please explain

I have been looking at NAM on and off for few years now as it constantly trades at or below reported NTA and as such looks as a value play.

What I am failing to understand is how is it possible for a cotton producer / marketer to loose huge amounts of money at the same times when the price of their product is reaching one of the highest historical levels?

Considered all is operationally well within the business one would have thought that high prices would lead to high profits...

I obviously need to do some further research on the way the cotton markets in AU operates.

Anyone with more insight here?