So we’re going to continue to emphasize our proprietary products. And look, our margins are going to still be, in my opinion, very attractive from a Nutrien standpoint and from a crop protection standpoint, again, when you look at it on a historical basis. We expanded our margins last year in plant nutrition substantially, and we look to continue that growth in €˜23 as well. So we have a lot of levers that we can pull as it relates to that.
Operator: Your next question comes from Ben Isaacson with Scotiabank. Please go ahead.
Ben Isaacson: Thank you very much. And good morning. My question is about global potash demand. We had 70 million tons in €˜21, about 60 million tons in €˜22, and you’re calling for about a rebound about halfway. And the question is, why aren’t we getting back to 70 million tons? From what it sounds like channel inventories and/or soil inventories are either average or below normal farmer affordability for potash has improved, not just because potash prices are lower, but because nitrogen and phosphate prices are lower as well. We had light demand last year. We had a drought last year. You talk about caution and deferral, that’s more of a timing issue. So why are we not getting back to the full 70 million tons? And if it’s just because it’s supply constrained, then why are you going down from the 50 million tons you talked about in November to roughly 14 million tons now? Thank you.
Ken Seitz: Yes. Those are great observations, Ben. Thank you. So we would agree with you that if we look at the unconstrained demand that we would see on the planet, given this very strong backdrop that we see with the Ag fundamentals and certainly, the way farmer affordability has improved with the softening of price, that on an unconstrained basis, we would be at 70 million tons. But we do believe, given these pretty extreme supply side challenges that shipments this year would be in the 63 million to 67 million ton range. But the reality is that, that doesn’t €“ this doesn’t all fit perfectly within the calendar year. So that if we look at 2023 and we look at inventory levels around some of these major markets, certainly, we’ve seen destocking in North America and Brazil, but we are watching inventory levels in China, which would be about 2.3 million tons today, so certainly, getting below historical averages and in India, for example, where for all intense inventory levels are low.
But yet at the same time, still haven’t seen here we are into the middle of February, we haven’t seen a contract. And so as that contract is delayed, we look at 62 million, 67 million tons, 70 million tons unconstrained, it just doesn’t fit within the calendar year. And hence, we’re working hard now to plan our volumes to meet the needs of our customers here in 2023, but of course, looking into 2024 now as well.
Operator: Your next question comes from Steve Byrne with Bank of America. Please go ahead.
Steve Byrne: Yes. Thank you. So Jeff Tarsi, you mentioned an increase in soil testing and 40% of them were below adequate levels in potash. My question for you is, for those growers that are looking at data like that, are they likely to return to maybe a normal application rate? Could they potentially go higher than where they were in 2021? And would you expect a similar situation in other parts of the world, maybe tap into your channel down in Brazil and in Australia? Are you seeing this trend of below-normal potash levels in soil in other regions as well?
