I exited out at mid 8's because that's where I seen fair value but I do keep an eye on stocks I sell.
As posted below GNC makes its main money on handling and processing fees, quality of grain is largely irrelevant and if anything you would prefer a high tonnage, low quality season and that's what I would be watching. A few farmers who sometimes pop up in these forums offer good insight into seasonal head and tailwinds as well as the potential turning tide of grains storage which were a factor in me selling.
I would be quite interested if GNC moved towards a business model more focused on trading grain but I'm unsure if that would cause me to buy as the business would be very heavily leveraged to its debt, margins and forex and it would require a high degree of trust in management as a few bad decisions could prove disastrous.
GNC Price at posting:
$7.69 Sentiment: Hold Disclosure: Not Held
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