Thank you, Mike. Fiscal 2011 was a challenging year for Sanderson Farms. Our net sales for the full year of $1.978 billion, a 2.7 percent increase over fiscal 2010 were another record for Sanderson Farms. However, our net loss of $127.1 million or $5.74 per share was also a record. Significantly higher feed grain cost and lower chicken market prices combined to produce the lowest margins in our company’s history. Despite challenging market conditions, our plants ran well. Also, we reached another milestone when the Kinston, North Carolina project was completed on time and on budget and we began processing chickens in Kinston in January. We look forward to the new opportunities the Kinston plant will provide for Sanderson Farms for years to come. While our 2011 financial results reflect challenging market conditions, our balance sheet remains strong. We maintain a

Thank you, Joe, and good morning. Overall market conditions continue to compare unfavorably to our fourth quarter last year primarily due to continued weak white meat prices as a result of sluggish food service demands. The average Georgia dock price during our fourth quarter was approximately 1.5 percent higher than last year’s fourth quarter averaging $0.887 for the quarter. For the year the Georgia dock averaged $0.867 per pound which represented a slight increase from the $0.853 per pound averaged during fiscal 2010. The Georgia dock price is currently $0.8975 per pound. As many of you know, the Georgia dock price is a good indicator of the supply and demand dynamics for products sold to retail grocery stores. While the stock market price for white meat produced at our big bird plants has been under significant pressure, owing to reduced food service demand, the balance of supply and retail grocery demand has held relatively steady through most of the past three fiscal years. Bulk leg quarter prices were approximately 29.8 percent higher during the quarter compared to last year’s fourth quarter, and increased approximately 19.2 percent for the year. Ernaberry market prices for leg quarters averaged $0.493 per pound during the fourth quarter, $0.428 per pound for the year, and the current Ernaberry quote is $0.50 per pound. The comparison of leg quarter market prices to last year’s market is a little misleading. You may recall that the Russian markets reopened during last year’s fourth quarter, and while the Ernaberry quoted market for leg quarters was $0.38 per pound during that fourth quarter, we actually sold a significant amount of our leg quarter production during last year’s fourth quarter at prices well above that quoted market. Both China and Russia remain good export customers, but uncertainty surround both. In China our products remain subject to punitive tariffs imposed following an anti-dumping investigation by the Ministry of Commerce in China. While chicken             continue to move into the country, our margins are impacted by the tariff and the tariff effectively prohibits exports of dark meat to China by making it unprofitable to do so. We do not anticipate a change in that tariff for the foreseeable future, although the United States trade representative recently asked a WTO panel to review the case. Product began moving back into Russia in August of 2010 and continues to move today. The Russian government announced 2012 quotas for chicken that should support dark meat prices during 2012 and Russia’s expected entry into the WTO could make Russia a more reliable and predictable market. However, as we have seen with China, that is not necessarily the case. Russia has become a much less important market over the past two years as other countries such as Mexico and a couple of African countries buy more United States poultry. The market for boneless breast meat remains solid through the quarter. Prices during our fourth quarter were lower by

