|Fair Market NAV Per Share as at 31 December 2022
Access to a well-established portfolio of operating broadacre farms producing a diverse range of agricultural commodities.
Best in-class, on-farm management, strengthened by the global agricultural experience of the Investment Manager, Duxton Capital (Australia).
Risk is mitigated and returns optimised through mixed commodity production, long-term water security, and the strategic development of properties.
Duxton Farms continues to seek land-rich parcels for continued growth, scale, and diversification.
SQM Research rates Duxton Farms 4 stars high investment grade
The winter crop continued to grow well over August, with the Forbes aggregation having received much needed rain across the area under cultivation. While weather was warmer than would normally be expected at this time in the season, there were still a solid number of frosts over the month, and the nights and mornings have been generally been quite cold. Additional spray and fertiliser has been applied across the cropping area as required.
For the summer crop, the Company is on track to be ready for planting in September should temperatures allow planting to occur early. Channel spraying and grading around the irrigation country continues in areas that are dry enough to do so.
The Central West of New South Wales (Forbes Airport AWS) recorded 29.6mm of rainfall in August, below the historical mean of 36.1mm for the month. Forbes received 244.2mm of rainfall year to date, 57% lower than at the same time last year and 27% below the long-term average. Mean maximum temperatures averaged 19°C for the month, which is 15% higher than the long-term average for August of 16.5°C
Live stock markets have generally softened, although the Company’s sheep and cattle continue to sell at the top of the market. Adequate reserves of fodder remain on farm, and the Operations Team plans to cut for hay and make silage at harvest to ensure inventories remain high and the Company can continue to support its livestock programme.
Redevelopment planning continues at Piambie, with the site having been surveyed and earth moving equipment on site. Work on the irrigation system is underway, although this will prevent the cultivation of a crop this year.
Forage sorghum has been baled or grazed off for livestock feed and are being fed to cattle and buffalo as supplementary feed as needed. The Company is planning to crop the same area for the upcoming wet season.
The second round of mustering has commenced, and is being undertaken as conditions and access allow. There have been limited livestock sales as interruptions to the live export market continued across the month. New fence lines will likely commence in September.