Unfortunate set of results but exports are way down and trading margins are negative to elevate wheat into the world market, on top of this, GNC paid top dollar at harvest to attract grain into their sites and ever since the market has been crushed. QLD wheat prices are down $100+ per tonne as an example. If we hadn’t seen such out of the box rainfall in summer which will sure up the 2024 crop outlook and bring sorghum into their infrastructure, share price would be looking worse.
Crop prices are moving lower and helping reduce the negative export margin and the crop outlook on the east coast is all but perfect to start the winter cereal planting. This plus a transition to La Niña and any further pull back in price and it’s probably worth a dabble from the long side.
just my two cents.
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