FY23 Financial Performance and Market Strategy
EXTERNAL FEED MARKET OBSERVATIONS
INGHAM'S
Always Good
PRICES TO REMAIN ELEVATED DUE TO STRONG GLOBAL GRAIN DEMAND & TRADE UNCERTAINTIES
■Delivered internal feed cost contains cereal grains, protein
meals, vitamins and minerals
Inghams feed cost includes transport and milling costs
Grain imported by New Zealand operations is purchased
on the international market
Long term wheat & soymeal pricing (to 28 July 2024)1,2
$A per metric tonne
800
700
600
500
400
300
200
100
Wheat ($A)
CME Soy ($A)
FY02 Q3
FY03 Q1
FY03 03
FY04 Q1
FY04 03
FY05 Q1
FY0503
FY06 Q1
FY06 Q3
FY07 Q1
FY07 03
FY08 Q1
FY08 CB
FY09 Q1
FY09 03
10 01
FY10 QB
FY11 Q1
FY1103
ил
113 113 114
FY14 Q1
FY14 03
FM1501
FY15 03
FY16 Q1
FY16 03
FY17 Q1
FY17 03
FY18 Q1
FY23 P&L
FY19 03
FY20 Q1
2003
121
FY21 03
FY22 Q1
FY2203
FY23 Q1
FY23 03
FY24 Q1
Wheat
Despite some recent easing in global supply tightness, strong global demand combined with ongoing uncertainty surrounding Ukrainian grain exports out of the Black
Sea region, grain prices are expected to remain relatively elevated over the coming year
Forecast onset of El Niño conditions from July this year may see a reduction in Australian winter crop production with yields forecast to be below y average. ABARES
forecast world wheat production to fall slightly in 2023-24, driven by lower production in major exporting countries including Australia, Kazakhstan and the Russian
Federation; this is expected to more than offset higher production in Argentina, the European Union and North America
Soymeal
Soybean production in South America is expected to materially increase during 2023-2024, in both Brazil and Argentina, with Argentina expected to recover from
severe drought conditions
Global demand for soybeans is expected to increase in 2023-24 reflecting rising demand in Argentina and import demand from China
1. Quarterly spot price data is based on the average of daily observations during the period and is shown for illustrative purposes only. Inghams actual consumption prices will differ due to the purchase of delivered grain/soymeal as well as level of forward cover of between 3-9 months. 2. Chicago Mercantile Exchange
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