1 00:00:03,420 --> 00:00:06,450 Sean Aylmer: Welcome to the Fear and Greed Daily Interview, I'm Sean Aylmer. 2 00:00:06,740 --> 00:00:09,869 Sean Aylmer: Few industries are at the mercy of more factors out 3 00:00:10,130 --> 00:00:13,580 Sean Aylmer: of its control than agriculture. There's the weather, ranging from 4 00:00:13,580 --> 00:00:17,140 Sean Aylmer: drought to flood, pests like locusts and mice plagues, and 5 00:00:17,140 --> 00:00:19,790 Sean Aylmer: then all the red tape and unexpected hiccups involved in exporting 6 00:00:20,300 --> 00:00:22,870 Sean Aylmer: products to the rest of the world. Add in COVID, 7 00:00:23,090 --> 00:00:25,739 Sean Aylmer: closed borders, and a lack of seasonal workers, and the 8 00:00:25,739 --> 00:00:29,820 Sean Aylmer: challenges are more than a little daunting. Fortunately GrainCorp, with 9 00:00:29,820 --> 00:00:33,260 Sean Aylmer: more than a hundred years experience in Australian agribusiness, is 10 00:00:33,260 --> 00:00:36,240 Sean Aylmer: forecasting a good harvest amid strong demand for Aussie grain. 11 00:00:36,580 --> 00:00:41,070 Sean Aylmer: Robert Spurway is the Chief Executive Officer and Managing Director of GrainCorp. Robert, 12 00:00:41,090 --> 00:00:41,990 Sean Aylmer: welcome to Fear and Greed. 13 00:00:42,380 --> 00:00:43,930 Robert Spurway: Thank you, nice to join you today. 14 00:00:44,280 --> 00:00:46,059 Sean Aylmer: You're going to have to give me a bit of a 101, 15 00:00:46,060 --> 00:00:48,920 Sean Aylmer: this is not an area I know a lot about, 16 00:00:49,159 --> 00:00:52,159 Sean Aylmer: so first off, what's this year's crop looking like? 17 00:00:52,550 --> 00:00:55,520 Robert Spurway: This year's crop is shaping up to be another excellent crop, 18 00:00:55,560 --> 00:01:00,250 Robert Spurway: well above average, in fact ABARES (Australian Bureau of Agricultural and Resource Economics and Sciences), the Bureau of Agricultural Statistics, 19 00:01:00,380 --> 00:01:03,950 Robert Spurway: in early September released their update suggesting that it would 20 00:01:03,950 --> 00:01:07,980 Robert Spurway: be 26.5 million tons of grains on the east coast. 21 00:01:08,440 --> 00:01:11,660 Robert Spurway: To put that into perspective, the average is about less 22 00:01:11,660 --> 00:01:15,700 Robert Spurway: than 20, and last year the bumper crop was just 23 00:01:15,700 --> 00:01:19,400 Robert Spurway: under 30 million tons, so really looking forward to an 24 00:01:19,400 --> 00:01:22,840 Robert Spurway: excellent crop ahead and a great opportunity, not just for GrainCorp, 25 00:01:22,840 --> 00:01:24,240 Robert Spurway: but for the whole of the sector. 26 00:01:24,620 --> 00:01:26,130 Sean Aylmer: Okay, so when's harvesting time? 27 00:01:26,720 --> 00:01:30,289 Robert Spurway: In fact harvest has already started, so in mid- September 28 00:01:30,340 --> 00:01:33,770 Robert Spurway: it gets underway for the winter crops in Queensland, then 29 00:01:33,770 --> 00:01:36,630 Robert Spurway: it rolls south over the course of the next two 30 00:01:36,630 --> 00:01:40,440 Robert Spurway: or three months and completes by late December or early 31 00:01:40,440 --> 00:01:44,620 Robert Spurway: January. We're really into full harvest by the end of November. 32 00:01:45,130 --> 00:01:47,440 Sean Aylmer: Okay, and what are the different types of grains that 33 00:01:47,440 --> 00:01:48,360 Sean Aylmer: we're talking about? 34 00:01:48,840 --> 00:01:52,840 Robert Spurway: The grains that we handle are principally wheat, barley, and 35 00:01:52,840 --> 00:01:56,970 Robert Spurway: canola seed. Canola seed is an oil seed, made for manufacturing 36 00:01:56,990 --> 00:02:01,130 Robert Spurway: oils and margarines and products like that. There are also a 37 00:02:01,130 --> 00:02:03,730 Robert Spurway: number of other crops made at different times of the year, 38 00:02:03,730 --> 00:02:06,530 Robert Spurway: but wheat, barley, and canola seed are the principal ones. 39 00:02:07,640 --> 00:02:09,860 Sean Aylmer: Okay, and what are the prices like for wheat, barley and canola? 