Captain and I were on the money. I see now that the Graincorp CEO Mark Palmquist has stated that the profit loss was compounded by significant global feed grain price drops, just when the company had bought big stocks of it. I read this on the recent land newspaper on page 18 ......I’m not sure that was in the report to the ASX because I have not read it.
I am guessing that it could have been BaRiley, but either way if they have some balls it could’ve worked out a big profit for them....easy in hindsight I guess.......BUT, the point is, they were gambling...not hedging, which is the only form of mild gambling they should do!
I used the kick to 8.50 and better to offload some, but just because the sorghum drop prospects looking bleaker by the day now.
GNC Price at posting:
$8.38 Sentiment: Hold Disclosure: Held
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