Ingredion Incorporated

was trimmed on working capital intensity. And Jim Gray, maybe just help us think about the implications of that into 2023. And is there reason to believe that there's some working capital release that would be likely next year, absent another step up in corn prices and inflation? Or how does that actually flow through the balance sheet and cash flow statement over the next 12 months?

Yep, sure, Adam. I think what we're seeing is that when we look at the cash from ops read that's in our supporting tables, it's taking the end point at 2021. And I think at that time, both corn was lower, as well as as we move through, we've seen corn costs rise globally since the beginning of the Ukraine conflict. What we're now seeing, I think, in our AR is kind of a steady run rate. So if I look at the, I'm looking at the end of Q1 to Q2, the end of Q2 to end of Q3. And accounts receivable is relatively in line with our quarterly sales. And so I'm encouraged there. I think we are still seeing some of the corn costs pass through our inventory. And also just recognize that this is the seasonal type of the year. So most of the harvests are done. In the northern hemisphere and so this is when we have in some markets where we have to buy our corn And and so for example like Pakistan, you know, we bought a lot of spring corn Much of that's on our balance sheet. And so I think as we just roll forward and you know, we'll finish out q4 And then we'll look at the beginning of 2023 You know likely there'll be price increases that will still be rolling through some of our invoicing and But I generally see the net demand for working capital to be much, much less than what we've experienced in the first nine months. And that's kind of assuming that the overall global corn market stays elevated, kind of reflecting the U.S. strip price, mid sixes per bushel. And then just for everybody on the call, post the 23 crop size in the U.S., you know, as we get into a feeling for the carryout and next year or even 24, if we see, you know, corn coming down, then that usually is a beneficial to our working capital.

That's a helpful color. I'll pass it on. Thanks.