I would now like to turn the call over to your host, Mr. Raúl Cavazos Morales, Gruma's Chief Financial Officer. Please go ahead, sir. Thank you, Melissa. Good morning, welcome to our first quarter 2021 conference call. We thank you again for giving us the opportunity to share our results with you. We highlight the changing market dynamics. In terms of our business at Gruma, we are pleased to see that Gruma products at retail channel have remained strongly rooted within Gruma's traditional client base, as well as within a growing demand for our entire product line, especially in the U.S. The enhancement of growth at our Super Soft and more particularly at our Carb Balance segment, which has shown double digit growth over the last three years in the U.S., has convinced us that the trend that started with the familiarity of the tortilla as a healthy, indulgence product, as for all cultures diet and the preference of value-added products, has remained and expected to keep increasing over the time, even in a post-pandemic market. Meanwhile, globally, the food service channel continues with a slow paced recovery towards the pandemic level, at which point we will see the great benefit of having a strong retail base coupled with returning growth from the food service business, which is already almost being at the pandemic levels again. During the quarter, however, BDC, our volume sold temporarily decreased, driven mainly by lower corn flour sales. The comparison base of first quarter 2020 was a high benchmark to overcome as a result of the pandemic, increased our volumes sold considerably a year ago from a worldwide stockpiling effect. Coupled with the severe weather conditions in the U.S. and Mexico, presented a challenging environment for volume output in our corn flour operations during this event in February. On the back of these fundamentals, volume sold dropped 3%. Due to a shift toward value-added products within our portfolio, we were able to increase revenues by 3%. Cost increased, especially from corn in Mexico, taking a toll on our EBITDA, leaving it almost flat relative to a year ago at MXN 2,472 million. We are pleased with our performance for the quarter as it underscores a positive evolution of our retail channel, which, as you know, is part of our overall strategy. This positive evolution can be seen in a compounded annual growth rate, which have experienced in sales, EBIT, EBITDA, net income, which has grown 90%, 12%, 10%, and 13% respectively since the first quarter 2018, before the change in fundamentals when the pandemic started. Given the temporary nature of these effects I just mentioned in our income statements, we are confident that we have a great base to get back on track when these additional cost effects wear off. We know that the future cost of our raw materials, corn in specific, has been a concern to the market, and we want to reassure everyone that, as always, we remain vigilant for any cost fluctuations that will affect our margins in the long term. In terms of our balance sheet, we have refinanced $200 million in dollar and peso-denominated liabilities through a credit facility with a maturity of five years and an interest rate of LIBOR plus 100 basis points spread. This is part of our effort to optimize our capital structure. We will remain proactive in engaging refinancing opportunities. This quarter, relative to December 2020, we increased debt outstanding by US $400 million, standing currently at $1.5 billion. Our net debt to EBITDA ratio remains at 1.5 x. Although we have to face a challenging environment for the various reasons I outlined a minute ago, we feel encouraged by the fundamentals we see in the market and the product line we have lined up to match demand during the rest of the year. Now, let me give you a brief rundown in our subsidiaries performance during the quarter so you can get a good idea about the fundamentals in each region. In the U.S., sales volume decreased 3% as the 7% drop in volume sold of corn flour overshadowed the performance at our tortilla retail business line. A much higher comparison base in first quarter 2020 due to the stockpiling that took place at the start of this pandemic during the first half of 2020 and severe weather conditions hindered our corn flour operations during February in this region. As volume decreased, a more profitable sales mix with a weighted composition of value-added products supported our net sales reaching a 3% growth. EBITDA increased 2% to MXN 2,354 million, and EBITDA margin declined 20 basis points to 18.5% from 18.7%. At GIMSA, sales volume decreased 1%, also as a consequence of the higher base of comparison in the first quarter of 2020 due to the stockpiling effect I already mentioned that took place globally during the first half of 2020, and also in-store traffic was lower than a year ago as a result from the COVID-19 pandemic. Net sales increased 2% to MXN 5,628 million due to price increases implemented during the first quarter of 2021. These increases took place at the middle of first quarter 2021, generating a revenue defacing effect relative to cost. As the higher cost of corn has not been fully reflected in price increases and as utility costs added to our cost of goods sold from the freeze in the month of February, EBITDA was 34% lower at MXN 615 million, and EBITDA margin declined 600 basis points to 10.9% from 16.9%. We would also like to inform you that we have already implemented a second price increase of MXN 300 per ton, which became effective on April 15th. This price increase will offset the deflating effect of costs over revenues that took place during the quarter. In Europe, sales volume declined 17%. We saw a 22% drop in volumes sold at our milling operations resulting from higher sales generated during first