Thank you very much for the question.
Indeed, there's a dynamic within the North American beef market, where the traditional two-to-three-year beef price cycle has turned into a seven-year cycle.
Since the COVID‑19 pandemic, owing to the increase in input prices and certain diseases in animals in Mexico, there's been a change in the flow of animals coming into the country. The import bans on animals from Mexico to the United States have also caused a shift in trends with respect to animals crossing the border between Canada and the United States.
As a result, the beef price cycle we're seeing deviates from what had traditionally been observed in terms of duration. This certainly puts a strain on Canadian players.