I don't think the inventory as reported today give much info at all besides what we already knew from the downgrades.
If one reads the financials a lot of inventory build was due to the integration of food works and secondly when the downgrades came it was peak milk season and thus peak base(not Finished) IF production, this will also mean a build in finished. A2m indicated they were running their own inventory down/adjusting so this would have had a knock on effect to SM1, remember there is no take or pay as BAL had.
So personally I see very little is able to be taken from todays figures as there is to much noise in them to give a true indication of changes in demand.
Media Updates, page-8170
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