Thank you, Lampkin, and good morning again. Our financial performance during the fourth fiscal quarter and for the year reflect the challenging environment described by Joe and Lampkin. Net sales for the quarter totaled $559.8 million and that’s up from $529.1 million for the same quarter last year. The increase in net sales for the quarter reflects a 5 percent decrease in our average sales price for poultry products compared to last year, and an increase in poultry pounds sold of 12.6 percent. The increase in poultry pounds sold was partially offset by a 1.4 million pound decrease or 9.1 percent in the sales of prepared food pounds and a 4.3 percent decrease in our average sales price of foods. Our cost of sales of poultry products for the quarter ended October 31, 2011 increased 33.8 percent when compared to the same quarter last year. This increase is a result of 12.6 percent more poultry pounds sold and significantly higher grain cost. For the fiscal year, net sales totaled $1.978 billion and that’s up from $1.925 billion in fiscal 2010. Cost of sales for the year increased 27.9 percent compared to a year ago and totaled $2.085 billion. Our average sales price for poultry products during fiscal 2011 was down 4.6 percent compared to last year, and the average cost per pound in our poultry business increased $0.121 or 20.4 percent compared to last year reflecting the higher grain cost. For the year feed grain cost comprised 53.5 percent of cost of goods sold and that compares to 46.4 percent during fiscal 2010. In our prepared foods business, we sold 6.2 million fewer pounds this year, a 10.1 percent decrease and realized $0.051 per pound less for that product, and that was a 2.6 percent decrease. During this year’s fourth fiscal quarter we processed 759.3 million pounds of dressed poultry and sold 774.9 million pounds. We processed 2.805 billion pounds for the year and we sold 2.794 billion pounds. For those of you who are building a model for fiscal 2012, we currently expect to process 2.85 billion pounds of dressed poultry next year which would represent a 2 percent increase over the pounds processed during fiscal 2011. If we run our plants as expected, those pounds would be processed as follows — 678.4 million pounds in the first quarter, 713.2 million pounds in the second quarter, and 730.3 million pounds in both the third and the fourth quarters. Of course these projections are subject to change as a result of weather, changes in our target live weights, market conditions, and other factors, and these numbers also reflect the production cuts that we’ve described on our August call. SG&A expenses for fiscal 2011 were down $12.8 million compared to 2010. This decrease was due to the accrual of bonuses and an ESOP contribution last year, both of which were absent this year. At the end of our fiscal year, our balance sheet reflects stockholders equity of $506.9 million and net working capital of $324.3 million. Our current ratio was 3.8 to 1. Our total long-term debt at year-end was $273.7 million and our total debt-to-cap ratio was 36 percent at October 31, 2011. For the year we spent $63 million on capital improvements and we paid $15.5 million in dividends. Of the $63 million we spent on CapEx projects during the year, $18.6 million was for our Kinston project. For fiscal 2011 interest expense was $6.4 million and that’s a increase of $3.7 million over what we expensed in 2010 and

Thank you Mike. As Lampkin said, our feed grain cost during fiscal 2011 were higher than during fiscal 2010. While market prices have come down from their highs, the market prices for both corn and soybean meal remain well above historical averages. If we had locked in prices for all of our needs for fiscal 2012 at current values, that is if using the Chicago Board of Trade contract prices for current and future needs as it closed last night and factoring in the additional volume we will need, our cost of grain during fiscal 2012 would actually be $64.4 million lower than during fiscal 2011 but still $260 million higher than 2010. While that estimate is based on yesterday’s cash market price for grain, I caution anyone building a model that prices have been very volatile and I expect that volatility to continue. I reported to you on our August call that we had priced none of our 2012 needs as of that date but would be looking for opportunities during the harvest to begin pricing some of our needs for fiscal 2012. We have now priced much of our corn and soybean needs through our second fiscal quarter. When final harvest numbers are known and reported in USDA January report, the trade will know what the supply side of both the corn and bean balance sheets will look like going forward, and both will be tight. As both grains compete for 2012 acres, prices for both will likely remain relatively high. We don’t know yet, though, what these high prices will do to the demand side of the balance sheet. Chicken production will be lower, but ethanol margins remain strong. Many moving parts will remain on the demand side going forward including export demand in China in particular. I agree with Lampkin that market conditions continue to reflect weakness and consumer spending and lower consumption of protein away from home. I also continue to believe we will not see meaningful demand improvement for chicken in food service until Americans begin getting their jobs back in large numbers. While I don’t have a crystal ball for 2012, I know leading indicators point to tighter supplies of chicken, and I believe retail grocery demand will remain steady. Because we expect food service demands remain weak until macro economic conditions improve, we will reduce production to better balance our production with our customers’ demands as reported on our August call beginning January 1 and we plan to leave that reduction in place through fiscal 2012. Despite the headwinds we have faced this year, I remain optimistic for the long term. Our balance sheet is strong and will continue to see us through this cycle. When it’s over, we will pay down our debt

Okay. Thank you. And then separate question — if you guys are seeing farmers holding onto their corn and we’re seeing the same thing, maybe this is obvious, but doesn’t that suggest that when these farmers actually do start selling there’s