Interview with Rodney Christianson
Interviewer: David Barton, Kansas State University
Narrator: The Department of Agricultural Economics in the college of Agriculture at Kansas State University brings you case studies in Agribusiness. A look inside today’s ever changing world of the business of agriculture.
Lori Oleen: Hi, I am Lori Oleen with the Department of Agriculture Economics at Kansas State University. The interview that you are about to see was conducted between Rodney Christianson, the Chief Executive Officer of South Dakota Soybean Processors and Dr. David Barton, the director of the Arthur Capper Cooperative Center at Kansas State University. In this interview they discuss the formation of South Dakota Soybean Processors as well as different aspects of the soybean crushing industry. Let’s listen in to what they have to say.
David Barton: Rodney, thank you very much for joining us today. We are really looking forward to getting better acquainted with you and with your company - South Dakota Soybean Processors.
Rodney Christianson: David, it’s pleasure to be here today with you.
David Barton: Oh good. Tell us a little bit about yourself, what's some of your background is and how you ended up with South Dakota Soybean Processors?
Rodney Christianson: Well David, I grew up in Northern Minnesotaon a farm with a family of six, the youngest. And went out and I started work in '75 in the Oilseed Processing Industry with Cargill, Incorporated and spent 20 years with them. Came to my point in life that I could summarize it as twenty years at home and twenty years with a great corporation and maybe it was time to get out on your own and try something. So at that point, I was really looking to get into a smaller entrepreneurial type setting and happened to come across South Dakota Soybean Processors. And we talked and we liked each other and everything has grown since then.
David Barton: I know that South Dakota Soybean Processors was officially organized or incorporated in 1993. They went through an organizing phase, where they raised money and eventually ended up in constructing a Soybean Processing plant. Tell us a little bit about what motivated the producers to organize that company?
Rodney Christianson: Well certainly the producers are always looking at, and as everybody well knows, is that the situation of farming is just becoming larger all the time. It’s not necessarily getting the rate of returns that producers are looking nor do they believe that that is a good scenario - long term. As you will find in a lot of cooperatives as they start, the first motivating factor is, how do I improve the price of the grain that I am selling, the basis on it. Well if you create that demand locally, that’s a driving factor for the core group. So they were targeted to do that and at the same time as with all the soybeans leaving the state to South Dakota, they were paying for about 40% of the meal to come back into the state. So that was kind of the driving factor to improve their farming organization.
David Barton: When they went through this organizing process, you talk about your improving your farming operation. Were they thinking of actually generating feedstuffs to feed animals or were they thinking more in terms of raising the value of the soybeans that they would grow?
Rodney Christianson: The primary reason was increasing the value of the soybeans that they grow. They knew that they were the lowest price basis beans in United States at that time. At the same time they also knew that there was a fair demand in the state of South Dakota that was paying for the transportation of getting the meal back. So the primary was the soybeans but they also knew that the soybean meal side would also be beneficial to that local producer.
David Barton: We know from studying your organization that you have had a lot of success. One measure of success would be then how much the price of soybeans increased to the producer because of the formation of this business. Do you have a feel for how much the basis changed or how much the price changed?
Rodney Christianson: You know, certainly that’s very interesting. As we will project, and I put the number on about 25 cents a bushel on a roughly about 50 million bushels. And that was what our directors sometimes refer to as the golden circle of that impact of the increase in the demand of 25-28 million bushels in our local area. But in reality as you look at our membership, it stretches through Minnesota through South Dakota and areas that are outside of that. So we have members that have not directly had an increase in basis because of that new demand there. So that gets to the members that are in the localized areas and also to your non-members that are in that localized area that gets that benefit. So as we have gone into there and when we look at our Board of Directors today, our membership, that local economic development, what it does to the trade area, what it does to the producers is a great adder. But for the vast majority, they rely on us making money on crushing beans and converting those soybeans to higher value products of oil and meal.
David Barton: So it wasn’t just the people that are members of the cooperative that benefited though it was the other people who have been raising soybeans and had sort of an external benefit because that company was organized.
Rodney Christianson: Yes absolutely, that’s going to happen, and you know as some members that were concerned about that because they may have been poked by a little bit of fun by the member that got some of the benefits that wasn't involved. My comment is always that, hey just write us to thank you note for helping your situation because guys like you won’t get it down and we won't survive without people could joining together and working together.
