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GrainCorp exports 3.3Mt since Oct 1 vs 1.7Mt in previous

Grain Central, February 17, 2022

Sorghum is added to the stack at GrainCorp’s Moree site. Photo: Adam Phillips, GrainCorp Moree site manager

EASTERN Australia’s major bulk handler, GrainCorp Limited, has exported 3.3 million tonnes (Mt) of grain since October 1, up from 1.7Mt in the corresponding 2020-21 period.

The figures were released in its earnings guidance issued on February 7, and reiterated today at GrainCorp’s annual general meeting held in Sydney.

Grain received since October 1 at its sites in Queensland, New South Wales and Victoria stands at 14Mt, 200,000t more than the corresponding 2020-21 figure.

Carry-in as at October 1, 2021, was 4.3Mt, up from 700,000t on October 1, 2020.

The estimated carry-out as of September 30, 2022 is seen at 5.5-6.5Mt, after total exports for 2021-22 of 8.5-9.5Mt, up from 7.9Mt in FY21.

Domestic outload in 2021-22 is seen at 5-6Mt.

“Our ports have been operating at capacity for the last year to send Australian grain out to the world and we expect this to continue well into FY23,” GrainCorp managing director and CEO Robert Spurway said in a statement.

“The strong harvest, coupled with supply shortages and adverse weather conditions in the Northern Hemisphere, is driving excellent global demand for Australian grain and oilseeds and strong supply chain margins for grain exports.”

As well as its network of up-country receival sites, GrainCorp owns and operates bulk export terminals in Mackay, Gladstone and Brisbane in Queensland, Newcastle and Port Kembla in NSW and Geelong and Portland in Victoria.

Total receivals in the year to October 30, including tonnage from the sorghum harvest now under way and forecast by GrainCorp to produce 2Mt, is seen at 16-17Mt, in line with 16.5Mt received in FY21.

Estimates for grain received underpin GrainCorp’s 2021-22 outlook, with earnings before interest, taxes, depreciation and amortisation (EBITDA) seen at $480-$540M, up from $331M in FY21 and net profit after tax of $235-$280M versus $139M in FY21.

GrainCorp is also Australia’s largest crusher of oilseeds, primarily canola.

“Our processing business has also continued to perform well, with oilseeds benefitting from strong gross crush margins and high utilisation.”

Source: GrainCorp

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