The headline # looks nice, but beneath the surface the #s are quite lousy. A majority of the earnings were due to a one-time gain from an old disputed sale. The company lost money overall on the 5 main divisions.

Pork was a loss as expected. Maybe things will be better next spring.

Commodity milling stayed profitable. Albeit much less than last year's #. Based on company guidance, they expect it to continued to stay profitable.

Marine segment was main laggard. Went from solidly profitable to loss on drop in global trading. No expectations of upturn this year.

Sugar still dealing with Argentine government restrictions for foreseeable future.

Other division was only other profitable division with an expectation of continued profits.

All in all, they still managed a slight profit, but still nothing is on the immediate horizon to goose the #s. Hopefully pork. But then Marine will be the new laggard.

Still holding, but not overly optimistic for the next 6 months. Book value is 1233. Hope that holds.