National winter crop planting – currently underway across the country – is forecast at 22.93 million hectares, up 2 per cent on a year ago, according to Rabobank. The planting forecast is within 1 per cent of the record winter crop planting in 2016/17 and the acreage also represents an area eight per cent above the five-year average. Australia is on track to deliver an above-average winter grain crop for this season, with an estimated total wheat harvest of 28.9 million tonnes, barley of 10 million tonnes and canola of 4.1 million tonnes.
Seems to bode well for Nufarm. I expect it to be closer to $6 in 6 months.
NUF Price at posting:
$4.83 Sentiment: Buy Disclosure: Held
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