STOCKCHASE

Somewhat a prisoner of its Saskatchewan pool legacy. Pools were not primarily set up to make profits but to serve the interest of the farmer. They were very heavy on building up a lot of capital facilities and not focused on getting a return. If he wanted to play agriculture, he would be inclined to look at some of the US companies or fertilizer.

2012-02-09

BUY

10.480

Good, long-term hold and this is a good entry point. One back one disappointment of the grain handling side. Has disclosed that the winding up of the Canadian wheat Board will add $40 million in EBITDA to their bottom line this year. If this does happen, you are looking at a $13-$14 stock so under $11 is a good entry point.

2012-02-06

HOLD

10.250

Bill Carrigan

There was some noise over the Cdn Wheat Board’s recent decision, which probably hurt it a bit. Thinks the worst is over. He is currently getting interested in the agriculture space.

2012-01-27

TOP PICK

10.320

Doesn't feel the market appreciates the structural changes that are going on in the industry with the demise of the Canadian Wheat Board. Expect that grain handling margins will be going up because of this. Lately there have been stronger fertilizer volumes.

2012-01-23

DON'T BUY

10.330

David Cockfield

On a long-term basis, you are ok. But short term he prefers AGU-T

2012-01-20

WATCH

10.980

Brian Acker, CA

His model price is $16.67, which is a 55% upside but for him, he has to see you go about the $11.40 level. This is a cyclical and cyclicals sometimes do okay but this one is waiting for some good economic/world growth news probably. Possible target of $16.

2012-01-04

BUY

10.370

With the government planning to scrap the wheat board, will this benefit companies like this? This company will be one of the prime beneficiaries if the wheat board is disbanded. They are already one of the main grain handlers. Into agro products in Canada and Australia. Very attractive price.

2011-12-19

Comment

10.850

Michael Smedley

Company is amazing in its depth and breadth. A very serious, world scale company and owns 95% of the grain space in Australia. There has been a 30% falloff recently on the price of wheat. The stock has been stuck in a narrow range for a very long time.

2011-12-13

Comment

10.000

Gavin Graham

This is an agricultural play. Demand for higher protein diets continues to grow from emerging markets. Price-to-earnings or price-to-cash flow is a reasonable way to value this company. Be aware that it is cyclical as it is a commodity play. Both geographically and seasonably diversified.

2011-11-18

BUY

10.160

Favours the agriculture sector. This is the handling and processing company will benefit from the upper trend in agriculture. Doesn't have as much of a direct play but is a slower and steadier player. Good networking Canada and they're getting into Australia. Good play for the long-term.

2011-11-14

BUY

10.280

Agriculture requires a bit of patience, but this is about feeding the world. His company controls a lot of the wage growth, processing and distribution. Great hold on a long-term basis.

2011-11-11

HOLD

10.280

Has been disappointing over the last couple of years. Would like to see them paying down more of their debt. Still has upside.

2011-11-03

BUY

10.500

David Cockfield

In the fertilizer space. Has been watching it closely. Without any significant dividend yield, the stock has not performed that well. Fertilizer is an area where you can make long-term investments in at these levels, this is not such a bad idea.

2011-10-21

BUY

10.420

Gavin Graham

This is a play on rising living standards and agriculture consumption in emerging markets. Has done some geographical expansion by buying Australian assets.

2011-09-29

PAST TOP PICK

10.650

(A Top Pick Sept 22/10. Down 8.2%.)

2011-09-20

BUY

10.600

David Burrows

In the right neighborhood – diversified company. You could own this one.

2011-09-13

BUY

10.080

Colin Stewart

Green handling and fertilizer. Very well run. One way for investors to get exposure to the agricultural business in Canada. Also have a big asset in Australia. Will do very well over the long-term.

2011-08-09

PAST TOP PICK

10.980

(Top Pick July 28/10, Up 33.76%) They are balanced both seasonally and intercontinental so there are no ships coming back empty. Should see the multiple expand as they prove themselves out.

2011-07-26

BUY

10.420

John Stephenson

Negative cash flow because they are a handler of commodities which have increased in price and they made some acquisitions recently.

