We are present in every cotton producing and consuming region of the world through our merchandising, ginning and warehousing operations. In Africa, our gins give us access to some of the finest hand-picked cottons in the world and in the United States our warehousing capacity exceeds 500,000 bales, assuring our customers throughout the world of efficient and reliable shipments. And, our merchandising of over 5 million bales annually gains revenues for our company of over one billion US dollars in most years. Cargill Cotton’s reputation for quality, reliability, size and leadership is unrivaled in the world cotton industry. We are available to every time zone in the world through our major merchandising offices in Memphis and Liverpool and our other offices in over a dozen countries and agencies in over 40. There is nowhere cotton is traded where we do not have a presence and there is no language in which it is traded that we are not fluent. Cargill Cotton merchants travel the world to establish and nurture relationships with producers and consumers of cotton. The Cargill team of merchants typically visits over 50 countries each year in our relentless pursuit of new ways to satisfy our customers and obtain the best possible arrangements for our business partners. Our operations staff is constantly striving to achieve new levels of excellence in logistics, including the movement of cotton by trains, trucks, cargo ships, and every possible combination of those means of transportation. In bulk, in containers, and in wagons, we move cotton from where it is grown to where it is consumed. Sometimes that may be only a few meters and other times it may be moving halfway around the world.