Lunchtime ASX small cap wrap: Who’s strolling through corn fields today?

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When you hear the word “commodities” you’d think of metals and petroleum. But in the larger markets commodities is a more broad term and includes sugar, coffee and corn.

Corn Futures are at their highest level in three years due to an undersupply. Recent wet weather in the US has forced producers to delay planting.

https://twitter.com/boilerseedguy/status/1133155574810599430?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1133155574810599430%7Ctwgr%5E393039363b636f6e74726f6c&ref_url=https%3A%2F%2Fwww.agprofessional.com%2Farticle%2Fanalysts-expect-corn-planting-remain-slowest-history

This will mean less time for corn to mature, so that corn which is ready will come at a premium this picking season. And also, there’ll be less time to stroll through corn fields.

But it’s not all doom and gloom. The US Department of Agriculture anticipate 92.8 million acres being planted this year, 3.66 million more than last year.

Wheat and soybean prices also spiked overnight but they only reached 3-month and 2-week highs respectively.

Back the local markets, the ASX Small Ords Index was down 10 points, or 0.3 per cent, to 2855 by 11:30am EST, despite further confirmation nothing will change in Australia, with the new ministry sworn in and Labor swearing off opposition to coal and radical tax changes. The lead from Wall Street was weak.

Global investors still don’t know if or when there’ll be a trade deal but we know that as Donald Trump himself said tariffs could go up “very, very substantially, very easy”.

Here are the key ASX small cap movers at lunchtime on Wednesday May 29:

Going up

Today’s biggest winner was semiconductor play BrainChip (ASX: BRN) which announced its Akida NPC (Net Processing Core) was now able to be licensed as an IP block for incorporation into semiconductor devices. It is up over 80 per cent today.

It seems the rough run for Oliver’s Real Food (ASX: OLI) is over. It will be break-even this quarter and evidently shareholders are excited again. It will still record a loss this financial year but anticipates a return to profitability next financial year.

NuCoal Resources (ASX: NUC) was another gainer. While it did not have any news to report today, this is the second week NSW Parliament is back and perhaps its anticipation Doyle’s Creek will go ahead will become a reality.

Here are the best performing ASX small cap stocks at lunchtime, Wednesday May 29:

Swipe or scroll to reveal the full table. Click headings to sort

Going down

Intiger Group (ASX: IAM) say it’ll be better off in the long run due to the Financial Services Royal Commission. But in the short term it is struggling to obtain clients and is cutting back overseas processing operations. It was down 40 per cent at 11.30am.

While it’s more common than not for mining stocks on the daily losers list to have no news, this wasn’t so with copper miner Argonaut Resources (ASX: ARE). Drilling has stopped because contractors have only met 20-25 per cent of targets.

Joint venture partners Aeris Resources (ASX: AIS) are also down and only an hour ago put out a statement disputing it is to blame.

Here are the worst performing ASX small cap stocks at lunchtime, Wednesday, May 29:

Swipe or scroll to reveal the full table. Click headings to sort

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