9Mt is way off imo - we produced 10.5Mt of wheat in NSW in 2016 which is the closest comparison (record year) and it was done on 500,000 less hectares than are in vs this year. If you go for a drive in NSW - it is wall to wall crops, livestock is scarce and too expensive and the prices for wheat/barley/canola were very attractive at sowing. The NSW crop, baring a wet finish which can reduce the test weight is 12-13Mt + The better news is Victoria has had some rains recently (3x 5-15mm falls in the past 2-3 weeks) and are forecast for more over the coming week - there crop is building into a big one as well.
I picked up a small parcel today as I am slowing building my position.
GNC Price at posting:
$3.80 Sentiment: Buy Disclosure: Held
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