2011-07-18

TOP PICK

10.480

Play on emerging markets. This company sits between the consumers and the farmers and makes good margins in between. Everything from selling fertilizer, transporting, storing and even milling. Has good potential over the next few years.

2011-06-30

BUY

10.480

Don Vialoux

This agriculture stock has not always done what it is supposed to do in the summer. Seasonality is from around the beginning of July through to the end of the year. Last year it extended right through until January of this year.

2011-06-30

PAST TOP PICK

10.580

(A Top Pick June 30/10. Up 49.79%.) Involved in the distribution of agriculture products. Recently made some major acquisitions in Australia, which gives them both a seasonal balance and easier access to the Southern Hemisphere.

2011-06-20

BUY

10.830

Likes. Seem to have some issues with the growing season, however on the food transportation they did quite well.

2011-06-14

BUY

11.080

Brian Acker, CA

Model $17.34, 56% upside. Had great earnings recently. It’s not a grower. They could afford more of a dividend yield.

2011-06-09

BUY

10.990

Would be positive if gov’t dismantled Canadian Wheat board. It would just give them the ability to sell at higher prices.

2011-06-07

TOP PICK

11.990

Ron Meisels

Big sell off in the bear market and then did a double base. If it goes past $12.50, it is a major, major break.

2011-05-30

PAST TOP PICK

11.110

(A Top Pick June 2/10. Up 46.64%.)

2011-05-17

HOLD

11.800

Interesting that they maybe running the Port of Montreal. He doesn’t know the numbers, so that is why the market didn’t overly react. Stock does not break out above $12 because like other junior oil, break up in the spring was terrible. A lot of their stuff is in the area that is extremely wet. Just have to wait and the stock will probably go higher.

2011-05-10

PAST TOP PICK

10.940

(A Top Pick April 19/10. Up 26.88%.) Distribution and processing of grains in Canada and Australia with a nice balancing of seasonality. Still likes.

2011-04-19

HOLD

10.930

Ben Stadelmann

Looking at a possible exit. He thought maybe on the last results that the stock would get a nice boost, with people worrying about food prices. It didn’t happen yet, so he will hang on to it.

2011-03-16

WAIT

10.730

Robert McWhirter

Had pretty good earnings growth, recently a surprise of 2%. Earnings expected to go from 45 to 79 cents when they report in current quarter. 8% ROE isn’t much because it is not above the cost of capital. If they keep reporting continued earnings growth over the next couple of quarters he will likely consider buying the stock at that time.

2011-03-15

PAST TOP PICK

10.900

Brendan Caldwell

(Top Pick Nov 25/10, Up 19.07%)

2011-03-14

BUY on WEAKNESS

12.080

Likes this one in the agriculture space. Purchase of the Australian company gives them seasonal and continental diversification. A leader in grain distribution and agriculture products that they produce. Could have a setback and if it did, he would add to his holdings.

2011-03-03

PARTIAL SELL

11.950

Recently trimmed his holdings on the last big spike up. If you are very long-term in your thoughts, 2 to 5 years, agriculture is going to be a hotbed of activity. If you own, consider taking profits.

2011-02-07

Comment

12.020

Food prices are at very high levels. This would have been a great Buy at $9. At $12 he thinks there’s a couple more dollars in it. Would be a little careful as they are a very heavy capital structure and can be very cyclical.

2011-02-03

BUY on WEAKNESS

10.600

Jeff Black

Agricultural sector: ETFs give you the broad diversification, but he went with VT-T instead. It is getting over bought. You get good longer term exposure.

2011-01-11

BUY

9.480

Michael Simpson, CFA

Grain handling in Canada and Australia. Limited commodity risks. Just announced they are going to start paying dividends, slightly over 1%. Getting involved in food processing.

2010-12-02

PAST TOP PICK

9.060

(A Top Pick Dec 22/09. Down 7%.) His way of participating in agriculture without getting the swings of a direct fertilizer stock. Last acquisition makes them diversified seasonally and continentally. Still a Buy.

2010-12-01

HOLD

9.160

Derek Webb, CFA

Australia harvest is coming in much higher than expected. Thinks you will get a positive surprise on this one.

