^ Oh, and it's not as simple as paying less for bad grain. If it...

^ Oh, and it's not as simple as paying less for bad grain. If it were as easy as making a margin on all produce, buy-then-sell-for-more, everyone would be doing it.

They have contracts to fill for grain at a certain quality/price, and also hedge by buying and selling in advance.

There isn't as large a difference between a $14.6m loss and a $14.6m profit for their sales volumes, just a big reaction to the minus sign. A $14.6m profit still wouldn't be enough to be called good, in my mind. For this, I don't think much of the FPOs at current prices (though they've shed 10% this morning), but the preference shares should be good value as people cut their losses in June.