Thank you, Mr. Chair.
Thank you, gentlemen, for your presentations.
I'd like to turn your attention to your statements around carbon charges and cap and trade, and how you see those effects delineating themselves across the price points for fertilizer.
You talk about both carbon charges, it seems to me, in the text on page 7, where you say that any carbon charge would be hurtful as far as competitiveness is concerned. I would take that to mean a more direct carbon charge. That's my emphasis, reading into that. At the bottom of page 7, you go on to say that the U.S. cap and trade proposals would hurt farmers due to increased price volatility. I assume--and I hate to use that word, because we know what it means if we break it up into three components--that you're seeing that as an added cost as well, which is a bit of a carbon charge, if you will, depending on how folks look at it.
Perhaps you could briefly let me know what your sense around that is. It seems to me there's a cap and trade system coming in the United States; I think the President has been pretty clear about that. So saying that it'll cost us more is just stating the obvious. What is the plan to actually deal with the situation? This affects Canadian farmers and American farmers in a global marketplace where others may not be involved in a cap and trade system.
How do you see that impact, whether or not we were to be involved in it? It seems as though it's going to happen in the United States.