PGWs principal lines of seeds for sale come under the heading 'grass', despite the recent Australian diversification you note Agrarinvestor.
On p13 of PGW AR2011, there is comment to the effect that wet weather produces an abundance of grass that in turn reduces the demand for new seed. When the weather is very wet the ground becomes too boggy to resow pasture. The HY2012 forecast was for a year slightly wetter than normal. Taking all that together I am not expecting a good performance from the PGW NZ seeds business in FY2012. But with results due to be released in a couple of weeks it will be interesting to see if my suspicions are confirmed.
In general I don't believe that looking at the corn price will give guidance to the profitability of PGW Agritech.
SNOOPY