How do you see the backdrop for the grains, whether it's wheat, corn, soybeans? What does the outlook look like?

Yeah, I think grains are in part slightly different to soft commodities.

But I think it's important to make that distinction that, you know, in the case of grains, the recent blockage on the Strait of Hormuz, which, you know, resulted in a fertilizer shock, that is significant.

more directly relevant than the El Nino because these main grain producing regions such as North America, the Black Sea, the EU, as well as Australia, they're not in the primary El Nino impact zone in the way that West Africa or Southeast Asia is.

But what we're seeing in wheat this month is largely not just geopolitics, but we're also seeing beyond Just and Nino, we're also seeing both the Strait of Hormuz alongside the escalation of tensions between Russia and Ukraine starting to raise concerns around the production of wheat.

Back in 2022, when the Russian Ukraine war took place, we did see energy prices alongside wheat escalate by a very large extent.

And that's because Russia and Ukraine are known to be the breadbasket of Europe.

Outline the case for a broad basket of agricultural commodities and what questions have investors been asking you recently in all your engagements lately?