GrainCorp boss Robert Spurway says the company can’t control the weather but is ready to respond to whatever comes its way.
GrainCorp boss Robert Spurway says the company can cope well with adverse weather conditions as forecasts point to an end to a golden run of harvests.simply confirmed what farmers and GrainCorp already knew.Eamon Gallagher
Mr Spurway has led GrainCorp through three bumper harvests since taking over as chief executive in March 2020, just as an east coast drought that hit earnings and stirred up a takeover offer started to break.The next year shapes as tougher for GrainCorp and farmers who rely on its vast storage and handling network across Queensland, NSW and Victoria.
The company also upgraded its average EBITDA through-the-cycle to $310 million, up from $240 million. Official government forecaster ABARES expects national winter crop production of 45.2 million tonnes, down 34 per cent on the record high of 2022-23. The forecast represents the sixth-biggest crop on record but is slightly below the 10-year average of 46.4 million tonnes boosted by the past three harvests.
However, the insurance safety net can deliver a payout of up to $80 million and even out earnings if east coast Australia does fall into another bad drought.In WA, where one-time GrainCorp privatisation target CBH dominates grain handling and export, rain last week revived flagging crops and put the state on track for a harvest of 15.5 million tonnes., is on track for a harvest of 8.1 million tonnes.
On the export front, analysts see Russian wheat now hitting markets in big volumes despite its war with Ukraine keeping a lid on commodity prices.
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