40 00:02:10,360 --> 00:02:13,000 Robert Spurway: Well, that's a really good question and we've seen a 41 00:02:13,000 --> 00:02:17,859 Robert Spurway: sustained rally in crop values over the last 12 months. 42 00:02:18,200 --> 00:02:21,869 Robert Spurway: That's built from demand around the globe, and take canola 43 00:02:21,870 --> 00:02:24,860 Robert Spurway: for example, it's come up at prices in the order 44 00:02:24,860 --> 00:02:29,100 Robert Spurway: of $900 a ton, so really record highs that we're 45 00:02:29,100 --> 00:02:32,230 Robert Spurway: seeing for most grain. The other side of it though 46 00:02:32,230 --> 00:02:36,680 Robert Spurway: is despite those relatively high prices, Australian grain is competitive 47 00:02:37,000 --> 00:02:40,709 Robert Spurway: in nearly every market around the globe, so great opportunity 48 00:02:40,710 --> 00:02:44,010 Robert Spurway: to move grain from Australia to markets around the world. 49 00:02:44,180 --> 00:02:46,340 Sean Aylmer: Yeah, I was wondering that. So how big a player 50 00:02:46,340 --> 00:02:50,000 Sean Aylmer: is Australia in those markets? Wheat, barley, canola, we know 51 00:02:50,000 --> 00:02:53,860 Sean Aylmer: lots about barley because of China banning Australian barley last 52 00:02:53,860 --> 00:02:56,200 Sean Aylmer: year, but how big a player are we, and who 53 00:02:56,200 --> 00:02:57,520 Sean Aylmer: are the big competitors? 54 00:02:58,000 --> 00:03:01,500 Robert Spurway: We're playing a bigger part this year because of the 55 00:03:01,500 --> 00:03:04,720 Robert Spurway: bumper crops that we're seeing in Australia and our focus on 56 00:03:04,720 --> 00:03:08,750 Robert Spurway: export, but traditionally the big export markets are the U. 57 00:03:09,000 --> 00:03:12,799 Robert Spurway: S. and Canada, the Black Sea area, sometimes also out 58 00:03:12,800 --> 00:03:16,930 Robert Spurway: of Russia, and areas like Brazil. So Australia is a significant 59 00:03:16,930 --> 00:03:19,730 Robert Spurway: player on the global market, but we are recovering from 60 00:03:19,730 --> 00:03:22,889 Robert Spurway: three pretty tough years of drought in Australia, and it's 61 00:03:22,889 --> 00:03:25,500 Robert Spurway: good this last year, and the coming year, to have 62 00:03:25,500 --> 00:03:27,840 Robert Spurway: plenty of grain to meet the demand around the world. 63 00:03:28,130 --> 00:03:30,700 Sean Aylmer: Yeah, and some of those competitors, I'm thinking of Brazil, 64 00:03:30,700 --> 00:03:33,660 Sean Aylmer: has had a dreadful season, from what I've read, at 65 00:03:33,660 --> 00:03:37,060 Sean Aylmer: least, therefore there should be plenty of demand at a 66 00:03:37,060 --> 00:03:39,710 Sean Aylmer: time when we have lots of grain and prices are high. 67 00:03:40,240 --> 00:03:43,700 Robert Spurway: You've absolutely summed it up perfectly, it's been a fantastic 68 00:03:43,700 --> 00:03:47,500 Robert Spurway: year for GrainCorp, and for the industry generally. And that's 69 00:03:47,500 --> 00:03:49,650 Robert Spurway: not just off the big crop here and the strong 70 00:03:49,650 --> 00:03:53,470 Robert Spurway: performance of our business, there's been drought and dry conditions 71 00:03:53,470 --> 00:03:56,640 Robert Spurway: in the Northern hemisphere, not just in Brazil, but particularly 72 00:03:56,640 --> 00:04:01,210 Robert Spurway: across North America and Canada, there's some supply restrictions coming 73 00:04:01,210 --> 00:04:04,020 Robert Spurway: out of Russia and the Black Sea, so that drives 74 00:04:04,020 --> 00:04:08,610 Robert Spurway: a tremendous opportunity for Australian grain to find homes around 75 00:04:08,610 --> 00:04:09,880 Robert Spurway: the world at good values. 