2010-11-30

TOP PICK

9.400

Brendan Caldwell

(A Top Pick March 5/09. Up 2.61%.) Very few ways to play the food business. There is a huge pick up now in everything to do with agriculture. Looks good technically.

2010-11-25

DON'T BUY

9.450

Stan Wong

Has done decently in the last 6 months or so. Would prefer Potash (POT-T) or Agrium (AGU-T), which are more highly levered to the fertilizer space where there is more demand..

2010-11-18

HOLD

9.770

Peter Brieger

Likes it. They have gone into Australia and will be beneficial. The demand for food is going to skyrocket with the number of people in the developing world moving to the middle classes and moving to better quality food.

2010-10-12

BUY

9.030

Colin Stewart

His preferred way of playing agricultural. A way to play but not get directly in the volatility of the underlying commodity prices.

2010-10-05

WATCH

8.760

Christine Poole

Grain handling in Western Canada, which has been soft because of the weather. Made some acquisitions in Australia and she is watching to see how the synergies and operations are unfolding before buying.

2010-09-27

TOP PICK

8.670

Hap (Robert) Sneddon FCSI

(A Top Pick Sept 2/09. Down 6%.) Had problems because of flooding in western Canada and weak prices in Australian market. One of the more dominant players in agriculture in terms of grain handling and distribution. Now well balanced globally.

2010-09-22

HOLD

8.730

Above the 125-day moving average which is positive. There'll be some resistance around the $9 range. Next resistance level would be around $10.

2010-09-20

HOLD

8.450

Has been particularly disappointing. Supposed to be a growth stock and integration of the Australian acquisition was slower than expected. Still think it's a strategic move. Likes the agriculture sector. Expect it will take till next year for earnings to start to fire up.

2010-08-30

HOLD

8.700

Don Vialoux

Has been involved with a number of transactions, which have had a significant effect on it. The season for this one is around the end of June until the end of December. This stock is focused on Western Canada, which has had some trouble with their crops. Books but this is now over with.

2010-08-27

PAST TOP PICK

8.660

(Top Pick Sep 02/09, Down 6%) He thinks they will do extremely well in the next 1 to 2 years. Flooding in western Canada was a problem.

2010-08-25

DON'T BUY

8.620

You would think they could do well with the rising wheat price but this company has struggled to shake off its Sask/Wheat Pool roots. Made an acquisition in Australia but profitability has been elusive. There are others he would prefer.

2010-08-16

Comment

8.100

Peter Brieger

Given the flooding in China, droughts in Russia and difficulties in production elsewhere, this will have a short-term pop. For long-term, he would prefer others.

2010-08-12

BUY

9.030

Brooke Thackray

Agri-stocks go from August until end of September. MOO if US or COW in Canada are preferred ETFs to play. VT he would take a look at. Thinks we are in a favorable time period.

2010-08-05

TOP PICK

8.300

(A Top Pick Sept 2/09. Down 9%.) Australia market has been weaker than anticipated. Flooding in western Canada postpones profitability. Dominant player in agriculture in Canada and Australia.

2010-07-28

BUY

7.640

Don Lato

Has been hurt in the last 3-4 months because of the weather. A wet season in Canada and drought conditions in Australia. Earnings estimates have been lowered from about $.80 a share to about $.42 a share for the year but they go back up to $.63 next year.

2010-07-21

DON'T BUY

7.610

Barry Schwartz

Grain storage. Had a warning about heavy rains in Saskatchewan. Too much debt. Doesn’t like the seasonality. Australian acquisition didn’t work.

2010-07-20

PAST TOP PICK

7.010

Greg A. Taylor, CFA, BBA

(A Top Pick July 22/09. Down 22%.)

2010-07-05

HOLD

7.010

Martin Hubbes, CFA

A tough one to call. Thinks it will still work out long-term. Diversifying into Australia makes sense for them. Agriculture commodities long-term are a huge growth industry.

2010-07-05

TOP PICK

7.090

(A Top Pick Sept 2/09. Down 22.3%.) Ran into some headwinds lately, particularly in Australia where margins have not been as high as had been hoped for. Last year's Australian acquisition balances them seasonally for grain handling. Won't be as volatile as a pure fertilizer play.

