"Namoi Cotton Co-Operative Limited (NAM) is one of Australias...

"Namoi Cotton Co-Operative Limited (NAM) is one of Australias largest cotton organisations with an extensive network of ginning, marketing and logistics operations. NAM operates fourteen cotton gins throughout NSW and QLD and has three warehouse complexes. Approximately 90% of the cotton purchased by NAM is sold to overseas markets, primarily to Asian spinning mills."

I am always wary of any hedges that are in place. ie crop, interest rates, currency. These can trip up these companies. I would ring them and ask them if they have hedged the cotton crop... etc. ie rising costs could creep up on any hedges.

Max