I follow ARL closely as most of my companies are in industries aligned to theirs. I both punted and bought ARL last in May last year (CFDs & long term) when all indications were that with a bumper maize crop we could stock up with maize at R1700 to R1800/ton for the next 12 months having traded as high as R3500 a few months earlier. Although this doesn't make me an expert in their business I do have a better insight than Joe Soap. The biggest cost in the production of protein for human consumption, be it beef, pork, poultry or dairy is feed costs, in some instances as high as 70% of total costs.The composition of this feed can vary from 60 to 90% maize inclusion which supplies the energy source. The protein source in the main supplied by soya and it's by-products, in some feeds these two ingredients make up 90% plus of the ration. ARL is the biggest supplier of animal feed to the livestock industry in SA and the 2nd biggest producer of broilers, this makes them one of the biggest if not the biggest consumers of yellow maize in the country, hence the movement of the share price inversely tracking both maize and soya price. ARL's interim results for the period ending March are due in a couple of weeks and should be very good, however those will be historical and we have to look at what lies for the year ahead. so with the new maize crop and futures trading in the region of R2400 and higher, that is 50% higher than the immediate past season, ARL trading up to 220, somehow I don't think it's gonna happen. My guess is it will trade in a pretty narrow band between 165 and 180 till year end. as stated above one needs to keep an eye on the maize price for this and others in the same industry, QFH, SOV and to a lesser extent now that they are slightly more diversified RCL.