Duxton Farms and Select Harvests have been impacted by the floods

Nick Sundich Nick Sundich, March 22, 2023

Duxton Farms (ASX:DBF) and Select Harvests (ASX:SHV) have been among the first ASX agriculture stocks to outline how recent floods have impacted them.

 

 

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Duxton Farms sees a 78% reduction in total harvest

Duxton Farms told shareholders that ~70% of its portfolio in the Forbes area of NSW was subject to inundation.

The final harvest figure (of wheat, barley and canola combined) was just 8,262t , compared to the 37,241t harvested in the last season.

Investors don’t appear to have punished the stock too substantially, noting that the harvest met or exceeded internal baseline standard. And it did not downgrade its previous guidance of $8m in revenue and a $6.2m loss.

 

Select Harvests hit too

As for Select Harvests, Australia’s 2nd largest almond grower, told shareholders its 2023 crop volume could be lower than previous guidance issued less than a month ago.

Initial data has indicated that the volume is potentially 23-35% less than initially forecast.

Unlike Duxton Farms, Select Harvests did not blame any specific flooding events. Nevertheless, it noted that it was a poor bloom period and that there were unusually colder and wetter conditions throughout the growing season.

All this being said, almond prices have been booming in the last 12 months, so the hit to the company’s bottom line may not be as bad as it would have been otherwise.

 

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