quarter 2020 and lower sales derived from the COVID-19 pandemic. The tortilla operations also contributed to this drop, decreasing the sales volume by 9% as higher volumes sold on the retail channel were not enough to offset the decrease in volume sold to our food service business. Following these fundamentals, net sales decreased 2%, while EBITDA rose 130% to MXN 277 million from a recovery of an insurance claim worth MXN 202 million. Lastly, in Central America, volumes remained flat as we have higher demand in Honduras, but lower volumes sold to welfare food program in Guatemala, as well as lower demand in supermarkets and grocery stores relative to first quarter 2020. This, in turn, created a 2% net sales decrease to MXN 1,257 million, driven mainly by a change in the sales mix relative to first quarter 2020. EBITDA decreased 9% to MXN 137 million and EBITDA margin fell 90 basis points to 10.9% from 11.8%. After other subsidiaries, operating income increased MXN 141 million to MXN 169 million, given the strong performance that Asia and Oceania have had as tortilla and flatbreads have been accepted and growing successfully in this region, in addition to overall fewer corporate expenses. In terms of capital in this quarter, we invested approximately MXN 43 million in capacity expansions in Malaysia, construction work at our plant in Indiana, and upgrades for the reopening of the tortilla plant in Omaha, Nebraska, among other upgrades in technology, infrastructure, and maintenance across all of our plants. On that note, I would like also to communicate that we will hold our analyst holders meeting tomorrow morning, where we are set to look for approval with regards to the dividend payment of MXN 5.20 per share and the cancellation of 11.3 million shares that got bought from April 2020 to April 2021 as part of our share repurchase program. With that, I would like to open the call for questions from our listeners today. Melissa, could you please open up the call for question, please? Thank you. We will now begin the question and answer session. As a reminder, if you have a question, please press the star followed by one on your touch tone phone. If you'd like to withdraw your question, press the star followed by the number two. If you're using speaker equipment, you will need to lift the handset before making your selection. Our first question comes from the line of Ben Theurer with Barclays. Please proceed with your question. Good morning, thank you very much for taking my question. It's a twofold question. First, obviously, you've mentioned a little bit, corn cost pressure in Mexico, but considering the entire operation, not only Mexico but also the U.S. for now, with corn prices just making one record after another, we're almost at $6.50 a bushel now. It was about $5.65, $5.70 throughout the quarter, it continues to go up. I remember, I think you've said in late 2020, something around close to $4 being hedged for 2021, it doesn't impact that much, I suppose, in the short term. Thinking forward, how are you thinking about input cost pressure, what does that mean for your profitability? That's one part of the question. The second, just along those lines, how do you think about the ability to put price increases through, both in Mexico as well in the U.S., in order to offset the input cost pressure? Thank you. Sure. Thank you. Well, talking about the hedges, as you already mentioned, we already hedged the full corn in the U.S. for 2020, and we already have about 20% of the corn that we will mill during 2022 already hedged at MXN 4.50 per bushel. We are there basically, and what we are now is analyzing kind of structure just to try to have a hedge for the amount that you said. Corn prices have been going up, and we are not expecting to have any kind of regress on the prices of corn during the rest of the year, unless the corn harvest in the U.S. be substantially extraordinary or remarkable for this year, which we are not expecting in this particular case. What we see is we are looking kind of structure, kind of a collar option. It's not to set the price for 2021, just for 2022, just to do not fix or set the price for the next year and see that maybe corn prices could go down because of an extraordinary corn harvest. We want to really just to have kind of flexibility with a collar or something about that, just to try to be at least a little bit better than the market or than our competitors in terms of the cost of corn. Okay. In terms of. In terms of pricing power? Yeah. In terms of our pricing power or price increases in the U.S., let me tell you that in the corn flour side, we are not expecting to have any kind of issue, because this is an agreement that we've been operating during the last 25 years in the U.S. We will move the price according to the average prices of corn for the full year or for the year, which means that from January the first to maybe August or September 30, what will be the average, and it will be compared with the cost of the corn that we are currently milling, and then it will be the increase. We can impact those increases in the corn flour according if we have some kind of increases on the transportation basis of this corn. In that tortilla side, let me tell you that we already increased prices during this quarter on the full service. We have pending to increase prices on the retail. It's not going to be an easy way to do it, but we're going to do that, and we are expecting to make an approach with the retailers by the middle of the year, which is basically their time to talk about those matters. According with the current cost of corn in the market, we are expecting to have kind of success. If not, maybe what we can do with them is just to try to limit the portfolio of products not moving the price