Agricultural & FMCG

CBO’s US orchard expansion supports solid long-term growth despite short-term dilution.

Almond prices have surged amid growing doubts over the USDA’s 3.0bn lb forecast, lifting Select Harvests’ (SHV) earnings outlook and maintaining its Buy recommendation.

GrainCorp (GNC) gains from ABARE’s record September crop forecast, lifting FY26e NPAT by 16% and the target price to $9.10.

ACCC delays on Delta are masking a strong recovery in ELD’s core pricing and seasonal outlook.

We maintain our Buy recommendation as NOU shows steady 3Q25 growth, with strong dairy and Milklab performance.

We have initiated coverage on Woolworths Group (WOW) with a Hold recommendation.