RIC cannot control the weather, or a stagnant broiler (chickens)...

RIC cannot control the weather, or a stagnant broiler (chickens) market to which it sells feeds, and nor can it control tallow prices (although its contracts in the latter may be a temporary hindrance).

However those qualifications aside, it's quite a pleasing update, with FY 24 so far tracking at five per cent ahead.

The increased market share in the dairying industry is excellent, while it's great that the Oceania Meat Processors acquisition is being bedded down well as expected, and performing in line with expectations.

Some of rural NSW and Victoria plus much if not all of South Australia and Western Australia has been dry, so is this a small positive for RIC re the first two states mentioned?

There's no suggestion by management that trading conditions have massively deteriorated. I'll leave it to others such as @Arpeebee to judge whether RIC has been at least a little oversold with the recently pretty much constantly declining SP.

Obviously they've had to make some changes - at a cost - in the underperforming aquaculture space, but the future possibility of more sales to the growing (as RIC calls it) 'companion animal' market is exciting.

There's nothing in the update to convince me that the CEO is doing a poor job. So far, he seems excellent. I like his understated manner: doesn't appear to be arrogant, unlike some other CEOs (and Board Chairmen).