and be some more higher portfolio products, and so which we can increase prices or we can move the prices. Of course, in the line of value-added products, we can also manage our prices with the retailers. We think that we can get something from them. This is in the U.S., as well as also we increase prices in Mexico. No, excuse me, we increase prices in Europe, in the tortilla side. In Mexico, we increase prices in the tortilla. We increase prices, as I already told you or explained during the earnings, we increased prices in February the 15th. In the corn flour, we implemented MXN 650 per ton, and to complement all the cost increases in utilities, in gas, in gasoline, et cetera, we make an additional price increase of MXN 300 per ton. It was effective by last April the 15th. With that, we already complete all the effects or cost increase that we are meeting during the first half of the year. For the second half of the year, what I can tell you is that we already have kind of options for the full corn that we will need during the second half. That will allow us to have a lower cost corn than the market. We have not hedged currently, because what we need to do is to push through the corn once the corn harvest in Mexico takes place, which will be in May, June, July even. Maybe we will be required to make an additional price increase just to reflect the cost of the corn. This is going to be for the whole industry because all of the participants, not only the corn flour side, but also on the traditional side of processed to make tortilla, they are now having tremendous price increases on the raw corn in Mexico. Just to give you an example, at the beginning of the year, the tortilla producers in GIMSA bought the corn at MXN 3,600 per ton. Currently, it's higher than MXN 7,000 per ton. It's going to be even higher, because the cost of corn will be higher for the second half of the year. Gruma is still pushing additional corn for the requirements, and it's moving the market. We are participating there. The company feels comfortable that we will be able to increase prices in the states of Mexico, and we can recover the cost increase in the corn. It's going to be, again, for the food industry, for the food category, not only for the company. Okay. Then just one last. Do you expect any pushback from the political side? There's always been a lot of talk around, and it's come up already in the past. How do you think the current government thinks about increasing prices on a basic food item? It was Yeah. It was at the beginning of the year when we had the Mexican government ask us to delay a little bit to be phased, and even with the price increase, it was because they didn't want to have a growth in the price of the tortilla at the beginning of the year, which would derive in an increase in the inflation rate. I think it was a worry for them at the beginning of the year, and it's reasonable, and we are ready to do that. For the second half, we are not expecting to have any kind of call. Of course, if so the case, what we need to talk to them is just to explain the cost of the corn, the cost of the utility, the cost of everything is going up, and what we need to do is to reflect these price increases. This is something that maybe we will face, but if so the case, I think we will find out the way to increase prices in agreement with them. Okay, perfect. I'll leave it here. Thank you very much. Sure. Thank you. Our next question comes from the line of Emiliano Hernández with GBM. Please proceed with your question. Good morning, Raúl. Thank you for taking my question. Just first a quick one. Do you feel confident with your guidance share on the last conference call? Then my second question is regarding the impact on Mexico's EBITDA margin during the quarter. Could you give us more color on how much of the impact was explained by the extraordinary expenses you comment are coming from the severe weather conditions seen in the quarter? Yes, sure. Well, let me tell you. In terms of the guidance that we already gave you during the last conference call, what I can tell you is that basically, I would want to change a little bit GIMSA because of the effect that we have during this quarter. In volume, what we can expect for the year is going to be something between 1% and 2% volume growth. Because of the price increases, we are expecting to have net sales growing at about 7%-10%. EBITDA margin, we are expecting to be something about a little bit lower than 100, maybe 100 basis points lower than the current margin we shared with you during the last call. It's going to be something around 50%, 15%, excuse me, 15% for the full year. In Europe, we were talking about last time, 5% growth in volume. We are expecting now to be something about 2%-3%. In terms of net sales, we are expecting to be something about also something between 3%-5%, which will be maybe a little bit lower than we shared with you last time. EBITDA margin, we are expecting to be something about 8% or something around. Central America will be basically the same, and that would derive in a consolidated figure that in terms of volumes, we can have instead 2%, 3%, it's going to be maybe more close than 2% instead of three. Sales growth in terms of net sales, it will be using the mid, so maybe 5%-6%, 5% something about it, higher. The margin, we are expecting to be basically flat throughout the year. This changed a little bit, the guidance for the full year, and this is going to be according to what we already explained in this quarter. In terms of what was the cost we faced in this quarter, particularly in GIMSA, in terms of cost, let me tell you, first of all, because of the price deflating we did, we had an impact in the quarter of about MXN 285 million. In utilities, we have an extra