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SunRice's net profit for the six months to October 31 fell 42% to A$13.9 million, though first-half sales rose 7%. The company is sourcing export orders from overseas because of limited irrigation water and mothballed milling infrastructure, while global purchasing costs rose about 30% in six months.
Its CopRice stockfeed sales rose 50% amid drought-driven demand.
Drought in southern NSW shrinking Australian rice supply and lifting import costs points to firmer rice prices and stronger demand for stockfeed alternatives. Company-level results have little direct price effect on the market.
farmonline.com.auAndrew MarshallJan 21, 2019After 179 past bullish weather events, Rough Rice moved a median +0.4% over 5 sessions (55% higher; middle half -1.4% to +2.5%), and +2.2% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
