Yes this is my take on it but more will come to light over the next couple of days. As I've posted previously, whilst some areas will be negatively impacted (downgrade in quality and some test weight issues), there is still plenty of the east coast that have green crops (mostly wheat) that will have welcomed the rain and will see increased yields as a result. Secondly, guys in the north want to plant a summer crop so this latest rain will bring this closer to fruition - again a positive for GNC. Also, if there is a much lower quality profile across the NSW/Vic crop - it'll take longer for exports to chew through this and growers will be more inclined to storage rather than sell (given the lower price for feed) - not really a negative for a storage/handling business.
Weakness is from Ellerston hitting bids imo, rather than 'big guys' looking at the rain and getting out.
GNC Price at posting:
$3.68 Sentiment: Buy Disclosure: Held
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