Mark Thompson: Yes. Thanks, Ken. Good morning, Adam. So maybe just to cover a bit of ground that Ken and I have talked about already. Again, I think from Brazil and a North America standpoint, the destocking process throughout Q4 did take place I think largely as we had anticipated in November. We’ve talked about North America estimating down 15% to 20% in the channel relative to the end of 2021 at the end of 2022. From a Brazil standpoint, we estimate that Brazil would have ended flat to slightly up after a historic surge in first half imports and an equally historic drop in second half imports into Brazil. So we estimate Brazil probably ended between 1.8 million to 1.9 million tons at the end of 2022 in inventories relative to about 1.7 million tons and we’ve done some deep dive studies on that market to corroborate that number and obviously have seen really good engagement to start the year in Brazil and some stabilization as well.
To your question on India, China, Southeast Asia, other markets, maybe we can just do a little bit of around the world. I think from an India standpoint, again, India ended the year at historically tight inventory levels. And as a result, we expect they’re going to be the first to settle relative to China from a contract standpoint. Their inventory levels were about 130,000 metric tons per port, which would be about flat to 2021. So again, we view the impetus as being strong for India to settle a contract in the relatively near-term. From a Chinese perspective, we estimate that China would have ended with just over 2.5 million tons at the end of 2022. That would have been up modestly from the prior year, but again, below average levels. And we also estimate that those inventories have been drawn down to some degree.
We now estimate there are about 2.3 million tons. I think importantly, in all this from a Chinese perspective, their strategic reserves were drawn down by about 1 million tons in 2022. We have the view that those would need to be rebuilt throughout 2023. And I think important to the inventory equation in China is also production. And we view that Chinese production levels in 2022 at around 7 million tons are likely not repeatable. So we expect that number to drop as well in 2023. So again, I think a good backdrop from an inventory standpoint in China. And then just to round things out in Southeast Asia, our view would be currently that Malaysian inventories are relatively balanced and in a good spot. And Indonesia is very close. We see Indonesia probably coming into balance here over the next couple of weeks, in fact, and we expect very good engagement from both of these markets as we get into Q2.
So of course, the catalyst for this will be continued movement of product and liquidity in Brazil, which we’ve seen, but also the settlement of contracts, which will provide price discovery for these international markets to begin to pull. So as Ken said, all of these things don’t fit perfectly into a calendar year, but we do believe that once we see contract settlement and this engagement reemerge, that we are going to hit a very strong run rate for global potash demand. So I’ll just pass on question on digital capital expenditures.
