Eighteen months ago we released a dairy report, basically looking at the outlook for the dairy industry. One of the things we had in this report looked at the efficiency ratio, operating costs over revenues for small, medium, and large enterprises.
What we found was that if you measure production efficiency in terms of operating expenses versus revenues, it doesn't matter if you're small, medium, or large. It doesn't mean that a small operation will turn as much profit as a large one. What it means is that we have small producers that are very efficient, and large producers that have a bit of room to improve on their efficiency. The size of the operation, when it comes to efficiency, doesn't matter much, especially for dairy. I would say that it's the same across our portfolio for grains and oilseeds, and other sectors as well.