David Barton: All right. So the people joined together, worked together, organized the business and as I said earlier, you are quite a successful business. What do you attribute to your success to? What are some of those success factors that you would look at?
Rodney Christianson: The first success factor is the group of directors that were responsible for bringing that together and raising the capital and not taking no or can't do, as an answer to and bringing in our business a strong equity position. Our directors raised $21 million for a $34 million facility. So we came in with a strong equity position. The other thing that they did and was willing to support is to go out and hire good management with the skill sets in the industry. And when we looked at the original management team we put together out of the 10 key managers, we had over 200 years of experience. About a 165 of that was all in agriculture. A 135 was directly related to the oilseed processing experience. I can remember some of the discussions with local leaders, local universities certainly wanting some of those jobs going to South Dakota residents. And as we commented, certainly those skills sets needed weren't in South Dakota. But those skill sets applied to our oilseed industry. That experience wasn’t there. When you start up a business that’s going to have a $150 million in sales, you don’t want to be learning 'how do I apply my skill sets to the industry.' So having that support was critical.
The next item that was absolutely critical for our industry and our success was the Board of Directors’ commitments and visions and willing to basically, with a group of people that they did not have a long term experience with, was continued to be committed to the organization and reinvest. In our first five years, we reinvested $11 million and that had to take a lot of courage on the directors' part. And from that perspective, do we trust this new group coming in and to reinvest. But if you look at their profit experience, $25½ million for five years of operations, without those reinvestments I would suggest that it would be down $7 million to $9 million. And we have been talking a whole different story with our members and with our directors if that was the case.
David Barton: Well you mentioned leadership, you mentioned money, you mentioned the management people that were brought into run the operation, actually operate it. Certainly from a financial point of view, you have had a lot of a success. You mentioned leadership as the first point of those, what has happened in terms of leadership from that initial organizing group? Has that same group stayed together to help provide leadership or you had a big turnover in leadership?
Rodney Christianson: We have a Board of Directors of 21. There is only two directors that were original out of the 21 once they got together that are not there anymore and one of them passed away and then a younger gentleman that involved in his own business and left. So we have a very strong group and out of the original seven to eight, is all but the one that passed away are still there in their leadership roles.
David Barton: So you have had a very good continuation in terms of leadership from farmer directors, as well as, of course, you as the first CEO of the company.
Rodney Christianson: That we certainly have been, and we do have some questions and concerns that we are starting to address both from our management and directors' part. As we do have term limitation, so as we look over the period of time, we are coming to those term limitations. And over a five-year period of time starting in 2004, I could lose all 21 directors that I have there today.
David Barton: Well, that will be an interesting transition if you do lose all 21.
Rodney Christianson: That it is and at that point, we are starting to spend time and question and saying, how are we going to handle that transition if we are going to continue with the term limitations through the organization.
David Barton: Now you mentioned money - there was an initial investment by producers and you said their motivation was really to raise the value of their soybeans and of course then there were other benefits in terms of the amount of profits you made off in processing of soybeans. So in addition to say the 25 cent per bushel increase in local price, what kind of investment was made by each producer and what kind of returns have they seen on that investment?
Rodney Christianson: Well David, let me talk about that average producer of the 2,100 members who put in $10,000 to get to 21 million. And that he was the original investor when we were selling shares for $2 a share. For that original investment of $10,000, he has received $8300 back in cash payments from us. On retain earnings we owe him another $5000 in the future. And then if he was going to turn around and sell his shares today, which he spent $10,000 for he probably could sell them for $22,500 to $25,000 today.
David Barton: So the combination of price increases, distribution of profits and appreciation of stock has been substantial. I don’t know if you have calculated what their return on investment has been on an annual basis but it’s substantial.
Rodney Christianson: From a cash basis, he has received 83% of his investment back. If he sells out, he could get 225% -- 222% of his original investment - some place in that area. So it has worked well so far.
David Barton: Rodney you talked about some of the basic success factors including leadership, money and the management team. Can you tell us a little bit more about your company, in terms of what you actually do as a business and why you think in terms of your operations and your competitive position you have been successful?
