But what I would say is it’s stable. It’s not getting any worse for the first time in a while. And I guess, I’m cautiously optimistic that that continues to improve but that’s one to watch as well to see how does that drive the market as we move into this year. So overall from a market standpoint, it’s poised to have a really good year and we think we’re sitting in a pretty good position across all levels there as well. Maybe a couple of comments on seed.
Chuck Magro: Yes. Go ahead, Tim.
Tim Glenn: Yes. I think Adam, when you think a seed this year, one of the big movers obviously is the shift back towards corn here in North America. We believe we’ll have an increased area in both corn and beans, but that tilt towards corn is very important. Clearly for us, we were still operating in a very healthy environment as well. Customers are generally good in terms of what their farmer income is and there’s certainly as always demand for the latest and best technology that’s going to help them be most productive. The dynamics between corn and soy, we watch that all the time up through final decision-making and it continues to tilt towards corn. And I’m comfortable with that current 91, 89 as reasonable assumption. Around the world, certainly dynamics are different than what we see here in North America.
In Europe, I’d say that we’re probably more expecting corn to be flat-ish in the marketplace and that’s driven by a couple of markets including Ukraine impacting that. Latin America, still strong momentum there. Certainly, we’re in the midst of planting this safrinha season and here in a few months we’ll be out selling next summer corn, as well as soybeans and then on to safrinha. That all comes very fast, but still tremendous growth across Latin America and no reason to see that hectares won’t be up, not just this season, but also in the coming seasons as well for Brazil in particular.
Operator: And we’ll go to John Roberts with Credit Suisse.
Edlain Rodriguez: Thank you. Good morning. Actually, this is Edlain Rodriguez. A quick follow-up on seed for Tim. I mean, this is the first time in a long time where the seed business has a positive EBITDA in the fourth quarter. Can you talk about how sustainable that trend is going forward? And also, with minus, what’s driving that change?
Tim Glenn: Yes. I mean, we — I’d say, fourth quarter for us, it’s our second smallest quarter. Let’s not forget that. We’re heavily, heavily weighted towards the first half of the year. And the big driver in the fourth quarter is certainly Latin America, the live market that we have and that tends to be somewhat — it can change between fourth and first quarter, depending upon how timely that safrinha season starts. And this year, I’d say, we had a timely start to the season and very strong demand for product in Latin America. I think you’re also seeing, here in North America, our business. We don’t move a lot of Pioneer through the rep model, because that business is direct-to-farmer. And so, very little of that has taken place at this time of the year, but we are seeing an increase in the importance of Brevant in our multi-channel business and we would expect that to continue on.
So it’s never kind of set in stone. There’s still some seasonality elements depending upon how the year is going, but, obviously, part of it was pricing, part of it was volume and certainly those are healthy factors. And we expect to see Latin America business continue to grow over time, so that late — end of the year business is going to be there and we expect our multi-channel on Brevant business to continue to grow. So that’s certainly a factor that supported the fourth quarter, but it’s a little bit of luck and obviously good execution here because it was driven by customer demand.
Operator: Thank you. That does conclude the question-and-answer session. I’ll now hand the call back over to Kim Booth.
