GNC not just a ticket clipper unfortunately. They are a trader, and unfortunately the good times are mostly over. Elevation (export) margins were 30-50USD per tonne for majority of the last 2 seasons and would have contributed significantly (almost entirely) to GNC's good run. in the last 2 months these margins have evaporated with Black Sea wheat flooding global markets. exporters are struggling to find global demand for new sales at current values. GNC will have to dramatically change their trading style to continue making any margin in the export pathway beyond their handling fees. Less straightforward, more risk, lower margins. surprised this wasn't flagged in the hy update. Tougher times ahead...
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