I think some people evaluate cyclical commodity stocks the same way the evaluate say 'Apple'. Mary Buffet talks about this in 'Buffetology'
Pardon the pun but you gotts compare apples to apples. The hard part of the cyclical stocks is that the worst time to buy is when they 'look good' on the reports, reports are hindsight articles.
So yes Tandou, Grain Corp, Rualco and those varieties of commodity stocks (with their supporting industrial stocks) dont always look like you should buy them at the time when its good to buy them.
There are different traits needed to invest for big picture, as opposed for more popular yearly return.
The rate of return metrix for example, on a commodities stock is like an exlimation mark for the investor who took a risk 12 months prior.
Whereas for the non-commodity stock the rate of return is a full stop at the end of a long sentance for the investor who does not like risking as much.
So to use the same benchmarks from these two very different classes is a mistake in my opinion. Like in the history of war, if your enemy are using Guerilla tactics, the worst thing you can do is combat that using conventional warfare - just see the Vietnam war for an exapmle. By the time you mobilize to where the enemy WAS you are not where the enemy IS.
Ive been watching grain corp since 2012, and ill wait a bit longer. The M&A activity is an indicator of belief of the future for the sector, by those who's life is the sector.
. But we do need to improve cashflow in our portfolio.