Sheer exuberance, page-27

Quite a few people have mentioned that the positive cash flow from previous quarter was mainly due to a better than normal rainfall - which is true. But it seems that they've also failed to highlight the fact that summer months also mean that there will be more rainfall than those months. Yes, el nino might dampen some of those rainfalls. However, that doesnt happen every elnino nor does it mean that those rainfalls will be low. Its also important to emphasize that the dairy farm production cycles that we have favours winter, spring and summer months, with the rest used for calving.

"Brucknell 3 and 4 farms and Heywood Farm are late summer / autumn calving farms, which means
that all cows calve in April to June each year and are then producing milk through the winter and
spring periods into summer. Brucknell 1 and 2 Farms have a split calving with about 35% calving in
autumn and the balance in spring and therefore have a flatter milk production curve." sep quarter appendix 4c

therefore, we should expect even greater cashflows in the fourth quarter