I highly highly doubt gnc have forward sold their export commitments for the second half of the year. and if they had it would have been shown in huge mark to market gains in their "other income" section alongside derivatives etc.
I was very surprised to not see export margin headwinds mentioned. The throwaway comment "great demand for aus grain" is one that is loved by management and media. they should add that demand is great at a price....
still a great business in a large crop year obviously but the easy elevation margins with limited trading risk was the cream on top.
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