Lewis Hart

I think because trucking in a lot of ways follows the diesel market, because the biggest kind of variable cost of trucking is...

So there's already an assumption to hedge that.

A little bit.

It's not perfect, but it's pretty highly correlated.

Well, one thing I'd worry about with onions is perishability.

Yeah, right.

So I think putting onions in a warehouse, if you had a physical settlement process, could be a little dangerous because you can only store them for so long.

But onions, they are pretty homogenous as far as I know.

Maybe I'm missing like a specific type of onion.

So there's some basis risk.

You know what my favorite onion is?

Great question.

I think we saw that starting actually with the Houthi issue in the Red Sea.

And if you think about voyages, for example, from Shanghai to Northern Europe, take that route, which is a pretty big route.

They used to go through the Suez Canal.

Suez Canal kind of closes because ships are not comfortable taking that risk.

Suddenly, they're now routing around the Cape of Good Hope.

And back to my point on kind of this age of bottlenecks and disruption, that's adding 10, 15, maybe more in terms of shipping days, which adds to the working capital requirement.

Right.

Adds to the cost, the day rate on the ship, the insurance.