charge of natural gas from our distributors for about MXN 80 million. We are challenging this charge from our distributors, and we are in negotiations with them. We are expecting to recover part of this charge. We are not sure how much we'll recover, and when, but I'm sure that it will be something that maybe we can reduce this amount. The total effect of these charges in the first quarter for GIMSA was about MXN 365 million, which represented the 600 basis points decrease on the EBITDA. Because of the price increase already implemented, we are expecting that for the second half of the year, a big part of the MXN 285 million because of the price deflating was recovered, and we are expecting at least maybe 50% of this MXN 80 million to be recovered. We are expecting an important improvement during the second quarter of the year for GIMSA in terms of EBITDA. Very, very clear, Raúl. Thank you. Sure. Thank you. Our next question comes from the line of Felipe Ucros with Scotiabank. Please proceed with your question. Yes. Good morning, everyone, and thanks for the space for questions. I think Ben asked a couple of my questions. Just one left. In the U.S., what do you expect the competition to do? Do you think that they will also be trying to argue with retailers for a higher price? If you see that your competitors increase prices, you're obviously in a very good hedged position for the year. Is your preference to take market share, or would you like to increase prices with competition if they do that? Well, let me tell you. First of all, for most of our competitors in the tortilla-- You're talking about tortilla business or tortilla side or corn flour side or both? Tortilla. Tortilla, right. Let me tell you, for most of our competitors in the U.S., we supply them the corn flour to make our tortillas. Keep in mind that we have about 85% of market share in corn flour in the U.S. for exclusively Gruma, of course, in corn flour for both tortilla and tortilla chips. In an industry or in these categories, about 75% or 80%, maybe in these particular categories, maybe 75% of these categories are prepared with corn flour. All of them are followers. Of course, if we do not increase prices, they will not. Some of them, they will ask for a price increase also try to recover, because if not, they're going to have very bad times. Again, the company will try to do that. Let me tell you, talking about retailers, you mentioned if we will favor. If I will tell you, well, if we will favor in the margins instead of sales. We cannot be out of our retailers, of course, we will find out a way to do it. As you have seen during the last couple of years, the company has not increased prices, it has been able to increase volumes and increase net sales because of the value-added products and because of a big portion of our portfolio. We are managing the prices together with the retailers, we are doing quite well. We will find out a way to make a good performance on that, we will recover the cost increase on that. For the next year, I think it's going to be quite clear that if prices of corn go up, it goes up. It's going to be understood by the retailers, and they will need to accept a price increase because nobody will be able to provide the tortilla without increased prices. Okay, great. That's great color. Let me ask you a follow-up. Do the retailers have a lot of private label? Are they going to see an increase in corn themselves? Can you repeat the question, please, Felipe Ucros? Yes, of course. Do the retailers have a lot of private label brands in tortilla? Are they feeling the pinch of corn costs as well? Well, the retailers, the price of the corn is public, and is in an open market, and they know very well what is happening with that. They will increase prices also, of course. Okay. Very clear. Thanks a lot for the call. Sure. Thank you. Our next question comes from the line of Lucas Ferreira with JPMorgan. Please proceed with your question. Hi, Raúl. How are you? I just wanted to follow up on the guidance and just to understand what was exactly the surprising factor to you guys, because the guidance that you gave was actually published at the end of February, right? Within two months of the quarter already. At least the public corn pricing that we track hadn't shown any major surprises by then. I just wanted to understand if there was any other surprising factor made in March that could justify this major drop in the margins in Mexico in the first quarter that you were not forecasting at the end of February. Just to double-check your new guidance, you're talking about something like 100 basis points decline in margins. If I'm not mistaken, that will imply that on average, in the next three quarters, you have to have the EBITDA margin of around 16.5, which is actually higher than the average you have been posting in the last couple of years. Do you think this additional price increase will be able to cover and these cost pressures you're seeing? Are you ready with this price hike comfortable to reach the 16.5% level roughly? Thank you. Sure. Well, let me tell you. We feel comfortable with this guidance. In the last call in February, we had the effect of the severe weather. Let me tell you that because of the Texas government stopped the supply of natural gas for all the facilities in the state in Texas, we shut down the corn flour facilities in the U.S. for a week, basically, and we were not taking that into consideration, of course. In Mexico, we were able to continue producing, even if moved to some other kind of energy just to produce the corn flour, but we work at a lower rate than we used to run our facility. That's why with this, we feel quite comfortable. We expect it to be within reachable, this guidance. Throughout the year, you will see