Donnie King: Sure, Adam. So, I have said earlier that as a way of a reminder that we start with a demand plan and that over the past 3 years, we have not been able to service the demand in fresh chicken at retail. We were trying to correct that at this point. And every demand signal we had said that the demand was going to materialize and we place chickens accordingly. Remember, we placed those chickens for that November timeframe back in August. And so we were going €“ I understand your point about we are in November and we are having the last earnings call. A lot of things from that day forward, the demand didn’t show up in fresh chicken. A lot of the other things worked exactly the way we planned for them. And €“ but that trigger, if you think about fresh chicken, you typically put that products in a tray and then before you have the order.
And when the order doesn’t show up, then you have to take it out of the tray or sell it in the tray at a discounted or in a distressed fashion. We had a lot of that in our Q1. And we have cleaned up that. We are still trying to get ourselves going back again. Q2 is going to be seasonally softer, variable pricing models and the lag associated with that. I mean we will get caught up with that. The back half of the year, we feel good about where we are going to be relative to that. And so Wes, that’s I think the first question, what about the second one?
Wes Morris: Yes. Optimistic about the path forward, the USDA is projecting Q2 numbers around 2%, which is a lot less chicken availability than the 77 increase we saw in Q1. Then when you couple that with 4% to 5% less cattle, you should have an overall protein per capita that is much smaller than what we saw in Q1. We are already seeing some changes in the marketplace. Since the end of the quarter, we have seen boneless go up the quarter. Wings are up around $0.14, $0.15. And so optimistic going forward that the chicken values will correct. We have talked about variable pricing on a lot of these different calls. And the good news is it’s much, much faster than the historical 1-year fixed price agreements. But unfortunately, it still has a short-term lag as these markets correct, it will take a minute to hit the self sheet.
John Tyson: Hey Adam, this is John, too. I think there is just a couple of other things that we have said that are worth reemphasizing. One is, and I think you asked a good question about, hey, what was going on, you have talked to this last time in November. I think in addition to all the poultry dynamics that Donnie was described here, I think there is still different of outlook as it relates to beef availability, which I think was maybe a little bit of a surprise. And then I think as it relates to the outlook for the year, if you just look at kind of what the public data says, I think it’s something like 25% to 30% more chicken meat in the freezer. And so our plan is to account for working through that, but it does take some time to work through that.
And there are timing differentials between how the market recovers and where our pricing recovers. So, all of that influences just the shape of the year for us. And I think we have also said this, but just to make sure the listeners on the call get it today, Q2 will be softer for us in Q1. And we expect to see a recovery in what is our Q3 and Q4, the second part of our fiscal year.
John Tyson: Thank you. And our next question today comes from Robert Moskow with Credit Suisse. Please go ahead.
