Alliance Grain Traders (OTCPK:AGXXF) (AGT.TO) has done alright since I last discussed the company, with the shares up about 15% over a period where the S&P 500 rose about half that amount and Archer Daniels Midland (NYSE:ADM) rose about 6%. In that time, Alliance Grain Traders has faced some challenges related to rail logistics, but has also continued to make progress on its food ingredient and retail strategies. While this business is likely to remain a low-margin operation with meaningful year-to-year volatility, the shares don't seem to reflect the potential of the ingredients business.
Good Growth On Volume
The last two quarters have seen substantial increases in pulse processing volume, but iffier revenue per tonne. In...
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