76 00:04:10,160 --> 00:04:12,210 Sean Aylmer: Yeah, that's great. I mentioned a moment ago the ban 77 00:04:12,210 --> 00:04:14,860 Sean Aylmer: on barley from China, has that had much of an impact? 78 00:04:15,440 --> 00:04:19,060 Robert Spurway: We've seen plenty of competition for grain around the world, 79 00:04:19,060 --> 00:04:22,190 Robert Spurway: so what I mean by that is there's a greater 80 00:04:22,260 --> 00:04:25,870 Robert Spurway: demand for grain than there is for supply generally, so 81 00:04:25,870 --> 00:04:29,039 Robert Spurway: whilst there hasn't been many barley exports to China, we've 82 00:04:29,040 --> 00:04:32,270 Robert Spurway: found homes in other markets where there's additional demand. 83 00:04:32,730 --> 00:04:35,650 Sean Aylmer: Okay. Now one of their big issues that we keep hearing 84 00:04:35,650 --> 00:04:39,460 Sean Aylmer: from state premiers is the whole idea of seasonal workers 85 00:04:39,550 --> 00:04:43,779 Sean Aylmer: moving around the place, now you've just described a sweeping 86 00:04:43,779 --> 00:04:45,929 Sean Aylmer: motion almost of the harvest season, where it starts in 87 00:04:45,930 --> 00:04:49,650 Sean Aylmer: Queensland and heads south. What about seasonal workers, and they 88 00:04:49,650 --> 00:04:52,429 Sean Aylmer: do play a big role in the industry, how difficult 89 00:04:52,430 --> 00:04:54,490 Sean Aylmer: is it to get them across borders? Are there enough 90 00:04:54,490 --> 00:04:55,560 Sean Aylmer: people to do the work? 91 00:04:56,089 --> 00:04:58,830 Robert Spurway: There are enough people, but it is certainly a challenge. 92 00:04:58,830 --> 00:05:02,930 Robert Spurway: Labour supply across the agricultural industry generally has been tight, 93 00:05:03,380 --> 00:05:07,180 Robert Spurway: and it's been even more restricted by the closed international borders. 94 00:05:07,860 --> 00:05:12,270 Robert Spurway: Whilst agricultural workers and essential workers can move across state borders, 95 00:05:12,310 --> 00:05:14,850 Robert Spurway: they do want the certainty of being able to return 96 00:05:14,850 --> 00:05:18,880 Robert Spurway: home if they need to, so certainly those closed borders 97 00:05:18,880 --> 00:05:22,210 Robert Spurway: have been a challenge. At GrainCorp we've got a good 98 00:05:22,210 --> 00:05:27,130 Robert Spurway: reputation amongst the people that work with us, and in fact, 75% 99 00:05:27,130 --> 00:05:31,440 Robert Spurway: of our 2020 harvest casual workforce, when surveyed, said they 100 00:05:31,440 --> 00:05:34,560 Robert Spurway: plan to return to us this year. So we're doing 101 00:05:34,560 --> 00:05:37,020 Robert Spurway: well and we're looking forward to welcoming those people back, 102 00:05:37,020 --> 00:05:39,870 Robert Spurway: and some new locals, but certainly would like to see 103 00:05:39,870 --> 00:05:43,640 Robert Spurway: restrictions ease because I think it helps regional economies generally, 104 00:05:44,020 --> 00:05:46,800 Robert Spurway: as well as labour supply for the agricultural sector. 105 00:05:47,279 --> 00:05:49,549 Sean Aylmer: This is probably a very silly question, Robert, are you 106 00:05:49,550 --> 00:05:50,620 Sean Aylmer: an essential service? 107 00:05:51,250 --> 00:05:54,180 Robert Spurway: GrainCorp is an essential service, and at our heart we're 108 00:05:54,180 --> 00:05:57,080 Robert Spurway: a food company, so keeping not just Australia, but the 109 00:05:57,080 --> 00:06:00,130 Robert Spurway: world, fed is very much an essential part of the economy. 