I think it's too early to tell in many respects. We've had a unique situation where we have relatively small grade spreads. An awful lot of the crop hasn't been marketed yet, and we're in a situation where we have buoyant prices, the result of droughts in the U.S., Russia, and elsewhere. Our members still understand that the single desk, just like the consolidation that takes place in the fertilizer industry and machine companies and grain companies, gives them economic power and that ultimately their returns over time will likely be diminished.
On December 6th, 2012. See this statement in context.