Fertilizer prices presented our company with many difficulties during the spring season. Never have we seen such potential for loss, with prices remaining very high, especially in urea. The urea market is currently inverted, with the nearby price much greater than the deferred pricing. This price structure was driven by a shortage of product, which in turn drove up the nearby prices for urea. Faced with this unpredictable environment, Terral has been committed to keeping product available in our warehouses, even with the threat of loss, in order to provide for our customers. Though we failed to meet inventory demands on a handful of occasions, it was not from a lack of dedication to our customers. It is Terral’s philosophy to stay in the market for our customers at all times, to be a reliable source of products and services even in difficult economic environments.