Mark Thompson: Yes. And Vincent, it’s Mark. Thanks for the question. Jason covered the macro really well. So maybe just talk for a minute about what does it mean for us? And [indiscernible] look through the remainder of the spring from [indiscernible] commercial perspective. When we look at our total expected mix for Q2, we would anticipate about 60% of our nitrogen volumes going to the ag market and the remaining 40% going to industrial customers. As we’ve talked about many times, that industrial volumes either under contract or linked to formula pricing. And so really, when we’re talking about what’s left for us, it’s in the ag order book. And today, we would be about sold across all products for the second quarter. And we did layer in a decent portion of this volume before we saw more volatility at NOLA and urea.
I think just to pick up on one of the points that Jason mentioned in our business, when you look at that pricing dynamic for urea in North America, inland pricing has helped more stable premium levels due to tighter supply-demand balances in those regions. And this is a point where the geographic mix of our business, the location of our plants, the product mix flexibility that we have really is a benefit. And of course, as Trevor just talked about, enhanced reliability and completion of the brownfield is giving us flexibility to move between products and really optimize margins in these more volatile environments. And so as Jason said, we do expect a typical post-spring reset for our business, but this position of our tonnes and how we’ve approached the market has probably provided some buffer versus the volatility we’ve seen at .
Operator: Your next question is from Christopher Parkinson from Wolfe Research.
Harris Fein: This is Harris Fein on for Chris. Just a quick one for me on the retail side. Maybe if we can just discuss a little bit more how the regional performances are kind of stacking up against each other U.S. versus Australia versus Brazil? And what you’re hearing on the ground in each region that maybe differs from the others. And then on the U.S. just any concerns you might have on U.S. farmer profitability in the context that we’ve been hearing that maybe they’ve been a little bit slower to monetize the crop and there’s a little bit more than normal on-site that they’re holding on to still, if you can just touch on that.
Jeffrey Tarsi: Yes. So thanks. This is Jeff, and I’ll answer those questions and first of all, I would characterize the first quarter from the Nutrien Ag Solutions perspective as a very normal quarter with very solid results. And what was really impressive to me is our EBITDA was up $100 million year-over-year with really a return to strong margins in fertilizer volume. But our chemistry as well showed remarkable recovery from a standpoint, and we’re at historical to above historical. If I look at it across geographies, I’d tell you that North America performed very strongly, and that was without a whole lot of activity in Canada through the first quarter. And I’d tell you that Australia was very consistent, right in line with where we thought they would be through the first quarter.
I think we mentioned several times that the recovery in Latin America and particularly in Brazil is taking a bit longer than most people anticipated. We still think we’ll see some recovery in the second half of the year. And if I look at — listen to most of our suppliers, most of them are talking for more of that recovery to come in early 2025. But again, if I’m looking at it by geography, extremely pleased with North America, very consistent in Australia and a slower recovery in Latin America.
Kenneth Seitz: I think it’s fair to say, Jeff, that in terms of the health of the grower, we’re coming off a couple of good years here where balance sheets continue to be strong. On the farm, and we’ve seen some strengthening in corn, soybean prices over the last week, given some weather concerns and crop input prices are [indiscernible] competitive. Obviously, they have come off. So while affordability and margins aren’t what they were, if you — sorry, what margins few years ago, they’re still going to be a relatively good year.
Jeffrey Tarsi: Yes. And we’ll see — look, we’ll see in the very southern extreme to the North American market. We’ll see some crop shift there. And I think that’s reflected in the — looking at a 90 million-acre projected corn acres. We’ve seen a pretty good shift from going to soybeans in that geography. And but I think we’ll be fairly normal when we look into — across the Corn Belt areas. We don’t ever see a lot of drastic shifts in acreage. From that standpoint, as Ken just mentioned, the last week, we’ve seen some recovery in commodity pricing, which comes at a great time when we’re really engaged in putting our inputs across these acres. And as Ken mentioned, our growers are coming off really 3 to 4 years of a very healthy environment for agriculture. We still see balance sheets as extremely strong. And as indicative of activity in the first quarter, we think the growers are very engaged and put the inputs needed to produce a top crop.
Operator: Your next question is from the line of Richard Garchitorena from Wells Fargo.
Richard Garchitorena: Nice quarter. So just maybe to the retail business. I was wondering if you could just give us some color on what you are assuming for the year in terms of crop protection volumes and pricing. We’ve heard from your crop protection peers, pricing is going to be down year-over-year? And then in terms of the volume recovery, what are you expecting, embedding in your forecast in the back half of this year? And then just on a related note, pricing in general. You talked about nitrogen and what you’re seeing on the supply/demand side. On potash, are you assuming flat pricing in the retail business as well.
Kenneth Seitz: Yes. So I’ll quickly hand it over to Jeff. I mean, you’ll have to go differentiate between what we’re seeing in North America in crop protection, certainly in Brazil, where lagging, and we still see a lot of high-priced volumes in the channel. But yes, Jeff, over to you on crop protection and then maybe a few words about potash from a retail perspective.
Jeffrey Tarsi: Yes. As I mentioned a bit earlier, as I look at crop protection and look at the first quarter. Number one, I was quite pleased again with recovery in our margin rates GP on the crop protection side of things, I think globally, we were up about 300 basis points quarter-over-quarter with crop protection margins, even a wider variance as I look at the North American market. When I look at it from a revenue perspective, I think we were off slightly, maybe 4% for the quarter. Globally on a crop protection standpoint, a lot of that has to do with lower priced glyphosate and [indiscernible], I think from a unit standpoint or volume standpoint, it would probably be very similar. Look, we’ve worked extremely hard, especially in a high interest rate environment.
