Alexander, the floor is yours.

Hello, everyone.

I'm Alexander Karabaitsev from the International Grains Council, and I will be setting the scene today for our discussions.

And I will be focusing on the recent developments and IGC forecasts for the global wheat market.

Let me just share my screen.

So disruptions in shipments from Russia and Ukraine have been the focus of the global market in recent weeks, and indeed shipments from both Russia and Ukraine from the Black Sea and Azov seaports have been severely disrupted and reduced since mid July, following intensified attacks on port infrastructure and commercial vessels.

Both countries have been redirecting flows via alternative routes, but the estimates are that these routes can cover only up to one half of these displaced Black Sea and Azov Sea volumes.

Yes, Alexander.