The strong year-end earnings of A$142m by GrainCorp in last year’s bumper crop would dwarf its current season outlook, seen cutting earnings projection by at least half for year-ended 30 September 2018.
The Australian sorghum crop now in the early stages of harvest is forecast to produce 1.47 million tonnes (Mt), according to the Australian Crop Report released today by the Australian Bureau of Agricultural Resource Economics and Sciences (ABARES).
AgCAP has completed the sale of its initial Sustainable Agriculture Fund (SAF) portfolio, which included the sale to institutional and private equity investors of SAF’s three cropping aggregations at North Star and Darlington Point in NSW, and Lake Bolac in Victoria.
Nhill in Victoria at nearly 180,000 tonnes and Mt McLaren in Central Queensland on more than 155,000t topped the site intakes for GrainCorp’s up-country network in the winter-crop harvest which is now complete in Australia’s eastern states.
Major bulk handlers in Australia’s eastern states have received close to 11 million tonnes (Mt) of grain from the current harvest as activity in all regions winds down.
Visible trade in grains has slowed this week in the lead-up to the Christmas holiday, however, markets and supply/demand conditions are setting the pace for January activities from SA’s Eyre Peninsula to up to Central Queensland’s summer crop zone.
South Australian growers have delivered 1.2 million tonnes (Mt) of grain in the week to 17 December to bulk handler, Viterra, to take the state total to 4.8Mt, while GrainCorp reports the Victorian intake at 2.43Mt has now shot past the NSW figure of 1.98Mt.
Deliveries to South Australia’s bulk handler, Viterra, hit 3.5 million tonnes (Mt) on Monday while progress in Queensland, NSW and Victoria has seen GrainCorp’s harvest total to yesterday reach 3.86Mt.
Dairy farmers and opportunity feedlotters are likely to absorb what could well be a considerable tonnage of stained wheat and barley created by recent rains which soaked crops on the point of harvest in Victoria, southern NSW and parts of South Australia.
Graincorp estimates the amount of feed wheat created by heavy rain in the past week is likely to be absorbed domestically by the feedgrain market in Australia’s eastern states, where a northern deficit continues to keep tonnage away from export.