Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from the line of Jeffrey Zekauskas – JP Morgan
Jeffrey Zekauskas – JP Morgan
I noticed on your funds flow statement that your deferred revenues are $867 million versus $260 in the year ago period; does that reflect something about your current order book?
Terry Crews
Well actually it’s a positive reflection but its not so much about the US order book, we’re still early on that, what that is is actually prepayments in Brazil, so its part of the reason for our confidence in the start of the Latin America season is based on what we’ve seen there.
As I said, a bit early still for the US order book, but very good news for us.
Operator
Your next question comes from the line of Vincent Andrews - Morgan Stanley
Vincent Andrews - Morgan Stanley
About soybeans, previously you talked about at least 5% gross profit growth in soybeans and now you’ve got a $700 million number versus $725 last year, I’m wondering if the reconciliation has something to do with the cost of soybeans.
Terry Crews
I think that the, there’s a couple of factors that went into that. One of those is soybeans ended up higher this year then we anticipated when we talked about a 5% growth because we had some late [inaudible] reporting and that was the reason for the positive fourth quarter soybeans so actually it became not a reduction of our expectation for next year, but just a comparative versus a higher number in 2008.
So I feel it’s still, still equally confident with our soybean business going into 2009.
Operator
Your next question comes from the line of Michael Judd - Greenwich Consultants
Michael Judd - Greenwich Consultants
It’s been awhile since we’ve had a strong dollar, I was wondering if you could help us in terms of how we should be thinking about currency impacts related to perhaps Brazil or Argentina.
Terry Crews
I’d begin with a blanket statement that coming into 2009 we anticipated that the dollar would strengthen versus the major currencies where we do business. But those currencies do continue to weaken as we move into 2009 and last year we probably had in effect somewhere in the range of $0.15 from the weaker dollar. Our assumption was some of that would come back in 2009.
I think the good thing for us is the nature of the way we’re doing business in Brazil and Argentina. We’re keeping a much lower risk profile there and that’s the key as we continue to move into the seasons so good start to the first season there, second season we need to stay focused on our credit policies so that we don’t suffer disproportionately as it relates to that currency change.
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