So we saw a much bigger corn acreage than was forecast and as a result corn prices fell circa 8% and this also dragged down wheat prices circa 3%. Soybean acreage was also at an all time high.
Another key driver was that corn and wheat stocks are plentiful.
All this drove Mosaic down 3.6% (but was up 6% on Monday), Potash was down 2.7% reversing Monday gains and Monsanto down 2.4% but still on a PE of 19.
All this action doesn't seem to explain the mvmts we have seen in the NUF SP over the past 2-3 weeks.
Interesting to see Brisbane Times ran the Chinese rumour again today.....it seems to be getting a bit of press as the AFR also mentioned it last week. Hopefully where there is smoke there is fire and NUF can start trading back at levels reflecting the true value of the business.
So we saw a much bigger corn acreage than was forecast and as a...
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Last
$4.02 |
Change
0.060(1.52%) |
Mkt cap ! $1.536B | |||
| Open | High | Low | Value | Volume |
| $3.89 | $4.03 | $3.82 | $17.59M | 4.441M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 2815 | $4.00 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $4.02 | 9998 | 1 |
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| Last trade - 16.10pm 16/08/2024 (20 minute delay) ? |
| NUF (ASX) Chart |