Rodney Christianson: Well David, we are in a pretty basic business of converting that soybean and the first step to a little bit higher value products. The soybean meal is primary feed source for all the protein, converting it in vegetable protein to animal protein. And then the oil is used in the human consumption in your salad dressing, margarines, baking and cooking - right on down the line. Now, none of our products that we make, make it to the consumer shelf - as we convert that soybean, as we are going to take that meal, we are going to sell it to the feed lots and the direct feeders or the feed meals that are going to make a certain variety for their customers. And we are going to sell our oil into the marketplace to somebody that’s going to refine it for human consumption - Cenex Harvest States in Mankato, Minnesota, has been our primary customer on that area of the oil. Great relationship is that they refine twice as much or really bring in about say two-thirds of the oil needs that they need from the outside. We are located to, competitively meet that market and supply them so it’s great win-win situation. Now in our meal side as we are feeding locally up into Canada, we have over 35% of our product export into Canada - we consider them the export market. And then typically move out to the Pacific Northwest - Washington, Oregon as our kind of our territory, where we have great competitive advantages. Having said that is that we have ship the meal into 22 different states in the United States. But the volume goes South Dakota, Canada and out to the Pacific Northwest.
David Barton: So your customers are feed meals, who are using this soybean meal. You are not selling a bagged feed or branded feed or anything directly to feeders?
Rodney Christianson: We are shipping about either in 25 tons or 110 tons lot. So it’s all about bulk commodity business.
David Barton: And then you are selling crude soy oil to some refiners.
Rodney Christianson: Correct.
David Barton: So as you looked at that business, what's happened in terms of the competitive environment of people that are operating like you are in that same business?
Rodney Christianson: Well certainly in that business has gone through consolidation and has been for a long time as pre-96 before SDSP came in line as that was down to about 12 different people in that industry and the top five crushing and controlling 86% of the industry. Since SDSP has come along, we have had a tremendous amount of growth at that point - help spurred because of the farm program and the increase soybean acres have been planted. But there has been few new players that have come into the market about five new companies that are all that stand-alone single plant. We represent less than 1% of the US industry crushing capacity.
David Barton: So you are a small player in a fairly concentrated industry - both on the meal side and on the oil side.
Rodney Christianson: That we are, as we are in the industry that has no, if you want to call sex appeal. We are just doing basic industry at low cost - that type of environment and just trying to do what others have and been able to do it at a profit.
David Barton: Well you have been quite successful at that even though you are a small player, but as you look at the industry what kind of competitive threats have you been facing?
Rodney Christianson: Well certainly as competitive threats, we went through the down cycle that we have not seen low margins since 1983. So as we talk about success in the 60 months, we went through 24 of months with the lowest crushing margins that we haven't seen for almost 20 years. In that perspective - 18 to 20 years, being financially strong, having your cost structure in shape, helps you get through that area. And as you look at and talk about any industry, typically your greatest weakness is also your greatest strength. So if being small and not having deep practices is the threat, then at the same time that’s a strength as you compete through tough times also.
David Barton: You have a diverse customer group in terms of buying your meal, but you mentioned Cenex Harvest States purchasing your oil. What's happened in terms of that customer purchasing your oil?
Rodney Christianson: Well certainly in that, in the industry, and what has changed is that you no longer have the independent refiners being a significant player. They still have about 14 to 16% of the U.S. capacity, but if you look at the competitive state of who is crushing the soybean, in theory, the soybean processors can refine 98% of the oil that they produce. And South Dakota Soybean Processors, being a small player, is the largest business/company that doesn’t refine their own oil. As we look at that - what are the threats - certainly as we looked at that and then at the moves that Cenex Harvest States was doing, which is right for their members and right for their customers and right for them as a business, they are going to supply more of that oil internally. We also are working with a cooperative in Minnesota to build another soybean crushing plant - putting more oil into the market. Basically saying that we know that our primary customer is no longer going to be in the position where we are the best to supply that. So we started out on our path over two years ago, looking at how do we position ourselves to take care of that. We have entered into a strategic alliance with one of the independent refiners, where we are making our investment right now to move into the first two steps - refining and bleaching - and supplying that product to an independent refiner. And that agreement is in place and we’re under that investment right now and expect to be up running in the end of July, first of the August, to move on that.
So again, when we look at that threat, Cenex Harvest States is doing right things for their members. Even though they are another corporative and created a strategic threat for us, we just to had to go out and take care of that business for our member’s then.
David Barton: So you look at that strategic threat - loosing a key customer who was purchasing your oil. What were the various strategic alternatives you looked at?
