Patrick Bowe: No, that makes sense. And like we said, Scott, that we can’t achieve that number by organic alone. We’ll need to do some. And we’ve passed on several deals over the last 3 years, it just were a little too pricey. I think maybe that will change somewhat in this environment. We have a strong balance sheet, and so we’re well positioned to move on that. And so especially ones that fit in our core competency that we can integrate, maybe capture synergies. So those are the areas we’re focused on.
Scott Fortune: Great. And just one last [indiscernible], kind of big picture kind of talk about the ag cycle. I know you’ve mentioned in the past, but we’ve seen commodity prices come off, a little bit of pick up here. But farmers income overall is still very solid. But are you seeing any additional pressure here, but you — obviously on the ag cycle? Or you kind of remain well positioned in the eastern plants and obviously growing the renewables side and you remain well positioned on the ethanol side? Just kind of your picture of kind of the ag cycle where we’re at right now as we look out the next couple of years.
Patrick Bowe: I’ll just start and then Bill can chime in here. You said like we’re off the peak of the start of the Ukraine war when commodity prices really spiked. We’ve had a big production response in South America. We’ve had good crop conditions a couple of years in a row here in the U.S. So this is a normal cycle kind of move after having some peak pricing. I think it’s a good thing for our ethanol business that initially, you start to have the pressure on feed values as corn prices come down. It feels like we hit a bottom here, we’ve kind of picked up here a little bit recently. I think the demand domestically across all of our industries is quite attractive. So that — and it’s just really exports that are really the slowest segment.
And ethanol, as Bill talked about earlier, is it looks to be really strong this year. So we’re pretty positive about that. So in general, this is not a crash of a big market spike. It feels like a return to kind of the normal. And growers, as you mentioned, while don’t have the peak income they had 2 years ago, they still are very solid financially. So we’re in a kind of a good position in U.S. ag in general.
William Krueger: Yes. The only thing I would add to that is the ag cycle is going to be tied a lot more to the global ag market’s supply and demand. And so we still have very strong corn and bean carryouts. Wheat’s a little tighter, but we’ve been able to understand that over the last 2 or 3 cycles, how that’s going to work. But I do think that the one opportunity here for the producers is going to be tied to their ability to generate incremental farm income from whichever programs they choose to participate in. And I think that will help soften the landing over the next 12 to 18 months.
Operator: Thank you. This concludes your question-and-answer session. I’d like to turn the conference back over to Mike Hoelter for closing remarks.
Michael Hoelter: Thanks, Rocco. We want to thank you all for joining us this morning. Our next earnings conference call is scheduled for Wednesday, August 7, 2024 at 11 a.m. Eastern Time when we will review our second quarter results. As always, thank you for your interest in The Andersons, and we look forward to speaking with you again soon.
Operator: Thank you, sir. This concludes today’s conference call. We thank you all for attending today’s presentation. You may now disconnect your lines, and have a wonderful day.
