While our international agriculture focus remains on Carr’s Group (CARR LN, BUY, T/P 185p), we maintain an interest in other listed companies with exposure to the space. In particular, we look for sustained trends of increased protein consumption as a longer-term determinant of demand for items such as feed blocks, animal feed, pesticides, crop protection and fertilizers. Zambeef (ZAM LN, N/R) issued results today. Year-to-date its stock fell by 35%.
