I think Alan we'll continue to see pressure on prices for the phosphates until the end of 1Q 2009 because of constrained credit flows into agriculture. We also have to watch futures prices of the key staple crops of corn, wheat, rice and soybeans. You're concluding statement is something I agree with. I believe global food output in 2009 will see a multidecade low and likely lead to shortages and hyperinflation in grain prices. Longer term this has to be supportive of much higher fertilizer prices IMO.
Longer term phosphate and potash still remain the best commodities. This current downturn reinforces this.
