So, it really continues to be supply-constrained environment in 2022, notwithstanding the slow start to the year, which also limits the production. And as we look forward, and we show in the slide deck as well, the range of shipments going forward, we don’t see a potential midpoint of that range of shipments going back to trend levels until 2025. And if we look back over the last 20 years, there hasn’t been a period of more than two consecutive years where shipments have fallen below trend levels. And so if supply becomes available, we would expect hedge up demand…
Operator: Your next question comes from Jeff Zekauskas with JPMorgan. Please go ahead.
Jeff Zekauskas: Thanks very much. You commented on soil testing for potash in the United States. Did you also look at soil testing for phosphate that is phosphate under applied? And in the first quarter of 2023, have you hedged your gas in the United States and in Canada, or is it more free flowing and you can get the benefits of the gas decreases?
Ken Seitz: So, with respect to soil sampling and phosphate levels in the soil, short answer is, yes, we do look at that. And I will hand it over to Jeff Tarsi to provide that color and then to talk about hedging for gas, I will hand it over to Pedro.
Jeff Tarsi: Yes. We look €“ when we are doing the soil testing, we are not only testing for NP&K. we are testing for micronutrients as well in the soil. So, they are very, very comprehensive testing. We do see a trend that’s similar to the potash. The potash kind of stuck out to me a bit. Phosphate reduction wasn’t quite as much as we saw across those states, but still we saw a significant amount that we are under some desirable level there. But again, we are doing this testing, and we are writing scientific prescriptions for the crop and the variety and the hybrid and such. And so obviously, we can take these tests and do a lot with as far as building our solutions out going forward. And this is not something new. We have been doing this testing for a number of years. But we have seen the testing increase over the last 3 years or 4 years because growers more kin, our agronomist more kin again to making science-based decisions on what we are delivering.
Pedro Farah: Maybe Jeff, this is Pedro. I am going to comment a little bit on the hedging. From a financial standpoint, our best travel to talk about the commercial standpoint too, because we are essentially both financially and commercially hedged in terms of gas. But from a financial standpoint, we have been €“ now our hedges have been somewhat immaterial, I would say, less than 10% ebb and flowing through that. We see greater opportunities to hedge at this point from a financial standpoint since we are reaching some levels kind of low levels here. So, we are looking more closely into that at this point in time, but they have not been that material up until now. So, I will pass it on to Trevor, because a good portion of our production is hedged, but commercially so.
Trevor Williams: Yes. Thanks for the question. In a high level, we are in the range of about 20%, that’s naturally hedged with some of the industrial contracts that we have, both in North America and obviously in Trinidad. But as Pedro alluded, with some of the seasonably low prices that we are seeing right now, both in Canada and U.S., we are evaluating opportunities to hedge and/or lock in some of that position here going into the remainder of 2023.
Operator: Your next question comes from Michael Tupholme with TD Securities. Please go ahead.