110 00:06:00,140 --> 00:06:02,700 Sean Aylmer: Okay. Stay with me, Robert, we'll be back in a 111 00:06:02,700 --> 00:06:02,990 Sean Aylmer: minute. 112 00:06:08,040 --> 00:06:11,210 Sean Aylmer: My guest this morning is Robert Spurway, CEO and Managing Director 113 00:06:11,270 --> 00:06:16,529 Sean Aylmer: of GrainCorp. BHP recently moved from hard commodities, and it's 114 00:06:16,529 --> 00:06:18,789 Sean Aylmer: getting itself out of, well it's not getting itself out of oil and gas, 115 00:06:18,790 --> 00:06:23,120 Sean Aylmer: but it's de-emphasising that, pushing into potash, which is obviously 116 00:06:23,120 --> 00:06:28,700 Sean Aylmer: an agricultural commodity. That whole agricultural community and global agricultural community, 117 00:06:28,700 --> 00:06:30,490 Sean Aylmer: we used to talk about it all the time, not 118 00:06:30,490 --> 00:06:33,380 Sean Aylmer: so much in recent decades, because Australia has moved on, 119 00:06:33,750 --> 00:06:36,760 Sean Aylmer: but it seems with growth in the global population, and 120 00:06:36,800 --> 00:06:39,870 Sean Aylmer: when you've got players like BHP really moving into that sector 121 00:06:39,870 --> 00:06:43,710 Sean Aylmer: big time, there's obviously a lot of potential for agriculture 122 00:06:43,710 --> 00:06:44,390 Sean Aylmer: more generally. 123 00:06:44,820 --> 00:06:47,560 Robert Spurway: That's right. I've been in food all of my career, 124 00:06:47,560 --> 00:06:49,900 Robert Spurway: and I started in food because I had the belief 125 00:06:49,900 --> 00:06:53,039 Robert Spurway: that people always needed to eat, and that certainly holds 126 00:06:53,040 --> 00:06:56,320 Robert Spurway: true at the moment. We've seen the tremendous resilience of 127 00:06:56,320 --> 00:07:00,620 Robert Spurway: the food sector through the pandemic, and indeed the growing world 128 00:07:00,620 --> 00:07:04,950 Robert Spurway: population and that demand for food. It's also a tough industry, though, 129 00:07:04,950 --> 00:07:09,180 Robert Spurway: you mentioned earlier the droughts and other factors that farmers 130 00:07:09,180 --> 00:07:12,920 Robert Spurway: and the Ag sector generally face. It speaks to the resilience, 131 00:07:12,920 --> 00:07:15,800 Robert Spurway: I think, of the sector, and in our business we're 132 00:07:15,800 --> 00:07:19,140 Robert Spurway: also diversifying to make sure that we're more resilient through 133 00:07:19,140 --> 00:07:23,370 Robert Spurway: the cycle, reducing the volatility of our earnings, making the 134 00:07:23,370 --> 00:07:26,160 Robert Spurway: most of the bumper harvest when they're there, but also 135 00:07:26,160 --> 00:07:31,930 Robert Spurway: exploring new, innovative, and sustainable areas like plant-based proteins, and 136 00:07:31,930 --> 00:07:34,410 Robert Spurway: other income streams that will grow our business in a 137 00:07:34,410 --> 00:07:35,290 Robert Spurway: more sustainable way. 138 00:07:35,290 --> 00:07:38,370 Sean Aylmer: So that brings us to GrainCorp itself. It's more than 139 00:07:38,370 --> 00:07:40,240 Sean Aylmer: a century old, it started as a New South Wales 140 00:07:40,240 --> 00:07:43,580 Sean Aylmer: government owned handler of grain, you're now listed on the 141 00:07:43,580 --> 00:07:46,960 Sean Aylmer: ASX. Obviously you will handle grain, and you talk about 142 00:07:46,960 --> 00:07:50,170 Sean Aylmer: wheat, barley, and canola, but what you're talking about now, is the 143 00:07:50,170 --> 00:07:53,360 Sean Aylmer: future to become more diversified, to do more than what 144 00:07:53,360 --> 00:07:54,410 Sean Aylmer: you traditionally have done? 145 00:07:54,910 --> 00:07:57,420 Robert Spurway: