The bottom's in for export prices.This is from the 1H20 investor...

The bottom's in for export prices.

This is from the 1H20 investor presentation, where Mark shared the 5yr average and compared the terrible export prices of Covid era. You can see the green line (5yr average) bottoms in September at around 50NOK.


And looking more clearly at the 2020 vs 2021 comparison, you can see the 2020 export prices remained depressed in our high export period:


But if you look you closely you see the bottom was the last week of September at 49.80NOK. This is good on a 5yr average, but even more interesting is that it is on HUGE volume increases (+27% over last year). Indeed, the export price usually slowly creeps up to a peak in December, and then stays elevated through the Chile/Australia/Etc harvest periods until June. However, futures are looking much more bullish and have remained that way for some time. Looking at higher highs, and should get there more quickly in Q4.