Rodney Christianson: Oh certainly the first one that we have been working on and the problem with it is that it's a new business, it's a new entrance. And we've commented to our members you can't bet the farm on it that it's going to solve your problems. So that’s why we kind of look to the refinery as that’s the old fashion way, but it's reliable and you know you can count on it. We have been working on, for over two years now, to use soybean oil in the plastics industry. A study done by the United Soybean Board would claim that by 2007, we could have up to 850 million pounds going into that industry that is cost competitive versus the petroleum product that you replace. So we have been working hard to do that. We have filed patents on processing. We have entered into a long-term supply agreement to the individuals that have the pattent on the utilization of the vegetable oil in the plastic industry. And we think it's exciting and is promising. But at the same time, as we run our business today, we couldn’t count on that by 2003, 2004 that, that business would be at the level that we didn’t have to do other things with our oil. We will continue to work in that avenue. But we all have that resistance to change, particularly change in something that you have a perception that may affect your customer. It takes a long time to penetrate through the market and break barriers that you have in place for that.
David Barton: Let’s go back in time a little bit from what you just been talking about and you knew you were threatened by loosing your key customer for the oil. One of the alternatives that you looked at was going into the soy oil area?
Rodney Christianson: Yes.
David Barton: And you mentioned getting patents and so forth. Tell me a little bit more about all of the different alternatives you looked at - that was one of the alternatives. What were - as you thought about how do we solidify this business - the basic alternatives that you considered?
Rodney Christianson: Well, for those two alternatives on the oil side, if we come back and look at the business as a whole, for the core crushing business as being a low cost producer was critical to us, so we will continue to focus and look at investments and things we have do so the conversion of the bushel soybean to meal and oil, we continue to be a low cost producer. That’s our core business and we have to keep that in mind with it. The other goal then, which we say is that we believe, in a five-year period of time, we should have 60% of our revenues going to a value added product versus the commodity of meal and crude soybean oil. Because of the strategic threats, oil had been our primary avenue and the easiest way to move up in volume at first. So oil was our primary first target on that. Refining was the fall back position and being the comfortable position. And we also have been working hard for the Biodiesel energy. We think the time is right and we will continue to work hard for that. So from the oil segment, those are our three avenues. We continue to work and we have had good relationships on the soy oil side. We have established a solid business on the refining side. With working with our members of STSP and our members of MNSP, where we have 2200 farm families that have invested out of the state of Minnesota supporting the work and the efforts of the Minnesota Soybean Growers Association and Farmers Union, Farm Bureau, and all the other groups, we have been successful to get a Biodiesel bill requiring a 2% content requirement in the state of Minnesota, no later than 2005. We will be a producer of biodiesel in the state. So on the oil side, those have been our three primary areas. We have talked a little bit about the lubrications and other areas, but they tend those are smaller volumes and we have to worry about 800 million pounds. So those have been the three large areas. As we move over and look at the protein side, there we have had that lower on our priorities, but certainly we are very interested in working at soy foods and the health claim that they have. And that could it vertically integrate with us. But plans and ideas - they aren't as well along and as well formulated. You know, if it's tied to our core business, then you are taking proteins into soy flower, texture protein or isolates or concentrates. And if you talk about the concentrated businesses, if you want to go into to soy concentrated, two primary players in the world - going to protein isolates - two primary players in the world are ADM and Central Soy on the former and ADM and Protein Technologies on the ladder. So as you move into that, you have to figure out what are your strategies and what are your alliances to do that. And does that fit our need. Should we be there - only if the Board of Directors feel that we should be there and that the bottom line of that measurement is that our existing 2,100 members will reap the rewards of the profits. We may have to bring in another 2,000 members, let’s say from a capital point. But then we need to reap rewards to the 2,100 we have, and then bring the additional rewards to the 2,000 that we come in with. If we can achieve that, maybe we go that direction then.
David Barton: Rodney, one of the initiatives that you talked about that you are looking at is Soy-Diesel. Tell us a little bit more about Soy-Diesel, what you think the future is for that?