2010-06-30

Comment

7.430

Christine Poole

Grain handling in Western Canada did not have a lot of growth prospects. Acquired an Australian operation. Prefers to play the agriculture cycle through fertilizer stocks. If you have a 2-3 year time horizon, the stock price will recover. Near term, there is some question on the planting in Western Canada.

2010-06-22

WAIT

7.430

Longer term this company has a bright future. Shorter term the weather is not cooperating. Stock wont go anywhere for a while. Could easily recover to $10 when we hear some positive news on it.

2010-06-22

HOLD

7.770

Sold a percentage, unfortunately. Question is whether it should be back on the buy list. They have a lot of debt. CEO likes to acquire companies and is he making debt load too think. He wants to wait until acquisitions are over.

2010-06-08

PAST TOP PICK

7.530

(Top Pick May 27/09, Down 15.87%)

2010-06-02

TOP PICK

7.530

[Was past pick] Sometimes a pick goes down and you have to reassess. It’s now a better buy that it was. There are some things that delayed their earnings potential. There have been weak wheat prices. Earnings will be less this year than he had anticipated they would be, but they will be a dominant player in Canada in the agriculture business, especially in grain handling. Stock has more than pulled back.

2010-06-02

HOLD

7.740

(Market Call Minute.) Pre-eminent agriculture company. Long-term will do well but short-term because of integration it is a Hold.

2010-05-21

HOLD

8.000

Brooke Thackray

Expects to see some strong pickup in a couple of months. Could drop another $1.25. Agriculture seasonality is from August through to December.

2010-05-06

DON'T BUY

8.390

Michael Smedley

Great company. Has expanded brilliantly across into Australia, which gives a better access to Asian countries. Seems to have been stuck for a long time.

2010-04-29

DON'T BUY

8.390

Charles Lannon

(Market Call Minute.) Always brag about how good their cash flows are but they don't pay a dividend so he is not interested.

2010-04-29

TOP PICK

8.740

Agriculture industry has slowed down and wheat prices have been weak and they make a lot of their money through grain handling. Australian acquisition had a few bumps but they have straightened this out. Current weakness is a good buying opportunity. Very cheap.

2010-04-27

BUY

8.860

Sandy McIntyre

Looking at a good crop developing in Australia, concerns about wheat pricing and suppliers getting hit. A cheap stock, but be prepared for volatility.

2010-04-23

DON'T BUY

8.970

Douglas Kee

Cyclical stock, depending on how much grain goes through the elevators and that is dependent on weather. Would prefer POT

2010-04-20

Comment

8.720

Agriculture, grain handling, fertilizer company that supplies farmers with everything they need. Consolidated in Canada and recently bought an Australian company giving them a balance in seasonality as well as putting them closer to China and will ride the trend of increasing food consumption. May be a bit of headwind in the near term.

2010-04-19

BUY

9.180

There are 2 ways to play the food story. This one basically owns grains. The other side are the fertilizers.

2010-04-14

HOLD

9.510

Very happy to sit with the position and hope it will go back up. Doesn’t like that they have been buying companies and muddying their balance sheet. Would like to see some good earnings soon before interest rates go up.

2010-04-05

HOLD

9.700

(Market Call Minute.) Quite cheap. Made a good Australian acquisition, which has come out with good numbers.

2010-03-15

DON'T BUY

9.720

Didn't like the Australian acquisition as he thought they paid too much. Doesn't see a lot of upside in the short term.

2010-03-08

BUY

9.720

Prakash Hariharan

Significant agricultural company. Now in a position to consolidate grain on a global scale as they acquired an Australian company. Significant pickup in margins for grain handling. As they are able to report significantly stronger margins, in the grain business, this should do well in the near term.

2010-03-01

Comment

9.540

Colin Stewart

Great way to play agriculture in Canada, as they own all the grain handling terminals. Recently made a large acquisition in Australia. He owns some of their bonds.

2010-01-28

BUY

9.750

Dominant grain handling in Canada. This is a call on agriculture. Anything under $10 is a good price. Stumbled on little with the Australian acquisition but longer-term this is a good fit for them. Allows them to diversify their seasonality and gives them a window on the Asian markets.

