One other point with the extract from Morgans' analysis in 'AFR' is that given many graingrowers have had a couple of poor seasons, wouldn't they be looking to sell - 'monetise' in the 21st century language of this fallible broker - their wheat stocks at the end of the year, assuming they perceive the price from GrainCorp is a reasonable return?
Surely graingrowers faced with previous poor seasons may in some cases owe their bank a fair sum, and want to repay the loan even though interest rates are historically low.
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