Terminals are currently doing their annual shutdowns, so volumes exported quite low.
Word from the shippers, is that much of the wheat harvest maybe downgraded, due to cooler and wetter conditions - that does not worry Graincorp - as as i have said many times before, Graincorp are a handler, costs are the same whether its Prime Hard of 'Feed' (and the 'Feed' grade is very attractive in the Asian Market, as is used for noodles etc. attractive because its cheaper, 'feed wheat is just a name') . NSW and Vic are quite bullish on volumes this year,
So dont read too much into the doom and gloom regarding quality.
The terminals (Port Kembla and Brisbane, and to a lesser extend Newcastle, Portland and Geelong still busy with other products. Ports far more bullish on outlook than 6 months ago.
Sentiment changed from hold to buy at SP current level.
GNC Price at posting:
$8.54 Sentiment: Buy Disclosure: Held
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