2010-01-27

BUY

9.970

Michael Smedley

(Market call minute) good news on performance in Australia. Held long term.

2010-01-21

TOP PICK

9.740

Thinks this is a compelling story. Purchased ABB in Australia and caused a pullback. Dominant in grain handling in both countries, exposure to Asian markets. Good balance sheet. Well run company. Diversified seasonal and weather risks.

2009-12-22

BUY

9.700

One of the purest ways to play agriculture. Thanks it will do quite well in the coming year because of the monsoon season in China and India didn't pick up. Made an acquisition that has diversified them globally.

2009-12-11

BUY

9.740

(Market Call Minute.) Having a bit of a problem with consolidation of their Australian acquisition. Strategically it's a great fit.

2009-12-10

TOP PICK

10.620

Gives you a window in the agricultural market without taking volatility risks. Made an acquisition in Australia that will help in the Asian market. Well priced.

2009-11-27

PAST TOP PICK

10.660

(A Top Pick Nov 7/08. Up 25.33%.) Sold this in July.

2009-11-11

BUY

10.350

Agriculture as a core holding in the portfolio is a must. This is one of those. Just made an acquisition in Australia and is a pure agriculture play.

2009-10-29

Comment

10.360

David Baskin

Struggling because of low grain prices but in a tremendously strong position internationally. This one is worthwhile taking a hard look at.

2009-10-27

BUY

10.630

Expanded in Australia, There is further upside on it.

2009-10-22

BUY

10.300

(Market Call Minute.) Recently completed an acquisition and became a global player. Lots of upside.

2009-10-02

BUY on WEAKNESS

10.350

Peter Brieger

Acquired an Australian company and made some concessions to the government. Longer term it is an interesting play. Australia is going to be one of the great breadbaskets of the world feeding the far east. Some pretty good long-term potential but would wait for better prices.

2009-10-01

SELL

9.930

Steve Carlin

Likes their Australian acquisition. The only issue now is that the earnings profile looks a little flat in the next year. Numbers just reported were not very strong. Dead money.

2009-09-16

TOP PICK

9.190

Selling below book value. Agriculture products, distribution and processing. Recently made an acquisition in Australia.

2009-09-02

BUY

9.860

Bill Carrigan

Doesn't like potash stocks but does like this. An under performer at the beginning of this rally, has consolidated and formed a nice base and thinks it will rally and break out. Period from March to now looks like an elevated base. Take the advance from December to March and measure from the beginning of the corrected period (semi-log scale not linear), which brings you to about $15.

2009-08-28

BUY on WEAKNESS

8.850

Ara Nalbandian

Likes this one and is watching it for a Buy. Would prefer an entry point of $8-$8.50.

2009-08-19

HOLD

9.010

Ross Healy

Has a decent and improved balance sheet and the stock is selling at a very modest discount to its Book Value. Fair Market Value is pretty high at $20 if you can accept the street estimates on the stock. Maximum downside risk might be to about $7. Has the earnings and the FMV to drive it higher.

2009-08-13

DON'T BUY

9.130

Stan Wong

Likes the agriculture space. This one has some downward earnings revisions in the last little while. Would prefer Migao (MGO-T) or Ag Growth (AFN-T).

2009-07-30

TOP PICK

9.050

Agriculture. Recently made an acquisition in Australia, which will give them some grain handling exposure. 2nd largest oat global processor. Produce some nitrogen fertilizers. Selling at less than Book Value. Strong balance sheet.

2009-07-28

TOP PICK

9.090

Greg A. Taylor, CFA, BBA

Growing internationally. In the process of acquiring an Australian company and will make them the largest grain handler globally. Vote will be made in September and the deal will close after that.

2009-07-22

TOP PICK

9.850

Was surprised at their announcement of a $300 million debt issue today. Expect they want to build up their cash to take advantage of opportunities. Strong balance sheet. Will be acquiring an Australian company and have acquired a canola processing crusher in Western Canada. Expecting better margins because of lower shipping costs.

2009-06-26

PAST TOP PICK

9.760