gregory Heckman: All right. Thank you. I’d like to thank everyone for joining us today, and I appreciate your interest and support of Bunge. Again, I’d like to thank the team for great execution and just the focus on the things that we can’t control and what continues to be a complicated world. But we continue to be confident in our ability to execute. Look forward to seeing you again. Have a great day.
Operator: Thank you. The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.