Rodney Christianson: Oh certainly, we think it's absolutely exciting for the farmers, and you can tie ethanol in there and just the tremendous growth that you see on ethanol, that has had about 25 years jump start on Soy-Diesel, but you know, we look from what a win-win scenario from demand for the production. What the farmers can grow in this country far exceeds what we have a capability to feed for and the demand from the export side. If you look from the environmental and then you look from the energy side and the securities of the energy, absolutely doesn’t solve the problem, but a 2% or 5% bio-renewable content requirement, certainly will have a significant impact on prices. Won't take out all the spikes all the time but is that much of a supply. And we have the capability of using the crops and the productivity grown. Biodiesel, as I have just watched and our membership, the Soybean Growers Association get their's passed in Minnesota. Farmers are in a position, I think that, if they are willing to get together and work together, first of all they can be significant in getting legislation passed either on the state or the federal level. It's a new industry - if they are willing and wanting to go into the new generation, make that investment for processing - then they have an opening to be there, one of the first ones there - particularly if they are the ones that are going to help and be significant in getting it passed. I think that was critical in Minnesota - that combined farmer support all through the system. You can be there then also ready to make the capital investments and move forward and working together. I just think it's a wonderful opportunity that you can create that demand on your product and you can also make that step of vertically integrating off of your farm in getting a product to the consumer. With it, we are chatting about that a little bit and saying, 'how our farmers are going to do that and then what kind of role can the 4,300 members we have help make that happen and help achieve that.'
David Barton: Well farmers can be proactive in helping to get soy diesel moving to get a lot of different groups on board including the government to support that, but as you know the big players that have the opportunity tend to be the ADM’s, the Cargills, those people that have the deep pockets. In your opinion do you think South Dakota Soybean Processors and similar producer-oriented groups are going to be able to compete in a market like that?
Rodney Christianson: I think if you get 14,000 farmers together, maybe up to 20,000 farmers together and working together; yes, I absolutely believe you can be there because you know I always joke with some of my friends saying, 'the strategic advantage that I have is who I work for.' Farmers are used to getting 5% on their money. So I kind of like to say, as you know if I am making 10%, they still kind of like me. And I know if you are making 10%, your owners really don’t like you at all. So from that perspective it's kind of a joke, but at the same time, if you are willing to do it, get the organization together, put the equity up there, and take on the challenges, then I think you can be successful at it, without a doubt, in that scenario.
David Barton: You said strategically what you want to do is become a low cost producer in your initial core business, which was crushing, then you wanted to add value, which you had several alternatives in terms of the oil, and eventually you would like to look at adding value on the meal side - in whatever it is -nutraceuticals, pharmaceuticals, those kinds of things. But when you step back and look at the philosophy of the members and the Board of Directors, one possible philosophy could have been, hey we are making great money, let's just turn this into a cash cow. Another philosophy could have been, let’s keep growing, let’s keep adding value, let’s even get more out of what we have already created. What do you think? What's the philosophy that sort of drives this organization?
Rodney Christianson: I think that’s an excellent question. I will go back to it as one of the key factors of a business is: what are your basic beliefs and also your foundation you built from. And we can go back in our mission statement, and even though we ask our answer: who we are and what we are supposed to do and how we are supposed to do it, the key answer there, the foundation of it is why are we doing it. And using it as the roots of it is that we really lay it out for the directors, is being financially strong and a maximum value had a payment are the core drivers of us as an organization. So anything that we do is first of all we’ve got to pass the test: do we remain financially strong or do we get better financially strong because of what we are going to do. And then if we are going to do it, if we go this path, if we make this investment - will it then allow us to pay a larger maximum value-added payment. And if the answer is no, then they shouldn’t be giving us any additional funds to reinvest. Growth is not a strategy in and of itself. It's only a means of achieving those two items. So in that sense, we are not driven to grow, that’s not the reason. Now if we do things that grow and turns around and makes a larger value-added payment - year in and year out - then we are going to have the support of our membership, we are going to have the support of the directors.
If we grow for the sake of growing and we don’t turn around and give a larger value-added payment, I will guarantee you that it won’t take very long before we lose the support of our members and our directors and that’s the way it should be. So those are the driving factors that we have on there. Now as we look at that strategy from growing from that and the types of growth and the type of patterns you go, really what you are asking is a risk factor and a comfort level of what are my core competencies? And if I am going to go into proteins, do I have the comfort level and do we have a strategy that will be successful or is the risk too high relative to been able to return that higher value added. You could talk about that under geographical basis also then. As we are dealing in South Dakota and we have worked with a group now in Brewster, Minnesota, we are about a 105 miles apart from each other. Do we want to go outside of that area, that arena, and work with other farm groups or other groups in other areas. Those are all solid answers and questions that doesn’t come from the basic belief, but from an execution and from a period of risk. And I know we have talked to our directors and our employees that right now we are going through the higher risk period since we started up because we are bringing on soybean oil refining, we are going to start constructing the second plant, and we continue to work on soy oil. So, we have got three other things that we have got going on and trying to achieve, and yet we still have just that one core business that’s paying all the bills. We better not lose sight of making sure that that’s profitable first and not get diluted in our efforts on the other three items.
