Don't expect a change in structure to the CBH group any time soon that would allow for unlocking the equity and thus a commercial tie up of some kind with Graincorp. The farmers in WA are very committed to the co-operative structure - an attempt to de-mutualise CBH in 2002 was unsuccessful and the farmer members of CBH that publicly talk about transitioning to a corporate structure don't get many supporters.
That said however, in 2000 CBH had between 12000 and 13000 farmer members. The latest annual report has the number at 3900 due to the industry rationalisation that has taken place. As young farmers make up a larger percentage of CBH members over time, there might be a rethink on the structure.
GNC Price at posting:
$3.68 Sentiment: Hold Disclosure: Held
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