Ann: Trading Update and Sale of Port Melbourne Site, page-69

I normally try to listen to investor updates 'live', but finally did so today.

That dairying commodity prices have dropped about 30 per cent in the last three to four months was discussed.

CFO Pete Findlay said that the well performing 'branded business' will 'outrun bulk in the short term'.

Translated, this may mean some sort of net profit after tax may result for FY 23.

It was interesting that dairy farmers are mentioning their biggest problem is scarcity of labour. With the high milk solid price of $9.20 in the southern region (i.e. Bega, Gippsland and Western Victoria), some producers are (for example) saying 'I used to have 700 cows being milked: now I have 500, which means I have a smaller demand for labourers, but can still make good money'.

'Mr Market' must not believe that the worst has yet occurred.

Perhaps the jury is out on that.