Poor ol' Warren, has been consistently right! - I am not here to...

Poor ol' Warren, has been consistently right! - I am not here to debate his record haha

To answer the questions:

1. At this point in time, probably, but it doesn't bother me - become the lowest cost producer and the cyclical inputs wont matter - you can always find a new way to feed chickens
2. again does not bother me - grain is low - lock in long contracts - high deal with short term ones - its not rocket science
3. a moat is standard economics even if you want to use porters 5 forces - I am suggesting it would be very hard to get a business to the level FRM is.

apart from your NTA and grain costs what is the other reasons for your 'sell' call