COFCO Corporation

And to your point, as part of that, we would love to see right now U.S. soybeans still face a 10% a higher duty, a retaliatory duty that's still in place against U.S. soybeans that doesn't apply to soybeans from Brazil or Argentina.

And so what that means is that it's only the state owned buyers in China, you know, COFCO and Sinograin that are buying either for their own needs or for the grain reserves in China that are buying U.S. soybeans.

The private exporters, private importers, private crushers are not importing because that 10% tariff differential still makes U.S. soybeans uncompetitive compared to Brazil.

We would like to see that taken off.

So that's an interesting piece to this, too, that we've seen kind of play in the market here is those Brazilian beans, whether it's because of the strong demand for exports early or the crush industry that they got going, Just those replacement costs of getting beans out of Brazil just doesn't work.

And for the independent crusher in China, and obviously we're still seeing business consistently from the government purchasers, you know, CINO and COFCO.

Jo, even if we saw an increase in soybean yield above 53 bushels per acre, do you not think that the market would handle it well just because we are so underpinned by this strong demand right now, especially versus last year when China wasn't even in the market?

it certainly puts a new dynamic in it.

The way that the infrastructure has changed.

So you can look at the ports expansions, major, major expansions, and all of your major ABCD, COFCO, all your big grain companies-

Mm-hmm

... major expansions.