TWST: What trends have you observed so far this year for irrigation equipment?
Mr. Williams: Irrigation equipment is very strong, and it's been so for several quarters now. And that's being entirely driven by agriculture commodity prices, which really started to spike in the fall of last year when we saw some disruptions to the wheat supply in Russia. We've seen some other weather disruptions globally since then. That's creating a tightening supply base, while at the same time global demand has increased. Not only is there a general push from a population perspective. We are obviously consuming more food every year, but if you look at changes in diets in emerging markets, they are eating more protein. Protein demands more grain, more grain demands more water. So you're seeing some nice trends in terms of higher commodity demand, while at the same time the supply base has been constrained by weather events and other dynamics.
TWST: Have there been any technological advancements in irrigation that have been a boon for any of the companies you cover?
