this stock is run by imbiciles

Late last week Goodman's CEO Peter Margin proclaimed GM crops were not to be allowed to be grown in Australia. One week later the SP continues to tank because of 'rising food prices'.

Well the only way food prices will drop is if more grains are produced and GM technology on a daily basis allows farmers to produce more grain than they would have without the technology. Imbiciles to even contemplate entering this debate.

WARNING! DO NOT OWN A STOCK RUN BY HALF WITS!

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Wheat, food oils and dairy prices slice Goodman's shares

Tracy Withers
November 20, 2007
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BREAD maker Goodman Fielder shares fell the most in 10 weeks after it said profit growth might stall this year because of surging wheat, food oils and dairy prices.

Profit before one-time items was likely to be around the same level as for the previous financial year, the company said in a statement yesterday. The stock fell 12.5¢, or 6%, to $1.975.

Chief executive Peter Margin is trying to increase prices and focus on his most efficient plants as the worst drought in Australian history cuts the nation's wheat and dairy output. Commodity costs would rise about 40%, or $180 million, the company said.

That forecast compares with the $223.2 million average of six analyst estimates compiled by Bloomberg.

Wheat prices surged to a record on September 28 of $US9.6175 a bushel as global demand outpaced supply and as drought cut production for a second straight year in Australia. Futures for March delivery fell US16¢, or 2%, to $US7.705 a bushel when last traded, on November 16, on the Chicago Board of Trade. The commodity has gained 54% this year.

Graeme Hart, New Zealand's richest man, sold his 20% stake in the company for $2.12 a share last month, getting out of the food business to focus on packaging.

Goodman Fielder last month announced a $10 million charge against earnings to close a bakery and sack 90 workers.

Shares in Goodman Fielder began trading in December 2005 after Mr Hart sold shares in an initial public offering.

Burns Philp bought the Goodman Fielder assets in 2003.

Bloomberg