the sales that we have in the U.S. now after the severe weather, it's going up in a very good way. We are recovering in the world the sales to the food service, doing quite well in Asia and Oceania, doing much better in Europe. In Europe also, we took advantage of the pandemic. We entered in most of the retailers in Europe with a brand, which is a better price than the private label we were producing for some of the retailers. That's the same case in the U.S. as well as in Mexico. We feel comfortable with that, and we think that it's going to be something that we will reach throughout the year. Thank you. Sure. Thank you. Ladies and gentlemen, as a reminder, if you'd like to join the question queue, please press star one on your telephone keypad. Our next question comes from the line of Isabella Simonato with Bank of America. Please proceed with your question. Thank you. Good morning, everyone. My question will be mainly on the U.S. market, right? As the vaccination is being rolled out and probably the economy will be almost fully opened during summer, right? What sort of structural change in consumption habits are you anticipating? Will people continue to eat more at home, even with their lives pretty much back to normal? How are you forecasting volumes not only for this year but beyond, right? How much of a tough comp 2020 and 2021 will be for 2022? Sure, Isabella. Well, let me tell you that what we did basically during this year, it was taking out the peak of the sales on retail because of the pandemic and have a running rate of about 1.5%-2% growth for the year in terms of volumes on retail and a recovery in the second half of the year in the food service, particularly in the U.S. We are now facing a much rapid recovery in the food service in terms of the sales to retail are doing well, a little bit lower because we have that peak of our sales during the last year in March and April of this quarter, particularly this quarter, we had a peak of this pandemic. If you remember to our conference call last year, I always were talking about when you guys ask the question about what you can expect in terms of growth for the next years, I always says, well, taking out the peak of the pandemic, because this is an extraordinary sales that we were not expecting to have. What I see is that retail is higher than, let's say, you see the growth from first quarter 2018 to first quarter 2021, that the running rate of the company is going up in a very health way. The habits, we are not expecting to change. The habits are there. A lot of people is still working at home. A lot of people, because with this pandemic, they were now using at home the wrap. The wrap is very well consumed. You see Norit, for example, area or region, growing about 20%, 25% rate of our products. This is again, because it was too long time in home. Now they already took the wrap as a very part of the mainstream consumption for them at the home. We are expecting, of course, kind of change a little bit, but not too much, and now everything is going up retail, and it's going up food service. Again, in retail, take out a little bit this peak of sales that we had in the last year because of the pandemic, the panic purchase people make. Okay. Thanks very much. Yeah. For 2022, we can expect again, the running rate growing in both in food service as well as in retail. Thank you. Thank you, Flora. Thank you. Our next question comes from line of Barbara Halberstadt with JPMorgan. Please proceed with your question. Hi, thank you. Most of my questions have been answered, but I would like to follow up on the Mexican political landscape and the outsourcing bill, if you could comment if it does impact you, and if it does, how much you would expect as an impact from this new bill. On the second question, as you are adjusting your outlook for 2021, would you also review CapEx and shareholder distribution numbers? Thank you. Sure. Well, talking about the outsourcing, we already have taken some actions. We have not too much people outsourcing the company. Really it's a very small part of the people, particularly in some of the other plants. What we are doing is basically changing the agreement that we have, particularly with the transport people, which can be, let's say, considered as an outsourcing. What we are doing basically is just signing an agreement with them, just to be clear that they going to give us the service of transportation of corn flour or corn or whatever, without any kind of implication. We are not expecting to have any kind of issue on that. We already review everything that we already have, and we are not expecting to have any kind of materiality on this issue. Of course, the outsourcings that we already have because of the corporate offices, we have not any issue with that. In terms of CapEx, we want to keep the same amount that we already discussed with you guys last conference call. It's going to be something about between $300 million and $320 million. We are not sure if we are going to be able due to the volatility of the way that we can invest. If we can do it, that's what we want to do. What we want to do basically is just to start up the Omaha, Nebraska facility beginning second half of this year, and the Indianapolis facility beginning 2022. To adjust what we need to just invest to accelerate a little bit our CapEx. We are focused on that, and we want to keep the same amount. Perfect. Thank you. Sure. Thank you. Our next question comes from line of Alvaro Garcia with BTG Pactual. Please proceed with your question. Hi, Raúl. Hope you're well. Can you hear me? Yes, Alvaro. Thank you. Perfect. Thanks to you. I hope you're well, too. Great. My question is also on the U.S., on pricing power generally, but we've had a lot of questions today on the topic. I was