@MarsC I believe they have benefited from what is likely to be...

@MarsC
I believe they have benefited from what is likely to be temporary beneficial pricing of their key input, and that if (when) this tide turns, they will have to perform miracles to prevent a severe reversal in profitability.

The last 10 years have been historically abnormal. During that period FRM more than doubled their revenue paid down the $23m debt. May have $5-$10M in cash depending on how they are reinvesting. This in spite of a mean $600 wheat price. Would be interesting to see what they could do with a $400 wheat price.