David Barton: But I take it from the strategy that you are thinking and following here is that you didn’t feel like you could accomplish these objectives of being financially strong and making value-added payments by doing business as usual. That because of the competitive threats in the marketplace, maybe you needed to do some other things - including some of these growth strategies - to continue to be financially strong and make value-added payments.
Rodney Christianson: I would say it right to the point where we are at today, where we have taken care of the oil as a strategic defensive threat to us. We probably could sit back and say we could be comfortable today, and kind of hold there for some period of time until other threats come up and say that, this is not healthy with it. So as we look at that growth, and again, none of the steps other than assuring what we doing on the oil, do we come back and say that, we have to do it just for survival. So the answer and the question we got to ask is: if we do this, will we turn around and give more money back to our producers over the next five years than we did in the first five years? The first 5 years we have returned 15 ½ million back to our members of 21 million. They probably would be pretty satisfied if we returned 15 ½ million out of 21 million for the next five years. But at the same time is they would probably be happier if we returned them 25 million off of the 21 million in the next 5 years. So if we are making those investments and we deliver those types of results, we will continue to have their support in that direction. If we are not achieving those and we tell them that we are, then the Board of Directors have a little bit work on their part relative to their responsibilities and the fudiciary responsibilities to their membership.
David Barton: One of the difficulties you run into when you develop some of these joint ventures, for example, with the Minnesota Soybean Processors, is coming up with some kind of win-win outcome. Your company has been successful for the last 5 years. You are looking at going into business with another company. This could be you subsidizing that set of producers. How have you structured this arrangement so that you feel like it's a win-win outcome?
Rodney Christianson: Well, first of all for us to bring in the 2100 members in with MNSP, it wasn’t a question if we were willing to subsidize others, rather the first question we had to ask is: if we do this will my 2,100 members benefit from value-added payment to them. We found that the answer was yes, and therefore, we went through with that. At the same time, as we feel working with the new 2,300 members that joined the group there, is that we will give them the type of returns that they are looking for their initial investment. So in that aspect, at least in this step, that wasn’t about if we were willing to subsidize anybody for anytime - through the process to meet our objectives. I now work for 4,400 farmers. Our next step as we go through that is: do we improve the lot of 4,400 people by doing something with somebody else. If the answer to that is yes, then we will do it. Otherwise it's gotta bring value from, as you mentioned earlier, the strategic defensive threat. As, do I need them? Maybe I will accept some dilution because I have to need somebody for meeting our objectives. So if my pie is ten inches big and then tomorrow I don’t have any pie or I have to settle for a 9-inch pie - I am not going to like it, but I will probably go for the 9-inch piece of pie with that. But in this scenario, it's basically that we are looking at that pie is going to grow and both parties are going to get the rate of returns and the investment returns that they want and to be able to achieve that.
David Barton: You have mentioned that the factors for success in the past have been the leadership, the money and the management. As you look at the future and think about what you can accomplish in the future, what would you say are the big success factors that will make the difference in the future?
Rodney Christianson: I think those same core items come into it, and then you can have all of those items together. And as we have talked in the class here and we are talking about vision and that’s critical. But having all those factors together and having the vision together, it really comes down to the final execution. You can have all the great plans and you can have all the great people, but when it comes in there everyday, it's got to be executed. And if we can't do that as a group and as a team, you are not going to survive very long.
David Barton: We have appreciated visiting with you today, Rodney. And we wish you all success in the future with your business.
Rodney Christianson: Well, thank you very much and we do realize whatever we have done in the last five years has nothing to do with what we are going to do in the next five years. So we are looking forward to it and we believe we have the group together and we think we can continue to be there. And now we got to prove that we do.
Lori Oleen: South Dakota Soybean Processors has some decisions to make in the near future regarding their company. We hope you enjoyed this interview with Rodney Christianson, Chief Executive Officer of South Dakota Soybean Processors.