MOS remains on track with its cost-reduction plan, which is expected to drive $150 million in run-rate cost reductions by the end of 2025. Mosaic also remains committed to carrying out investments with high returns with moderate capital expenditures. It has completed the 800,000-ton MicroEssentials capacity conversions with volumes expected to rise 25% in 2025. The Esterhazy Hydrofloat project, which will add 400,000 tons in milling capacity, is expected to be completed by the middle of 2025, followed by a ramp up by the end of the year. The construction of a new blending and distribution center in Palmeirante, Brazil is also expected to be completed by mid-2025. The facility is expected to enable Mosaic Fertilizantes to increase overall sales by one million tons. Weak fertilizer prices are likely to weigh on MOS's sales and margins.