WangChung, apologies: this is copied from the ELD threads and is a tiny part of an article in 'AFR' yesterday (8 January 2024):
"Despite the floods devastating some parts of the country, cattle and sheep producers and cotton, rice and sorghum growers are some of farming’s big winners from Australia’s rain-soaked summer.Rabobank’s head of agricultural commodities, Stefan Vogel, said farmers – with the exception of those hit by flooding and storm damage – had done well out of an El Niño weather pattern delivering the opposite of what was expected..."
The article went on to suggest that the Federal Government's ABARES plus private sector forecasters such as Rabobank 'faced big revisions' in estimates of production for a number of primary industry subsectors.
(Naturally, the sorghum has to have been planted previously, so "perhaps" the bounty may not be as large as predicted. Rain however will presumably assist yields per hectare and hence tonnages).
GNC Price at posting:
$7.29 Sentiment: Hold Disclosure: Held
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