Yes it is, in a word. I think if you 146 00:07:57,420 --> 00:07:59,910 Robert Spurway: draw out our history, as you say, it goes back 147 00:07:59,910 --> 00:08:03,920 Robert Spurway: over 100 years, starting with one silo in 1916 in 148 00:08:03,920 --> 00:08:08,020 Robert Spurway: central New South Wales, that followed some port construction over 149 00:08:08,020 --> 00:08:12,600 Robert Spurway: the next decade or two. We now have 160 regional 150 00:08:12,600 --> 00:08:15,720 Robert Spurway: receiving sites for grain, we've got seven ports across the 151 00:08:15,720 --> 00:08:18,850 Robert Spurway: east coast of Australia. As you said, we're listed on 152 00:08:18,850 --> 00:08:22,220 Robert Spurway: the Australian Stock Exchange, and back in 1998 it was. 153 00:08:22,640 --> 00:08:26,010 Robert Spurway: So I think that rich history gives us confidence to 154 00:08:26,040 --> 00:08:29,670 Robert Spurway: look to the future and focus on what we do well, 155 00:08:29,720 --> 00:08:34,320 Robert Spurway: but also use that platform to bring the innovation and 156 00:08:34,360 --> 00:08:36,830 Robert Spurway: the thinking that's been such a big part of the 157 00:08:36,830 --> 00:08:40,950 Robert Spurway: agricultural sector generally over the last 100 years. So that 158 00:08:40,950 --> 00:08:44,530 Robert Spurway: does take us to diversifying into areas like alternative and 159 00:08:44,530 --> 00:08:50,150 Robert Spurway: plant-based proteins. We recently partnered with CSIRO and others in 160 00:08:50,150 --> 00:08:55,020 Robert Spurway: the future feed business, which brings an innovative additive to 161 00:08:55,059 --> 00:08:58,940 Robert Spurway: animal feed that can reduce methane emissions and increase productivity. 162 00:08:59,950 --> 00:09:02,770 Robert Spurway: So plenty of areas that we're looking to that not 163 00:09:02,770 --> 00:09:06,170 Robert Spurway: only draw on our history but support with confidence our 164 00:09:06,170 --> 00:09:07,220 Robert Spurway: growth into the future. 165 00:09:07,760 --> 00:09:09,760 Sean Aylmer: Now coming back to the idea of droughts and floods 166 00:09:09,760 --> 00:09:13,210 Sean Aylmer: and mice plagues, and things like that, how do farmers 167 00:09:13,420 --> 00:09:17,359 Sean Aylmer: forecast, how does GrainCorp forecast? It must be an incredibly 168 00:09:17,360 --> 00:09:20,560 Sean Aylmer: challenging role given you are at the mercy of those things. 169 00:09:21,210 --> 00:09:24,760 Robert Spurway: Yes, it can be difficult to forecast, and farmers, more 170 00:09:24,760 --> 00:09:27,330 Robert Spurway: than any sector, are relied on the weather, and we 171 00:09:27,330 --> 00:09:29,920 Robert Spurway: all know the weather forecast can be accurate, but the 172 00:09:29,920 --> 00:09:32,860 Robert Spurway: longterm weather forecast is a lot more difficult. They've certainly 173 00:09:32,860 --> 00:09:35,809 Robert Spurway: improved in recent decades, so we have a lot of 174 00:09:35,809 --> 00:09:40,160 Robert Spurway: confidence about some of the metrics, like soil moisture levels, 175 00:09:40,160 --> 00:09:43,240 Robert Spurway: and the outlook for weather in the near term. But 176 00:09:43,240 --> 00:09:46,970 Robert Spurway: forecasting over the longer term is more difficult. The macro 177 00:09:46,970 --> 00:09:50,960 Robert Spurway: trends remain very positive, demand is outstripping supply, so it's 178 00:09:50,960 --> 00:09:54,640 Robert Spurway: a great place to be. We're diversifying our business and 179 00:09:54,650 --> 00:09:57,120 Robert Spurway: looking for other areas where we can add value to 180 00:09:57,120 --> 00:10:00,729 Robert Spurway: the crops that we process, and also we have an 181 00:10:00,800 --> 00:10:05,670 Robert Spurway: