Over to you.

Hi, good afternoon, good day.

It's a real pleasure to be here and thank you for inviting me.

So, can I please have the presentation on? I'm going to focus very quickly on the direct implications if the status quo in the Black Sea stays like this and what we see that what it means for the logistics and what it means for the markets.

So the first slide is Russian and Black Sea wheat exports combined year on year.

And why this slide is super important is that in this period of the year, August-November, Russia and Ukraine account for 40% of the world exports.

And we see that those exports are disrupted more than half this year.

kicked in but my impression was russia came in with a if i remember correctly russia came in with a very large crop and was essentially able to export that crop i mean maybe there were some difficulties in february and march and the fact i mean i hear what what alexander you're saying in india what you're saying about uh potentially you know russia exports being cut in half that seems to be a fundamental difference you know in one sense and um uh yeah just you know again the surprise that we haven't seen a bigger impact on on wheat prices i don't know and and believe me you don't have to comment on it but i'm interested in your reaction