wondering if you could take us back in time, a little bit back, maybe back to 2011, 2012, part of 2013, where we saw a similar spike in prices. I know it's a long way back, and I know that Gruma was a very different company at the time. I was wondering if you could talk to us about your experience, maybe with retailers back then, trying to pass price and maybe what you learned from that experience, or how Gruma is different today to cope with this increase in prices. Thank you. Yeah. Yeah. Thank you. Well, now it's not as if it's going to be-- Gruma is growing up and now what we are basically doing is focusing in the new trend of consumption, which is basically value-added products. That has been allowing us just to, when we cannot increase prices, we can take advantage of that and we can, let's say, recover part of the price increases we have in some products which are not quite profitable with us through these value-added products. Price increases, the retailers, of course, Gruma, we have a very strong relationship with all the retailers and major retailers, of course, in the U.S. Fortunately for us, we are a public company, we show our results. It was a year, I don't remember, it was the last year of 2019. At least one of the retailers says, "Hey, come on, see your margins and see mine. I will increase prices. I will take advantage of that because you have very good margins, and I have not." They increased prices to the consumer, but they took everything from them, and they didn't share anything with us. In this particular case, it wasn't in an environment in which commodities were not moving up. It was basically quite stable. In this new environment, we have prices of commodities, all the commodities, we are talking about corn, we are talking about wheat, we are talking about everything, is going up in a very important way. Again, this is going to be applicable for all of the participants in this category, in the tortilla category, in the wrap category, let's say. Everybody will buy the corn, will buy the wheat, will buy the soybean at a higher cost. Gruma, because of the economies of scale and because of the presence and because of the geography in the U.S., we can avoid distribution costs. For some others, they have a couple of facilities, and they can move or they must move the products at longer distances than us. Once we have operating Omaha and Indianapolis, we will save a lot in distribution because of that. These kind of things, I'm sure that. Of course, even we are a high-cost producer, let's say no high-cost producer. We have a higher investment to produce the tortilla because we have large generation technology and facilities for everyone. They are quite grateful when they visit our facilities and approve everything to produce for them, of course. We are in a much better position just because they are like that. Of course, if we do not increase prices, maybe even if we do not increase prices, they will need it because they're going to be really affected. The cost of raw materials is going to be substantially higher. I think it's going to be quite reasonable for the retailers to say, "Okay, guys, you have a couple or two years. The environment is quite substantially different. You already have all these kind of additional costs," et cetera. They're going to be, of course, everybody will make the jump. The retailers, they didn't want to see price increases. The producers didn't want to see price increases. The consumer, they didn't want to see increased prices in the products. This is part of the dynamics of the market. I'm not sure once the corn market in the States destabilizes, I don't know, it's going to go back to $3.20, $3.40 or whatever it was, the average price of corn in a year. I don't know, it's going to be a new higher average price for the corn. The world growing, more people is eating. China particularly is affecting everything. They affect us because they can purchase the corn in the States at $6 per bushel when they can sell in China at $11 or $12 per bushel of corn. They are requiring. They push it all. All the soybean. They got huge amount of soybean in the States, a huge amount of soybean in Brazil. Because what they need to do just to produce pork, because of the shine that they've been facing and what they need to do just to recover their inventories of pork meat. That's why. I think that's the difference. The company is much very well positioned, and the retailers, we provide them most of the tortilla they sold in the market. We don't want to be out of any single retailer. We don't want to cede our positions in ourselves to our competitors, of course. I'm sure that we're going to find out a way to try to compensate this through additional average prices, of course. Yeah. Just I guess one follow-up would be, do you think it's so bad that maybe some competitors in tortilla, specifically in the U.S., go out of business? Is it too early to tell now? No, I think they're going to be there. Again, if we have a higher cost of corn, we're going to have a higher price of corn flour that will be supplied to these guys. Yeah. There is no other way to do it, to subsidize in that way the tortilla to retailers. Yeah. Agreed. Great. Thank you very much. Thank you. Thank you. Ladies and gentlemen, that concludes our question and answer session. I'll turn the floor back to Mr. Cavazos for any final comments. Thank you very much again for your participation in this call. Please feel free to call us if you have additional questions that I'm sure you will have. Please call us. It will be a pleasure to talk to you again. Thank you very much. Please stay safe. Bye-bye. Thank you. This concludes today's Gruma's first quarter 2021 earnings conference call. Thank you for your participation. You may now disconnect.