innovative crop production contract, or insurance scheme, that smooths our 182 00:10:05,980 --> 00:10:08,929 Robert Spurway: earnings by making sure that we get a payment in drought years, 183 00:10:09,559 --> 00:10:12,460 Robert Spurway: and then in the bumper years we pay that value back to 184 00:10:12,470 --> 00:10:16,490 Robert Spurway: the insurer. So very innovative and a quite unique product that 185 00:10:16,490 --> 00:10:22,910 Robert Spurway: supports GrainCorp, helps with sustainable decision-making over time, and makes us a 186 00:10:22,910 --> 00:10:26,070 Robert Spurway: far less volatile business into the future. And I think 187 00:10:26,070 --> 00:10:29,170 Robert Spurway: you see some of those sorts of things, maybe not the insurance product, 188 00:10:29,429 --> 00:10:35,080 Robert Spurway: but diversification on farm minimising the impact of perhaps inaccurate forecast. 189 00:10:35,580 --> 00:10:37,679 Sean Aylmer: Yeah, and what I love about farmers, you think of a farmer 190 00:10:37,679 --> 00:10:40,120 Sean Aylmer: on a tractor, so I grew up in central west 191 00:10:40,190 --> 00:10:42,040 Sean Aylmer: New South Wales, the guys out further west who are 192 00:10:42,460 --> 00:10:44,470 Sean Aylmer: basically school friends of mine who have gone into that 193 00:10:44,470 --> 00:10:47,340 Sean Aylmer: industry, it amazes, they sit on the tractor, but the 194 00:10:47,340 --> 00:10:49,970 Sean Aylmer: tractor is worth hundreds of thousands of dollars, they listen 195 00:10:49,970 --> 00:10:53,690 Sean Aylmer: to the ABC all day worried about currency, and worried about 196 00:10:53,690 --> 00:10:56,200 Sean Aylmer: global demand for grains, and all sorts of things. It's 197 00:10:56,200 --> 00:10:59,640 Sean Aylmer: quite a sophisticated industry, the farmer on the tractor is 198 00:10:59,640 --> 00:11:00,480 Sean Aylmer: not what it's about. 199 00:11:00,950 --> 00:11:05,730 Robert Spurway: Very sophisticated, and terms like precision agriculture, the use of 200 00:11:05,730 --> 00:11:10,040 Robert Spurway: global positioning satellite technology for that tractor and the farmer, 201 00:11:10,650 --> 00:11:15,089 Robert Spurway: but also connectivity, and GrainCorp uses a product that we 202 00:11:15,090 --> 00:11:19,750 Robert Spurway: created called CropConnect, and that's another technology solution that allows 203 00:11:19,750 --> 00:11:23,370 Robert Spurway: farmers to, on their smartphone, have a look at what 204 00:11:23,370 --> 00:11:27,170 Robert Spurway: their crop is worth, it opens them up to a marketplace, 205 00:11:27,550 --> 00:11:30,719 Robert Spurway: and means that they can transact grain with us and with 206 00:11:30,720 --> 00:11:34,240 Robert Spurway: other customers, as you say, sitting in the tractor, or 207 00:11:34,240 --> 00:11:36,360 Robert Spurway: in their truck, bringing their grain to our sites. 208 00:11:36,809 --> 00:11:38,750 Sean Aylmer: Well, let's hope the next four or five months turn 209 00:11:38,750 --> 00:11:41,429 Sean Aylmer: out to be as successful as they are promising now. 210 00:11:41,429 --> 00:11:43,110 Sean Aylmer: Robert, thank you for talking to Fear and Greed. 211 00:11:43,370 --> 00:11:45,000 Robert Spurway: My pleasure, Sean, nice talking. 212 00:11:45,580 --> 00:11:48,470 Sean Aylmer: That was Robert Spurway, Chief Executive Officer and Managing Director 213 00:11:48,470 --> 00:11:51,410 Sean Aylmer: of GrainCorp. This is the Fear and Greed Daily Interview, join 214 00:11:51,410 --> 00:11:53,670 Sean Aylmer: me every morning for the full Fear and Greed Podcast, 215 00:11:53,850 --> 00:11:56,189 Sean Aylmer: with all the business news you need to know. I'm 216 00:11:56,190 --> 00:11:57,439 Sean Aylmer: Sean Aylmer, enjoy your day.