I like AAC but the credit crisis is likely to have affected land valuations detrimentally. It is also taking down meat values. Whilst there is likely to be meat shortages in the coming years, demand is not inelastic as in the grains which are needs.
It has been sold off very severely. But AAC's land assets are likely to be of interest to food import dependent nations so that is likely to be an x factor. Just as Olam took over Queensland Cotton last year.
Favourite ag stocks are Nufarm and Incitec. And of course the speculative ferts in MAK and RWD if you have to venture into the speculative end of the market.
